BUY, TP raised to MYR2.54. Yinson has clinched its first FPSO job via a JV with PetroVietnam Technical Services Corporation (PTSC). The project, estimated to generate about MYR3-27m in net profit p.a. based on its 49% stake, will lift our FY1/14-15 earnings forecasts by 7-47% and target price by 15%. Yinson will likely have to undertake a rights and/or bond issue to fund the equity portion of this FPSO.
Click here for full reportSource: Maybank Research - 12 June 2012