Results in line, maintain BUY with a MYR2.54 TP. Results met our expectations, with a strong QoQ performance all round. We maintain our earnings forecasts. Yinson offers strong earnings growth (3-year net profit CAGR of 54%) and an exposure to the Vietnam O&G sector without the Dong currency risk, at undemanding valuations. Our SOP-based TP implies a FY1/14 PER of 10x.
Click here for full reportSource: Maybank Research - 2 July 2012