[YINSON HOLDINGS BHD：FPSO Helang开始运作，根据融资租赁的分类产生了outright sale的确认]

海上和海洋：
这财政年度，收入显着增加了14.857亿令吉，至25.0642亿令吉，较截至2019年1月31日止的上一财政年度的10.2072亿令吉有所增加。由于FPSO Helang开始运作，根据融资租赁的分类产生了outright sale的确认。同时，该部门业绩略降112万令吉，至5.1943亿令吉，相比截至2019年1月31日的相应财政年度为5.2055亿令吉，FPSO Allan的亏损收入主要被FPSO Helang的新贡献，折旧费用的降低，物业，厂房和设备的减值损失降低所抵销。

其他部门：
截至2019年1月31日止财政年度的亏损状况为394万令吉，而这财政年度的部门业绩改善了361万令吉至亏损33万令吉。进步是因为较低的管理费用，但受到不利的净外汇的影响。

合资企业和合伙企业的业绩：
截至2020年1月31日止的财政年度，合资企业业绩所占份额减少227万令吉至1039万令吉，而截至2019年1月31日财政年度则为1266万令吉，因较高的修理和维护成本，但被没有合资企业的减值损失所抵消。

税后合并利润：
在本财政年度，集团的税后盈利减少308万令吉或1.16％，至2亿6130万令吉，而截至2019年1月31日的相应财政年度则为2亿6438万令吉。

合并财务状况：
在本财政年度，集团的流动资产从截至2019年1月31日的上一个财政年度的18.4884亿令吉增加4亿3756万令吉或23.67％至22.864亿令吉。该增加主要是由于现金资产的增加，是由于贷款和借款的额外提取以及新发行的1.20亿美元Perpetual Securities所致。

云升控股的流动性指标 - Current Ratio (Calculated as “Current Assets” divided by “Current Liabilities”)提高至1.51倍，而截至2019年1月31日的上一个经审计的财政年度为1.40倍。进步是因为云升控股的流动资产和流动负债的变动；净负债比率（按“贷款和借款总额”减去“现金和银行结余加其他投资”除以“权益总额”计算）为0.63倍，而截至2019年1月31日的上一个审计财政年度为0.51倍；云升控股的杠杆较高，主要归因于为满足项目执行的需求而需更多的贷款和借款。

QoQ：
该集团在本财政年度第四季度的除税前利润，较上一季度的8368万令吉，增加了14.97％或1,253万令吉，至9621万令吉。该增加主要归因于FPSO Helang在2019年12月开始租赁后的额外贡献，货船租赁的更高贡献以及没有240万令吉的投资物业公允价值损失。

前景：
管理层对集团在挑战​​中保持韧性的能力持谨慎信心，这在一定程度上反映了他们在巴西成功竞标FPSO Marlim 2项目，近期在加纳提供FPSO的意向书以及最近成功部署的FPSO Helang，以及即将进行的其他潜在项目。在充满挑战的全球经济环境和其他货币兑美元的波动中，云升控股将努力在截至2021年1月31日的下一个财政年度取得令人满意的业绩。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.69 (dividend RM0.04) in 1 year 7 months 18 days, total return is 142%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.43 (dividend RM0.04) in 1 year 8 months 29 days, total return is 84.9%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.63 (adjusted)(dividend RM0.055) in 9 months 28 days, total return is 60.8%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.735 in 1 year 2 months 10 days, total return is 27.8%

e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.84 (dividend RM0.148) in 1 Year 5 months 23 days, total return is 25%

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预计公司每年的增长率必须> 14％

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这个分享纯属讨论以及领域的分析，买或卖自负。请Like和Share这个post。最终决定永远是你的，谢谢。

James Ng
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[YINSON HOLDINGS BHD: commencement of lease for FPSO Helang that gave rise to outright sale recognition under classification of a finance lease]

Offshore & Marine:
Revenue for the financial year under review has significantly increased by RM1,485.70 million to RM2,506.42 million as compared to RM1,020.72 million in the corresponding financial year ended 31 January 2019. The spike is mainly due to commencement of lease for FPSO Helang that gave rise to outright sale recognition under classification of a finance lease. Meanwhile, the segment results lower marginally by RM1.12 million to RM519.43 million as compared to RM520.55 million in the corresponding financial year ended 31 January 2019 where the loss income from FPSO Allan was mainly set-off by fresh contribution from FPSO Helang, lower depreciation charges and lower impairment loss on property, plant and equipment.

Other Operations:
The segment results for financial year under review has improved by RM3.61 million to RM0.33 million as compared to loss position of RM3.94 million in the corresponding financial year ended 31 January 2019. The improvement mainly due to lower administrative overheads set-off by net unfavorable forex exchange movement.

Results of Joint Ventures and Associates:
The share of the results of joint ventures has decreased by RM2.27 million to RM10.39 million for the financial year ended 31 January 2020 as compared to RM12.66 million for the corresponding financial year ended 31 January 2019 mainly due to higher repair and maintenance cost set-off by the absence of impairment loss on a joint venture.

Consolidated profit after tax:
For the current financial year under review, the Group’s profit after tax decreased by RM3.08 million or 1.16% to RM261.30 million as compared to RM264.38 million for the corresponding financial year ended 31 January 2019.

Consolidated financial position:
For the current financial year under review, the Group’s current assets has increased by RM437.56 million or 23.67% to RM2,286.40 million from RM1,848.84 million for the last audited financial year ended 31 January 2019. The increase mainly due to strengthened cash equivalent assets resulted from additional draw-down of loans and borrowings and new issuance of USD120.00 million Perpetual Securities.

The Group’s liquidity indicators, Current Ratio (Calculated as “Current Assets” divided by “Current Liabilities”) improved to 1.51 times as compared to 1.40 times for the last audited financial year ended 31 January 2019. The improvement is in accordance to the deliberation on the movement of the Group’s current assets and current liabilities; and Net Gearing Ratio (Calculated as “Total Loans and Borrowings” less “Cash and Bank Balances plus other investments” divided by “Total Equity”) is 0.63 times as compared to 0.51 times for the last audited financial year ended 31 January 2019, the leverage of the Group higher mainly attributed to higher loans and borrowings drawdown to fund project execution needs.

QoQ:
The Group’s profit before tax for the fourth quarter of current financial year is higher by 14.97% or RM12.53 million to RM96.21 million as compared to the RM83.68 million in the immediate preceding quarter. The increase was mainly attributable to the additional contribution from FPSO Helang upon commencement of lease in December 2019, higher contribution from cargo vessel charter and absence of fair value loss on investment properties of RM2.40 million.

Prospects:
The management is cautiously confident in the Group’s ability to stay resilient through the challenges, reflected in part by their successful bid in Brazil for the FPSO Marlim 2 project, letter of intent recently secured for the provision of an FPSO in Ghana and the recent successful deployment of FPSO Helang, together with other potential upcoming projects in the pipeline. Amid the challenging global economic environment and the volatility of other currencies against US Dollar, the Group shall strive to achieve satisfactory results for the next financial year ending 31 January 2021.
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I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page.

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng