Dear Investors and Traders of i3 Forum (pls read as we type to the very end)
Everyday things are getting more interesting in i3 Forum,
We see "experts" suddenly appeared with one or two posts defending their aggrieved feelings & start calling "names"?
Please calm down. Calm down ok
This is an investors' forum to discuss investment ideas
See the definition of Forum
In arguement people want to see who is right
But in discussion we seek to know what is correct
Who is right or wrong is secondary.
IT IS OF UTMOST IMPORTANCE THAT WE CAN FIND WHAT IS CORRECT
Let us look at Yinson's past years record from Year 2016, 2017, 2018, 2019, 2020 & 2021
and "SEE" them one by One Yourselves
Please Refer to Bursa Website to see all the Results as you follow in all the details & figures which are all there
Results of Yinson reported on 30th March 2016
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
31 Jan 2016
|
31 Jan 2015
|
31 Jan 2016
|
31 Jan 2015
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
241,070
|
253,621
|
975,528
|
1,083,424
|
| 2 | Profit/(loss) before tax |
56,993
|
109,171
|
252,922
|
279,380
|
| 3 | Profit/(loss) for the period |
45,144
|
101,223
|
213,754
|
251,412
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
47,428
|
99,905
|
221,993
|
247,677
|
| 5 | Basic earnings/(loss) per share (Subunit) |
4.44
|
10.51
|
20.80
|
26.06
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
1.50
|
0.00
|
1.50
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
1.6576
|
1.4044
|
||
| Remarks : |
All the financial information presented above includes the continuing and discontinued operations. |
Definition of Subunit:
In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit.
Example for the subunit as follows:
| Country | Base Unit | Subunit |
| Malaysia | Ringgit | Sen |
| United States | Dollar | Cent |
| United Kingdom | Pound | Pence |
From the above Note 3 Main Figures
REVENUE
Revenure dropped slightly from Rm253 Millions to Rm241 Millions
Earnings Per Share (EPS)
EPS is 4.44 Sen
NET ASSET VALUE (NAV)
NAV IS RM1.657
Now let's go see the balance sheet:
To shortcut we will look at 5 main points & then seen their progress Year after Year from 2016 to 2021
1. Receivables
2) Cash
3) Borrowings
4) NAV (Net Asset Value)
5) Dividends
YEAR 2016 MARCH RESULTS FOR YINSON
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
31 Jan 2017
|
31 Jan 2016
|
31 Jan 2017
|
31 Jan 2016
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
185,468
|
116,188
|
543,255
|
424,398
|
| 2 | Profit/(loss) before tax |
30,283
|
98,130
|
213,179
|
292,760
|
| 3 | Profit/(loss) for the period |
51,201
|
47,211
|
196,755
|
215,821
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
51,201
|
50,098
|
197,048
|
224,663
|
| 5 | Basic earnings/(loss) per share (Subunit) |
4.71
|
4.69
|
18.07
|
21.05
|
| 6 | Proposed/Declared dividend per share (Subunit) |
2.00
|
2.00
|
16.60
|
2.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
1.8015
|
1.6600
|
||
| Remarks : |
The Revenue and Profit before Tax figures presented above exclude discontinued operations. |
Definition of Subunit:
In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit.
Example for the subunit as follows:
| Country | Base Unit | Subunit |
| Malaysia | Ringgit | Sen |
| United States | Dollar | Cent |
| United Kingdom | Pound | Pence |
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
31 Jan 2018
|
31 Jan 2017
|
31 Jan 2018
|
31 Jan 2017
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
257,394
|
185,468
|
910,156
|
543,255
|
| 2 | Profit/(loss) before tax |
73,799
|
30,283
|
361,770
|
213,179
|
| 3 | Profit/(loss) for the period |
56,998
|
51,201
|
292,073
|
196,755
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
57,140
|
51,201
|
292,179
|
197,048
|
| 5 | Basic earnings/(loss) per share (Subunit) |
5.31
|
4.71
|
26.85
|
18.07
|
| 6 | Proposed/Declared dividend per share (Subunit) |
6.00
|
2.00
|
12.00
|
16.60
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
1.8305
|
1.8015
|
||
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
31 Jan 2019
|
31 Jan 2018
|
31 Jan 2019
|
31 Jan 2018
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
287,601
|
257,394
|
1,034,899
|
910,156
|
| 2 | Profit/(loss) before tax |
95,664
|
73,799
|
343,861
|
361,770
|
| 3 | Profit/(loss) for the period |
71,636
|
56,998
|
264,379
|
292,073
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
60,700
|
57,140
|
234,896
|
292,179
|
| 5 | Basic earnings/(loss) per share (Subunit) |
5.54
|
5.31
|
21.43
|
26.85
|
| 6 | Proposed/Declared dividend per share (Subunit) |
2.00
|
6.00
|
6.00
|
10.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
1.6000
|
1.8300
|
||
RECEIVABLES: RM282.1 BILLIONS
CASH: RM1.21 BILLIONS
LOANS: RM2.748 BILLIONS
NAV: RM1.60
DIVIDEND: 6 SEN
2020 MARCH RESUTS
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
31 Jan 2020
|
31 Jan 2019
|
31 Jan 2020
|
31 Jan 2019
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
1,855,939
|
287,601
|
2,519,340
|
1,034,899
|
| 2 | Profit/(loss) before tax |
96,212
|
95,664
|
331,118
|
343,861
|
| 3 | Profit/(loss) for the period |
76,875
|
71,636
|
261,297
|
264,379
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
64,946
|
60,700
|
209,909
|
234,896
|
| 5 | Basic earnings/(loss) per share (Subunit) |
5.88
|
5.54
|
18.90
|
21.43
|
| 6 | Proposed/Declared dividend per share (Subunit) |
2.00
|
2.00
|
6.00
|
6.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
1.4900
|
1.6000
|
||
RECEIVABLES: Rm321.3 MILLIONS
CASH: RM1.276 BILLIONS
LOANS: RM3.354 BILLIONS
NAV: RM1.49
DIVIDEND: 6 SEN
2021 MARCH RESULT
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
31 Jan 2021
|
31 Jan 2020
|
31 Jan 2021
|
31 Jan 2020
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
1,247,000
|
1,856,000
|
4,849,000
|
2,519,000
|
| 2 | Profit/(loss) before tax |
158,000
|
96,000
|
580,000
|
331,000
|
| 3 | Profit/(loss) for the period |
102,000
|
77,000
|
412,000
|
261,000
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
67,000
|
65,000
|
315,000
|
210,000
|
| 5 | Basic earnings/(loss) per share (Subunit) |
6.30
|
6.00
|
29.50
|
19.50
|
| 6 | Proposed/Declared dividend per share (Subunit) |
2.00
|
2.00
|
6.00
|
6.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
1.6700
|
1.4900
|
||
Again like Serba a careless perusal will see a nice result
Profits improved from 6.00 sen to 6.30 sen
Or profit up from Rm65 Millions to Rm67 Millions (Up by Rm2 Millions)
It also pay a 2 cent dividend
Plus NAV up from Rm1.49 to Rm1.67
Now let's go and see inside the balance sheet
Refer to Bursa Website Yinson Results dated 25 March 2021
Look at Cash
Cash and bank balances
1,821,000,000 (31 January 2020)
1,276,000,000 (31 January 2019)
After one year Cash has increased by Rm545 Millions to Rm1.821 Billions
RECEIVABLES: RM446 MILLIONS
Loans and borrowings
5,312,000,000 (31.1.2020)
3,354,000,000 (31.1.2019)
Wow! Loan is Up Rm1.958 BILLIONS TO RM5.312 BILLIONS
So Afrer deducting extra loan of Rm1,958 Billions less Cash Rm545 Millions
= Rm1.413 BILLIONS EXTRA DEBT BURDEN OR UP BY A WHOPPING 58.3%
Above refers to only Long Term Borrowing
See again
Current liabilities
Loans and borrowings
794,000.000 (31.1.2020)
476.000,000 (31.1.2019)
Short term loan also up by Rm318 Millions
So this quarter profit Rm67 Millions
Annualised
Rm67 Millions x 4 = RM268 Millions
ASSUMING THAT YINSON STILL MAKE THE SAME 6.3 SEN PROFIT THEN TOTAL NET PROFIT WILL BE ONLY RM268 MILLIONS PER YEARLY.
THIS PROFIT CANNOT EVEN COVER SHORT TERM EXTRA BORROWING OF RM318 MILLIONS
(RM318 MIL - RM268 MIL = - RM50 MILLIONS DEFICIT)
AND WE HAVEN'T EVEN INCLUDED LONG TERM DEBT OF RM5.312 BILLIONS
PLUS BANK INTEREST CHARGES?
IF JUST 5% WILL BE ANOTHER RM265.6 MILLIONS
SO THERE ARE TWO DEBT BOMBS NOW TICKING FOR YINSON
THEN HOW?
YINSON IS HARD PRESSED FOR CASH TO SERVICE ITS BLOATED DEBT BURDEN
SO IT HAS TO FIGHT FOR JOBS BY OFFERING THE MOST COMPETITIVE PRICES BY COMPETING FIERCELY EVERYWHERE!!
SO BORROWING STARTED IN YEAR 2016 AT RM1.448 BILLIONS
AFTER 6 YEARS NOW 2021 DEBT BALLOONED TO RM5.321 BILLIONS
Since there is SO HIGH BORROWINGS IT SHOULD BE REFLECTED IN PPE & TOTAL NAV (NET ASSET VALUE)
SEE AGAIN
YEAR 2016
NAV (NET ASSET VALUE) = RM1.6578 OR NEAREST DECIMAL IS RM1.66
YEAR 2021
NAV (NET ASSET VALUE) = RM1.67?? (Up only 1 Sen After 6 Years?)
That means all THE VALUE HAS BEEN DEPRECIATED AWAY!??
AND DEBT HAS NOW BLOATED TO OVER RM5 BILLIONS!!!
WHAT THESE FIGURES ARE SO TELLING IS THE HIGHER AND HIGHER DEBTS, LOW NET ASSETS, AND LOWER DIVIDENDS!!
THE BURDEN OF EVER INCREASING DEBT WILL LEAD TO EVEN HIGHER DEBT
IT IS A VICIOUS CYCLE OF BORROW TO EXPAND AND TO BORROW MORE TO EXPAND MORE
WHILE THE EARNINGS (VALUE) HAVE BEEN LEAKED OUT ALL THE TIME
DIVIDENDS TO SHAREHOLDERS WILL IN INCREASINGLY DIFFICULT TO SUSTAIN WITH EVEN MORE BORROWINGS AND TAKING ON JOBS OF RAZOR THIN PROFITS
BEST REGARDS
Calvin Tan Research
This is not a buy or sell call
Consult your own Remisier, Fund Manager, Accountant or Auditor
Posted by vincent555 > Jun 8, 2021 11:42 AM | Report Abuse
sell one lemon Yinson at Rm4.88 can buy 2 diamond Ijmplant at Rm2.44.Ijm plant giving 10 sen dividend while Yinson only 2 cent pittance dividend.Ijmplant with Cpo price over Rm4000 a ton now full of Cash
Yinson only full of borrowings
Ijmplant
Yes! Yes!! Yes !!!
