Target raised to reflect brighter prospects ■ Upstream reported that Petrobras has agreed to a small 3% cut to Yinson’s charter rate offer for the FPSO PDB; this is a positive surprise. ■ Reiterate Add as Yinson may be closing-in on two near-term contract awards, i.e. the FPSO Atlanta and FPSO PDB, which are major re-rating catalysts.

■ Our SOP-based TP is raised to RM9.25 with the inclusion of two potential contract wins, i.e. for the FPSO Atlanta and FPSO PDB. FPSO Parque das Baleias: Will Yinson be third-time lucky?

Project Besar sudah menang

SELL SELL SELL

Penta Q2 Profit to miss Analyst targets