Posted by Robert Waters > 6 days ago | Report Abuse

So much good news about this company on the forum and from all the analysts ... yet figures contradict their statements. Recent numbers:
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EPS: RM0.062 (down from RM0.073 in 3Q 2024).
Revenue: RM1.85b (down 34% from 3Q 2024).
Net income: RM200.0m (down 6.1% from 3Q 2024).

Posted by CaoCao > 6 days ago | Report Abuse

I wandering this company is working hard and taking all the risk but at the end earning money for the bankers. Minor shareholders get nothing but frustration.

Posted by Philip ( buy what you understand) > 6 days ago | Report Abuse

That is probably because using eps as a guide is not very accurate. Their basic business model is they don't get paid until the fpso produces oil, although in same cases they are paid in advance for the construction of fpso. So the main idea is over the ships are sent to site and hits first oil is when it actually starts producing income. Similar to a power plant utility business, no real income until plant are operational. Currently now only maria quitera first oil which was in October 15th, so will only be reflected next quarter earnings. And Atlanta which is targeted for December first oil, which will also only be reflected in next next quarter earnings. Until then, what we are looking for is a reduction in epcc revenue as only left one more FPSO which is ahead of schedule and expected to hit first oil in 4th quarter 2025.
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Robert Waters

So much good news about this company on the forum and from all the analysts ... yet figures contradict their statements. Recent numbers:
_______________________________________________________
EPS: RM0.062 (down from RM0.073 in 3Q 2024).
Revenue: RM1.85b (down 34% from 3Q 2024).
Net income: RM200.0m (down 6.1% from 3Q 2024).

Posted by Philip ( buy what you understand) > 6 days ago | Report Abuse

In the latest quarter you have 1c dividends and 100 million in share buyback. In my opinion as they are keeping almost 3 billion in cash to offset the long term loans, and since they are in a growth stage where next quarter they should be receiving almost 300+ million in earnings from fpso operations with another fpso coming online next year, I think the wait is frustrating and fully justified for investors.
For me since I like long term investments, this is something online with my investment philosophies so I'm more than happy holding

Posted by MiaoMiao7 > 6 days ago | Report Abuse

the question is will they continue to load up with debts or will they take a break? lim kept saying this has never been a good time for fpso co, and we all know what happened to the greedy dog crossing the river. just because it is a good time doesn't mean loading up more debt is a good idea. yinson needs to take a break.

Posted by Philip ( buy what you understand) > 5 days ago | Report Abuse

I very much agree on this, the gestation period is 4:1, which means their 20 year contracts yinson will only break even in 4 years, according to the contracts. The risk is almost cleared with fpso now deployed and working (maria quitera, atlanta and now waiting for the last on e agogo). But the true value of yinson will only emerge and debts cleared out only 5 years after the fpso hits first oil (as their contracts are day rate charter).

I do hope they will start to slow down and pare off debt, but also am worried as their incoming CFO and CEO are both young and very ambitious young men with big dreams. i think worth to jump in and gamble, but in the end still very agressive indeed. we will see next year after the warrants end, and they can increase debt retiring and payments



MiaoMiao7

the question is will they continue to load up with debts or will they take a break? lim kept saying this has never been a good time for fpso co, and we all know what happened to the greedy dog crossing the river. just because it is a good time doesn't mean loading up more debt is a good idea. yinson needs to take a break

Posted by CKLCAT > 5 days ago | Report Abuse

https://www.nst.com.my/business/corporate/2024/12/1147951/yinsons-3qfy25-net-profit-falls-rm200mil

"The strong focus on deliveries means we will pause significant new investments until current projects are completed, and cash flows begin," the company said.