YINSON HOLDINGS BHD

KLSE (MYR): YINSON (7293)

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Last Price

2.38

Today's Change

0.00 (0.00%)

Day's Change

2.37 - 2.39

Trading Volume

1,925,700


5 people like this.

4,215 comment(s). Last comment by EngineeringProfit 1 day ago

8dragon

2,051 posts

Posted by 8dragon > 2 months ago | Report Abuse

If below 2.40 then can consider to collect some for medium term....

Vdhawan

95 posts

Posted by Vdhawan > 2 months ago | Report Abuse

Yinson's private placement is fully taken up by the way

Posted by AlanKulai2015 > 2 months ago | Report Abuse

@ 8dragon : No need to wait so long for below RM2.40, it is selling at RM2.36 now :

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=145618&name=EA_GA_ATTACHMENTS

UncleFollower

1,175 posts

Posted by UncleFollower > 2 months ago | Report Abuse

Yinson Production’s FPSO Atlanta sets sail to Brazil

Singapore, 21 March 2024 – Yinson Production’s FPSO Atlanta set sail to Brazil recently, marking the
successful completion of the project execution phase, and is expected to arrive in the Atlanta field in
the Santos Basin offshore Brazil during the second quarter 2024. The sail away follows the grand
naming ceremony that was held for the FPSO in December 2023.

FPSO Atlanta is a redevelopment project awarded to Yinson Production by Enauta Energia S.A.
(“Enauta”) on 21 February 2022 as an EPCI (“Engineering, Procurement, Construction, Installation”)
Project. In July 2023, Yinson Production exercised its option to purchase FPSO Atlanta, which includes
a 15-year firm plus a 5-year option contract for the supply and operations & maintenance with a total
contract value of up to USD 1,981 million. FPSO Atlanta has a production capacity of 50,000 barrels of
oil per day and a maximum storage capacity of 1,200,000 barrels. The FPSO features an efficient
carbon management process plant, which utilises fuel gas for cargo tank inertisation that will
significantly reduce flare gas emissions through a closed flare system. The plant is part of Enauta and
Yinson Production’s continuous efforts in reducing carbon emissions and being the frontrunner in
decarbonising the FPSO industry towards the goal of net zero.

The project, carried out at Drydocks World Dubai, was completed safely with over 9 million man-hours
without lost time incident. The safety performance is an excellent achievement for the project,
demonstrating the highest level of safety standards by the project team.

Scott Bendiksen, FPSO Atlanta Project Manager said, “With over 9 million-man hours worked without
a lost time incident, safety has remained our top priority throughout every phase of the project. We
look forward to seeing FPSO Atlanta contribute to Enauta’s operations in the Santos Basin, further
solidifying our position as a trusted partner in the offshore energy sector.”

Vinicíus Passos, Enauta’s Executive Deployment Manager said, “This is one more milestone achieved,
which marks the successful conclusion of FPSO Atlanta's adaptation phase, with the aim of delivering
the project on time and within budget. More than 2 years without any incident demonstrates the
highest level of safety standards by the team that worked on adapting the vessel.”

FPSO Atlanta is the second of three FPSOs Yinson Production is delivering to clients in Brazil. The first
vessel, FPSO Anna Nery, is already operational after achieving first oil in May 2023, while the third
FPSO is currently under being built in China and progressing well towards completion this year.

OTB

11,122 posts

Posted by OTB > 2 months ago | Report Abuse

FPSO Atlanta. Brazil. 100% stake.
https://www.oedigital.com/news/494478-malaysia-s-yinson-brazil-s-enauta-pen-firm-contracts-for-atlanta-field-fpso
Contract value = USD 1.9 billion. 15 years firm and with option to extend 5 years.
Start operation in mid-2024.
Annual (charter rate) revenue = USD 1900 million/15 = USD 126.67 million = RM 595.35 million (1 USD = RM 4.70)
PBT (40% of revenue) = 238.14 million
PAT (37% tax) = 150.03 million

The PAT of this FPSO is RM 150 million per year for the next 15 years.
The charter service contract is 15 years firm and with option to extend 5 years.
Hope that the share price of Yinson will perform well in 2024.
Good luck.
Thank you.

CharlesT

14,587 posts

Posted by CharlesT > 2 months ago | Report Abuse

Co always make good profit but always need to do cash calls

Boss could be cash rich but not the Co

OTB

11,122 posts

Posted by OTB > 2 months ago | Report Abuse

I do not think so because Yinson took 4 big orders at one go in 2021/2.
The construction cost of 4 FPSOs is about USD 6 billion.
This big amount of money has to come out from Yinson.
I met the management, they told me they have no choice because they want to expand FPSO business.
In future, Yinson will take one FPSO per year.

After the delivery of FPSO Atlanta and Maria Quiteria in the mid of 2024, financial stress on Yinson will be disappeared.
FPSO Agogo will be the only vessel left after mid 2024.
FPSO Agogo will be delivered at the end of 2015.
Thank you.

Jarklp

175 posts

Posted by Jarklp > 2 months ago | Report Abuse

Thanks OTB for the information. You mentioned that the financial stress will be disappeared in the mid of 2024. Can you elaborate more? Does this mean Yinson’s operational cash flow will turn to positive ? I am curious why they do private placement now if cash flow issue can be resolved in months. Thanks.

OTB

11,122 posts

Posted by OTB > 2 months ago | Report Abuse

According to a foreign broker report (Oaklands Path), the loan of a FPSO vessel will be taken over by the oil company once the vessel is delivered and finds oil.
In this case, both FPSOs Atlanta and Maria Quiteria will be delivered in the mid of 2024.
I am very sure they will find oil in 2024.
If the loans are taken over by the oil company, then the net debt will be reduced.
However, the loan on FPSO Agogo is US 1.5 billion, it is still outstanding.

I believe the cash flow will be positive in FY 2017 once FPSO Agogo is delivered and find oil at the end of 2025.
Thank you.

Posted by BursaVulture > 2 months ago | Report Abuse

Hi OTB, can you share the oakland path report? Thanks. If not possible also ok.

I wait for yinson until hair turn white liao…. Dont know what management doing…

OTB

11,122 posts

Posted by OTB > 2 months ago | Report Abuse

Please read this report via the link below.
https://www.oaklandspath.com/the-fpso-industry-and-top-tier-lessor-and-operator-yinson
This article would not have been possible without the sharing of Raymond Yap of CGSCIMB and Keat Seng of KSC.

Posted by diuleiloumei > 2 months ago | Report Abuse

Fire sales, dip more tomorrow

8dragon

2,051 posts

Posted by 8dragon > 2 months ago | Report Abuse

Don't expect good qtr result. This is a gone case counter. Often begging for money...

Posted by EngineeringProfit > 2 months ago | Report Abuse

Getting yummy for another round....

Lai....lai...lai.....

kuningNo1

44 posts

Posted by kuningNo1 > 2 months ago | Report Abuse

buy 2.4 sell 2.5 profit.

rl68

172 posts

Posted by rl68 > 2 months ago | Report Abuse

@OTB, please share 3 keys insights from meeting the management of Yinson. Tq.

UncleFollower

1,175 posts

Posted by UncleFollower > 2 months ago | Report Abuse

Yinson has quietly updated corporate calender on its website...I checked till 12AM+ yesterday it was still stated as 21/3 for resutls release, now it has changed to 22/3

UncleFollower

1,175 posts

Posted by UncleFollower > 2 months ago | Report Abuse

But no @8dragon totally disagree...even tho we are both speculating now, track record is on Yinson's side. They have never disappointed in results, neverrrrr

novel23

46 posts

Posted by novel23 > 2 months ago | Report Abuse

WA seems more interesting now compare to mother share

Vdhawan

95 posts

Posted by Vdhawan > 2 months ago | Report Abuse

Yup, very interesting to trade WA. But remember it will expire next year in June ...

8dragon

2,051 posts

Posted by 8dragon > 2 months ago | Report Abuse

I've sold all my Yinson shares @ 2.53 and waiting for the qtr result. My personal view is that even the results is good the share price won't move much unless you're talking of long term investment.

OTB

11,122 posts

Posted by OTB > 2 months ago | Report Abuse

Posted by rl68 > 1 hour ago | Report Abuse

@OTB, please share 3 keys insights from meeting the management of Yinson. Tq.
---------------------
Please read all my postings, I have covered all.
My portfolio on Yinson is a small one, I invest in Yinson because of strong fundamental and a growth stock.
Yinson is a very good investment for long term.
Strong cash flow will happen in FY 2027.
PAT will be > 1 billion after FY 2025.
Debt will be reduced after deliveries of FPSO vessels of Atlanta, Maria Quiteria and Agogo.
Thank you.

UncleFollower

1,175 posts

Posted by UncleFollower > 2 months ago | Report Abuse

It's out

Revenue 2702000000
PBT 597000000
PAT 395000000
PAT to us 278000000
EPS 8.4c
Div 1.0c

Posted by Permutation > 2 months ago | Report Abuse

@OTB, Your portfolio in Yinson is a small one? I thought Yinson is your No.1 stock in 2023? Meaning you have reduced your shareholdings in Yinson ?

UncleFollower

1,175 posts

Posted by UncleFollower > 2 months ago | Report Abuse

This quarter's EPS 8.4c

Last 3 quarters, 7.3c, 6.7c, 6.1c

UncleFollower

1,175 posts

Posted by UncleFollower > 2 months ago | Report Abuse

@Permutation, OTB's risk management 😂👌

novel23

46 posts

Posted by novel23 > 2 months ago | Report Abuse

NP margin improve, that's a good one, hope for even better result next quarter

UncleFollower

1,175 posts

Posted by UncleFollower > 2 months ago | Report Abuse

Consolidated profit after tax
The Group’s profit after tax increased by RM554 million or 94% to RM1,142 million as compared to
RM588 million for the corresponding financial year ended 31 January 2023. The increase was
mainly due to the higher contribution from the Group’s EPCIC business activities and fresh
contribution from FPSO Anna Nery’s operations since first oil was achieved on 7 May 2023, as
deliberated in the “Offshore Production & Offshore Marine” section above, which were partially offset
by the following:
• Increase in administrative expenses of RM53 million, mainly arising from higher operational
overheads incurred to drive the future growth of the Group;
• Increase in finance costs of RM386 million, mainly arising from the higher drawdowns of the
project financing facilities for FPSO Anna Nery, FPSO Maria Quitéria and FPSO Agogo to
fund the EPCIC business activities in the current financial year;
• Increase in tax expenses of RM286 million, which was in line with the higher contribution from
EPCIC business activities in the current financial year





OTB

Posted by rl68 > 1 hour ago | Report Abuse

@OTB, please share 3 keys insights from meeting the management of Yinson. Tq.
---------------------
Please read all my postings, I have covered all.
My portfolio on Yinson is a small one, I invest in Yinson because of strong fundamental and a growth stock.
Yinson is a very good investment for long term.
Strong cash flow will happen in FY 2027.
PAT will be > 1 billion after FY 2025.
Debt will be reduced after deliveries of FPSO vessels of Atlanta, Maria Quiteria and Agogo.
Thank you.

15 minutes ago

OTB

11,122 posts

Posted by OTB > 2 months ago | Report Abuse

I invest based on 3 portions of my capital allocated.
I only invested first portion of my capital allocated.
I did not invest the second and third portions of my capital on Yinson because this stock cannot perform.
I just do not have a chance to add position.

Unlike YTLPower and KGB/WB, I have a chance to add positions.
I am totally invested for YTLPower and KGB/WB.
Thank you.

Posted by BursaVulture > 2 months ago | Report Abuse

the million dollar question.... can fly or not?

8dragon

2,051 posts

Posted by 8dragon > 2 months ago | Report Abuse

Net profit RM964 millions only give a token of 1 cent dividend.... lol

OTB

11,122 posts

Posted by OTB > 2 months ago | Report Abuse

Do not expect high dividend because the debt of Yinson is high.
Need to reduce the debt, reduce interest payment and increase PAT.
Gross profit is 925 million in Q4 2024.
But the finance cost is 316 million in this quarter.
About one third of gross profit is to pay interest.
Thank you.

rl68

172 posts

Posted by rl68 > 2 months ago | Report Abuse

@OTB, thanks for your quality inputs.

UncleFollower

1,175 posts

Posted by UncleFollower > 2 months ago | Report Abuse

Low dividend good for warrant holders, less dilutive lol.

And higher dividend will not help share price when higher doesnt mean high. High yield on high debt is disaster, will be bad for share price.

The Lims are in such an envious position. In a few years time, their cashflow will be so amazing can do wonders

Posted by BursaVulture > 2 months ago | Report Abuse

somwhat like MFCB, a small cap build a mid size hydro... when completed, pay down debt and give good dividend and cash flow positive. yinson took up 3 huge FPSO within these few years, now just wait for all 3 FPSOs to be ready. it is a waiting game, if all goes according to plan, should be good.

OTB

11,122 posts

Posted by OTB > 2 months ago | Report Abuse

If Yinson is not doing well, the owner of Yinson is the first one to be a bankrupt.
I believe Lim's family secured bank loan to subscribe for right issues.

Looking at the current order book of USD 22.4 billion or RM 105 billion, I believe Yinson will perform very well in the next 2 years.
Once FPSO vessel Agogo is delivered at the end of 2025 and find oil, the worst financial stress of Yinson will be over.
I believe the free cash flow will be positive in FY 2026 or FY 2027.

The share price of Yinson must perform, otherwise a good PAT will not benefit the shareholders of Yinson.
Like what the analyst from Maybank set the target price at 5.05, if the share price of Yinson can achieve this target price, Yinson will be a component stock of FBMKLCI in 2027.
Good luck.
Thank you.

witan

774 posts

Posted by witan > 2 months ago | Report Abuse

Yinson record all time high profit for this quarter and yet the market didnt react to it. What does the market want from Yinson?? 500million profit per quarter? Lol

OTB

11,122 posts

Posted by OTB > 2 months ago | Report Abuse

I repost this article, hopefully the BOD of Yinson will take action to help the share price of Yinson.
Thank you.
-----------------------------
Look at earnings of GenM and compared against Yinson.
GenM
NOSI = 5.938 Million
PAT in Q4 2023 = 240 million
I projected PAT in FY 2024 = 1.152 billion.
EPS = 0.194.
PER = 15.0

Yinson
NOSI = 3.064 Million
PAT in Q3 2024 = 248 million
I projected PAT in FY 2024 (Jan 2024) = 940 million.
I projected PAT in FY 2025 (Jan 2025) = 1.041 billion.
EPS = 0.34
PER = 7.03

Note :
Both GenM and Yinson have high debts.
The share price of GenM = 2.91.
The share price of Yinson = 2.39.
The total order book of Yinson = USD 22.4 billion or RM 105 billion, it can last until 2048.

Target prices set by IB for GenM are as follows :-
1. CGS - 4.00
2. Maybank - 3.26
3. TA - 3.17

Target prices set by IB for Yinson are as follows :-
1. Maybank - 5.05.
2. AMI - 4.00.
3. UOB - 3.75.
4. Kenanga - 3.39.
5. CIMB - 3.18.
6. RHB - 3.06.

Do you think or agree the share price of Yinson worths only 2.42 after a good FY 2024 result ?

The problem is the BOD of Yinson did not support the share price of Yinson.
They know to create profit for Yinson.
They do not know how to create wealth for all the shareholders of Yinson.
The CEO of Yinson failed miserably in this area.

The best CEO of the public listed company in the KLSE is TS Francis Yeoh. He knows to create profit for the company and also to create wealth for all shareholders of YTLPower.
TS Francis Yeoh knows very well how the stock market operates and how to create wealth for his shareholders.
TS Francis Yeoh brings in foreign funds to buy out all shareholdings of EPF so that the share price of YTLPower can move up north very rapidly.

The CEO of Yinson has no good connection with fund managers, he did not do anything to attract foreign funds to invest in Yinson. He just let EPF buys and sells at their fancies and the worst part is he did not support the share price of Yinson.
All investors of Yinson are very disappointed with the BOD of Yinson. No action to support the share price of Yinson.
Thank you.

CharlesT

14,587 posts

Posted by CharlesT > 2 months ago | Report Abuse

OTB

If Yinson is not doing well, the owner of Yinson is the first one to be a bankrupt.
I believe Lim's family secured bank loan to subscribe for right issues.

The rights issue price was Rm1.41

U n yr clients helped to buy at RM2.40+ from him...and also his free Wa

How to bankrupt leh?

OTB

11,122 posts

Posted by OTB > 2 months ago | Report Abuse

I means the performance of Yinson.
Continue to lose money will depress the share price.
Continue to make good and high profit will enhance the share price.

If the share price still cannot perform, investors will dump the shares.
I believe the CEO also want the share price to move up north.
He also want to become the 9th richest man in Malaysia like TS Francis Yeoh.
Thank you.

MrFox

1,135 posts

Posted by MrFox > 2 months ago | Report Abuse

I mean

8dragon

2,051 posts

Posted by 8dragon > 2 months ago | Report Abuse

CEO has pocketed the money to qualify for the 10 richest man in Malaysia at the expense of all investors... lol

OTB

11,122 posts

Posted by OTB > 2 months ago | Report Abuse

Luck plays an important role in the share investment.
Choose a very profitable company, yet the share price of this company still cannot perform.
It means you do not have luck in this stock.
Good luck.

Posted by BursaVulture > 2 months ago | Report Abuse

As usual… cannot fly. Still got 3 warrant not yet expire… just wait

Posted by BursaVulture > 2 months ago | Report Abuse

the thing is even with the completion of the fpso, need to set sail and strike first oil, and then get paid... until then... all is just paper. need to see cash in bank.

altis

17 posts

Posted by altis > 2 months ago | Report Abuse

The right issue price is RM2.36 base on the announcement.

Sslee

4,973 posts

Posted by Sslee > 2 months ago | Report Abuse

The RM 2.36 is the PP

Financial Year
Subject Rights Issue
Type RightIssue
Description RENOUNCEABLE RIGHTS ISSUE OF UP TO 858,365,418 NEW ORDINARY SHARES IN YHB ("YHB SHARES" OR "SHARES") ("RIGHTS SHARES") AT AN ISSUE PRICE OF RM1.41 PER RIGHTS SHARE TOGETHER WITH UP TO 367,870,893 FREE DETACHABLE WARRANTS IN YHB ("WARRANTS") ON THE BASIS OF 2 RIGHTS SHARES FOR EVERY 5 EXISTING YHB SHARES HELD AND 3 WARRANTS FOR EVERY 7 RIGHTS SHARES HELD AS AT 5.00 P.M. ON 27 MAY 2022 ("RIGHTS ISSUE")
Amount 2.0000 : 5.0000
Ex Date 26-May-2022
Entitlement Date 27-May-2022

csan

436 posts

Posted by csan > 2 months ago | Report Abuse

reported RM1 billion profit, cash burn RM3 billion, not enough money for renewable energy business until must do rights issue to raise RM200+ million. yinson is on the verge of collapse, it just takes one fpso to turn bad and yinson is gone

serbatipu

306 posts

Posted by serbatipu > 2 months ago | Report Abuse

earn so much still want do private placement, something fishy. Hok yg atas tu Masih nak kompang kuat support apabenda mung

Riaz1954

1,262 posts

Posted by Riaz1954 > 2 months ago | Report Abuse

Good company results , very ambitious highly geared. Problem is people don’t understand it’s business it is generating high profit growth but taking high risks in doing so. Is it managing risks well…yes so far it has…it needs to roll out remaining FPSO quickly and not take on more contracts at the same time. It should begun to maximise its position some in 2027The ceo needs to market the company more to make the shares attractive. As it stands it is not delivering returns to shareholders either in form of price growth or dividends …it can’t give high dividends as it is a growth company with high debts so it has to market its shares…more effectively.

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