YINSON HOLDINGS BHD

KLSE (MYR): YINSON (7293)

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Last Price

2.36

Today's Change

-0.03 (1.26%)

Day's Change

2.36 - 2.39

Trading Volume

535,100

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5 people like this. Showing 50 of 4,061 comments

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When a sifu is promoting a stock for 2 years and yet claim only to have a small holding, I find it does not jive. Nothing wrong to say that one has a large holding in yinson and waiting patiently for it to take off.

Perhaps the investors perceived Yinson as a high risk stock even if it is trading at a very low PE. Even its sukuk has to be done at such a hugh premium. Potential investors might want to wait a few more qtr to be sure to put their money in.

3 days ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥

>>>

Stock: [YINSON]: YINSON HOLDINGS BHD

1 day ago | Report Abuse

Fiscal year is February-January. All values MYR Millions. 2023 2022 2021 2020 2019
ACCOUNT RECEIVABLE 1,023 644 575 548 433
ACCOUNT PAYABLE 462 202 178 148 113

Long-Term Note Receivable 10,334 6,688 4,405 1,501 15


[Often, a business will allow customers to convert their overdue accounts (the business’ accounts receivable) into notes receivable. By doing so, the debtor typically benefits by having more time to pay.]

>>>>


Can someone help dissecting the > 10b long term notes receivables?

3 days ago

Sslee

When you tender and received contract to build FSPO for client long term lease you then borrow money to build the FSPO. The borrowing is recorded as liabiliaties.
On the assets side during FSPO contruction period the asset is recorded as contract asset and when FPSO delivered to client and on production state it is recorded as finance lease receivables.

3 days ago

Sslee

By the way the Sifu is OTB.

3 days ago

Sslee

Contract assets primarily relate to the Group’s right to consideration for work completed but not yet billed at reporting date on an ongoing EPCIC contract which commenced in the current financial year.

Bareboat charter payments received during the lease period will be allocated towards the settlement of the contract assets related to the EPCIC contract.

3 days ago

Sslee

Building a new FPSO costs approximately US$ 2.5 Bn to US$ 3 Bn. However, the cost of conversion of an oil tanker is approximately between US$ 1.5 Bn and US$ 2 Bn.

3 days ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥

Thanks. It belongs to my too difficult to understand file. :-)

3 days ago

xiaoeh

learn something new everyday
Thanks all

3 days ago

Sslee

Interest espenses is tax deductable (taxable income will be less) hence Yinson did not mind paying high interest.

My question is why not RI of 5 years RPS (9 % interest) with free warrants to benefit the shareholders?

3 days ago

CharlesT

So SSlee also believe in their Wawasan 2027 ah?

3 days ago

CharlesT



Sslee

Interest espenses is tax deductable (taxable income will be less) hence Yinson did not mind paying high interest.

My question is why not RI of 5 years RPS (9 % interest) with free warrants to benefit the shareholders?

13 minutes ago

The question is why US Bankers rated their bond as good as junk bond grade with coupon rate more than double than average mkt rate

3 days ago

CharlesT

Second is why they are willing to accept so...

Why dont they issue more bonds locally at 7.95% or 8%....I believe Sifu n many others will happily subscribe so...

Or there is a capping limit locally?

3 days ago

CharlesT

Posted by Sslee > 23 minutes ago | Report Abuse

Interest espenses is tax deductable (taxable income will be less) hence Yinson did not mind paying high interest.

My question is why not RI of 5 years RPS (9 % interest) with free warrants to benefit the shareholders?

Hmmm.....someone learned the monkey tricks of Kok Kee and tasted the sweetness of goreng WAs

3 days ago

Sslee

Sometime need to support Sifu a bit or he may not work so hard to come up with his chun chun buy call.

Anyway his holland buy call of Insas allow many long suffering insas shareholders to exit at a good price.

3 days ago

Sslee

FPSO Anna Nery achieved financial acceptance in May-23 and began generating lease income.
Currently, it still has 3 more FPSOs under construction.
FPSO Atlanta and FPSO Maria Quiteria will be delivered in year 2024 and FPSO Agogo will be delivered by Feb-26

By 2025 you should see the result of the earning power of FPSO Atlanta and FPSO Maria Quiteria.

3 days ago

CharlesT

So US Bankers foresee this to happen (very big fat income from 2025 onwards) n they know Yinson needs money badly now so they fix a cut throat rate of 9.675% on their bond ah?

3 days ago

CharlesT

If u are drafting any long love letter/ email to Yinson's Boss ask them so....why they dont want to issue Bond at 8% to Sifu n many others.....

Instead they chosed to pay higher to Angmao....... Sad

3 days ago

Sslee

FYE 2024 Yinson Production Operations results overview (YoY)
Revenue PAT

YTD Q4 FYE 2023
(RM’ mil)
YTD Q4FYE 2024
(RM’ mil)
Variance (RM’ mil)
Revenue 1,631: 2,279 : 648
Gross Profit 951: 1,480: 529
EBITDA 1,162: 1,643: 481
PAT 576 :776: 200
PATAMI 498: 628 :130
 Increase in revenue was due to fresh contribution from FPSO Anna Nery’s operation since first oil was achieved on 7 May 2023 and rate escalation for operating FPSOs, offset by loss of revenue contribution from Adoon after disposal in Q4’

3 days ago

OTB

Yinson issued a sukuk of RM 640 million in Malaysia before Chinese New Year 2024, the coupon rate is 7.95%.
The take up rate of this sukuk is so demanding, all RM 640 million sukuk was taken up within 20 minutes.
-------------------
Anyone here is not so knowledgeable as institutional fund manager, they just buy up all sukuk of Yinson within 20 minutes.
This sukuk is rated as A3/Stable (RAM).

I will stop my comment on Yinson, no point to cause more pain to all poor investors here.

3 days ago

CharlesT

Posted by OTB > 15 minutes ago | Report Abuse

Yinson issued a sukuk of RM 640 million in Malaysia before Chinese New Year 2024, the coupon rate is 7.95%.
The take up rate of this sukuk is so demanding, all RM 640 million sukuk was taken up within 20 minutes.
-------------------
Anyone here is not so knowledgeable as institutional fund manager, they just buy up all sukuk of Yinson within 20 minutes.
This sukuk is rated as A3/Stable (RAM).

I will stop my comment on Yinson, no point to cause more pain to all poor investors here

So only those knowledgeable one (like Fund Managers n Sifu etc) can have the access to all these good deals....

All other stupxd poor investors here (I guess I m one of them as I dont have the chance to subscribe such a good high yield bonds) can only feel very heart pain loh.....

3 days ago

CharlesT

Sifu, do I interpret your sentence correctly?

3 days ago

CharlesT

Maybe later i manage to buy Yinson-WA lower than Sifu and then sell few cents higher to make more than 7.95% in few days time leh

Who knows

3 days ago

CharlesT

Sifu's cost of Yinson-Wa should be 0.40+

3 days ago

Sslee

CharlesT,
No need to feel heart pain lah. Just collect some Yinson and hope by 2025 it will move north.

3 days ago

CharlesT

Or higher......

3 days ago

CharlesT

Posted by Sslee > 24 seconds ago | Report Abuse

CharlesT,
No need to feel heart pain lah. Just collect some Yinson and hope by 2025 it will move north.

As long as it will not become Jaks's Wawasan 2020 will do loh

3 days ago

CharlesT

Place yr bet pls

My bet is on chicken rice money from Yinson-WA....c got chance or not

3 days ago

Sslee

That one is on refining spread. But refining business is not on spread alone it is highly speculative on hedging position.

3 days ago

CharlesT

At current price of RM0.30+, my entry level could be 20% to 30% lower than Sifu....seems a better deal than earning 7.95% annual coupon rate....

At least not so heart pain lah

But below RM0.30 will be even better loh

3 days ago

CharlesT

The main concern is HUMAN

3 days ago

Sslee

This time round if got profit just take profit, not going to speculate/calculate on earning forecast of YTLPower data center.

After all I am not a Sifu, I only care how much I can make from Bursa as a trader or as an investor.

3 days ago

CharlesT

Posted by Sslee > 1 minute ago | Report Abuse

This time round if got profit just take profit, not going to speculate/calculate on earning forecast of YTLPower data center.

After all I am not a Sifu, I only care how much I can make from Bursa as a trader or as an investor

Senior u have evolved fast n furious.... Geng....

3 days ago

Sslee

Jaks I think KYY, OTB, and many others got it right on JHDP earning calculation.

But the pitfall is on ALP all other business lose making and every year impairment lossses on receivables and goodwilll untill business cannot generate enough cashflow for loan repayment and working capital.

So every year need PP or RI to survive but BOD still have the gut to reward themselve with multimillion LTIP free grant.

3 days ago

CharlesT

Posted by CharlesT > 31 seconds ago | Report Abuse

Suddenly this reminded me of Xinquan n Old Koon's case

Old Koon n some loves to see the beautiful net cash (RM1.50+ I think) of Xinquan in their bank acs in China

Ops I think SSlee is one of them also

3 days ago

Sslee

I was naive then and I can't beilive an external auditor can just sleep walking thro' auditing and verification on bank balance.

The rest is history.

My last email to SC:
Dear SC,

Referring link below:
https://theedgemalaysia.com/node/705743

I am impressed by the action taken by SC in year 2023 especially on ongoing criminal enforcement efforts, which were undertaken with the public prosecutor’s consent, initiated 15 civil actions, including the issuance of letters of demand and restitute back recovered stolen money to aggrieved investors.

Referring below SC announcement
https://www.sc.com.my/resources/media/media-release/sc-reprimands-three-china-based-companies-and-says-retention-of-four-directors-prejudicial-to-public-interest

The SC reprimanded Xingquan, its Executive Chairman and CEO Dato’ Wu Qingquan, Executive Director Wu Lianfa, former Non-Independent Non-Executive Director Ng Sio Peng and former Senior Independent Non-Executive Director Zhou Liyi for:

falsely recording a loss of RMB415.7 million from the sale of inventory by Xingquan’s wholly-owned subsidiary;
furnishing to Bursa Malaysia a false agreement between the said subsidiary and a third party;
furnishing false or misleading financial statements to Bursa Malaysia; and
recording cash and bank balances in eight bank accounts collectively belonging to Xingquan that were false or misleading.
I am thankful to SC for taking the above reprimanded action but are the reprimand actions considered as justices done and case closed with no further actions?

In view of the seriousness of offends/frauds committed by the fraudsters and their total disregard/contempt shown against authorities of SC and BURSA with no respect for Malaysia Law.

Please pardon me to ask the below repeated questions:

Question 1: Is SC intend to make an extradition request with the Chinese government to extradite CEO Dato’ Wu and his brother executive director Wu Lianfu to stand criminal trial in Malaysia Court?

Question 2: Refer google search: https://www.google.com/search?client=firefox-b-d&q=gertop

Xingquan brand products (Gertop) are available for sale at many online shopping websites. This means Xingquan still has production lines and assets in China but the China owner and Management team just took us Malaysians as fools and showed utmost contempt to SC and BURSA authorities/Malaysia law.

Will SC now invoke CMSA 2007 section 358 (1) in the public interest, taking legal action against Xingquan to recover loss on behalf of victims who suffers loss or damage by reason of, or by relying on, the conduct of another person who has contravened any provision of Part VI or any regulations made under this Act, the amount of the loss or damage by instituting civil proceedings against the other person whether or not that other person has been charged with an offence in respect of the contravention or whether or not a contravention has been proved in a prosecution?

Question 3: Is SC investigating Xingquan External Auditor: SJ Grant Thornton, IPO: CIMB Investment Bank Berhad and PP & RI: RHB Investment Bank Berhad principal advisor, underwriter and placement agent for:

1. Gross negligence and failure to perform their fiduciary duty; and

2. Are complicit in above fraud/crime in auditing, preparing and approving Xingquan Financial Account, IPO Prospectus and RI Prospectus.

A reasonable exercise of care or due diligence should have detected cash and bank balances in eight bank accounts collectively belonging to Xingquan that were false or misleading.

Note: A precedent case had been set whereby external auditor KPMG and Deloitte pay USD 80 million each and Ambank pay USD 700 million to settle claims linked to the 1MDB scandal.

Thank you

Selamat Hari Raya Aidilfitri
Maaf Zahir Dan Batin


Best Regards,
Lee Soon Sheng

3 days ago

BursaVulture

@SSLee

wanna ask a personal question, how confident are you with yinson on a scale of 10. 1 being no confidence. thanks.

2 days ago

Sslee

I just bought some and will monitor the quarterly result on what will be the PAT look like when FPSO Atlanta and FPSO Maria Quiteria on production operation stage in 2025.

Nothing is certain except death and taxes. You need to manage your own risk, reward and expectation.

2 days ago

BursaVulture

@SSLee

Thanks. I am somewhat worried about their debt, but will hold onto it for now. Hopefully everything turns out well.

2 days ago

Vdhawan

its current pe is only around 8x. Still cheap 😁

1 day ago

BursaVulture

@vdhawan

you got to look at core and none core profit. the pe8 is not quite accurate. profit include earnings from epcc due to accounting. core will just be the fpso charter rate.

1 day ago

Raymond Tiruchelvam

yinson is a standard story, company with the single highest book order.... in the magnitude of $22b of RM102b.... which company can even come close ??? but this comes at a very high cost.... RISK, as just one fpso screw up or delay can alter the whole revenue chain, but if alls well there is only hard cash to be earned, besides yinson will be heavily financing all this book order by itself.... largely, so there u go

1 day ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥

<<<
Posted by Raymond Tiruchelvam > 4 hours ago | Report Abuse

yinson is a standard story, company with the single highest book order.... in the magnitude of $22b of RM102b.... which company can even come close ??? but this comes at a very high cost.... RISK, as just one fpso screw up or delay can alter the whole revenue chain, but if alls well there is only hard cash to be earned, besides yinson will be heavily financing all this book order by itself.... largely, so there u go
>>>

Probability and consequences, like the game of Russian roulette.

1 day ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥

>>>
Posted by Vdhawan > 12 hours ago | Report Abuse

its current pe is only around 8x. Still cheap 😁
>>>

Never use PE as a single indicator. A low PE does not equate to cheap. When the price of a stock drops, ALL valuation parameters look "cheap".

As Daniel Kahneman shared in his wonderful book, engage your System 2 (slow) thinking.

1 day ago

Sslee

Many funds shy aways from oil and gas companies because of ESG issue or try to be politically right.
Even some bank do not want to see to be associate or financing coal, oil and gas industries.
Everyone want to be see as whiter than white but do they do the same things on the industries of war (weapon industries)

Top oil and gas companies by P/E ratio
companies: 361 average P/E ratio (TTM): 7.41

1 day ago

speakup

ESG is a scam created by USA & West to undermine the oil rich Arab countries & Russia. It is politically motivated!
If USA really cares about environment, why they exit Paris Climate Accord :
https://www.scientificamerican.com/article/u-s-exits-paris-climate-accord-after-trump-stalls-global-warming-action-for-four-years/

1 day ago

Sslee

EU is now using deforestation as a trade barrier to disadvantage palm oil from entering EU.

Many things in this word is done politically motivated to protect someone/countries vested interest.

1 day ago

BursaVulture

I find the whole argument on palm oil and deforestation pure BS. as if sunflower, soy, olive etc grows in the sky without the need to clear land.

1 day ago

Raymond Tiruchelvam

Integrity.....I like ur statements

7 hours ago

Vdhawan

Valid point, Integrity. RIP to Daniel Kahneman who passed away last month

1 hour ago

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