YINSON (7293) - YINSON HOLDINGS BHD IPO Prospectus

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.

1 week ago

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

1 week ago

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

1 week ago

@SSLee

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

1 week ago

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.

1 week ago

@SSLee

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

1 week ago

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

1 week ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥

@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 week 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 week ago

<<<
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 week ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥

>>>
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 week ago

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 week 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 week ago

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 week ago

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 week ago

Raymond Tiruchelvam

Integrity.....I like ur statements

1 week ago

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

1 week ago

A Strong Global Economy Is Expected to Keep Oil Prices Rangebound
https://oilprice.com/Latest-Energy-News/World-News/A-Strong-Global-Economy-Is-Expected-to-Keep-Oil-Prices-Rangebound.html

1 week ago

LadyRepins

Hmmm, me thinks to go in at this point. O&G is on a deficit supply capacity situation, so up is the way to go. Yinson is about the only O&G MY counter to still dribble sideways, most others already start moving up. Seems to be bogged down by selling, KWAP, KWSP? Not sure, but any biggies selling either bought long way back 2022 or have other needs for funds. There is a cost basis of about 2.44~2.55 (2024) so no one is selling unless running away scared. Trading day 26APR22024 likely smaller fish selling off more than the big boys. A few sessions more, this stock is likely upward 2.60 range and beyond. If 2.30 breaks down, a visit to 2.10~2.00, probably short lived. Anything lower is going to be all hell break loose situation, back to pandemic levels.

1 week ago

hng33

sold at 2.40-2.42

6 days ago

8dragon

Government funds are gradually reducing their shares in the company. Very obvious the company is facing undisclosed problems. I sold all @ 2.42 lately.

6 days ago

OTB

EPF is the fund who takes up the private placement at 2.36.
Yinson will ensure the fund took up the private placement make money in the future.
How ??
Good luck.

6 days ago

I wait RM2.50 to take profit instead. Ha

6 days ago

kai8994

@8dragon

As per the recent announcement, EPF's shareholding is at 17.226% vs 16.69% as reported in 31 May 2023 AR. While KWAP's shareholding is 7.65% vs 6.55% as reported in 2023 AR. Which govt fund you referring to?

5 days ago

I guess he meant EPF: https://klse.i3investor.com/web/insider/detail/SBSH_584475_1878107926

3 days ago

8dragon didn't check and compare the number of shares held before and after 😬

3 days ago

edwing9981

Yinson one of the worst performing oil and gas stocks in term of share price this year. Despite of multiple projects awarded and good P&L figures but the share price just not moving or stay flat.

The investors are well educated after the Serbak scandal, they are smarter now because avoiding high debts companies.

Posted by Raymond Tiruchelvam > 1 week 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

1 day ago

Serbak report fake projects, fake contracts, fake inventories, fake receivables and even fake suppliers.

Are Yinson book orders/contracts win fake or the FPSO also fake?

21 hours ago

edwing9981

I didn't say Yinson projects are fake.

Investors worry about Yinson high debts.

Similar to Serbak are good P&L, high debts and always negative cash flow.

20 hours ago

Most likely will end up like JAK's Wawasan 2020

Always see good revenue good paper profit very low PE looks very yummy at the same time very ugly negative cash flow endless rights issue PP issuance of Bonds...

Why why why tell me why?

SS Lee knows the answer but again he refuses to accept the fact...till he has to admit his mistake few years later

10 hours ago

Sifu is also willing to sing left 3 years right 3 years in Yinson.....though he always claim he is TA comes first man

10 hours ago

If u also holds a small position in Yinson like Sifu then no worry lah......sup sup water only...considered it as donation to beggar loh at worst scenario

10 hours ago

I only hold a small position and loooking forward to wawasan 2026 when three (3) more FPSO in operation.

Will monitor the cashflow then if still negative will run fast fast.

As of Jaks it is now wawasan 2030 when JHDP pay off all it' 10 year term loan then most likely jaks will receive big dividend from JHDP till then avoid.

10 hours ago

Huangbk72

Is Coconut Felix talking about SAP?

Talking mountain of debt.. talking no cash flow

Share price flat over 2 years.. Coconut invested over 1 year

No mirror again? 😂😂😂😂

8 hours ago

Repost:
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.

8 hours ago

What's their net profit margin like?

From Yinson's past years' records it seems their net profit margin is like 10%+/-...

I would say not really that convincing, in view of the heavy investment involved and the high risk

Oil palm plantation is much much better.....relatively high profit margin , consistent positive cashflow n div records....n potential land appreciation over the years

So SSLee, why are u in Yinson????

7 hours ago

Posted by Sslee > 22 minutes ago | Report Abuse

Repost:
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.

One screw up in any of their FPSO their ass will be very painful

7 hours ago

Why u like Yinson?

Coz u like to have dreams? U love Wawasan 2026 or 2036 or 2046? U like to do their profit projections?

7 hours ago

Repost:
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’

7 hours ago

https://klse.i3investor.com/web/stock/financial-last-10-fy/7293

7 hours ago

Repoat:
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

7 hours ago

Heavy capital intensive high risk biz

Net profit margin of 10% seems not justifiable to me lah

SSLee U as a palm oil Industry man, dont u think palm oil plantation biz is much much better than this biz?

7 hours ago

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

The PAT margin is 776/2279 about 34%

7 hours 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

The PAT margin is 776/2279 about 34%

https://klse.i3investor.com/web/stock/financial-last-10-fy/7293

We come from 2 different planet ah??

7 hours ago

FYE2024 Yinson Production EPCIC results overview (YoY)
YTD Q4
FYE 2023
(RM’ mil)
YTD Q4
FYE 2024
(RM’ mil)
Variance
(RM’ mil)
Revenue 4,561 9,220 4,659
Gross Profit 813 1,440 627
EBITDA 792 1,441 649
PAT 340 682 342
PATAMI 401 648 247

During FPSO contruction EPCIC result. After FPSO delivered and acceptance then it is Production Operations results.

6 hours ago

Yinson Production has held the naming ceremony for FPSO Maria Quitéria which will deployed in at Petrobras’ Jubarte field offshore Brazil.

The naming ceremony for the FPSO Maria Quitéria was held at Cosco Shipping Heavy Industry (Shanghai) Shipyard in China on April 3, 2024.

FPSO Maria Quitéria is a conversion project with a production capacity of 100,000 barrels of oil per day and a storage capacity of 1,000,000 barrels.

The vessel will be the first FPSO in Yinson Production’s fleet to operate heat recovery steam generation (HRSG) as part of its combined cycle power generation system.

HRSG is one of several technologies that we are implementing across Yinson’s fleet, in line with its efforts in reducing carbon emissions and be the frontrunner in decarbonizing the FPSO industry towards the goal of net zero.

Yinson Production was awarded the FPSO Maria Quitéria project by Petrobras in November 2021 and the conversion works started on January 25, 2022.

The project has been progressing according to schedule, with all topside modules onboard and integrated, and commissioning underway. Sail away to Brazil will be in the second quarter of 2024 and the asset will be deployed at the Jubarte field, as part of the Parque das Baleias Integrated Project, located in the northern part of the Campos Basin, offshore Brazil.

The deployment is part of a 22.5-year lease and operate contract with a total contract value of up to $5.3 billion.

FPSO Maria Quitéria is Yinson Production’s third FPSO destined for Brazil, following FPSO Anna Nery, which has been operating for Petrobras since May 2023, and FPSO Atlanta, which is expecting first oil in summer 2024 and will operate for Enauta.

6 hours ago

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

FPSO Maria Quitéria is Yinson Production’s third FPSO destined for Brazil, following FPSO Anna Nery, which has been operating for Petrobras since May 2023, and FPSO Atlanta, which is expecting first oil in summer 2024 and will operate for Enauta.

Only FPSO Agogo under contruction and need capital. FPSO Alanta and Maria Quiteria on it way deliver to client.

6 hours ago