YINSON (7293): News and Blogs

Senior SsLee still have full faith in Yinson n their beautiful future profit projections ah??

22 hours ago

All the figures looks yummy.....

Deja Vu?

I think I have seen something similar in Jaks few years ago....

22 hours ago

Hope all the paper profits turns into cash profit n div, io endless PP/ Rights issues/ Bond issuance etc

22 hours ago

Sifu OTB also quietly drops Yinson or Yinson-Wa fm his stock pick 2025, after selected this Co in his 2023 n 2024 stock pick

Mayb OTB's fengsui study this year shows Yinson's fengsui no good??

22 hours ago

Hoho including projected Revenue from FPSO Agogo , Atlanta , Maria and Anna Nery as posted earlier :

Hoho just to simplify the illustration:

👉 Yearly Revenue USD 883.56 million x 4.5 = RM 3976 million / year .

QR October 2024 : Revenue RM 1900 million, ie 50 % contribution from FPSO Anna Nery … >>> 1900/2 x 4 = RM 3800 million/ year .

Total Revenue/ year = RM 7776 million

👉 Gross Profit 40 % =. RM 3110.4 million

Administrative Expenses RM 185 m x 4 = RM 740 m / year …

QR October 2024 Total Loans n Borrowings RM 19.37 billion >> interest expenses x 0.09 = RM 1743.3 million/ year .

👉 Total Loans to be paid in 25 years = RM 774.8 million/ year

👉👉 Total expenses ( excluded Hedge , SBB ) / year = RM 3258.1 million

👉👉👉 Total Expenses / year - Total Gross Profit / year = RM 147.7 million , ie : SHORT of Expenses Fund RM 147.7 million.

>>> : As 60 % of Term Loans per QR January 2024 is maturity between 2 to 5 years..

👉Total Loans to be paid in 10 years = RM 1937 million/ year

Total expenses ( excluded Hedge , SBB ) / year = RM 4,420.3 million

👉👉 Total Expenses / year - Total Gross Profit / year = RM 1310 million , ie : SHORT of Expenses Fund RM 1310 million.

22 hours ago

I am more interest on Yinson Bond or RPS with yield close to 10%.
Yinson should do all these Bond/RPS in Malaysia so that at least I can grab some of these sure win investment financial instruments.

22 hours ago

xiaoeh

Yinson is safe with the below condition...
as long as there is no fund rupture before Yinson is able to repay its ballooning debts with generated FCF on and after 2026 onwards
all investment come with certain risk regardless of good or not so good decision made
if u pass= management is talented= everybody sing song happy
if u failed= management is suck= everybody throwing shoes and spit on it

just talk cock only😂

22 hours ago

If boh Tai chi then the return will be higher than holding their shares

If got tai chi all will go Holland together.

Mayb Philip can share his experience in Serbak Bond n his insider story

22 hours ago

My concern is why all those bond issuers treated their bond as junk bond grade with much higher coupon rate...

Philip's theory is that this is a very positive scenario as it shows Yinson is capable of paying high coupon rate to show their financial strength..

Do u buy his theory?

22 hours ago

Liquidity could be another concern to bond.

In Serbak's scandal, the bond straight away dropped 40% to 50% after the negative news spread out...

22 hours ago

Hoho Why JAKS announced on 30/12/2024 given out Dividend after 10 years is No Dividend!👍🤔

1.) One of Variables in DCF calculation is Growth Rate

👉 Simply is Yinson DCF is getting Bad or Good ???

Yinson CAGR :

3Y 83% TTM 29.9%
5Y 51.9% TTM 33.9%

Jaks CAGR :

3Y 29.9% TTM 41.2%
5Y 0.5% TTM - 25%

2.) JAKS Vietnam JV Power Plant 1200 MW EPCC RM 8.7 billion is started payout Dividend on June 2024 , ie from yearly to half yearly !

3.) 6 years Legal Battle against Star on RM 1.1 billion Pacific Star Towers project is settled out of court on November 2024 .

FY2023 Annual Report:

> Trade Receivables

Third Parties RM 147.6 million

Retention Sum RM 134.4 million

>> the Retention Sum is for the RM 1.1 billion Pacific Star Towers Project .

4.) November 2018 RI is issued in Warrant only , WB at RM 0.25 with EX price RM 0.64 n is changed to RM 0.34 on 2022 … is 👉Maturity on December 2023 , to prevent the Take Over . A very sad battle episode as all parties are in Losses.

22 hours ago

Will see what will be the coupon rate of jaks MNH RM 250 million MTN.

If longkang jaks can get investors to take up MNH RM 250 million MTN at lower coupon rate then next AGM I will question Yinson BOD why their appointed bond issuers treated Yinson bond as junk bond grade with much higher coupon rate...

22 hours ago

The sneaky Jon managed to run fm his Serbak Bond at some minor losses I think.

I think Philip only cut later....

22 hours ago

Mayb Yinson's management copycat this fm 1MDB?

Last time 1MDB also issued their bonds at much higher coupon rate....

22 hours ago

https://theedgemalaysia.com/article/cover-story-1mdb%E2%80%99s-habit-overpaying-raise-money

Home
Cover Story: 1MDB’s habit of overpaying to raise money

Edge Weekly
Cover Story: 1MDB’s habit of overpaying to raise money
By Ho Kay Tat, Cindy Yeap, Chan Jian Ming and Ben Shane Lim / The Edge Malaysia
21 Nov 2014, 07:00 pm
main news image

IN September 2009, the then newly-minted 1 Malaysia Development Bhd (1MDB) caused a stir in banking circles when it agreed to pay 5.75% annual interest on a RM5.0 billion 30-year Islamic bond that was guaranteed by the federal government.

Tongues wagged as to why the interest rate was so high when government bonds typically had to pay less than 4.0% and national oil company Petronas was paying around 3.6% at the time.

Bankers speculated that “middlemen” had profited from the spread of around 1.75% as institutional investors would have been happy to have been offered the government-guaranteed bonds, specifically called Medium Term Notes (MTNS), at 4.0%.

22 hours ago

Aiyoyo Serba and 1 MDB only got imaginary assets meanwhile everyone can see for themselve Yinson's FPSO and financial account: Revenue, EBITDA, PBT, PAT and etc.

22 hours ago

5.75% coupon rate also making noise like hell....They never see big snake pee.......Yinson's USD500M bond issued in 2022 is 9.625%+

22 hours ago

Posted by Sslee > 1 minute ago | Report Abuse

Aiyoyo Serba and 1 MDB only got imaginary assets meanwhile everyone can see for themselve Yinson's FPSO and financial account: Revenue, EBITDA, PBT, PAT and etc.

Ya ya, and yet the Inv Bankers issued their bond at a much higher coupon rate than the 1MDB's imaginary asset.......lol

22 hours ago

Hoho Yinson financial reports is Operating Lease ( with Elimination ) , is Not Finance Lease ( is Not follow IFRS ) ..

Insider reply shl follow IFRS by Next FY .. ie February 2025 to January 2026 !😱🤫

22 hours ago

马交所要求上市公司采用IFRS永续披露标准
2024年12月23日

吉隆坡23日讯）配合国家永续发展报告框架（NSRF）的推行，大马交易所修订了上市公司的永续报告框架要求，需采用IFRS永续披露标准。

21 hours ago

Ya ya, and yet the Inv Bankers issued their bond at a much higher coupon rate than the 1MDB's imaginary asset.......lol

On second thought can it be someone and the appointed Bond issuers were splitting their share of profit from the higher coupon rate?

21 hours ago

Posted by CharlesT > 8 minutes ago | Report Abuse

1MDB's imaginary assets : 5.75% coupon rate

Yinson's FPSO and financial account and beautify profit projections: 9.625% coupon rate

If u can find an explanation on the above n u r convinced so, then face the outcome lah. Either make or loss only.

21 hours ago

CHENG IK KWEE By looking at the coupon rate 9.625% from the bond issue on the Nordic market, May I know if this coupon rate is considered higher than the average coupon rate for this sector? If it is higher, may I know what factors contribute to this increase, and if the bond is callable?

Reply: The coupon rate of 9.625% for Yinson’s recent bond issue on the Nordic market should be understood in the context of varying market conditions and bond types. When comparing this rate to averages within the sector, it is important to consider the differences between U.S. dollar and ringgit bond rates. For example, the base rate for U.S. dollar bonds is approximately 4%, whereas Yinson’s corporate non-project debt at the subsidiary level, which is not guaranteed by Yinson, aligns closely with this rate. Therefore, Yinson’s 9.625% coupon rate is in line with, and competitive relative to, comparable issues from its peers.

This bond is callable in three years, which provides Yinson with the flexibility to refinance if interest rates decline. If market conditions improve, Yinson can call the bond and issue a new one at a potentially lower rate.

Yinson’s historical performance with ringgit-denominated bonds in Malaysia has demonstrated its ability to achieve tighter pricing as its reputation and market presence grow. This recent $500 million corporate bond represents Yinson’s first issue in the global market. Although initial bonds may be priced slightly higher, this issue was significantly oversubscribed, indicating strong investor confidence. As Yinson continues to build its global presence and manage its debt effectively, it anticipates being able to secure more favourable pricing on future bond issues

21 hours ago

Me also buy low and trying to sell high for my free bintang beer and lobster.

Will monitor the next few quarters result to see whether the EBITDA is per the projection before putting more money into Yinson.

21 hours ago

BTW, Bumi Armada's bond issued in 2024 comes with 6.35% coupon rate...

21 hours ago

https://cbonds.com/bonds/525641/

21 hours ago

CHUA SONG YUN On 30 April 2024, Yinson secured a USD 1.3 billion (RM 6.1 billion) multi-tranche financing term loan with interest margins ranging from 3% to 5% plus SOFR. a)What is the current SOFR rate, and what is the effective interest rate of this term loan? b)Considering the high financing costs of nearly 10% for FPSOs, how does management ensure that these projects remain profitable?

Reply: The current SOFR rate is 5.3% plus 3%-5%, with the spread at about 8-10% for long-term financing. Now is the prime opportunity for Yinson to inform its clients that interest rates are high. Hence, hypothetically, when Yinson signs on a contract of 10 or 15 to 25 years, Yinson is able to price these high interest rates into projects which the client would have to pay for. If Yinson were to have a 25-year contract with a 10% to 11% interest rate on that project, clients would be willing to pay for that within the next 5 to 10 years. If the interest rates were to drop, Yinson would be able to refinance that loan with a cheaper instrument, which leaves a whole profit that would come to Yinson. Yinson should be winning more projects in a high interest rate environment as compared to winning projects in a low interest rate environment, which would leave Yinson at a disadvantage in refinancing projects. For FPSO Anna Nery, Yinson was able to refinance and take back equity with a small sell down to K-Line

21 hours ago

CHUA SONG YUN On 19 April 2024, Yinson secured a USD 500 million (RM 2.36 billion) five-year senior secured bond at a fixed coupon rate of 9.625% per annum in the Nordic bond market, despite having a high credit rating of A1.
a)Why did Yinson opt to raise debt in the Nordic bond market at such a high coupon rate of 9.625%?
b)What is the average financing cost for FPSOs globally?
c)Does this indicate that Yinson faces challenges in raising debt, and that the bond market perceives Yinson as high-risk?

Reply: Question and (a) and (c) have been addressed in the set of pre-AGM questions.

We will address question (b). U.S. dollar bond cannot be compared to ringgit dollar bond because a ringgit base rate is much lower than the US dollar base rate. However, the question is “does this indicate any challenges for us”? Fortunately, despite the challenges, Yinson is one of the few companies globally that has successfully secured financing for its FPSOs. This is evident as all Yinson’s FPSOs have been funded, including the lates one, FPSO Agogo

20 hours ago

Hoho chamloh interest expenses % is Higher le …

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Posted by jjohnchew > 1 hour ago | Report Abuse

Hoho including projected Revenue from FPSO Agogo , Atlanta , Maria and Anna Nery as posted earlier :

Hoho just to simplify the illustration:

👉 Yearly Revenue USD 883.56 million x 4.5 = RM 3976 million / year .

QR October 2024 : Revenue RM 1900 million, ie 50 % contribution from FPSO Anna Nery … >>> 1900/2 x 4 = RM 3800 million/ year .

Total Revenue/ year = RM 7776 million

👉 Gross Profit 40 % =. RM 3110.4 million

Administrative Expenses RM 185 m x 4 = RM 740 m / year …

QR October 2024 Total Loans n Borrowings RM 19.37 billion >> interest expenses x 0.09 = RM 1743.3 million/ year .

👉 Total Loans to be paid in 25 years = RM 774.8 million/ year

👉👉 Total expenses ( excluded Hedge , SBB ) / year = RM 3258.1 million

👉👉👉 Total Expenses / year - Total Gross Profit / year = RM 147.7 million , ie : SHORT of Expenses Fund RM 147.7 million.

>>> : As 60 % of Term Loans per QR January 2024 is maturity between 2 to 5 years..

👉Total Loans to be paid in 10 years = RM 1937 million/ year

Total expenses ( excluded Hedge , SBB ) / year = RM 4,420.3 million

👉👉 Total Expenses / year - Total Gross Profit / year = RM 1310 million , ie : SHORT of Expenses Fund RM 1310 million.

20 hours ago

value_invest

@sslee--

The Bond at 9.625%, which is considered as high yield or almost junk bond, is considered at the HIGH side. It is obvious that the investors see this is high risk investment bond.
The 9.625% of financing cost is considered at the HIGH side after taking the financing cost into the investment-return equation. This has left the company very little room for any mistake in managing the risk, e.g. countries risk, execution risk, currency and counter-party risk, just to name fews. Any of the risk can severely impact the company bottom line. The company has taken HIGH leverage for the Investment, there is no right or wrong to this strategy. They can HIT jackpot if they can manage all the matrix and risk very very very well or make loses.. It is so called HIGH risk HIGH gain.
Generally ,the yield on investment grade bonds is about over 5% and the credit spread is between 110 and 130 basis points.
----------------------------------------------------------------
Nordic bond market at such a high coupon rate of 9.625%--

18 hours ago

Holdom2040

Just to confirm: Yinson need to pay 12.95% to 13.50% annual dividend to RCPS holder from now onwards?
If count as 1B USD, then need to pay dividend of 0.1BUSD/ year or RM450m/ year?
Source: page 11 of 69 of the announcement.

18 hours ago

Basis and justification for the Issue Price, conversion ratio of the RCPS and dividend rate
The Issue Price is determined after taking into account the Subscription Price for a total of 1,500,000 RCPS.

The Board is of the view that the Issue Price and the RCPS Conversion Ratio (as detailed in Section 2.2 of this Announcement) are justifiable as they are determined based on the Subscription Price which in turn is based on the valuation of the YPOPL Group as detailed in Section 2.2 of this Announcement.

Furthermore, the Board is also of the view that the preferred annual dividen rate of 12.95% to 13.50% payable to the Investors is justifiable, after taking into consideration YHB’s FPSO mezzanine financings which were secured in 2023 with interest ranging from 12.5% to 13.5% per annum.

18 hours ago

Repost:

For me I also don't like company wasting cash for SBB and then raise cash with borrowing/Bond/RPS with very high interest rate.

Yinson should stop all these wasteful utilisation of capital and raise cash in foreign market with high interest rate.

Yinson should raise cash in Malaysia either from shareholders or Malaysia capital market that will benefit Malaysia and shareholders.

I for one will q overnight and bought their bond issued with such a high interest rate.

18 hours ago

value_invest

The purpose of Yinson issuing USD debts is to match the contract revenue in USD. Matching of revenue and financing cost and expense in USD. This is one of risk management to eliminate many of the risk matrix as i mentioned earlier... There are many risk involved to be considered. With such high financing cost, there is little room for any mistakes...

17 hours ago

JediMaster1

The Most shameless i3 user have multiple id and 2 is suspended !

Please flag this most shameless user jjohnchew or report i3 to suspend this forumer >>>>

Mikecyc ( Suspended )

Johnchew5 ( Suspended )

jjohnchew ( this user still actively created fake news and amend facts & figures from good to bad and try to misleading other user )

The most Shameless user i ever seen in i3 !

17 hours ago

The RCPS is unnecessary since Yinson’s FPSOs have been funded, including the latest one, FPSO Agogo unless Yinson intend to bid for another new FPSO.

17 hours ago

Holdom2040

As of 17/1/2025, the total n of sbb or held as treasury against total n of issued shares = 9%

"A listed corporation must not purchase its own shares or hold any of its own shares as treasury
shares if this results in the aggregate of the shares purchased or held exceeding 10% of its total
number of issued shares." - Bursa Maximum limit rule

What would happen after the company hits 10% sbb?

12 hours ago

Without SBB support it will be up to Mr. Market to determine what should be the price of Yinson share.

I will be waiting to collect cheap cheap.

By the way the dividend rate of 12.95% to 13.50% for USD 1 billion RCPS is more than FSPO atlanta yearly income of USD 113.33 million

Revenue/income for the new FPSO
FPSO Agogo USD million 4600/15 = 306.67 (2026 onward)
FPSO Atlanta USD million 1700/15 = 113.33
FPSO Maria Quitéria USD million 5300/22.5= 235.56

11 hours ago

Bullrun18

Very simple if reached 10% the company can cancel the treasury share is depend on how many the company want to cancel.

11 hours ago

Hoho or given out as Dividend shares …

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Posted by Bullrun18 > 9 hours ago | Report Abuse

Very simple if reached 10% the company can cancel the treasury share is depend on how many the company want to cancel.

1 hour ago

QR October 2024 Total Loans n Borrowings RM 19.37 billion >> interest expenses x 0.09 = RM 1743.3 million/ year .… if interest rates getting Higher due to refinancing…😱🤫😅

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Posted by Sslee > 9 hours ago | Report Abuse

Without SBB support it will be up to Mr. Market to determine what should be the price of Yinson share.

I will be waiting to collect cheap cheap.

By the way the dividend rate of 12.95% to 13.50% for USD 1 billion RCPS is more than FSPO atlanta yearly income of USD 113.33 million

Revenue/income for the new FPSO
FPSO Agogo USD million 4600/15 = 306.67 (2026 onward)
FPSO Atlanta USD million 1700/15 = 113.33
FPSO Maria Quitéria USD million 5300/22.5= 235.56

1 hour ago

john888

Yinson planned list @ Nasdaq in schedule after 2 years and RCPS will convert to new Ypohl ipo share after convert that is no interest incurred to yinson !

1 hour ago

Hoho as FPSO Agogo First Oil is scheduled on Early 2026 … CY2025 to pay interest expenses and Loans n Borrowings…

>> : As 60 % of Term Loans per QR January 2024 is maturity between 2 to 5 years..

👉Total Loans to be paid in 10 years = RM 1937 million/ year …

1 hour ago

January 18, 2025

Yinson Holdings Bhd announced on 14 Jan 2025 that its wholly-owned subsidiary Yinson Production (YP) is proposing to issue US$1bn worth of Redeemable Convertible Preference Shares (RCPS) to three foreign investors in four tranches over 18 months. Of the proceeds, US$784.5m will be used by YP to grow its FPSO business while US$200m will be paid as dividends to YHB for various purposes, including to grow the renewable energy and green technology arms, with a modest amount (US$30m) set aside for an unspecified mix of share buybacks and cash dividends.

The plan agreed between Yinson and the three investors is to list YP within five years in an IPO, or as early as three years per Yinson’s internal target, probably in the US stock markets. The IPO will provide an exit opportunity for the three RCPS investors. Just prior to the IPO, the RCPS investors can elect to convert some or all of their RCPS units into new shares in YP, which may then be sold via an offer for sale in conjunction with the proposed IPO. Free warrants will also be issued together with the RCPS. Assuming the RCPS are converted in full before the IPO and the free warrants are fully exercised post the IPO, YHB’s shareholding in YP will decline from 100% today to 65.5% but a more likely scenario is for dilution to 71.9% of YP, based on certain assumptions, according to Yinson.

RCPS cost looks high; the onus is on Yinson to execute and list YP CFS International said it was surprised by the high cost of the RCPS, which will be at a minimum of 12.95% p.a. in Option A if YP pays the coupon wholly in cash or an equivalent return of 13.5% in Option B if YP elects to pay a lower cash coupon of 7.25% and defer the rest. The broking house said it had expected the RCPS issue to carry a substantially lower coupon due to the conversion option but this was not the case, likely due to various reasons including the fact that the RCPS investors do not have an option to call back their capital and because YP has the right to redeem the RCPS at its discretion.

1 hour ago

Hoho just One year illustration repayment on interest expenses and Loans n Borrowings = 1743.3 million + 1937 million = RM 3680.3 million 😱

1 hour ago

I thought Bond 9.625% is oredi very bad, now RCPS with 12.95%- 13.5% coupon rate....omg...

Anyway for existing Yinson shareholders no worries...u hv beautiful profit projections in yr sweet dreams...

And 2 cents div in real life

1 hour ago

Sweetheart_17

Hi John are you a lonely old man without any family member ?

45 minutes ago

Sweetheart_17

Look at the way you keep on continuing attacking here you are look like the animal living in jungle and it’s not humans would do.vv

35 minutes ago