Kenanga raises Yinson target price

Stock Name: YINSON
Company Name: YINSON HOLDINGS BHD

Research House: KENANGA

Price Call: BUY

Target Price: 2.86

Kenanga Research raised its target price on Yinson Holdings Bhd to RM2.86 per share from RM2.71 previously after the construction-to-shipping services firm's net profit for the full year ended January 31, 2013 (FY2013) beat estimates by both the research house and the market.

The research house, in a note on Friday, lifted its FY2014 and FY2015 net profit outlook to RM55.8 million and RM79.9 million respectively, mainly due to the stronger-than-expected performance in FY2013.

"In the long run, we are positive on the company as its growth trajectory is accelerating," Kenanga said. "The company is looking to kick-start its FSO (floating, storage and offloading) operations in early FY2014 and FPSO (floating, production, storage and offloading) operations in FY2015."

As of 10.15am, the counter remained unchanged at RM2.54 per share, while the benchmark stock index was down 0.06 per cent.-- Reuters

Kenanga raises Yinson's target price

Stock Name: YINSON
Company Name: YINSON HOLDINGS BHD

Research House: KENANGA

Price Call: BUY

Target Price: 2.68

Kenanga Research raised Yinson Holdings Bhd's target price to RM2.68 per share from RM2.25 after the offshore services firm and its partner PetroVietnam Technical Services Corp won a US$737.3 million marine transport contract.

"We highlight that while there are significant risks for the company taking on such a large contract, a successful completion will nonetheless boost Yinson's experience, skill-sets and track records," the broker said in a research note on Tuesday.

Kenanga said it anticipated the project will bump Yinson's earnings in the financial years 2015 and 2016 by RM16.5 million and RM27.2 million respectively, with earnings continuing to grow as interest costs are paid off.

By 10:12am (0212 GMT), Yinson's shares rose 0.47 percent to RM2.14 per share, outperforming the Malaysia's benchmark stock index's 0.24 drop. -- Reuters

Yinson Holdings: Maintain Buy - Balancing Growth

Stock Name: YINSON
Company Name: YINSON HOLDINGS BHD

Research House: MAYBANK

Price Call: BUY

Target Price: 2.20

Preparing for new projects. Yinson is proposing a 6% placement of new shares. We believe this is to fund upcoming projects planned for the next 12 months though management remains mindful to limit dilution to shareholders. No change to target price pending completion of the exercise but we are positive as it will lower Yinson's gearing (1.8x to 1.6x) putting it on a better footing to secure new jobs.

Click here for full report

Source: Maybank Research - 9 April 2012

Yinson Holdings: Maintain Buy - On the cusp of an earnings boom

Stock Name: YINSON
Company Name: YINSON HOLDINGS BHD

Research House: MAYBANK

Price Call: BUY

Target Price: 2.20

Maintain Buy with a RM2.20 TP. Results met expectations albeit on weaker QoQ performance. Yinson continues to offer strong earnings growth prospects (3-year net profit CAGR of 28%), exposure to the Vietnam O&G sector minus the currency risk, and undemanding valuations. Our SOP-based TP implies a FY14 PER of 9x.


Maybank Research - 2 April 2012

Click here for full report

Yinson Holdings: Buy - A new O&G hope

Stock Name: YINSON
Company Name: YINSON HOLDINGS BHD

Research House: MAYBANK

Price Call: BUY

Target Price: 2.20

Initiate coverage with a Buy and RM2.20 target price. Yinson offers a niche exposure to the nascent Vietnamese O&G sector without the Dong currency risk. With a projected 3-year net profit CAGR of 32%, Yinson provides strong earnings visibility with inexpensive valuations (7.0x PER, 1.0x PBV, 0.4x PEG for FY14). Clinching another rewarding floating solution contract will be the next major re-rating catalyst.


Maybank Research 21 March 2012

Click here for full report