Yinson’s stock traded ex-bonus (1-for-1 bonus) on 12 Apr 2022, which we reflect in our core EPS forecasts and SOP-based TP at RM3.95. Reiterate Add as we expect the share price to rerate once its rights issue is completed by mid-2022F, with potential new FPSO contract awards in 2H22F. Rerating catalysts include a potential IPO of the FPSO business in 4Q22F.