Equity Analysis /
Malaysia

MY : Yinson Holdings Bhd - Bonus issue completed; rights issue next

    Raymond Yap
    Raymond Yap

    Head of Regional Transport

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    CGS-CIMB
    13 April 2022
    Published byCGS-CIMB

    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.