Yinson’s share price derating stands in contrast to its outstanding prospects and is likely the direct result of its upcoming rights issue. We expect the share price to rerate once its rights issue is completed by mid-2022F, coupled with potential new FPSO contract awards in 2H22F. Reiterate Add with unchanged SOP-based TP of RM7.91; rerating catalysts include a potential IPO of the FPSO business in 4Q22F.