Equity Analysis /
Malaysia

MY : Yinson Holdings Bhd - Rights issue done; shares set free to lift off

    Raymond Yap
    Raymond Yap

    Head of Regional Transport

    CGS-CIMB
    26 May 2022
    Published by

    Yinson’s shares are trading ex-rights today and we adjust our SOP-based TP lower to RM3.26, which also reflects the potential dilution from its warrants. Reiterate Add as its rights issue is finally out of the way. Re-rating catalysts include the potential listing of its FPSO business in 2HCY22F. Prospects in the FPSO business also look strong, with Yinson likely to secure one project award in Angola in 2HCY22F, and another in CY23F.