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
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