BUY, TP raised to MYR2.54. Yinson has clinched its first FPSO job via a
JV with PetroVietnam Technical Services Corporation (PTSC). The project,
estimated to generate about MYR3-27m in net profit p.a. based on its
49% stake, will lift our FY1/14-15 earnings forecasts by 7-47% and
target price by 15%. Yinson will likely have to undertake a rights
and/or bond issue to fund the equity portion of this FPSO.
Click here for full report
Source: Maybank Research - 12 June 2012
No comments:
Post a Comment