Results in line, maintain BUY with a MYR2.54 TP. Results met our
expectations, with a strong QoQ performance all round. We maintain our
earnings forecasts. Yinson offers strong earnings growth (3-year net
profit CAGR of 54%) and an exposure to the Vietnam O&G sector
without the Dong currency risk, at undemanding valuations. Our SOP-based
TP implies a FY1/14 PER of 10x.
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Source: Maybank Research - 2 July 2012
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