Tuesday, August 14, 2012

Yinson Holdings: Maintain Buy - Positive Singapore-HK NDR Feedback

Positive Singapore-HK NDR Feedback
  • Maintain BUY; MYR2.54 SOP-based TP. Yinson's recent Singapore-Hong Kong roadshow was well received.
  • There was a favourable response to this family-run business for its asset quality, bankable contracts and symbiotic relationship with PetroVietnam.
  • Yinson continues to offer visible growth (51% 3-year net profit CAGR) with undemanding valuations, at FY1/14 PER of 8x.
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Source: Maybank Research - 14 August 2012

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