Expecting bigger projects. Our two-day site visit to Yinson's operations
in Vietnam uncovered promising prospects. We believe Yinson is gunning
for a second floater job within the next 12 months, which would equate
to a stellar win rate of one project per year. Developments are smooth
at its associate Phu My Port, which could see potential earnings
contribution by year end. We reiterate our BUY call and MYR2.20
SOP-based TP which implies 9x FY1/14 earnings.
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Source: Maybank Research - 16 May 2012
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