Yinson's Next Two Year Bolstered By FPSO And Green Projects
Yinson's Next Two Year Bolstered By FPSO And Green Projects
In its investment case, Kenanga Research remains optimistic about Yinson's future, pointing to its robust FPSO order book and strong project execution track record, positioning the company to benefit from increasing demand in the oil and gas sector. Furthermore, Yinson's investments in green technology, such as solar and e-mobility, are seen as pivotal for the company's long-term energy transition strategy.
Kenanga Investment Bank Bhd (Kenanga Research) has maintained its OUTPERFORM rating on Yinson Holdings Bhd, increasing its target price (TP) to RM3.87 from RM3.60, an 8% rise. This comes after the company reported a strong nine-month financial year of 2025 (9MFY25) performance, surpassing expectations, driven by rate increases for the floating production storage and offloading (FPSO) Abigail Joseph and contributions from FPSO Maria Quiteria. The research house has raised its FY25/26 earnings forecast by 14%, bolstering confidence in the company's future growth.
建華投資銀行有限公司（建華研究）維持對怡信控股有限公司的跑贏大市評級，將目標價（TP）從3.60令吉上調至3.87令吉，上漲8%。這是在公司報告了強勁的2025財年九個月（9MFY25）業績，超出預期，主要得益於浮動生產儲存和卸貨（FPSO）Abigail Joseph的費率上漲和FPSO Maria Quiteria的貢獻。該研究機構將2025/26財年的盈利預測上調14%，增強了對公司未來增長的信心。
The 9MFY25 core profit of RM384 million exceeded Kenanga Research's expectations, accounting for 82% of the full-year forecast. This outperformance was attributed to rate escalation from FPSO Abigail Joseph, which had a positive impact on Yinson's core earnings. The research house also announced a single interim dividend of 1 sen per share. Despite a 31% year-on-year drop in revenue, mainly due to the completion of the FPSO Maria Quiteria project, core profits surged by 40%, helped by stronger lease income.
9MFY25的核心盈利爲38400萬令吉，超出了建華研究的預期，佔全年預測的82%。這一優於預期的表現歸因於來自FPSO Abigail Joseph的費率提升，這對怡信的核心盈利產生了積極影響。研究機構還宣佈每股分紅1仙的單次中期分紅。儘管營業收入同比下降31%，主要是由於FPSO Maria Quiteria項目的完成，但核心盈利由於租金收入增加而激增40%。
Kenanga Research highlights the continued strong performance of Yinson's FPSO projects, particularly FPSO Maria Quiteria, which began contributing lease income after its first oil production on Oct 15, 2024. Additionally, the group anticipates that FPSO Atlanta will hit first oil by 4QFY25F, while FPSO Enauta is expected to achieve the same by the same period, with a project completion rate of 98%. The company is also progressing in its green technology initiatives, including its solar project in Peru and the expansion of its EV leasing arm, driveEV, which saw a 273% increase in fleet size to 231 units.
建華研究強調怡信FPSO項目的持續強勁表現，尤其是FPSO Maria Quiteria，該項目自2024年10月15日首油生產後開始貢獻租賃收入。此外，集團預期FPSO Atlanta將在2025財年第四季度實現首油，FPSO Enauta也預計在同一時期實現首油，項目完成率爲98%。公司在其綠色科技倡議方面也取得進展，包括在秘魯的太陽能項目和其電動汽車租賃部門driveEV的擴展，該部門的車隊規模增長了273%，達到231個單位。
In its investment case, Kenanga Research remains optimistic about Yinson's future, pointing to its robust FPSO order book and strong project execution track record, positioning the company to benefit from increasing demand in the oil and gas sector. Furthermore, Yinson's investments in green technology, such as solar and e-mobility, are seen as pivotal for the company's long-term energy transition strategy.
在其投資案例中，建華研究對怡信的未來持樂觀態度，指向其強大的FPSO 60檔擺盤和出色的項目執行記錄，使公司能夠從油氣板塊日益增長的需求中受益。此外，怡信在綠色科技方面的投資，如太陽能和電動出行，被視爲公司長期能源轉型策略的關鍵。
譯文內容由第三人軟體翻譯。
