Yinson Can Now Chart Course For Growth And US Listing
Yinson Can Now Chart Course For Growth And US Listing
Yinson Holdings Bhd announced on 14 Jan 2025 that its wholly-owned subsidiary Yinson Production (YP) is proposing to issue US$1bn worth of Redeemable Convertible Preference Shares (RCPS) to three foreign investors in four tranches over 18 months. Of the proceeds, US$784.5m will be used by YP to grow its FPSO business while US$200m will be paid as dividends to YHB for various purposes, including to grow the renewable energy and green technology arms, with a modest amount (US$30m) set aside for an unspecified mix of share buybacks and cash dividends.
印森控股於2025年1月14日宣佈,其全資子公司印森生產(YP)擬向三位外國投資者分四批發行價值10億美元的可贖回可轉換優先股(RCPS),爲期18個月。在收益中,78450萬美元將用於YP的FPSO業務擴展,而20000萬美元將作爲分紅派息支付給YHb,用於各種目的,包括髮展可再生能源和綠色科技部門,同時預留一小部分(3000萬美元)用於股份回購和現金分紅的混合用途。
The plan agreed between Yinson and the three investors is to list YP within five years in an IPO, or as early as three years per Yinson's internal target, probably in the US stock markets. The IPO will provide an exit opportunity for the three RCPS investors. Just prior to the IPO, the RCPS investors can elect to convert some or all of their RCPS units into new shares in YP, which may then be sold via an offer for sale in conjunction with the proposed IPO. Free warrants will also be issued together with the RCPS. Assuming the RCPS are converted in full before the IPO and the free warrants are fully exercised post the IPO, YHB's shareholding in YP will decline from 100% today to 65.5% but a more likely scenario is for dilution to 71.9% of YP,
based on certain assumptions, according to Yinson.
印森與三位投資者之間達成的計劃是在五年內上市YP,或者根據印森內部目標儘早在三年內,在美國股市進行IPO。IPO將爲三位RCPS投資者提供退出機會。在IPO之前,RCPS投資者可以選擇將其部分或全部RCPS單元轉換爲YP的新增股份,這些股份可以在擬議的IPO中通過出售要約進行出售。與RCPS一起還將發行免費的Warrants。如果在IPO之前完全轉換RCPS,並且在IPO後完全行使免費的Warrants,YHB在YP的參股金融將從今天的100%下降至65.5%,但更可能的情況是稀釋至YP的71.9%。
根據印森的某些假設。
RCPS cost looks high; the onus is on Yinson to execute and list YP
CFS International said it was surprised by the high cost of the RCPS, which will be at a minimum of 12.95% p.a. in Option A if YP pays the coupon wholly in cash or an equivalent return of 13.5% in Option B if YP elects to pay a lower cash coupon of 7.25% and defer the rest. The broking house said it had expected the RCPS issue to carry a substantially lower coupon due to the conversion option but this was not the case, likely due to various reasons including the fact that the RCPS investors do not have an option to call back their capital and because YP has the right to redeem the RCPS at its discretion.
RCPS成本看起來很高;印森有責任執行並上市YP。
CFS國際表示,對RCPS的高成本感到驚訝,如果YP完全以現金支付利息,選項A的年利率至少爲12.95%;如果YP選擇支付較低的現金利息7.25%並推遲其餘部分,則選項B的等效回報爲13.5%。該券商表示,由於轉換選項,它本預計RCPS的發行會帶來明顯更低的利息,但實際上並非如此,可能是由於各種原因,包括RCPS投資者沒有選擇召回資本的選項,以及YP有權自行決定贖回RCPS。
Despite the high RCPS coupon rates, Yinson claims that new FPSO projects may be able to command equity IRRs in excess of 20%, which CGS thinks is reasonable as FPSO project IRRs can reach mid-teens percentage rates in the current strong market. Potential rerating catalysts for Yinson include securing new FPSO project awards with the RCPS cash used to fund the equity component of the capex spending.
儘管高RCPS現金券利率,Yinson聲稱新的FPSO項目可能能夠實現超過20%的股權內部回報率,而中國銀河認爲這是合理的,因爲在當前強勁的市場中,FPSO項目的內部回報率可以達到中十幾個百分點。Yinson的潛在重新評級催化劑包括以RCPS現金資助資本支出的股權部分,獲得新的FPSO項目獎項。
CGS believes that the US$784.5m RCPS proceeds can be used by YP to deploy as equity capital for approximately 2-3 new FPSO projects of the same size as the FPSO Agogo; YP hopes to win and execute one new FPSO project annually, hence the house has reiterate its Add call on Yinson.
中國銀河相信,78450萬美元的RCPS收益可以被YP用於作爲大約2-3個與Agogo FPSO同等規模的新FPSO項目的股本;YP希望每年贏得並執行一個新的FPSO項目,因此這家機構重申了對Yinson的看漲。
The downside risk is that YP has committed to significant streams of future RCPS coupon payments, which means that Yinson is under pressure to secure the new FPSO projects, secure them at high daily charter rates and at high IRRs, execute properly with no cost overruns or delays, and successfully list YP within five years.
下行風險在於YP已承諾未來大量的RCPS現金券利息支付,這意味着Yinson在確保新的FPSO項目、以高的日租金率和高的內部回報率保障它們方面面臨壓力,並且必須執行得當,沒有成本超支或延遲,並在五年內成功上市YP。
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