FY22: Results Deemed In Line Despite Higher Opex For Renewables
There were no surprises in Yinson’s FPSO income (non-EPCIC basis), although we now
expect higher opex for RE projects in the pipeline, until they are converted to
operational capacities. FPSO Marlim may likely deliver on time, despite China’s recent
lockdowns. After small adjustments to profit forecasts, we now assume a higher
dilution scenario from the rights issue. Maintain BUY, with an adjusted post-rights
target price of RM5.95 (or RM2.98 after bonus issue).