Yinson (YINS.KL) 1QFY27 Results Within Expectations

研报英文原文证据摘录

Yinson (YINS.KL) 1QFY27 Results Within Expectations

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25 Jun 2026 10:41:11 ET │ 12 pages

Yinson (YINS.KL)

1QFY27 Results Within Expectations

CITI’S TAKE

Yinson’s 1QFY27 IFRS reported earnings came in at RM120m, falling within

Buy expectations — flattish YoY (+4%) but down -47% QoQ due to a charter

Price (25 Jun 26 17:00) RM1.96 rate escalation on FPSO Anna Nery recognised in the prior quarter. Note

that EPCIC contributions this quarter were nil, with the group’s FPSO Target price RM2.70

profits now coming purely from operations. On a non-IFRS basis, adjusted Expected share price return 37.8%

enterprise reporting EBITDA jumped +44% YoY to RM786m, primarily Expected dividend yield 3.6%

driven by the Agogo FPSO achieving first oil in August 2025. As for Expected total return 41.3%

prospective contract flows, Yinson is reportedly actively bidding for at Market Cap RM6,307M

least two FPSO projects in Southeast Asia and South America – both of

US$1,523M which we expect material updates from in the coming months. With the

group completely off its capex cycle, Yinson is ready to enter a new

expansive phase with ready equity capital. Maintain Buy and SOP-TP of

RM2.70. Steven ChanAC

+60-3-2383-2595

1QFY27 results within expectations — IFRS-reported profit for 1QFY27 came in at steven.chan@citi.com

RM120m – flattish YoY (+4%), but significant drop QoQ (-47%) as a charter rate

escalation on finance lease on FPSO Anna Nery was recognised last quarter in

4QFY26. This quarter also saw nil contributions from EPCIC, with all of the group’s

FPSO profits now purely coming from operations. For non-IFRS enterprise reporting,

1QFY27 saw adjusted enterprise reporting EBITDA jumped +44% YoY to RM786m,

primarily driven by the Agogo FPSO which achieved first oil in Aug-2025.