YINSON (7293) :Hot Stock - Yinson gains 3% after associate secures licenses
KUALA LUMPUR (November 13): Yinson Holdings Bhd gained as much as 3% after the group obtained three new licenses from Petroliam Nasional Bhd (Petronas), which will allow Yinson to participate in tenders for works relating to the licenses for Petronas and other oil and gas operators in Malaysia.
At 11.09am, Yinson was up 1.14% or 3 sen to RM2.67 with 2.37 million shares done. Earlier, the counter rose as much as 8 sen or 3% to a high of RM2.72.
In an announcement yesterday, Yinson said that its 30%-owned associate Yinson Energy Sdn Bhd had been awarded three licenses for floating offshore facilities, mobile offshore facilities and naval architecture and marine engineering.
Yinson said the group expects new opportunities from the licences to contribute positively to its future earnings and net assets.
Meanwhile, in a note today, AmResearch Sdn Bhd said it does not expect Yinson to secure jobs within Malaysia anytime soon, due to the slowdown in projects as oil price has been falling.
“We note that Bumi Armada , which is the fifth largest floating production, storage and offloading (FPSO) player globally, does not operate any FPSO vessel in Malaysia currently,” added the research house.
AmResearch said that catalysts for the group include additional FPSO contracts Yinson is bidding for in West Africa and Southeast Asia.
The research house highlighted that the result of a large FPSO tender could be revealed by end-2014, while small-to-mid-sized projects will be announced next year.
“We maintain our 'hold' call with an unchanged fair value of RM2.97 per share,” said AmResearch.
http://www.theedgemarkets.com
KUALA LUMPUR (November 13): Yinson Holdings Bhd gained as much as 3% after the group obtained three new licenses from Petroliam Nasional Bhd (Petronas), which will allow Yinson to participate in tenders for works relating to the licenses for Petronas and other oil and gas operators in Malaysia.
At 11.09am, Yinson was up 1.14% or 3 sen to RM2.67 with 2.37 million shares done. Earlier, the counter rose as much as 8 sen or 3% to a high of RM2.72.
In an announcement yesterday, Yinson said that its 30%-owned associate Yinson Energy Sdn Bhd had been awarded three licenses for floating offshore facilities, mobile offshore facilities and naval architecture and marine engineering.
Yinson said the group expects new opportunities from the licences to contribute positively to its future earnings and net assets.
Meanwhile, in a note today, AmResearch Sdn Bhd said it does not expect Yinson to secure jobs within Malaysia anytime soon, due to the slowdown in projects as oil price has been falling.
“We note that Bumi Armada , which is the fifth largest floating production, storage and offloading (FPSO) player globally, does not operate any FPSO vessel in Malaysia currently,” added the research house.
AmResearch said that catalysts for the group include additional FPSO contracts Yinson is bidding for in West Africa and Southeast Asia.
The research house highlighted that the result of a large FPSO tender could be revealed by end-2014, while small-to-mid-sized projects will be announced next year.
“We maintain our 'hold' call with an unchanged fair value of RM2.97 per share,” said AmResearch.
http://www.theedgemarkets.com
