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KUALA LUMPUR: Yinson Bhd is confident of securing a new project out of the four it is currently targeting, which would go towards its earnings growth prospects.
According to RHB Research, the floating production storage and offloading (FPSO)operator is three projects in Angola and one in Suriname.
"It highlighted that ENI’s Agogo project, with an estimated capex of over US$1bil, could be awarded in 2022, and the rest in 2023.
"Yinson is comfortable to secure one project, and the initial equity outlay may be partially funded by an upfront payment from a client," it said in a note.
The research firm expects strong earnings growth in FY24-25 once it achieves final acceptance of the three new projects.
Meanwhile, it added that engineering, procurement, construction, installation and commissioning (EPCIC) revenue should be maintained in FY23 as the decline of Anna Nery's EPCIC revenue will be cushioned by EPCIC revenue from the FPSO Maria Quiteria.
"Our target price drops to MYR2.83 after adjusting on-going the rights issue exercise with the incorporation of a 4% ESG premium," it said while keeping its "buy" call on the counter.
Kenanga Research meanwhile believes Yinson is favoured to win the Agogo project in Angola, which it expects to be the soonest to be awarded in the coming months.
"With competitors potentially including Bumi Armada and Saipem, Yinson seems to be a favourite given that it is financially the healthiest among them.
"Meanwhile, the group is also at the forefront of energy transition, with currently about 1.5GW of projects in the development and approval stage, as it targets to achieve carbon neutrality by 2030," it said.
Kenanga has an "outperform" call on Yinson with a lowered target price of RM2.50 following some post-results model updates and ater rolling forward its valuation base year.