Tuesday, December 27, 2011

Yinson rises on firmer 3Q earnings, positive outlook

KUALA LUMPUR (Dec 27): YINSON HOLDINGS BHD [] shares rose on Tuesday after its net profit for the third quarter ended Oct 31, 2011 jumped to RM8.07 million from RM2.5 million a year earlier, due mainly from its marine transport business and gain on disposals of subsidiary and PROPERTIES [].

At 9.25am, Yinson was up four sen to RM1.95 with 300,500 shares done.

The company said on Friday that its revenue for the quarter rose to RM194.48 million from RM156.19 million in 2010.

For the nine months ended Oct 31, Yinson's net profit rose to RM20.69 million from RM11.72 million in 2010, on the back of revenue RM549.91 million.

Maybank Investment Bank Bhd Research in a note Dec 27 said Yinson was an emerging 'under the radar' O&G play, and that its results yielded no surprises.

'The business transformation into an O&G floating solution operator is well on the way and should act as a catalyst for this small-cap stock with undemanding valuations. Yinson is Not Rated,' it said.

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