【YINSON 7293 交流专区】云升控股

icy97

Date of change	11 Aug 2016
Name	MR LIM HAN JOEH
Age	57
Gender	Male
Nationality	Malaysia
Type of change	Redesignation
Previous Position	Executive Director
New Position	Non Executive Director
Directorate	Non Independent and Non Executive
Qualifications	He is a graduate with a Bachelor Degree in Civil Engineering from Monash University in Melbourne, Australia.
Working experience and occupation	Upon graduation in 1984, he took up the position of Operations Manager in Yinson Transport (M) Sdn Bhd before he assumed the position of Executive Director of Yinson Corporation Sdn Bhd ("YCSB") in 1986. He is primarily responsible for the overall management of YCSB.
Family relationship with any director and/or major shareholder of the listed issuer	He is the brother of Mr Lim Han Weng, the Group Executive Chairman of the Company.
Any conflict of interests that he/she has with the listed issuer	Nil
Details of any interest in the securities of the listed issuer or its subsidiaries	41,310,376 ordinary shares of RM0.50 each in the Company (direct interest).

icy97

Date of change	11 Aug 2016
Name	MR BAH KOON CHYE
Age	52
Gender	Male
Nationality	Malaysia
Designation	Executive Director
Directorate	Executive
Type of change	Resignation
Reason	Pursuant to the completion of the Company's Proposed Divestment on 26 July 2016, Mr Bah Koon Chye, being a Director in charge of the divested transport business segment, is no longer a part of the Yinson Group.
Details of any disagreement that he/she has with the Board of Directors	No
Whether there are any matters that need to be brought to the attention of shareholders	No
Qualifications	He obtained his Diploma in Management (MIM) in 1997, and is also a member of the Chartered Institute of Logistics & Transport (MCILT). Subsequently, he obtained his Master in Business Administration (MBA) from the University of Strathclyde, United Kingdom in 2000 and Advance Diploma in Transport from the Chartered Institute of Transport, United Kingdom in 2001.
Working experience and occupation	He joined Yinson Transport (M) Sdn Bhd ("YTSB") in 1989 as the Operation Manager. He is in charge of the entire operations of the Company covering mainly the planning of fleet maintenance, sales, marketing and customer service. Additionally, he also handles the drivers as well as assignment of Lorries and destinations. He has appointed as Director of YTSB since 28 November 1991.
Family relationship with any director and/or major shareholder of the listed issuer	He is the brother-in-law of Mr Lim Han Weng, the Group Executive Chairman of the Company and brother of Madam Bah Kim Lian, an Executive Director of the Company.
Any conflict of interests that he/she has with the listed issuer	Nil
Details of any interest in the securities of the listed issuer or its subsidiaries	280,000 ordinary shares of RM0.50 each in the Company (direct interest).

icy97

買進券商心頭好‧新合約貢獻大 雲昇控股料續派息

2016年8月23日

券商：興業證券研究
目標價：3.37令吉

雲昇控股（YINSON，7293，主要板貿服）擁有穩定且長期的現金流能見度，加上今年有望獲浮式生產儲卸油船（FPSO）合約，在不穩定的石油和天然气領域中，此合約商業模式可謂避風港，緩衝油價動盪所帶來的影響。

雲昇控股目前有4項浮式生產儲卸油船合約，第5項合約Yinson Genesis預期明年1月啟動，7月開始運作。我們相信，這份合約將對2018財年淨利貢獻6000至7000萬令吉，幾乎是該公司收入的兩倍。

我們了解，一旦Yinson Genesi開始運作，雲昇控股管理層可能考慮持續性派發一定比例的股息。

此外，雲昇控股料將以1億6100萬令吉代價，把旗下物流和交通業務脫售給Liannex Labuan；對此，該公司建議派發總額1億6000萬令吉的特別股息，每股派發14至15仙。

根據雲昇控股目前股價，這筆特別股息相等于4.8%股息收益。【中国报财经】

icy97

云升最新动向？

未署名读者问：

云升控股（YINSON，7293，主板贸服组）的最新业务动作是什么？前景可好？

答：据兴业研究最近为云升控股安排的一次午餐聚会，该行在报告中重新看好该公司其业务前景，特别是油气领域仍然动荡不靖之际，其FPSO业务模式仍可成为“避风港”，船只日计出租率将缓和油价波动冲击。

该行说，云升控股旗下浮式生产储油卸油船（FPSO）合约稳定、长期现金流具透明度，从而免受油气市场动荡不靖影响，分析员继续看好其前景。

目前，云升控股拥有4艘FPSO在运作，包括旗下的Knock Adoon最近延长出租期限3年至2019年财政年、而Knock Allan料将全面落实其出租合约期至2020年、至于该公司各持49%股权的FPSO PTSCLam Son及FSO Bien Dong，将在2017年财政年获得100%营运。

云升控股第5艘FPSO-Yinson Genesis料在2017年1月建竣落水，并在2017年7月进行移交及投入营运，预料在2018年财政年开始为公司作出6000万至7000万令吉盈利贡献，使公司盈利倍增。

云升控股及阿玛达（ARMADA，5210，主板贸服组）为越南海岸查荣多（Ca Rong Do）油气工程计划（由雷普索尔（Repsol）营运）的领先竞标者。预料在2019年开始产油，FPSO合约料在未来6个月至12个月间颁发。船只容量料需达到每日2万5000桶至3万桶之间，天然气则需要每日6000万立方英尺。

云升控股以1亿6100万令吉代价，脱售旗下物流及运输业务给Liannex纳闽公司料将完成。一旦完成资产脱售，该公司建议派发1亿6000万令吉的特别股息，等于每股14至15仙，或以目前市价为准周息率为4.8%。

一旦Yinson Genesis投入运作，管理层将考虑永续派发股息。

文章来源：
星洲日报‧投资致富‧投资问诊‧文：李文龙‧2016.09.04

icy97

FPSO提前投产新合约扶持·云升盈利加速增长

（吉隆坡23日讯）云升控股（YINSON,7293,主板贸服组）将在下周公布2017财政年上半年财报，大马研究预见公司将交出及格成绩单，并相信在Genesis浮式生产储油卸油船（FPSO）提前投产和潜在新合约流扶持下，2018财政年盈利增速将进一步加快。

下周公布业绩

云升控股将在下周公布2017财政年上半年财报，大马投行认为总体表现将符合预期，其中次季盈利在低营运成本和马币贬值带动下，将录得按季增幅。“但是，我们相信云升控股盈利加速器仅会在2018财政年出现，因Genisis将在明年1月进行交收。”

同时，油气期刊《Upstream》报道，云升控股和阿玛达（ARMADA,5210,主板贸服组）是“唯二”竞标西班牙雷普索尔（Repsol）查隆多（CaRong Do）油气工程FPSO服务的油气公司。

大马投行表示，若云升控股成功取得越南新合约，假设FPSO的10年租赁资本开销为6亿5000万美元（约26.65亿令吉）、49%持股和15%工程内部回酬率（IRR），预见相关工程将提高云升控股现每股4令吉26仙目标价15%或56仙。

“尽管油气领域前景疲弱，但越南和西非需要更多天然气来发电，我们相信新FSPO机会依旧存在。”

查隆多FPSO工程料年杪释出

该行说，查隆多FPSO工程料在今年杪释出，云升控股也积极探讨更多FPSO工程，其中包括意大利埃尼（Eni）的尼日利亚ZabaZaba-Etan工程。

相关工程需要比云升控股现有140万公吨的Genisis更大的储藏空间，储藏量要求达到170万公吨，可能需要耗资10亿美元建造。

ZabaZaba-Etan工程将在10月中旬提呈技术竞标，最快预计于2017年第二季颁出，但基于环绕相关工程的贪渎调查仍在进行，埃尼最终投资决定可能生变。

另一方面，大马投行认为，基于加蓬（G a b o n）O l o w i油田表现逊色，因此K n o c kAdoon的FPSO合约可能在2018年10月届满前遭到终止，但相信对云升控股的估值影响不大，主要是公司可回收全额的终止费用。“不过，这可能削减集团2018财政年盈利高达5%。”

撙节提振营运效率

整体来看，大马投行相信云升控股成本撙节措施将提振FPSO业务营运效率，上调2017财政年盈利目标11%，同时2018财政年盈利目标也随Genesis提前投产上修10%。

大马投行表示，市场憧憬云升控股将在10月杪派发特别股息，带动股价自7月初起累积上涨20%，但相信股价仍潜存上升空间。

“云升控股手握57亿美元订单，已确保未来盈利能见度，同时该股现有本益比仅为15倍，比戴乐集团（DIALOG,7277,主板贸服组）和国油气体（PETGAS,6033,主板工业产品组）等同侪的逾20倍为低，因此维持其‘买进’评级，目标价则调高至3令吉70仙。”

文章来源：
星洲日报／财经‧报道：洪建文·2016.09.23

icy97

云升次季净利跌23%

2016年9月29日
（吉隆坡28日讯）云升控股（YINSON，7293，主板贸服股）截至7月31日次季，净利跌23%至6036万2000令吉；营业额涨16.3%，报1亿1444万5000令吉。

上半年净利萎缩6.9%至8273万8000令吉；不过营业额走高16.4%，报2亿2984万3000令吉。

云升控股通过文告表示，上半年营业额增加，主要归功于浮式生产储油及卸油船（FPSO）业务以及美元兑令吉升值。

另外，上半年的核心净利则企于9730万令吉，按年增长37%，主要是因为盈利赚幅和联营公司的贡献走高。

云升控股集团执行主席林汉荣说：“上半年的业绩显示集团在油气市场波动之际的稳定和强度。”

他说，专注谨慎管理，并赢得稳健且长期合约，成功让云升控股在艰难的市况中站稳脚步。【e南洋】

SUMMARY OF KEY FINANCIAL INFORMATION 31 Jul 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Jul 2016	31 Jul 2015	31 Jul 2016	31 Jul 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	114,445	98,405	229,843	197,489
2	Profit/(loss) before tax	73,661	84,230	105,461	100,465
3	Profit/(loss) for the period	60,454	77,902	82,445	88,640
4	Profit/(loss) attributable to ordinary equity holders of the parent	60,362	78,378	82,738	88,823
5	Basic earnings/(loss) per share (Subunit)	5.54	7.34	7.59	8.32
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.6554		1.6600

icy97

云升控股
OSV业务净利趋稳

2016年9月30日

分析：马银行投行研究
目标价：4.35令吉

最新进展

云升控股（YINSON，7293，主板贸服股）截至7月31日次季净利跌23%至6036万2000令吉；营业额涨16.3%，报1亿1444万5000令吉。

上半年净利萎缩6.9%至8273万8000令吉；不过营业额走高16.4%，报2亿2984万3000令吉。

上半年营业额增加，主要归功于浮式生产储油及卸油船（FPSO）业务及美元兑令吉升值。

行家建议

云升控股上半年的业绩表现符合预期，核心净利达9500万令吉，占了我们全年预测的51%。

岸外支援船（OSV）业务盈利趋稳，主要受营运开销低（包括船员成本、修理和维护）和高使用率（次季有4艘船只被包租，相比首季只有3艘船只被包租）所支撑。

本财年净利预测不变，3年净利的年均复增达22%，并预测公司2018财年的自由现金流量会趋正面。

脱售非油气业务后，公司将派发每股15仙的特别股息，会是短期的催化剂。



【e南洋】


FPSO合约．新船投运．云升今明年财测上调
2016-09-29 17:17
http://www.sinchew.com.my/node/1572157/

icy97

Notice of Person Ceasing (29C)

YINSON HOLDINGS BERHAD

Particulars of Substantial Securities Holder

Name	KENCANA CAPITAL SDN BHD
Address	Lot 6.08, 6th Floor Plaza First Nationwide No. 161, Jalan Tun H.S. Lee Kuala Lumpur 50000 Wilayah Persekutuan Malaysia.
Company No.	540499-W
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary Shares of RM0.50 each
Date of cessation	17 Oct 2016
Name & address of registered holder	KENCANA CAPITAL SDN. BHD.Lot 6.08, 6th Floor,Plaza First Nationwide,No. 161, Jalan Tun H. S. Lee,50000 Kuala Lumpur

Currency	Malaysian Ringgit (MYR)
No of securities disposed	153,369,776
Price Transacted ($$)
Circumstances by reason of which Securities Holder has interest	Distribution of shares by way of Dividend in Specie from Kencana Capital Sdn Bhd to its shareholders.
Nature of interest	Direct
Date of notice	17 Oct 2016

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莫扎尼撤出云升控股
姚庆秋接手持股14%

2016年10月18日
（吉隆坡18日讯）丹斯里莫扎尼马哈迪正式退出云升控股（YINSON，7293，主板贸服股），而他的商业伙伴姚庆秋（译音）则接手并持有云升控股14%股权。

昨天，莫扎尼和姚庆秋透过旗下私人公司肯查纳资本（Kencana Capital）的重组活动，切割早前一同参与在云升控股的投资。

其中，莫扎尼将收购姚庆秋在肯查纳资本的股权，同时，姚庆秋则收购肯查纳资本持有的云升控股股权。

莫扎尼独持肯查纳资本

在重组活动完成后，莫扎尼将撤出云升控股并独自拥有肯查纳资本，而姚庆秋则成为云升控股第二大股东，并持股14%，仅次于创办人林汉荣的21%。

根据《星报》报道，莫扎尼针确认了上述重组活动，并说：“我们已经分割了在云升控股的投资，因为我们在未来都有不同的专注点。”

“实际上，这个计划在2012年就已经开始，只是当时经济不景而暂时搁置。”

根据云升控股昨天在大马交易所的文告，有1亿1971万股的股票在场外易手，相等于10.95%股权。

文告也显示，姚庆秋收购了这批股权，以及另外3300万股股权，后者是肯查纳资本以股代息配送给姚庆秋的，这使得姚庆秋成为云升控股的第二大股东。

云升控股昨天以3.19令吉挂收，意味着上述场外交易的价格，有3.76%的折价。

另外，文告也显示，莫扎尼不再是云升控股的大股东，这也意味着经历5年后，肯查纳资本正式撤离了油气领域。

肯查纳资本是在2013年透过私下配售，成为云升控股的大股东。

120亿合并沙肯石油

早年，莫扎尼和姚庆秋是在2011年开始进军油气领域，当时是透过肯油公司（Kencana Petroleum）进行，之后与沙布拉石油合并成为沙肯石油（SKPETRO，5218，主板贸服股），规模总值高达120亿令吉，是当年最大型的合并案之一。

值得注意的是，今年7月份，姚庆秋（当时担任肯油董事）和另外两人，被提控在2011年的沙肯石油合并案里涉及内线交易。【e南洋】

Notice of Interest Sub. S-hldr (29A)

YINSON HOLDINGS BERHAD

Particulars of Substantial Securities Holder

Name	TRINITY VIEW SDN BHD
Address	Lot 6.08, 6th Floor, Plaza First Nationwide No. 161, Jalan Tun H.S. Lee Kuala Lumpur 50000 Wilayah Persekutuan Malaysia.
Company No.	1202603-D
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary Shares of RM0.50 each
Name & address of registered holder	Trinity View Sdn BhdLot 6.08, 6th Floor, Plaza First NationwideNo. 161, Jalan Tun H.S. Lee50000 Kuala Lumpur

Date interest acquired & no of securities acquired
Currency
Date interest acquired	17 Oct 2016
No of securities	119,706,840
Circumstances by reason of which Securities Holder has interest	Acquisition
Nature of interest	Direct
Price Transacted ($$)
Total no of securities after change
Direct (units)	119,706,840
Direct (%)	10.987
Indirect/deemed interest (units)	0
Indirect/deemed interest (%)	0
Date of notice	17 Oct 2016

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Name	MR YEOW KHENG CHEW
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary Shares of RM0.50 each
Name & address of registered holder	Yeow Kheng ChewUnit No. 18, Villa Mont' KiaraNo. 16, Jalan Kiara50480 Kuala Lumpur(Received shares by way of Dividend in Specie from Kencana Capital Sdn Bhd on 17 October 2016)Trinity View Sdn BhdLot 6.08, 6th Floor, Plaza First NationwideNo. 161, Jalan Tun H. S. Lee50000 Kuala Lumpur(Acquisition of 119,706,840 shares on 17 October 2016)

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transaction	Description of Others	Date of change	No of securities	Price Transacted ($$)
Others	Dividend Specie	17 Oct 2016	33,662,936
Acquired		17 Oct 2016	119,706,840

Circumstances by reason of which change has occurred	- Received shares by way of Dividend in Specie from Kencana Capital Sdn Bhd- Deemed interest by virtue of his direct interest in Trinity View Sdn Bhd pursuant to Section 6A of the Companies Act, 1965
Nature of interest	Direct and Indirect
Direct (units)	33,662,936
Direct (%)	3.09
Indirect/deemed interest (units)	119,706,840
Indirect/deemed interest (%)	10.987
Total no of securities after change	153,369,776
Date of notice	17 Oct 2016

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YINSON HOLDINGS BERHAD

EX-date	03 Nov 2016
Entitlement date	07 Nov 2016
Entitlement time	04:00 PM
Entitlement subject	Special Dividend
Entitlement description	Single Tier Special Cash Dividend of 14.6 sen per ordinary share of RM0.50 each
Period of interest payment	to
Financial Year End	31 Jan 2017
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	SECURITIES SERVICES (HOLDINGS) SDN BHDLevel 7, Menara MileniumJalan Damanlela, Pusat Bandar DamansaraDamansara Heights50490 Kuala LumpurTel:03-20849000Fax:03-20949940
Payment date	21 Nov 2016
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	07 Nov 2016
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.146
Par Value	Malaysian Ringgit (MYR) 0.500

icy97

Notice of Person Ceasing (29C)

YINSON HOLDINGS BERHAD

Particulars of Substantial Securities Holder

Name	TRINITY VIEW SDN BHD
Address	Lot 6.08, 6th Floor, Plaza First Nationwide No. 161, Jalan Tun H.S. Lee Kuala Lumpur 50000 Wilayah Persekutuan Malaysia.
Company No.	1202603-D
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary Shares of RM0.50 each
Date of cessation	27 Oct 2016
Name & address of registered holder	Trinity View Sdn BhdLot 6.08, 6th Floor, Plaza First NationwideNo. 161, Jalan Tun H.S. Lee50000 Kuala Lumpur

Currency
No of securities disposed	68,109,840
Price Transacted ($$)
Circumstances by reason of which Securities Holder has interest	Disposal
Nature of interest	Direct
Date of notice	27 Oct 2016

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Name	EMPLOYEES PROVIDENT FUND BOARD
Address	Tingkat 19, Bangunan KWSP, Jalan Raja Laut Kuala Lumpur 50350 Wilayah Persekutuan Malaysia.
Company No.	EPF ACT, 1991
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary Shares at RM0.50 each
Name & address of registered holder	Citigroup Nominees (Tempatan) Sdn. Bhd.Employees Provident Fund Board [Note (a)]Level 42, Menara Citibank165, Jalan Ampang50450 Kuala LumpurCitigroup Nominees (Tempatan) Sdn. Bhd.Employees Provident FD BD (AMUNDI) [Note (b)]Citigroup Nominees (Tempatan) Sdn. Bhd.Employees Provident FD BD (KIB) [Note (c)]Citigroup Nominees (Tempatan) Sdn. Bhd.Employees Provident FD BD (AFFIN-HWG) [Note (d)]Citigroup Nominees (Tempatan) Sdn. Bhd.Employees Provident FD BD (RHB INV) [Note (e)]Citigroup Nominees (Tempatan) Sdn. Bhd.Employees Provident FD BD (NOMURA) [Note (f)]Citigroup Nominees (Tempatan) Sdn. Bhd.Employees Provident FD BD (CIMB PRI) [Note (g)]Citigroup Nominees (Tempatan) Sdn. Bhd.Employees Provident FD BD (TEMPLETON) [Note (h)]Citigroup Nominees (Tempatan) Sdn. Bhd.Employees Provident FD BD (F.TEMISLAMIC) IC [Note (i)]

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transaction	Description of Others	Date of change	No of securities	Price Transacted ($$)
Acquired		27 Oct 2016	10,000,000
Acquired		27 Oct 2016	596,300
Acquired		27 Oct 2016	5,532,000
Acquired		27 Oct 2016	500,000
Acquired		27 Oct 2016	4,010,300
Acquired		27 Oct 2016	15,832,900
Acquired		27 Oct 2016	5,871,900
Acquired		27 Oct 2016	628,900

Circumstances by reason of which change has occurred	Acquisition
Nature of interest	Direct
Direct (units)	151,731,300
Direct (%)	13.926
Indirect/deemed interest (units)	0
Indirect/deemed interest (%)	0
Total no of securities after change	151,731,300
Date of notice	28 Oct 2016

icy97

云升控股净利跌26%

2016年12月21日
（吉隆坡20日讯）云升控股（YINSON，7293，主板贸服股）在截至10月杪第三季，净利按年跌26.4%，录得6310万9000令吉或每股净利5.79仙，去年同季净利为8574万2000令吉

该公司向马交所报备，第三季营业额则从去年同季1亿1072万令吉，涨15.6%至1亿2794万4000令吉。

累计首9个月表现，净利按年跌16.45%，报1亿4584万7000令吉；营业额按年上升16.09%，录3亿5778万7000令吉。

财报显示，首9个月，云升控股在投资、管理服务和资金服务营运的盈利，从去年的7785万令吉，减少至本财年的29万令吉，直接影响净利表现。

云升控股解释，由于脱售子公司面对亏损，加上令吉今年次季回升，让外汇收益萎缩，进而导致该公司首9个月净利按年下跌。【e南洋】

SUMMARY OF KEY FINANCIAL INFORMATION 31 Oct 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Oct 2016	31 Oct 2015	31 Oct 2016	31 Oct 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	127,944	110,720	357,787	308,210
2	Profit/(loss) before tax	77,435	94,164	182,896	194,630
3	Profit/(loss) for the period	63,109	79,970	145,554	168,610
4	Profit/(loss) attributable to ordinary equity holders of the parent	63,109	85,742	145,847	174,565
5	Basic earnings/(loss) per share (Subunit)	5.79	8.03	13.38	16.36
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.7288		1.6600

icy97

云升控股
明年或赢FPSO合约

2016年12月22日

分析：马银行投行
目标价：4.35令吉

最新进展

云升控股（YINSON，7293，主板贸服股）在截至10月杪第三季，净利按年跌26.4%，录得6310万9000令吉或每股净利5.79仙；营业额则涨15.6%，报1亿2794万4000令吉。

累计首9个月表现，净利按年跌16.45%，报1亿4584万7000令吉；营业额按年上升16.09%，录3亿5778万7000令吉。

行家建议

云升控股2017财年首9个月的核心净利达1亿5600万令吉，占我们预测85%。受到岸外支援船（OSV）业务强劲带动的第三季核心净利，也令人惊喜。

所以，我们调高该公司2017财年核心净利预测达10%，但维持2018至2019财年净利预测不变。

另外，下财年起，云升Genesis还会为云升控股贡献1亿5000万至2亿令吉的净利。

我们也不排除云升控股会在未来1年内，获得1到2个浮式生产储油及卸油船（FPSO）合约。

且假设FSPO Allan的合约终止，云升控股将获得赔偿，赔偿数目可能以剩余的租约期限来计算。



【e南洋】

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Type	Announcement
Subject	OTHERS
Description	YINSON HOLDINGS BERHAD ("YHB" OR "THE COMPANY")INCORPORATION OF A WHOLLY-OWNED SUBSIDIARY - YINSON CORPORATE SERVICES PTE LTD
Pursuant to Paragraph 9.19(23) of Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of YHB wishes to announce that the Company had on 4 January 2017, incorporated a wholly-owned subsidiary, Yinson Corporate Services Pte Ltd (“YCS”) in Singapore under the Company Law of Singapore. The initial issued and paid-up share capital of YCS is USD1.00 comprising 1 ordinary share. The principal activities of YCS are business and management consultancy services and investment holding. The incorporation of YCS is not expected to have any material effect on the earnings and net assets of YHB Group for the financial year ending 31 January 2017. This announcement is dated 4 January 2017.

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Type	Announcement
Subject	OTHERS
Description	YINSON HOLDINGS BERHAD ("YHB" OR "THE COMPANY") INTERNAL REORGANISATION -  MERGER OF NEVIS 1 AS, DEE AS AND TAGGART AS INTO ALLAN AS
Pursuant to Paragraph 9.19(5) of Bursa Malaysia Securities Berhad Main Market Listing Requirements, YHB wishes to announce that the Company had on 12 January 2017, completed an internal reorganisation by merging three (3) dormant wholly owned Norwegian subsidiary companies namely, Nevis 1 AS, Dee AS and Taggart AS into Allan AS, the wholly owned Norwegian subsidiary of Yinson Production AS, which in turn is the wholly owned subsidiary of Yinson Production Limited, to simplify the group structure, reduce costs and strengthen the equity position of Allan AS (“Merger”). Following the completion of the Merger, Allan AS took over all assets, rights and obligations of Nevis 1 AS, Dee AS and Taggart AS in accordance with the section 13-24 of Norwegian Companies Act and Nevis 1 AS, Dee AS and Taggart AS had been dissolved accordingly. The Merger is not expected to have any material effect on the earnings and net assets of YHB Group for the financial year ending 31 January 2017. This announcement is dated 13 January 2017.

icy97

最大FPSO今年启动．云升下半年盈利走俏

（吉隆坡20日讯）云升控股（YINSON,7293,主板贸服组）加纳浮式生产储卸油船（FPSO）业务即将于今年启动，分析员预料将带动该公司2018财政年（1月结账）下半年盈利，抵销越南联营浮式储卸油船（FSO）的较低贡献。

大华继显研究表示，在去年12月，其客户Eni重申预计在今年8月首度采油，这意味着云升控股这艘最大的FPSO将开始带来现金收入，全年而言将令其盈利倍增。

该FPSO已经完成，将于2月举行命名仪式。

此外，FSO Bien Dong预料从2017年下半年起减少贡献，收费料从2017年8月起急减40至50%，导致其联号收入下降约3000万令吉。

不过，随着加纳云升Genesis适时在上半年带来贡献，将可带动公司整体盈利成长约4000万令吉。

大华继显继续预期FPSOA l l a n可能面对合约终止风险，因有关油田表现不济。

一旦其客户CNR终止合约，将须赔偿剩余合约价值（约1亿美元），这将带来正面影响。

云升控股正在越南投标Ca Rong Do FPSO，估计资本开销低于5亿美元，该行预期云升控股每年资本开销低于5亿美元，这胥视所赢得的新合约而定，但仍可让该公司有空间降低负债。

大华继显保持“守住”评级，目标价3令吉15仙。

文章来源：
星洲日报／财经 ‧ 报道：李勇坚‧2017.01.20

icy97

云升Talisman独家协商
提供越南油田FPSO设备

2017年1月24日
（吉隆坡23日讯）云升控股（YINSON，7293，主板贸服股）获得Talisman越南 07/03 B.V.（TLV）意向书，双方同意进行独家协商，为越南Ca Rong Do油田提供浮式生产储卸油轮（FPSO）设备。

云升控股今日向马交所报备，是通过间接子公司Yinson Production私人有限公司（YPPL）获得上述意向书。

该意向书确认了TLV，将把FPSO设备合约颁发给YPPL的意愿。但是最终是否颁发合约，仍取决于协商成果、敲定合约最终条款，及获得相关单位的商业安排和批准。

云升控股预计，将在4月前完成和满足上述条件。

该公司执行合约时，将会另作宣布。

TLV是马德里上市公司Repsol的独资子公司，也是该油田的营运商。

Ca Rong Do油田位于越南东海岸外的Block 07/03。【e南洋】

Type	Announcement
Subject	OTHERS
Description	LETTER OF INTENT FOR THE SUPPLY OF A FLOATING PRODUCTION STORAGE AND OFFLOADING FACILITY FOR CA RONG DO FIELD DEVELOPMENT  BLOCK 07/03 OFFSHORE VIETNAM
Yinson Holdings Berhad (the “Company”) is pleased to announce that Talisman Vietnam 07/03 B.V. (“TLV”) has via a Letter of Intent dated 20 January 2017 (“LOI”) agreed to enter into exclusive negotiations with Yinson Production Pte Ltd (“YPPL”), an indirect wholly owned subsidiary of the Company, for the supply of a Floating Production, Storage and Offloading (“FPSO”) Facility for the Ca Rong Do Field Development located in Block 07/03 in the Eastern Sea Offshore Vietnam (“CRD Field”) (“Contract”). The LOI is a confirmation of TLV’s intention to award the Contract to YPPL, subject to, amongst others, successful negotiation and finalisation of the terms and condition of the Contract, the commercial arrangement and approvals of the relevant authorities, which is expected to be completed by April 2017. A further announcement will be made upon execution of the Contract. TLV is a wholly owned subsidiary of Repsol S.A. (“Repsol”), a global integrated oil company listed on the Madrid Stock Exchange and is the operator of the said field. The other owners in the CRD Field are PetroVietnam, PetroVietnam Exploration Production Corporation (PVEP), Mubadala Petroleum, and Pan Pacific Petroleum. None of the Directors and/or major shareholders of the Company or persons connected to them has any interest, direct or indirect, in the Contract. This announcement is dated 23 January 2017.

icy97

云升控股新合约推高目标价

2017年1月24日

分析：肯纳格投行
目标价：4.08令吉

最新进展：

云升控股（YINSON，7293，主板贸服股）获Talisman越南 07/03 B.V.（TLV）意向书，双方同意进行独家协商，为越南Ca Rong Do油田提供浮式生产储卸油轮（FPSO）设备。

该意向书确认了TLV，将把FPSO设备合约颁发给YPPL的意愿。

行家建议：

我们正面看待上述消息，因为这项长期合约的违约风险低，可改善云升控股的盈利展望。

假设该合约的资本开销为5亿美元（约22亿3425万令吉）、合约期限长达10年，并可延长5年，预计该合约的价值，介于8亿至9亿美元（约35亿7480万令吉至40亿2165万令吉）。

预计该合约每年将贡献3200万令吉，这分别占2017及2018财年预测盈利的17%和13%。

基于该合约只会从2019年第三季起贡献盈利，我们因而维持云升控股2017和2018财年的盈利预测。

根据我们的粗略计算，该项目将把云升控股的估值推高29仙，因此，上调目标价至4.08令吉。

不过，我们仍维持云升控股“超越大市”的评级。



【e南洋】