KUALA LUMPUR: The delay on Yinson
’s divestment exercise on its Vietnam asset to Liannex Labuan by another two months is mainly a technical matter.
This was due to the delay in the disposal of Yinson Vietnam Co Limited (YVCL), which holds a 51% stake in Yinson Diversified Co Ltd to Yinson Overseas Limited (YOL).
That disposal exercise is pending the issuance of a business license and investment certificate from the relevant Vietnamese authority to reflect the change of ownership of YVCL and the necessary approvals/ consents/authorisation, permits or waivers from several FIs.
Maybank IB Research said it is not alarmed by the slight delay. “Yinson has assured that the exercise will be concluded. Following that, Yinson’s shareholders will receive a special DPS of up to 15 sen; 5% yield by September,” it said on Monday.
Yinson’s job prospects for FPSO in 2016 remain commendable with firm prospects in Asia and Africa. It targets to win one to two new jobs in 2016, which is a realistic target.
This makes it a compelling growth stock with decent dividends, added Maybank.
The research house reiterates its Buy call on Yinson with a target price of RM4.35 per share.
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