For the second half of FY21, the research house expects earnings to be fuelled by FPSO Abigail-Joseph, which should help to offset potential lower earnings contributions from the VLCCs.
"Our SOP-derived TP is maintained at MYR7.60 as well, assuming one additional new project win (MYR2.12/share). Risks include contract terminations and significant contract delay," it said.
According to RHB, Petrobras is currently reviewing its budget and new projects and the possibility of the Parque das Baleias project being scrapped is low, and could be awarded in FY21.
Moving forward, Yinson's acquisition of a 37.5% stake in Rising Sun Energy Pte Ltd for two 140MW solar plants in March established the "renewables" business segment in 1QFY21.
"This marks the beginning of the company’s venture into renewable energy – and we should expect further asset acquisitions in the longer term," said RHB.
In 1QFY21, Yinson's core earnings rose 88% year-on-year to RM96mil, which met expectations at 25% and 28% of RHB's and consensus full-year estimates.
The result excluded the RM35mil contract acquisition cost write-off, RM42mil transaction cost charge out of loan refinancing and the RM36mil unrealised FX gain, among others.
For the quarter, FPSO Helang earnings and tankers offset the lower share of results from joint ventures and associates.
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