Financials Yinson Holdings

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
2.42 ^MYR	+2.98%		+2.98%	-3.20%

Apr. 22	Yinson Issues $500 Million Debt	MT
Apr. 15	Yinson Mulls Up to $500 Million Debt Issue	MT

Fiscal Period: Januar	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,433	6,688	5,539	5,864	7,791	7,326	-	-
Enterprise Value (EV) ¹	6,337	9,242	9,018	11,130	15,736	20,742	17,324	17,891
P/E ratio	19.2 x	33 x	17.7 x	14.7 x	12.4 x	9.15 x	9.51 x	8.62 x
Yield	1.46%	0.97%	1.15%	1.09%	1.12%	1.32%	1.16%	1.45%
Capitalization / Revenue	4.28 x	2.65 x	1.14 x	1.63 x	1.23 x	0.64 x	1.28 x	1.72 x
EV / Revenue	6.12 x	3.67 x	1.86 x	3.09 x	2.49 x	1.78 x	3.02 x	4.2 x
EV / EBITDA	7.91 x	12 x	7.31 x	7.94 x	8.89 x	6.9 x	6.48 x	6.13 x
EV / FCF	-21.2 x	-19.3 x	-8.49 x	-10 x	-8.16 x	-6.45 x	-12.4 x	16.1 x
FCF Yield	-4.72%	-5.17%	-11.8%	-9.95%	-12.3%	-15.5%	-8.09%	6.21%
Price to Book	2.56 x	4.16 x	3.11 x	2.51 x	1.88 x	1.37 x	1.09 x	0.95 x
Nbr of stocks (in thousands)	2,162,640	2,157,378	2,130,466	2,132,472	2,896,393	3,027,069	-	-
Reference price ²	2.050	3.100	2.600	2.750	2.690	2.420	2.420	2.420
Announcement Date	3/27/19	3/25/20	3/25/21	3/29/22	3/23/23	3/22/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: January	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,035	2,519	4,849	3,607	6,324	11,646	5,729	4,260
EBITDA ¹	801.2	770.2	1,234	1,402	1,771	3,004	2,674	2,920
EBIT ¹	516.6	519.1	928	1,097	1,438	2,661	2,108	2,367
Operating Margin	49.92%	20.6%	19.14%	30.41%	22.74%	22.85%	36.79%	55.57%
Earnings before Tax (EBT) ¹	343.9	331.1	580	716	845	1,695	1,224	1,368
Net income ¹	234.9	209.9	315	401	586	964	840.4	889.2
Net margin	22.7%	8.33%	6.5%	11.12%	9.27%	8.28%	14.67%	20.87%
EPS ²	0.1067	0.0940	0.1470	0.1875	0.2165	0.2810	0.2546	0.2807
Free Cash Flow ¹	-298.8	-478.3	-1,062	-1,108	-1,928	-3,217	-1,402	1,111
FCF margin	-28.88%	-18.98%	-21.9%	-30.72%	-30.49%	-27.62%	-24.46%	26.09%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	38.06%
FCF Conversion (Net income)	-	-	-	-	-	-	-	124.99%
Dividend per Share ²	0.0300	0.0300	0.0300	0.0300	0.0300	0.0320	0.0282	0.0350
Announcement Date	3/27/19	3/25/20	3/25/21	3/29/22	3/23/23	3/22/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: January	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,904	2,554	3,479	5,266	7,945	13,271	9,999	10,566
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.377 x	3.316 x	2.819 x	3.756 x	4.486 x	4.418 x	3.739 x	3.619 x
Free Cash Flow ¹	-299	-478	-1,062	-1,108	-1,928	-3,217	-1,402	1,111
ROE (net income / shareholders' equity)	12.5%	12.4%	11.4%	10.2%	13.4%	14.6%	14.2%	13.9%
ROA (Net income/ Total Assets)	3.23%	2.39%	3.83%	3%	3.97%	4.01%	4.44%	4.82%
Assets ¹	7,268	8,799	8,217	13,351	14,776	24,028	18,949	18,457
Book Value Per Share ²	0.8000	0.7500	0.8400	1.100	1.430	1.870	2.220	2.560
Cash Flow per Share ²	-	0.3300	-0.3100	-0.4900	-0.4500	-0.9900	-0.4600	0.5700
Capex ¹	819	1,216	399	63	702	336	242	400
Capex / Sales	79.16%	48.25%	8.23%	1.75%	11.1%	2.89%	4.22%	9.39%
Announcement Date	3/27/19	3/25/20	3/25/21	3/29/22	3/23/23	3/22/24	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.42 MYR

Average target price

3.654 MYR

Spread / Average Target

+51.01%

	1st Jan change	Capi.
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