YINSON HOLDINGS BHD (YINSON)

Yinson Holdings: Global Energy Infrastructure Conglomerate, Not Just a Shipping Company

If you still think of Yinson as an old tanker/logistics company, you are mistaken. Yinson today is a global energy infrastructure conglomerate with three core divisions generating billions in revenue.

Three Core Businesses

• Yinson Production (FPSO) - The world's 2nd largest FPSO operator by contract value. 9 FPSOs operating + 2 under construction. USD19.5 billion contracted backlog (15-25 year charter agreements). Latest FPSOs: Maria Quiteria (first oil Oct 2024), Atlanta (first oil Dec 2024), and Agogo FPSO (first oil Aug 2025, world's first FPSO with post-combustion carbon capture technology, USD5.3b contract over 15 years).
• Yinson Renewables - Solar/Wind IPP. 557 MW operational, 1.5 GW in pipeline, 3 GW early-stage.
• Yinson GreenTech (YGT) - Clean tech (marine, mobility, infrastructure).

The Big Story: RM8 Billion Privatisation Rumours (March 2026)

In March 2026, markets were abuzz with reports that the Lim family (27.7% stake), Stonepeak Partners (NYC PE firm), EPF (17.1%) and KWAP (7%) were planning an RM8 billion take-private via Scheme of Arrangement, with a rumoured price of ~RM2.60-2.70 per share. Yinson officially denied this on 25 March 2026, but it creates a strong near-term event catalyst.

Shariah Status

Yinson is Shariah Compliant ✅. Uses Sukuk financing, including Malaysia's first Sustainability-Linked Sukuk (2021). Suitable for Islamic investors and ESG funds.

Management: The Lim Family - Skin in the Game

• Lim Han Weng - Executive Chairman, Co-Founder, family interest 27.7%
• Lim Chern Yuan - Group CEO (son of Lim Han Weng)
• Bah Kim Lian - Executive Director (wife of Lim Han Weng)

Founded 1984 in Johor Bahru, listed 1996. High family ownership = interests aligned with shareholders.

Profit Up, Revenue Down: The EPCIC-to-Charter Shift Continues

2Q FY27 (quarter ended 31 July 2026): revenue RM1.14 billion (down 16.7% YoY on lower EPCIC contribution), PATAMI RM128 million (up 26.7%), EBITDA RM665 million (up 8.8% QoQ, margin ~58%). For 1H FY27, operating cash flow was RM1.18 billion versus an outflow of RM184 million a year earlier.

Note: our database shows 4Q FY26 revenue of RM1,124m while the 1Q FY27 release cites RM1,059m for the same quarter (likely a restatement). Use as a trend guide.

Quarterly Dividends, Low Payout

Yinson declared a 1 sen per share interim dividend for 2Q FY27 (~RM29 million), after 2 sen in 1Q. FY27 so far totals 3 sen. FY26 paid 5 sen per share (2 + 1 + 1 + 1), up 22% on FY25.