Industrials: Yinson Holdings and more

• Maintain BUY and MYR11.15 TP
• 4QFY1/22 core NP: Fell 29% QoQ
• Revised FY23 earnings; positive on outlook
• FPSO market: Strong bids and tenders

FY1/22 core results came in below our expectation, on weaker QoQ performance in 4QFY1/22, dragged down by higher: (i) OPEX, (ii) finance costs, (iii) taxes and (iv) losses at its associate. Correspondingly, we cut FY23 earnings by 6%. That aside, we remain positive on its prospects. Yinson has the best of both worlds: (i) strongest FPSO prospects, which it is well-entrenched to capitalise on in this upcycle and (ii) the clearest carbon reduction footprint strategy to-date. Our TP is SOP-based.