Question 1.

a. Summary
Yinson Holdings Berhad is a Malaysia-based investment holding and insurance agency. The
Companys business segments are transport, trading and other operations segment, which includes rental,
insurance and investment income. As of January 31, 2010, the Company had 300 trucks and five tugboats
in operation. It also engaged about 200 trucks from other transport operators to supplement its
transportation services to its customers. The Companys subsidiaries include Yinson Transport (M) Sdn.
Bhd, which is engaged in the provision of transport services, trading in construction materials and rental of
properties; Yinson Haulage Sdn. Bhd., which is a transport and haulage contractor; Yinson Shipping Sdn.
Bhd., which is engaged in the provision of shipping and forwarding services, and Yinson Power Marine
Sdn. Bhd., which is engaged in the provision of marine transport services. On July 7, 2011, it incorporated a
51%-owned subsidiary, REGULUS OFFSHORE SDN. BHD. YINSON Holdings Berhad is a public limited
liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of Bursa
Malaysia Securities Berhad. The YINSON Group of Companies started in 1983 as a transport agency
partnership business in Johor Bahru. Since that time, we have expanded our businesses to include
offshore support services as well as commodity trading. From an initial land-based logistics provider,
Yinson is now a provider of offshore support services which servicing the upstream Oil and Gas sector. All
of trading, logistics and the provision of offshore oil and gas services are the main complementary services
which Yinson is involved in. The Principal activities of the Company are summarized in "Group Structure".
Yinson's Trading and Logistics network extends to all major cities in Peninsular Malaysia and our fleet of
trucks have grown to over 200 units. We now have over 400 employees and 200 drivers. We provide a
comprehensive range of transportation services and general warehousing facilities to enhance logistic
services to our customers. Over the years, we have invested continually in new resource in anticipation of
customers needs. In addition, we have a dynamic pro-active management team and we are committed to
provide our customers with courteous, reliable and responsive service at a competitive price. Every
customers needs a dependable service and we at YINSON are committed to fulfill the aim. We pride
ourselves on our ability to adapt to each customers requirement and become your dependable partner.
b. Types of industry Trading-Services Industry
c. Sector - Oil and Gas Sector
d. Analyst rating:
In our opinion, the YINSON Holdings Berhad is highly rating based on the financial report
performance.

e. Review and comment on the three most recent new headlines.

1. Yinson clinches $2.54B FPSO Contract from Eni for Ghanas OCTP Block
Malaysias Yinson Holdings Berhad, announced Wednesday (28 January 2015) it has been
awarded a contract for the charteting, operation and maintenance of a floating production storage
and off-loading (FPSO) vessel (the Contract) for development offshore Ghana by Eni Ghana
Exploration & Production Limited (Eni Ghana) via the consortium of Yinsons Production (West
Africa) Pte. Ltd. (YPWA) AND YINSON Production West Africa Limited (YPWAL). YPWA IS THE
FPSO chartering company while YPWAL is the company engaged in the operation and
maintenance of thr FPSO.
2. Will new licenses change Yinsons fortunes?
Yinson announced that it had been awarded three Petronas licences that qualify the company
to tender and participate in upcoming works related to floating offshore facilities, mobile offshore
facilities and naval architecture as well as marine engineering. Yinson is the third company in the
country to have a Petronas licence related to an FPSO facility, after MISC Bhd and Global Mariner
Offshore Services Sdn Bhd. Although these licences will provide Yinson with a new avenue to bid
for local jobs, its rationale is that it will only start looking for local jobs from next year onwards
based on the short time-frame left this year.
3. Yinson Holdings Berhad to launch fundraising exercise
Highly ambitious Yinson Holdings is seen to be taking prudent steps and is to launch a
fundraising exercise to reduce its debts, local reports said. Yinson's gearing had spiked to a
massive 2.5 times after it bought FPSO operator Fred Olsen Production (FOP) in a MYR576m
($173m) deal last year. Reports cited sources as saying Yinson aimed to bring this down to below
1.5 times and the funds would likely be raised through a rights issue. While the acquisition of FOP,
leapfrogged Yinson into the big leagues in the floating production storage and offloading (FPSO)
stakes, it piled on a huge amount of debt to do so.The deal was paid for, in addition to two share
placements, with MYR400m in bank borrowings and MYR14m in internal funds, pushing up
Yinsons total debt to MYR1.28bn.
f. Comparable companies MISC Berhad
1. MISC Berhad
2. Current Sales for MISC Berhad RM 9,296,300,000
Current Sales for Yinson Holdings Berhad RM 941,861,000