Leveraging off Japanese Giants In A Niche Market

Leveraging off Japanese Giants In A Niche Market


Yinson Holdings Berhad is a Malaysian company ranked 6th in the world by fleet size for leasing and operating of offshore production units and offshore support vessels for the oil and gas industries.


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The company’s fleet consists of 5 FPSO vessels, and 1 FSO vessel.

Business Description

YNS is a Malaysian company focused exclusively on leasing and running floating oil and gas production storage and offloading vessels (FPSO), and is ranked 6th in the world by leasing contracts value and fleet size. The company’s fleet consists of 5 FPSO vessels, and 1 Floating Storage and Offloading (FSO) vessel.

Although FPSO is a niche market within the oil and gas industry, it currently enjoys steady growth and profits because of limited competition and stable long-term contracts. It is also highly efficient; once an existing field has been depleted an FPSO can then be refurbished, relocated and reused for another field. The company has a strong existing order book of just under US$3.7bn (of which US$2.7bn is firm) as of January 2017.

In November 2017, YNS sold a 26% stake in one of its FPSOs as part of a strategic alliance with a Japanese consortium–Sumitomo Corp (8053 JP), Kawasaki Kisen Kaisha (9107 JP), JGC Corp (1963 JP), and Development Bank of Japan. The tie-up with the consortium should allow the group access to potentially even bigger FPSO leasing projects longer term.


Lim Han Weng is the founder and Chairman of YNS. He was appointed Chairman in 2009 after working as Managing Director since 1993. Many of his family members also work at YNS. Lim Han Weng is also the largest shareholder of YNS.

Lim Han Weng is the founder and #Chairman of Yinson #Holdings

Lim Chern Yuan is the current CEO of YNS and son of Lim Han Weng. He has served in this position since 2014 after being promoted from Senior General Manager. He has obtained Bachelor of Commerce from the University of Melbourne, Australia.

World Class Benchmarking

Profitable Growth has ranked #4 since 2015 (note that the company closes its books in January). YNS ranked among the best 116 of 290 medium-sized Energy companies globally.

Profitability has been stable at #4 since 2015 as well while Growth fell to #6 from #4 in the past 12 months.

Yinson ranked among the best 116 of 290 medium-sized #Energy companies globally

Asset utilization has ranked the worst since 2016, opposite is true for the Profit margin that has ranked the best since 2016.

Sales growth improved to the green in 2017, while Margin change has been fluctuating and was ranked very poor in the past 12 months.

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Dr. Andrew Stotz, CFA is the CEO of A. Stotz Investment Research, a company providing institutional investors with ready-to- invest portfolios in Asia that aim to beat the benchmark through superior stock selection. The company also provides buy- and sell-side clients with financial models to value any company in the world and World Class Benchmarking to determine what companies are financially world class. Previously, as Head of Research at CLSA, Andrew was voted No. 1 Analyst in Thailand in the Asiamoney Brokers Polls for 2008 and 2009. He was also voted No. 1 Analyst in Thailand in the 2009 Institutional Investor magazine All-Asia Research Team Report. Andrew earned his PhD in finance at the University of Science and Technology of China in Anhui province, with a focus on answering questions raised by fund managers and analysts during his career about picking stocks and managing portfolios. In addition, Andrew has been a lecturer in finance for 22 years at various universities in Thailand. Since 2013, he has been the president of the CFA Society of Thailand. He is also the author of How to Start Building Your Wealth Investing in the Stock Market.

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