Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 1 report (number in '000):-
- Lower revenue than FY10Q1 attributed to a 28% fall in the hire rates, the BDI averaged 1365 in the current quarter, a 54% decline from the 2984 average in the comparative quarter last year. The weaker market is reflected in the lower TCE/day achieved by dry bulk segment for Q1 2011 of US$21,398/day compared to Q1 last year’s US$30,260. The tanker market continued to remain weak and this has resulted in a 21% lower tanker TCE average of US$12,610/day against last year’s comparative average of US$15,938/day
- Higher other income than FY10Q1 primarily due to a RM8.4 million foreign exchange gain and RM4.6 million gain from the disposal of a tanker
- Lower profit from associate due to weak offshore services market
- Higher revenue than FY10Q4 attributed to the increased revenue days from ship-chartering segment
- The Group sold a tanker in February 2011 registering a gain of RM4.6 million, as compared to a gain of RM22.6 million posted in preceding quarter. This has resulted in a RM18.0 million q-o-q drop in the other operating income
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0427(exclude RM10 million other income)*4 = 0.1708, estimate PE on current price 2.23 = 12.47(DPS 0.1)
MAYBULK latest news (English)
MAYBULK latest news (Chinese)
| Market Capital (Capital Size) | 2,230,000,000 (Large) |
| Par Value | RM 0.25 |
My Analysis
| Forecast P/E now | (2.23-0.1)/0.1708 = 12.47 (Moderate) |
| Target Price | 2.39+0.1 = 2.49 (PE 14.0, EPS 0.1708, DPS 0.1) |
| Decision | Not interested unless revenue and profit increase more |
| Comment | Revenue increased 0.2% but lower than preceding year corresponding quarter 25.8%, eps decreased 22.2% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 2.5%, almost like no cash generated from operating after deduct payables expenses but cash generated from disposal more than enough to cover financing expenses, stronger liquidity ratio at very strong level now, lower gearing ratio at low level now, all accounting ratio are good |
| First Support Price | 2.1 |
| Second Support Price | 1.9 |
| Risk Rating | MODERATE |
Research House
| OSK Target Price | 2.21 (2011-05-26) |
| MIDF Target Price | 2.82 (2011-06-17) |
Accounting Ratio
| Return on Equity | 13.83% |
| Dividend Yield | 4.48% |
| Profit Margin | 62.98% |
| Tax Rate | 0.73% |
| Asset Turnover | 0.1905 |
| Net Asset Value Per Share | 1.71 |
| Net Tangible Asset per share | 1.71 |
| Price/Net Tangible Asset Per Share | 1.32 |
| Cash Per Share | 0.48 |
| Liquidity Current Ratio | 5.3509 |
| Liquidity Quick Ratio | 5.2459 |
| Liquidity Cash Ratio | 4.7676 |
| Gearing Debt to Equity Ratio | 0.1147 |
| Gearing Debt to Asset Ratio | 0.1 |
| Working capital per thousand Ringgit sale | 117.9% |
| Days to sell the inventory | 18 |
| Days to collect the receivables | 47 |
| Days to pay the payables | 99 |
My notes based on 2011 quarter 1 report (number in '000):-
- Lower revenue than FY10Q1 attributed to a 28% fall in the hire rates, the BDI averaged 1365 in the current quarter, a 54% decline from the 2984 average in the comparative quarter last year. The weaker market is reflected in the lower TCE/day achieved by dry bulk segment for Q1 2011 of US$21,398/day compared to Q1 last year’s US$30,260. The tanker market continued to remain weak and this has resulted in a 21% lower tanker TCE average of US$12,610/day against last year’s comparative average of US$15,938/day
- Higher other income than FY10Q1 primarily due to a RM8.4 million foreign exchange gain and RM4.6 million gain from the disposal of a tanker
- Lower profit from associate due to weak offshore services market
- Higher revenue than FY10Q4 attributed to the increased revenue days from ship-chartering segment
- The Group sold a tanker in February 2011 registering a gain of RM4.6 million, as compared to a gain of RM22.6 million posted in preceding quarter. This has resulted in a RM18.0 million q-o-q drop in the other operating income
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0427(exclude RM10 million other income)*4 = 0.1708, estimate PE on current price 2.23 = 12.47(DPS 0.1)
MAYBULK latest news (English)
MAYBULK latest news (Chinese)
No comments:
Post a Comment