Monday, March 16, 2009

Review for Maybulk Q4 2008 Report

营业额从 2007 的 608,142 到 2008 的 721,158,可是 EPS 却退步了从前期的 54.46 sen 到 46.09 sen。主要的原因是 Operating expenses 里加入了 charter-hire paid ,还有减少了船只的关系.....

Overall operating expenses which include vessel operating expenses (RM124.1m) and charter-hire paid (RM258.2m) increased by 67.2%, year-on-year to RM382.4m. FY2008 reported increased charter-in activities which in FY2007 were only RM88.2m.

On a year-on-year comparison, vessel operating expenses decreased by 12% from RM140.5m in FY2007 to RM124.1m in FY2008. The lower operating expenses are largely due to the reduced fleet, 2 dry-bulks and a chemical tanker was sold during the year.

季报里头有提到 charter-hire paid (RM258.2m) ,我不是很清楚这是什么,不过 vessel 的 operating expenses 确实是减少了,其中一个原因是因为卖了 2 dry-bulks and a chemical tanker 的关系。


现金流


Net cash generated from operating activities 342,049
Net cash generated from/(used in) investing activities ( 241,037)
Net cash used in financing activities ( 417,039)

Investing activities 出现了负数,因为里面加入了买 POSH 的钱 。

从 Cash flow statement 看来

FCF = 342,049 - 241,037
= 101,012

应该还属于正常的现金流水平。

Subscription of shares in associate company ( 792,167)

The Group had, on 16 December 2008, subscribed for 34 million new ordinary shares of Pacc Offshore Services Holdings Pte
Ltd ("POSH"), representing about 21% of the paid up share capital of POSH as at year end, for a consideration of USD221 million.

现金:
Cash & Cash equivalents comprise:
Short term deposits 791,696 9 88,783
Cash and bank balances 13,875 38,163
805,571 1 ,026,946

2007 = RM 1,026,946,000
2008 = RM 805,571,000

Bank and other borrowings 3 56,635 3 42,810
Bank and other borrowings 7 ,346 6 ,589

负债:
2007 = RM 349,399,000
2008 = RM 363,981,000

现金 - 负债 = RM 805,571,000 - RM 363,981,000
= RM 441,590,000

还完全部负债,Maybulk 还有 4 亿的现金,感觉还不错。。。。


股息:


In respect of the financial year ended 31 December 2008, an interim gross dividend of 10.00 sen per ordinary share comprising 7.50 sen less 26% income tax and 2.50 sen tax exempt was paid on 25 September 2008.

The Board recommends a final single tier dividend of 30 sen per share, amounting to RM300 million for the financial year ended 31 December 2008.

如果以现在的股价:

Price : RM 2.770 (25-02-2009)

DY = ((0.075 x 0.74 x 1000) + 25 + 300) /
= RM 380.5 / 2770
= 13.74%

哇,将高。。。我有没有算错。。。。single tier 应该是不用扣税了的。。。应该没算错。。。不过 2009 就没那么高的股息了。。。从 Maybulk 管理层回馈股东的股息看来,应该都不错。。。


卖船:

"Gain on disposal of vessels ( 327,305) (167,389)"

"the Group completed the disposal of its 25 year old Alam Sempurna in January 2009 for a very modest gain of RM8.1m."

"In November 2008, a wholly owned subsidiary of the Company entered into an agreement to dispose of its vessel Alam Sempurna to a third party for a consideration of USD3.85 million. The sale was completed in January 2009."

我找不到这搜船的买入价,在这个时候卖船,到底是好事还是坏事?

从这季的季报看来,Maybulk 并没有使我失望,还做得很好。2009 年应该是 Maybulk 很艰辛的一年,财报应该也很糟糕,然而这将会提供我买进的机会。