Singapore Shipping Corp

(13-02-2016, 01:55 PM)Boon Wrote: 3Q2016 results (ending 31th Dec 2015):
 
Revenue (USD million)
FY2014  = 34.446
FY2015  = 35.126
1Q2016 = 11.706
2Q2016 = 12.488
3Q2016 = 12.900 (9M2016 = 37.094)
 
Revenue - Ship Owning (USD million):
FY2014 = 17.849
FY2015 = 19.527
1Q2016 =  8.930
2Q2016 =  9.209
3Q2016 =  9.209 (9M2016 = 27.348)
(Note: Annualized 4 x 9.209 = 36.836 vs revenue of 36.637 as projected on page 111 of AR2015 => close....)
 
Revenue – Agency & Logistic (USD million):
FY2014 = 16.597
FY2015 = 15.599
1Q2016 =  2.776
2Q2016 =  3.279
3Q2016 =  3.691  (9M2016 = 9.746)
 
NPAT (USD million)
FY2014  = 8.558
FY2015  = 9.310
1Q2016 = 3.036 
2Q2016 = 4.242  
3Q2016 = 4.165  (9M2016 = 11.443)
 
EPS (USD, Cent)
FY2014  = 2.0
FY2015  = 2.1
1Q2016 = 0.7  
2Q2016 = 1.0 
3Q2016 = 0.9 (9M2016 = 2.6)
 
OCF – After Change in Working Capital (USD million)
FY2014  =11.572
FY2015  =12.246
1Q2016 =  7.450 
2Q2016 =  5.208 
3Q2016 =  7.567  (9M2016 = 20.225)
 
Cash and Cash Equivalent (USD, Million)
FY2014 =   6.003 (Bank borrowing =   15.821)  
FY2015  =  7.297 (Bank borrowing = 107.602)  
1Q2016 = 10.332 (Bank borrowing = 104.555)  
2Q2016 =   8.101 (Bank borrowing = 101.508)
3Q2016 = 11.785  (Bank borrowing =  98.461)
 
DPS
FY2014 = SGD 1.0 cent
FY2015 = SGD 1.0 cent
FY2016 = ????????????
 
Comments:
1) 9M2016 revenue, NPAT and OCF already exceeded that of FY2015, with full charter income from the 3 vessels.
2) Agency and logistics business will remain profitable, albeit challenging.
3) Quarterly revenue from ship owning seemed stabilized at 9.209 m.
4) The group has generated OCF of 20.225 m in 9M2016, more than enough to cover (yearly repayment of bank borrowing + interest payment + dividend payment) of about 18 m, with excess OCF available for investment (acquisition of more vessels.)
5) Given its strong cash position, the Group is ready to undertake further acquisitions should any of the opportunities meet our investment criteria.
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Thank you Buddy,very good summary

This will probably be one of the few companies sailing smoothly in the stormy economic sea now

(21-05-2016, 08:13 PM)Contrarian Wrote: This will probably be one of the few companies sailing smoothly in the stormy economic sea now

Oasis in a desert indeed

(22-05-2016, 08:08 AM)CCUV Wrote:

(21-05-2016, 08:13 PM)Contrarian Wrote: This will probably be one of the few companies sailing smoothly in the stormy economic sea now

Oasis in a desert indeed

Do you mean the share price?
I do hope the stamford Q1 surprise is not contagious.

<vested>

Ow is well known for his generosity for sharing good dividend , there must be goodbreason r him to reduce dedend at time.

(22-05-2016, 10:08 AM)valueinvestor Wrote: Ow is well known for his generosity for sharing good dividend , there must be goodbreason r him to reduce dedend at time.

The dividend track records are there to be seen. There might well be good reasons for keeping capital. The thing is, the communication of the reason is not there.

If you are investing with your partner in business and he cut dividend. Wouldn't you need to be informed the reason why? Unless your partner do not see you as part owner?

(22-05-2016, 10:00 AM)ksir Wrote:

(22-05-2016, 08:08 AM)CCUV Wrote:

(21-05-2016, 08:13 PM)Contrarian Wrote: This will probably be one of the few companies sailing smoothly in the stormy economic sea now

Oasis in a desert indeed

Do you mean the share price?
I do hope the stamford Q1 surprise is not contagious.





<vested>

keep calm and carry on

> Do you mean the share price?
> I do hope the stamford Q1 surprise is not contagious.

The business of RORO is leasing ship. So it will be stable.

There wont be dividend increase, as the new CEO already says he want to double fleet.
The dream outcome will be additional 20 yr lease for a new roro ship addition, and increase in dividend.

If this comes true, it is like strike 4D.

(22-05-2016, 12:00 PM)Contrarian Wrote: > Do you mean the share price?
> I do hope the stamford Q1 surprise is not contagious.

The business of RORO is leasing ship. So it will be stable.

There wont be dividend increase, as the new CEO already says he want to double fleet.
The dream outcome will be additional 20 yr lease for a new roro ship addition, and increase in dividend.

If this comes true, it is like strike 4D.

I believe the stability came with the risks, may not be applicable now but it may in future:
1. Currency risk, US$
2. Counterparty
3. Inflation

Looking at UMS & UPP's results, point 1 maybe apllicable for SSC's Q1 result.

(22-05-2016, 12:19 PM)ksir Wrote:

(22-05-2016, 12:00 PM)Contrarian Wrote: > Do you mean the share price?
> I do hope the stamford Q1 surprise is not contagious.

The business of RORO is leasing ship.  So it will be stable.

There wont be dividend increase, as the new CEO already says he want to double fleet.
The dream outcome will be additional 20 yr lease for a new roro ship addition, and increase in dividend.

If this comes true, it is like strike 4D.

I believe the stability came with the risks, may not be applicable now but it may in future:
1. Currency risk, US$
2. Counterparty
3. Inflation

Looking at UMS & UPP's results, point 1 maybe apllicable for SSC's Q1 result.

Point one not valid as ssc report in usd. The only risk is changing usd to sing for dividend