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Samudera Shipping
05-04-2015, 06:06 PM,
Post: #21
RE: Samudera Shipping
Yes. But if you find it irrelevant you can delete it if you want. Thanks.
You can find more of my postings in http://investideas.net/forum/

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05-04-2015, 08:47 PM,
Post: #22
RE: Samudera Shipping
(05-04-2015, 06:06 PM)Behappyalways Wrote: Yes. But if you find it irrelevant you can delete it if you want. Thanks.

Let's focus on FA, instead of TA.

I have removed the posts.

Regards
Moderator
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡

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09-04-2015, 07:57 PM, (This post was last modified: 09-04-2015, 08:27 PM by Behappyalways.)
Post: #23
RE: Samudera Shipping
2014 Annual Report Page 125

Bunker Fuel for FY2013 US$100.418m
Bunker Fuel for FY2014 US$88.438m

The company has not reaped fully the benefits of lower bunker fuel

Page 87
Bunker price risk management
As at Dec 31, 2014 and 2013, the Group has no outstanding bunker price hedging contracts.
You can find more of my postings in http://investideas.net/forum/

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13-04-2015, 02:32 PM,
Post: #24
RE: Samudera Shipping
Oil savings will power this year earnings.

Take a look at the price of oil from FY2014 to present.

Do an estimate of oil savings against last year (FY2014) consumptions of US$88.438m. 20%? 30%? or 35%?

Compare the savings with last year US14m earnings

or 1Q2014 earnings of US$444kk.....


Dividend is current 1.75cents and NTA US45 cents. Appreciating US Dollar Vs Sing Dollar will also improve profitability.....



(09-04-2015, 07:57 PM)Behappyalways Wrote: 2014 Annual Report Page 125

Bunker Fuel for FY2013 US$100.418m
Bunker Fuel for FY2014 US$88.438m

The company has not reaped fully the benefits of lower bunker fuel

Page 87
Bunker price risk management
As at Dec 31, 2014 and 2013, the Group has no outstanding bunker price hedging contracts.
You can find more of my postings in http://investideas.net/forum/

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27-04-2015, 10:38 AM,
Post: #25
RE: Samudera Shipping
Q1 FY2015 earnings may be out this evening. Cheers!

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28-04-2015, 07:22 PM,
Post: #26
RE: Samudera Shipping
Samudera AGM
http://infopub.sgx.com/FileOpen/Samudera...eID=346686


Samudera 1Q2015
http://infopub.sgx.com/FileOpen/Samudera...eID=346707
You can find more of my postings in http://investideas.net/forum/

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28-04-2015, 07:43 PM, (This post was last modified: 28-04-2015, 07:45 PM by Behappyalways.)
Post: #27
RE: Samudera Shipping
To add.

Last year FY2014 earnings was US$14.281m vs $6.12m for 1Q2015. Most likely this year earnings will be comparable if not higher than last year and dividend for FY2015 should be comparable if not higher too.

As for the low tax rate. Page 124 FY2014 Annual Report
The company has been granted an extension of the Approved International Shipping Enterprise ("AIS") with effect from September 15, 2014 for a period of 10 years.
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28-04-2015, 10:29 PM,
Post: #28
RE: Samudera Shipping
Samudera AGM Notes
==================

The following are some of the notes taken during AGM. Believed at your own risk Smile Smile

1. Samudera Shipping is the market leader for container shipping between Singapore hub to/fro Indonesia. Furthermore, Samudera shipping is top 3 feeder services operator to other regions.

2. CEO hinted that the company will invest in a LNG Vessel with contract secured. Hence, coming year CAPEX will probably be higher than last year FY 2014 of around USD 9 m.

3. Samudera is comfortable to maintain a debt level of 2x of Total Debt/Total Equity. This level is dictated by covenant imposed by certain loan from banks. However, the current debt level for samudera is 0.54. Samudera is considering to add more debt when investment opportunity arises.

4. Bunker Price - Samudera will benefit from lower banker price unlike international shipping line e.g. NOL where there is a bunker price surcharge. For regional shipping line, everything is bundle in the freight charges. Hence, when there is a drop in bunker price, samudera will benefit. Samudera did hedge against bunker price by buying Bunker oil future. When crude oil price is less than US$60 per barrel, it is worth actively hedged forward. Typically, Samudera will do forward hedging of 30% of the bunker oil price. The average hedged bunker price of samudera is slightly higher than the current price as hedges are spread out for the last few quarters.

5. All the vessels in the PPE are mark to market base on future cash flows of the vessel and discount using a discount rate. The current FY2014 year discount rate used in 6.69%, whereas for FY2012 and FY2013 the discount rate used is 5.7%.

6. Pg 31, There is an income tax of USD $1,993 even though samudera Shipping are making losses because companies operated in Indonesia has different tax policy. In Indonesia, the corporate tax is taxed based on top line (i.e. revenue) of 1.2% instead of bottom line like in Singapore.

7. Launch new container service routes in the region

For the coming year, Samudera intends to launch new regional route to ports in Philippine and Thailand.

8. Leverage on our parent company for future business opportunities in Indonesia

This above point is probably referred to the purchase of LNG Tanker together with Samudera Indonesia stated in the following URL

http://www.rambuenergy.com/2015/04/samud...ng-vessel/

9. The following is the presentation slide provided during the AGM

http://infopub.sgx.com/FileOpen/Samudera...eID=346686

10. Closest Competitor of Samudera is RCL Group as well as feeder services provide PIL

https://www.rclgroup.com/default.aspx

11. The freehold commercial properties indicated in the PPE are 3 levels, 23rd to 25th floors in John Hancock tower purchased during March 2006 at around S$1,330 psf. The property is valued at cost. See the following for more information.

https://lushhomemedia.wordpress.com/2007...ice-space/

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28-04-2015, 10:38 PM,
Post: #29
RE: Samudera Shipping
Thanks.

If I am not wrong, they sold off one of the floor. Left with 2 floors


See 08 August 2006 announcement
http://samudera.listedcompany.com/newsro.../year/2006
You can find more of my postings in http://investideas.net/forum/

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28-04-2015, 10:58 PM,
Post: #30
RE: Samudera Shipping
(28-04-2015, 10:38 PM)Behappyalways Wrote: Thanks.

If I am not wrong, they sold off one of the floor. Left with 2 floors


See 08 August 2006 announcement
http://samudera.listedcompany.com/newsro.../year/2006

Yes, thanks for pointing out Sad Sad

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