Maybulk
19.8.2017
INCOME STATEMENT
Thousands
Year …. T4Q
Revenues …. 236,966
PBT …. (504,183)
PAT …. (505,005)
EPS (RM) …. -0.50
No of shr (m) …. 1,000.0
PBT Marg …. -212.77%
NP Marg …. -213.11%
Maybulk
19.8.2017
INCOME STATEMENT
Thousands
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 225,505 …. 241,501 …. 255,724 …. 246,744 …. 262,266
GrProf …. 165,723 …. 160,942 …. 171,686 …. 161,978 …. 157,395
EBIT …. 155,408 …. 46,107 …. 156,468 …. (27,758) …. (18,564)
Int Exp …. 16,104 …. 12,773 …. 5,396 …. 1233 …. 1,944
PBT …. (167,071) …. (1,011,077) …. (18,735) …. (3,494) …. 21,244
PAT …. (491,306) …. (1,177,153) …. 12,153 …. 44,532 …. 66,049
EPS (Dil) …. -0.49 …. -1.18 …. 0.01 …. 0.04 …. 0.07
No of shr (Dil) …. 1,000,000.000 …. 1,000,000.000 …. 1,000,000.000 …. 1,000,000.000 …. 1,000,000.000
GP Marg …. 73.49% …. 66.64% …. 67.14% …. 65.65% …. 60.01%
PBT Marg …. -74.09% …. -418.66% …. -7.33% …. -1.42% …. 8.10%
NP Marg …. -217.87% …. -487.43% …. 4.75% …. 18.05% …. 25.18%
EBIT/Int …. 9.65 …. 3.61 …. 29.00 …. -22.51 …. -9.55
BALANCE SHEET
Millions USD
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 202 …. 285 …. 215 …. 304 …. 347
NCA …. 1,377 …. 1,813 …. 2,291 …. 1,722 …. 1,560
TA …. 1,579 …. 2,098 …. 2,506 …. 2,026 …. 1,907
CL …. 206 …. 339 …. 110 …. 80 …. 104
NCL …. 643 …. 528 …. 380 …. 32 …. 33
TL …. 849 …. 867 …. 490 …. 112 …. 137
Eq …. 730 …. 1,231 …. 2,016 …. 1,914 …. 1,770
TL+Eq …. 1,579 …. 2,098 …. 2,506 …. 2,026 …. 1,907
Cash …. 70 …. 141 …. 155 …. 254 …. 282
ST Debt …. 105 …. 225 …. 68 …. 45 …. 73
LT Debt …. 439 …. 383 …. 347 …. 32 …. 34
Total Debt …. 544 …. 608 …. 415 …. 77 …. 107
Inventories …. 12 …. 8 …. 8 …. 10 …. 10
AR …. 39 …. 36 …. 46 …. 40 …. 43
AP …. 3 …. 3 …. 1 …. - …. -
CA-CL …. (4) …. (54) …. 105 …. 224 …. 243
TD/Eq …. 74.5% …. 49.4% …. 20.6% …. 4.0% …. 6.0%
TD/TA …. 34.5% …. 29.0% …. 16.6% …. 3.8% …. 5.6%
TL/TA …. 53.8% …. 41.3% …. 19.6% …. 5.5% …. 7.2%
CR …. 0.98 …. 0.84 …. 1.95 …. 3.80 …. 3.34
QR …. 0.92 …. 0.82 …. 1.88 …. 3.68 …. 3.24
CE …. 1,443 …. 1,900 …. 2,551 …. 2,200 …. 2,085
Average of 2 years
CE (Avg) …. 1,672 …. 2,226 …. 2,376 …. 2,143 ….
TA (Avg) …. 1,839 …. 2,302 …. 2,266 …. 1,967 ….
Eq (Avg) …. 981 …. 1,624 …. 1,965 …. 1,842 ….
CASH FLOW STATEMENT
Thousands
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. (496,298) …. (1,196,248) …. 18,333 …. 45,506 …. 66,451
D&A …. 29,000 …. 46,327 …. 30,540 …. 27,801 …. 28,032
FFO …. (30,022) …. (29,573) …. (3,459) …. 9,992 …. 17,337
CWC …. 11,966 …. 18,767 …. (10,846) …. 20,557 …. (19,003)
NetOCF …. (18,056) …. (10,806) …. (14,305) …. 30,549 …. (1,666)
Capex …. (83,298) …. (139,255) …. (240,317) …. (24,760) …. (714)
FCF …. (101,354) …. (150,061) …. (254,594) …. 7,693 …. (2,380)
Dividends …. 0.00…. (10,000) …. (30,000) …. (30,000) …. (30,000)
RE …. (496,298) …. (1,206,248) …. (11,667) …. 15,506 …. 36,451
NetOCF/Net Inc …. 3.6% …. 0.9% …. -78.0% …. 67.1% …. -2.5%
FCF/Net Inc …. 20.4% …. 12.5% …. -1388.7% …. 16.9% …. -3.6%
Capex/Net Inc …. -16.8% …. -11.6% …. 1310.8% …. 54.4% …. 1.1%
Capex/NetOCF …. -461.3% …. -1288.7% …. -1680.0% …. 81.1% …. -42.9%
Capex/D&A …. 287.2% …. 300.6% …. 786.9% …. 89.1% …. 2.5%
DPO ratio …. 0.0% …. -0.8% …. 163.6% …. 65.9% …. 45.1%
VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 0.71 …. 0.81 …. 1.21 …. 1.77 …. 1.33
Market cap (m) …. 705 …. 805 …. 1,210 …. 1,770 …. 1,330
ROCE …. 9.3% …. 2.1% …. 6.6% …. -1.3% ….
ROA …. -26.7% …. -51.1% …. 0.5% …. 2.3% ….
ROE …. -50.1% …. -72.5% …. 0.6% …. 2.4% ….
FCF/Revenues …. -44.9% …. -62.1% …. -99.6% …. 3.1% …. -0.9%
FCF/Mkt Cap …. -14.4% …. -18.6% …. -21.0% …. 0.4% …. -0.2%
DY …. 0.0% …. 1.2% …. 2.5% …. 1.7% …. 2.3%
Mkt. cap/Equity (P/B) …. 0.97 …. 0.65 …. 0.60 …. 0.92 …. 0.75
Mkt. cap/Net Inc (PE) …. -1.43 …. -0.68 …. 99.56 …. 39.75 …. 20.14
Today's Price RM …. 0.80
Shares (m) …. 1,000.000
Market cap (m) today …. 800
Mkt. cap/Equity (P/B) …. 1.10
Mkt. cap/Net Inc (PE) …. -1.58
MAYBULK Quarter Report History
19.8.2017
INCOME STATEMENT
Thousands
Year …. T4Q
Revenues …. 236,966
PBT …. (504,183)
PAT …. (505,005)
EPS (RM) …. -0.50
No of shr (m) …. 1,000.0
PBT Marg …. -212.77%
NP Marg …. -213.11%
Maybulk
19.8.2017
INCOME STATEMENT
Thousands
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 225,505 …. 241,501 …. 255,724 …. 246,744 …. 262,266
GrProf …. 165,723 …. 160,942 …. 171,686 …. 161,978 …. 157,395
EBIT …. 155,408 …. 46,107 …. 156,468 …. (27,758) …. (18,564)
Int Exp …. 16,104 …. 12,773 …. 5,396 …. 1233 …. 1,944
PBT …. (167,071) …. (1,011,077) …. (18,735) …. (3,494) …. 21,244
PAT …. (491,306) …. (1,177,153) …. 12,153 …. 44,532 …. 66,049
EPS (Dil) …. -0.49 …. -1.18 …. 0.01 …. 0.04 …. 0.07
No of shr (Dil) …. 1,000,000.000 …. 1,000,000.000 …. 1,000,000.000 …. 1,000,000.000 …. 1,000,000.000
GP Marg …. 73.49% …. 66.64% …. 67.14% …. 65.65% …. 60.01%
PBT Marg …. -74.09% …. -418.66% …. -7.33% …. -1.42% …. 8.10%
NP Marg …. -217.87% …. -487.43% …. 4.75% …. 18.05% …. 25.18%
EBIT/Int …. 9.65 …. 3.61 …. 29.00 …. -22.51 …. -9.55
BALANCE SHEET
Millions USD
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 202 …. 285 …. 215 …. 304 …. 347
NCA …. 1,377 …. 1,813 …. 2,291 …. 1,722 …. 1,560
TA …. 1,579 …. 2,098 …. 2,506 …. 2,026 …. 1,907
CL …. 206 …. 339 …. 110 …. 80 …. 104
NCL …. 643 …. 528 …. 380 …. 32 …. 33
TL …. 849 …. 867 …. 490 …. 112 …. 137
Eq …. 730 …. 1,231 …. 2,016 …. 1,914 …. 1,770
TL+Eq …. 1,579 …. 2,098 …. 2,506 …. 2,026 …. 1,907
Cash …. 70 …. 141 …. 155 …. 254 …. 282
ST Debt …. 105 …. 225 …. 68 …. 45 …. 73
LT Debt …. 439 …. 383 …. 347 …. 32 …. 34
Total Debt …. 544 …. 608 …. 415 …. 77 …. 107
Inventories …. 12 …. 8 …. 8 …. 10 …. 10
AR …. 39 …. 36 …. 46 …. 40 …. 43
AP …. 3 …. 3 …. 1 …. - …. -
CA-CL …. (4) …. (54) …. 105 …. 224 …. 243
TD/Eq …. 74.5% …. 49.4% …. 20.6% …. 4.0% …. 6.0%
TD/TA …. 34.5% …. 29.0% …. 16.6% …. 3.8% …. 5.6%
TL/TA …. 53.8% …. 41.3% …. 19.6% …. 5.5% …. 7.2%
CR …. 0.98 …. 0.84 …. 1.95 …. 3.80 …. 3.34
QR …. 0.92 …. 0.82 …. 1.88 …. 3.68 …. 3.24
CE …. 1,443 …. 1,900 …. 2,551 …. 2,200 …. 2,085
Average of 2 years
CE (Avg) …. 1,672 …. 2,226 …. 2,376 …. 2,143 ….
TA (Avg) …. 1,839 …. 2,302 …. 2,266 …. 1,967 ….
Eq (Avg) …. 981 …. 1,624 …. 1,965 …. 1,842 ….
CASH FLOW STATEMENT
Thousands
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. (496,298) …. (1,196,248) …. 18,333 …. 45,506 …. 66,451
D&A …. 29,000 …. 46,327 …. 30,540 …. 27,801 …. 28,032
FFO …. (30,022) …. (29,573) …. (3,459) …. 9,992 …. 17,337
CWC …. 11,966 …. 18,767 …. (10,846) …. 20,557 …. (19,003)
NetOCF …. (18,056) …. (10,806) …. (14,305) …. 30,549 …. (1,666)
Capex …. (83,298) …. (139,255) …. (240,317) …. (24,760) …. (714)
FCF …. (101,354) …. (150,061) …. (254,594) …. 7,693 …. (2,380)
Dividends …. 0.00…. (10,000) …. (30,000) …. (30,000) …. (30,000)
RE …. (496,298) …. (1,206,248) …. (11,667) …. 15,506 …. 36,451
NetOCF/Net Inc …. 3.6% …. 0.9% …. -78.0% …. 67.1% …. -2.5%
FCF/Net Inc …. 20.4% …. 12.5% …. -1388.7% …. 16.9% …. -3.6%
Capex/Net Inc …. -16.8% …. -11.6% …. 1310.8% …. 54.4% …. 1.1%
Capex/NetOCF …. -461.3% …. -1288.7% …. -1680.0% …. 81.1% …. -42.9%
Capex/D&A …. 287.2% …. 300.6% …. 786.9% …. 89.1% …. 2.5%
DPO ratio …. 0.0% …. -0.8% …. 163.6% …. 65.9% …. 45.1%
VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 0.71 …. 0.81 …. 1.21 …. 1.77 …. 1.33
Market cap (m) …. 705 …. 805 …. 1,210 …. 1,770 …. 1,330
ROCE …. 9.3% …. 2.1% …. 6.6% …. -1.3% ….
ROA …. -26.7% …. -51.1% …. 0.5% …. 2.3% ….
ROE …. -50.1% …. -72.5% …. 0.6% …. 2.4% ….
FCF/Revenues …. -44.9% …. -62.1% …. -99.6% …. 3.1% …. -0.9%
FCF/Mkt Cap …. -14.4% …. -18.6% …. -21.0% …. 0.4% …. -0.2%
DY …. 0.0% …. 1.2% …. 2.5% …. 1.7% …. 2.3%
Mkt. cap/Equity (P/B) …. 0.97 …. 0.65 …. 0.60 …. 0.92 …. 0.75
Mkt. cap/Net Inc (PE) …. -1.43 …. -0.68 …. 99.56 …. 39.75 …. 20.14
Today's Price RM …. 0.80
Shares (m) …. 1,000.000
Market cap (m) today …. 800
Mkt. cap/Equity (P/B) …. 1.10
Mkt. cap/Net Inc (PE) …. -1.58
MAYBULK Quarter Report History
| No. | Financial | Revenue | PBT (RM,000) | Net Profit | EPS (Cent) | Dividend | NTA |
| Quarter | (RM,000) | (RM,000) | (Cent) | (RM) | |||
| 1 | 31-Mar-17 | 64,961 | -32,589 | -33,206 | -3.32 | 0 | 0.671 |
| 4 | 31-Dec-16 | 64,156 | -400,185 | -396,086 | -39.61 | 0 | 0.709 |
| 3 | 30-Sep-16 | 52,498 | -31,260 | -30,807 | -3.08 | 0 | 1.019 |
| 2 | 30-Jun-16 | 55,351 | -40,149 | -40,331 | -4.03 | 0 | 1.037 |
| 1 | 31-Mar-16 | 53,500 | -24,704 | -24,082 | -2.41 | 0 | 1.1 |
| 4 | 31-Dec-15 | 64,746 | -1,137,497 | -1,119,085 | -111.91 | 0 | 1.18 |
| 3 | 30-Sep-15 | 66,872 | -14,329 | -14,194 | -1.42 | 0 | 2.296 |
| 2 | 30-Jun-15 | 58,138 | -21,303 | -21,125 | -2.11 | 0 | 2.009 |
Comments:
When its business fundamentals deteriorated soon after the Global Financial Crisis, those who sold off quickly would have got out of an investment that was soon to crash rather quickly.
A red flag then was ALL the directors selling their equities in the company.
In its early years, this company was doing extremely well. Its super sized profits were augmented by gains from asset sales of its bulk carriers and investors were rewarded with good dividends.
Bulk carriage is a cyclical business that is also capital intensive. It is facing huge competition today due to excess capacity built up over the good period.
Selling an investment is often more difficult than buying. When the company's fundamentals deteriorated, those were good reasons to cash out and sit with cash on the sideline or redeploy cash into another investment.
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