MAYBULK at a glance

 

Maybulk owns bulk carriers.  It is a business that is capital intensive.  

Maybulk

 

KEY STOCK DATA

• P/E Ratio (TTM)

  11.82(09/15/23)

• EPS (TTM)

  ^RM0.03

• Market Cap

  ^RM320.00 M

• Shares Outstanding

  N/A

• Public Float

  655.39 M

• Yield

  5077 is not currently paying a regular dividend.

• Latest Dividend

  ^RM0.00999999978(06/18/15)

• Ex-Dividend Date

  05/28/15

Will need to take a deeper look into this company?  

At best, a turnaround stock.

Study its balance sheet for better understanding.

KEY STOCK DATA

• P/E Ratio (TTM)

  11.82(09/15/23)

• EPS (TTM)

  ^RM0.03

• Market Cap

  ^RM320.00 M

• Shares Outstanding

  N/A

• Public Float

  655.39 M

• Yield

  5077 is not currently paying a regular dividend.

• Latest Dividend

  ^RM0.00999999978(06/18/15)

• Ex-Dividend Date

  05/28/15

Maybulk (22.8.2017)

Prospect

The Baltic dry index averaged 1,006 points in Q2 2017.

China continues to import a record amount of iron ore and if the current level of buying is sustained into the second half of the year, China’s iron ore imports will exceed last year’s record of 1.024 billion metric tons and will help mitigate the reduced Indian coal imports.

The IMO recently announced that they would delay the deadline for the implementation of ballast water management system (“BWTS deadline”) on existing ships until the first statutory docking survey after 2019 against the original deadline of September 2017. With the delay in the BWTS deadline, owners may decide to defer the scrapping of older vessels and continue trading which is not positive for the freight market.

The outlook for the oil and gas sector continues to remain depressed and the timing of recovery is uncertain. This will continue to have a negative impact on the financial performance of our associate, POSH as well as MBC.

The Board is encouraged by the improving dry bulk market but remains concerned over the depressed offshore services segment and its adverse impact on the overall MBC’s performance. 

Maybulk (20.7.2017) is still bleeding and struggling.

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

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.

Maybulk - Return on Retained Earnings

Maybulk
Year		DPS		EPS		Retained EPS
2002
2003		3.6		10.8		7.2
2004		5.6		26.3		20.7
2005		9.6		63.2		53.6
2006		13.6		26.8		13.2
2007		32		52.1		20.1
2008		38.1		54.7		16.6
2009		30		19.6		-10.4
2010		15		23.8		8.8
2011		10		10.7	P	0.7
2012
Total		157.5		288		130.5
From	2003	to	2011
EPS increase (sen)				-0.1
DPO				55%
Return on retained earnings				0%
(Figures are in sens)

Investor's Checklist: Business Services

Understand the business model.  Knowing if a company leverages technology, people, or hard assets will provide insight as to the kind of financial results the company may produce.

Look for scale and operating leverage.  These characteristics can provide significant barriers to entry and lead to impressive financial performance.

Look for recurring revenue.  Long-term customer contracts can guarantee certain levels of revenue for years into the future.  This can provide a degree of stability in financial results.


Focus on cash flow.  Investors ultimately earn returns based on a company's cash-generating ability.  Avoid investments that aren't expected to generate adequate cash flow.

Size the market opportunity.  Industries with big, untapped market opportunities provide an attractive environment for high growth.  In addition, companies chasing markets perceived to be big enough to accommodate growth for all industry participants are less likely to compete on price alone.

Examine growth expectations.  Understand what kind of growth rates are incorporated into the share price.  If the rates of growth are unrealistic, avoid the stock.  



Ref:  The Five Rules for Successful Stock Investing by Pat Dorsey



Read also:
Investor's Checklist: A Guided Tour of the Market...

Maybulk

Company Name	:	MALAYSIAN BULK CARRIERS BERHAD
Stock Name	:	MAYBULK
Date Announced	:	23/11/2011

Financial Year End	:	31/12/2011
Quarter	:	3
Quarterly report for the financial period ended	:	30/09/2011
The figures	:	have not been audited

Converted attachment :

Please attach the full Quarterly Report here:

MBC 300911 Q3FY11.pdf

Currency	:	Malaysian Ringgit (MYR)

SUMMARY OF KEY FINANCIAL INFORMATION

30/09/2011

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30/09/2011	30/09/2010	30/09/2011	30/09/2010
		$$'000	$$'000	$$'000	$$'000
1	Revenue	44,379	109,027	198,946	319,525
2	Profit/(loss) before tax	1,060	88,069	77,560	174,914
3	Profit/(loss) for the period	921	88,122	76,567	173,961
4	Profit/(loss) attributable to ordinary equity holders of the parent	371	87,745	74,916	170,666
5	Basic earnings/(loss) per share (Subunit)	0.04	8.77	7.49	17.07
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.6323		1.6858

9 Month cumulative quarters ending 30-9-2011


Income statement

Revenue 198.946m

Profit from operations 56.214m

PBT 77.560m

PAT 76.567m

Finance costs (1.390m)

Income tax expense (0.993m)

Profit attributable to equity holders  74.916m

EPS attributable to equity holders
Basic 7.49 sen.

Balance Sheet

NCA 535.254m
CA  404.998m
TOTAL ASSETS 1,865.137m

TOTAL EQUITY 1,685.130m
NCL 72.009m
CL 107.998m
TOTAL LIABILITIES 180,007m
TOTAL EQUITY AND LIABILITIES 1,865.137m

Net assets per share 1.6323 sen

Asset
Associate 747.920m

Consumable stores 9.213m
Trade receivables  22.745m
Other payables  65.036m

Investments  117.708m

Short term deposits  142.870m
Cash and bank balances  102.305m
LT bank and other borrowings  72.009m
ST bank and other borrowings  42.476m


Dividends paid
30.9.2011  100m
30.9.2010  150m


Cash flow statement

PBT  77.580m
Operating profit before working capital changes 90.473m
Cash generated from operating activities after working capital changes 58.784m

Net cash generated from operating activities 57.582m
Net cash used in investing activities 19.274m
Net cash used in financing activities  (139.245m)

Depreciation and amortisation (21.283m)
Unrealised loss on quoted investments  (11.962m)
Share of results of associate 13.499m
Share of results of jointly controlled entities  9,237m
Gain on disposal of vessels  4,629m

Proceeds from disposal of vessels 57.492m


Segment Profits

Shipping Bulkers  64.710m
Shipping Tankers  (3.069m)
Ship brokerage & management 1.480m
Investment holding & others  (7,767m)

Number of ordinary shares in issue  1,000m

Market Watch

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
23-Nov-11		31-Dec-11		3	30-Sep-11		44,379		921		0.04		-
24-Aug-11		31-Dec-11		2	30-Jun-11		69,653		22,554		2.19		-
25-May-11		31-Dec-11		1	31-Mar-11		84,914		53,092		5.27		-
23-Feb-11		31-Dec-10		4	31-Dec-10		84,725		68,711		6.77		-

ttm-EPS  14.27 sen

Share Price Performance    High Low Prices 1 Month 1.890   (01-Nov-11) 1.550   (28-Nov-11) Prices 3 Months 1.960   (28-Oct-11) 1.550   (28-Nov-11) Prices 12 Months 3.000   (08-Dec-10) 1.550   (28-Nov-11) Volume 12 Months 14,485   (04-Apr-11) 162   (26-Jul-11)

Malaysian Bulk Carriers Bhd Company Snapshot

Business Description:
Malaysian Bulk Carriers Bhd operates in the Deep sea foreign trans. of freight sector. Malaysian Bulk Carriers Berhad is an investment holding company engaged in international shipping. It operates in three segments: Bulk Carriers, Tankers and Ship Management. As of February 28, 2011, the Company's total fleet was 10 owned and five controlled bulk carriers and three owned tankers. Its bulk carriers are involved in the transportation of dry cargoes comprising major bulks, such as iron ore, coal (steaming and coking coals), grains and minor bulks like sugar, coke and fertilizers, among others. Apart from its own vessels, the Company also charters-in third party vessels to service contracts of affreightment commitments. The tankers are engaged primarily in the seaborne transportation of clean petroleum products, chemicals and vegetable oils. Ship management involves marine operations, technical management of vessels, ship supplies and crewing.In August 2011, the Company winded-up its three wholly owned subsidiaries.


Current Price (11/18/2011): 1.74
(Figures in Malaysian Ringgits)

Recent Stock Performance:
1 Week -1.7% 13 Weeks -2.8%

4 Weeks -13.9% 52 Weeks -39.8%

Malaysian Bulk Carriers Bhd Key Data:

2010 Sales 404,250,000
(Year Ending Jan 2011).
Employees: 371
Market Cap: 1,740,000,000
Shares Outstanding: 1,000,000,000
Closely Held Shares: 674,356,950



23.11.2011

Price RM 1.66
PE 7.22x
DY 6.02%
Market cap RM 1660.0m