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(14-06-2023, 09:12 PM)bryan2003 Wrote: [ -> ]

PERFORMANCE TARGET ISSUER - JAKARTA. PT Samudera Indonesia Tbk (SMDR) believes that the performance in the second quarter of this year will show positive results. This optimism was driven by SMDR's business achievements in the first quarter which were said to have exceeded management's expectations.

Main Director of SMDR, Bani Maulana Mulia explained, actual performance during the first quarter of 2023 had exceeded management's expectations. Even though year on year (yoy) decreased from the first quarter of 2022, business in the first quarter of this year was higher compared to the first quarter of 2022 and previous years.

“I have often explained that 2022 is a special year, where the freight rate is extraordinarily high. So the performance of the first quarter of 2023 only "lost" to the first quarter of 2022, but "won" from all the first quarters of previous years, and was also better than the budget budget," said Bani, when contacted by, not yet this long.

On the other hand, the positive catalyst driving SMDR's business performance this year was the favorable market conditions.

Thus, it is hoped that the realization of performance until the end of the year will be better than the budgeted target. But unfortunately, Bani did not detail the exact business targets budgeted for this year.

Also Read: Samudera Indonesia (SMDR) Realizes US$ 60 Million Capex in the First Quarter of 2023

"We see that the level of customer demand remains high, and the level of freight rate also has the potential to be better compared to the first quarter of 2023," he added.

As an illustration, SMDR recorded revenue of US$ 207.7 million, a 17% decrease yoy from the previous US$ 250 million in the first quarter of 2022.

In line with that, EBITDA which was booked in the first quarter of 2023 fell 37% to US$ 75.4 million from US$ 119.6 million in the same period the previous year. Meanwhile, operating profit fell to US$ 42 million and net profit also decreased 53% yoy to US$ 27.4 million.

Bani continued, the plan to expand the addition of the fleet also continues this year. In fact, the target for adding ships this year is one of the highest.

SMDR Chart by TradingView
Referring to KONTAN's records, throughout this year SMDR has prepared capex of Rp. 2.25 trillion, of which 60% or Rp. 1.35 trillion is allocated for additional fleets of ships, both container, bulk and tanker vessels.

Meanwhile, the remaining 40% of capex will be used for business development plans in the port and logistics sector.

Macroeconomics view on Indonesia remains bullish. This should still drives the container business for SMDR.

1H 2023 Results

Revenue 35% declined to 305m
Cost of sales 16% declined to 242m
GP 65% declined to 64m
NPAT 61% declined to 66m
NTA per share 98 cents
EPS 12.4 cents
Interim dividend 2 Scents

Container Shipping segment
Revenue declined by 38% to 288m
Volume shipped declined by 5% to 907k TEU.
Hence, average Freight rate declined approx 30%.

A quick glance, overall a very decent set of results (net of interest income of 6m) with  NPM of about 20% and ROE of 22%.  It is commendable that management has keep a tight rein over cost as evident by the more than proportional drop in COS compared to the 5% decline in volume shipped.
The latest earnings includes previous 1 year contract which probably is much higher than the present one. Hence the earnings is not a very good predictive of the 2nd half earnings.
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