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14-05-2015, 07:34 PM
Nam Lee reported 1H earnings :
[url]http://javascript:showDocns_Z7_680412S0JO2450AOAFHGTG30G5_("Z3TOIAJOUP30H9BK&H=ac175799785fe2f5b476b25ea9b0bbcb97ab65066acf43519c5a36a43ca4364f",%20"IPO%20New%20Listings");[/url]
As usual, and annoyingly so, they don't strip out the Q2 numbers so you have to do some calculating. As far as I can see :
Sales :
Q2 : 40,246
Q1 : 30,934
Q4 : 35,233
Q3 : 27, 364
Q2 : 36,755
Q1 : 42,100
Gross Profit Margin :
Q2 : 18.2%
Q1 : 20.9%
Q4 : 20.2%
Q3 : 12.3%
Q2 : 18.4%
Q1 : 13.9%
Net Earnings :
Q2 : 2,594
Q1 : 2,538
Q4 : 3,349
Q3 : 615
Q2 : 1,323
Q1 : 1,863
Net Profit Margin :
Q2 : 6.4%
Q1 : 8.2%
Q4 : 9.5%
Q3 : 2.2%
Q2 : 3.6%
Q1 : 4.4%
Whilst it is too early to declare that the earnings are turning around decisively (and net margins are declining again...), it is very encouraging and seems to gel with what the company said at its AGM - namely that they would focus more on the container business and be a lot more selective on construction contracts given the cut throat competition in that segment. The flip side (as also disclosed at the AGM) is that they are having to carry more inventory for the container business which is bad for their cash flow.
Based on last twelve months trailing EPS, we could be looking at 3.75 cents or a 28% jump from last year's earnings. Lets hope the market starts recognising signs of a turn-around. The discount to NAV (share price of 29.5 cents versus NAV of 49.6) remains significant and there should be upside to last year's 1.5 cents dividend.
Vested - patiently....
[url]http://javascript:showDocns_Z7_680412S0JO2450AOAFHGTG30G5_("Z3TOIAJOUP30H9BK&H=ac175799785fe2f5b476b25ea9b0bbcb97ab65066acf43519c5a36a43ca4364f",%20"IPO%20New%20Listings");[/url]
As usual, and annoyingly so, they don't strip out the Q2 numbers so you have to do some calculating. As far as I can see :
Sales :
Q2 : 40,246
Q1 : 30,934
Q4 : 35,233
Q3 : 27, 364
Q2 : 36,755
Q1 : 42,100
Gross Profit Margin :
Q2 : 18.2%
Q1 : 20.9%
Q4 : 20.2%
Q3 : 12.3%
Q2 : 18.4%
Q1 : 13.9%
Net Earnings :
Q2 : 2,594
Q1 : 2,538
Q4 : 3,349
Q3 : 615
Q2 : 1,323
Q1 : 1,863
Net Profit Margin :
Q2 : 6.4%
Q1 : 8.2%
Q4 : 9.5%
Q3 : 2.2%
Q2 : 3.6%
Q1 : 4.4%
Whilst it is too early to declare that the earnings are turning around decisively (and net margins are declining again...), it is very encouraging and seems to gel with what the company said at its AGM - namely that they would focus more on the container business and be a lot more selective on construction contracts given the cut throat competition in that segment. The flip side (as also disclosed at the AGM) is that they are having to carry more inventory for the container business which is bad for their cash flow.
Based on last twelve months trailing EPS, we could be looking at 3.75 cents or a 28% jump from last year's earnings. Lets hope the market starts recognising signs of a turn-around. The discount to NAV (share price of 29.5 cents versus NAV of 49.6) remains significant and there should be upside to last year's 1.5 cents dividend.
Vested - patiently....