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(06-05-2021, 10:38 PM)Squirrel Wrote: Trying to get a glimpse into how Samudera shipping is doing in Q1 2021 with the persistently high container shipping rates! Definitely a cash cow under the current environment, bolstering its' next possible move in share buybacks, special dividends and building up its dry bulk and tanker businesses.
More details in https://www.thesquirrelsdrey.com/post/sa...021-update
As the 1H 2021 results will be released soon, I have re-read your posting. Interesting perspective to gauge the result of a subsidiary from the group level via Non Controlling Interests. Unlike the previous read, this time I noted a discrepancy in the interpretation of NCI movement.
Would like to highlight - net profit (not gross profit) under the Note 23 movement of Samudera Indonesia
NCI in net assets of consolidated subsidiary, Samudera Shipping ie SSL, has increased to USD 73.3m from USD 65.7m (an increase of USD 7.6m) over 1Q 2021. Since the NCI of SSL is 34.86%, the net profit of SSL (regrossed to 100%) is USD 21.8m for the first 3 months.
PS: The movement in NCI of Note 23 may be seem as residual profit (net of all expenses including tax and dividend payment) that flow to the net assets in the balance sheet.
As such, assuming everythings constant, will be looking at FY net profit of USD 87.2m representing EPS of USD 16.2 cents. On hindsight, we know that there is a small increase in freight volume and a not modest increase in container freight rate. Thus it is not unreasonable to expect better results than above for the Full Year.
If the SSL 1H 2021 EPS is anything less than USD 8.1 cents, it will be disappointing to me.
Big thanks to you, Squirrel for your sharing.
Vested recently.
PS: wonder why SSL did not issue a positive profit guidance.