Samudera Shipping

[Yoyo]

Non Controlling Interest NCI also known as Minority Interest MI denotes the portion of an entity net assets that is owned by the minority group. 

Using this basis, my guesstimate of Q1 SSL NPAT is 21.8 and hence 1H 43.6 With increasing shipping rate, ceteris paribus, it is not unreasonable for SSL to deliver this target.  While the 1H NPAT of 36.7 is impressive compared to last year, it does fall short of my expectation.  If my Q1 NPAT estimate of 21.8 is somewhat/approx right, then Q2 simply delivers 14.9  What could have caused such unusual showing, Q to Q deterioration despite strong positive macro?
Potentially
1. Timing of sales of aged container box, realizing gain of 1.5 other income, of which bulk in Q1 or Q2?
2. Provision for bad debts of 1.1, captured in Q1 or Q2?
3. Provision for employee benefits (ie bonus), playing catch-up in Q2 for the improved profit result?
4. Others. I don’t know, possibly my computation is flawed.

SI - Samudera Indonesia
SSL - Samudera Shipping Ltd
NCI - non-controlling interest

Confirmed point 4.  My computation is flawed.  I have merely considered SI ownership of SSL, while overlooked on SSL NCI.  The SSL NCI will roll into SI NCI in SI consolidated numbers.  There is no way to determine this value till it is disclosed in SSL 1H2021 results showing SSL NCI share of NP of 1.2m.

Assuming 0.6m SSL MI share of NP in Q1, my revised Q1 NP of SSL is 20.1m instead of 21.8m.  Need to deduct 0.6m from Q1 NCI net asset movement of 7.6m before regrossing the resultant to arrive at SSL NPAT for owner.

Thus, my NP guesstimate is 20m for Q1 and 17m for Q2, amended from previous 21.8m for Q1 and 14.9m for Q2 (much less scaring QtoQ fluctuation).  This quite mirror the QtoQ performance of SI of 21m for Q1 and 18m for Q2.

A partial review of SI results:
1.  Note 26 Cost of Sales.  Depreciation has increased from 7.6m in Q1 to 16.9 in 1H, QtoQ increase of 1.7m (as highlighted by Behappyalways)
2.  Note 26 Cost of Sales.  Last item classified as Others has increased from 3.2m in Q1 to 9.5m in 1H, QtoQ increase of 3.1m (probably caused by port congestion)
3.  Note 25 Revenue.  Revenue has increased from 128m in Q1 to 274m in H1, QtoQ increase of 18m.