Financial Data
(All values listed in USD unless otherwise stated)
Year EPS REV Net Profit % Margin
2013 6.1 - 7.3c (est)
2012 7.63c 604.001 mil 12.93%
2011 10.22c 685.45 mil 15.10%
2010 13.01c 538.931 mil 21.60% * Change in financial yr to end at Sept
2009 9.08c 383.449 mil 20.37% * 9 mths reporting (Jan - Sept)
2008 12.05c 459.419 mil 20.52%
2007 11.37c 406.369 mil 21.77%
2006 6.70c 157.082 mil 31.40%
Year Shrs Issues Div Issued(SGD)
2013 2,046,354,546
2012 1,023,177,273 0.19c with Rights offer 1 for 1 @ SGD 0.34
2011 1,022,262,139 0.45c
2010 1,002,421,099 0.50c (scrip div)
2009 860,287,997 0.42c (scrip div) + Offer 1 shr for 10 shrs
2008 782,080,000 2.19c
2007 782,080,000 5.51 c + Stock split 1 to 2 shr
2006 362,040,000 5.31c:
Other Datas (As at 28 Jun 2013)
Debt
Current: 191.115 mil
L.T : 427.945 mil
Total : 619.05 mil
Cash Bal : 318.28 mil
NAV: $ 0.56 / SGD 0.70 (Taking USD 1 = SGD 1.26)
Shares Issued: 2,046,354,546
Warrant: 35,728,154 @ exercise price SGD 1.57
Rights: 1,023,177,273 @ exercise price of SGD 0.34
Business Model
The company operated around the world on high seas with the following operations:
- Fishing and fish supply
- Fishmeal & fish oil processing
- Fish products
With the financial data reported, this company looks good as it has a proper margin and good revenue. But further inspection of its shares issued and dividends, i feel that the renumeration committee is not rewarding its shareholders properly. As the years progress, the dividend shrink is size and their shares sizes have increased much faster than their revenue. I viewed it as diluting the shareholder's value.
With the current debt that stands at 191 mil, they should be able to self-sustain for a year or two before their larger debt obligation came crushing. With the 3rd qtr reporting (as at 28 Jun 2013) with an earnings of 5c (using 1,411,522,895 shrs), we can expect around 6.1c - 7c earning for the full yr. But with enlarged shareholdings, i expect around 2 - 2.5c earnings.
Conclusion
Given that the mkt price at SGD 0.40 (as on 23 Sept 2013, 1600), my conclusion is that it is still a BUY with aim of capital appreciation till SGD 0.66. Best buying range is around SGD 0.35 - 0.38.
DISCLAIMER The ideas expressed in this blog should not be used to buy or sell the securities, commodities or assets mentioned. The accuracy or completeness of the information provided cannot be guaranteed. Readers should carry out independent verification of information provided. No warranty whatsoever is given and no liability whatsoever is accepted for any loss howsoever arising whether directly or indirectly as a result of actions taken based on ideas and information found in this blog.
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