MALAYSIAN BULK CARRIERS |
End-of-day quote
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|
5-day change | 1st Jan Change | ||
| 0.295 MYR | 0.00% |
|
0.00% | -4.84% |
| Feb. 21 | Maybulk Berhad Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023 | CI |
| 2023 | Malaysian Bulk Carriers Berhad has Changed its Name to Maybulk Berhad | CI |
Valuation
| Fiscal Period: December | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 815 | 560 | 550 | 540 | 525 | 360 |
| Enterprise Value (EV) 1 | 1,228 | 740.2 | 1,035 | 853.6 | 458.8 | 13.81 |
| P/E ratio | -6.04 x | 2.12 x | -75.1 x | -26 x | 2.69 x | 3.86 x |
| Yield | - | - | - | - | - | - |
| Capitalization / Revenue | 2.99 x | 2.34 x | 2.13 x | 3.07 x | 2.54 x | 2.33 x |
| EV / Revenue | 4.51 x | 3.1 x | 4.01 x | 4.85 x | 2.22 x | 0.09 x |
| EV / EBITDA | 65.7 x | 14.5 x | 19.2 x | 35.8 x | 4.42 x | 0.27 x |
| EV / FCF | -37.9 x | -4.4 x | -17.6 x | 8.07 x | 3.36 x | 0.07 x |
| FCF Yield | -2.64% | -22.7% | -5.69% | 12.4% | 29.8% | 1,360% |
| Price to Book | 1.55 x | 1.42 x | 1.55 x | 1.97 x | 1.12 x | 0.74 x |
| Nbr of stocks (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Reference price 2 | 0.8150 | 0.5600 | 0.5500 | 0.5400 | 0.5250 | 0.3600 |
| Announcement Date | 4/2/18 | 4/4/19 | 5/6/20 | 4/16/21 | 4/29/22 | 4/28/23 |
1MYR in Million2MYR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|
| Net sales 1 | 272.6 | 239 | 258 | 176 | 207 | 154.8 |
| EBITDA 1 | 18.7 | 50.98 | 54.03 | 23.86 | 103.7 | 51.64 |
| EBIT 1 | -0.051 | 28.22 | 28.46 | -2.53 | 85.43 | 40.94 |
| Operating Margin | -0.02% | 11.81% | 11.03% | -1.44% | 41.26% | 26.45% |
| Earnings before Tax (EBT) 1 | -129 | 264.8 | -6.099 | -20.68 | 195.4 | 93.29 |
| Net income 1 | -135 | 263.8 | -7.319 | -20.78 | 195.2 | 93.18 |
| Net margin | -49.51% | 110.4% | -2.84% | -11.81% | 94.3% | 60.2% |
| EPS 2 | -0.1350 | 0.2638 | -0.007319 | -0.0208 | 0.1952 | 0.0932 |
| Free Cash Flow 1 | -32.44 | -168.2 | -58.91 | 105.7 | 136.7 | 187.8 |
| FCF margin | -11.9% | -70.4% | -22.83% | 60.08% | 66.03% | 121.32% |
| FCF Conversion (EBITDA) | - | - | - | 443.25% | 131.8% | 363.64% |
| FCF Conversion (Net income) | - | - | - | - | 70.02% | 201.52% |
| Dividend per Share | - | - | - | - | - | - |
| Announcement Date | 4/2/18 | 4/4/19 | 5/6/20 | 4/16/21 | 4/29/22 | 4/28/23 |
1MYR in Million2MYR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 413 | 180 | 485 | 314 | - | - |
| Net Cash position 1 | - | - | - | - | 66.2 | 346 |
| Leverage (Debt/EBITDA) | 22.1 x | 3.534 x | 8.978 x | 13.15 x | - | - |
| Free Cash Flow 1 | -32.4 | -168 | -58.9 | 106 | 137 | 188 |
| ROE (net income / shareholders' equity) | -20.3% | 56% | -1.95% | -6.61% | 52.5% | 19.5% |
| ROA (Net income/ Total Assets) | -0% | 1.58% | 1.8% | -0.2% | 8.34% | 4.04% |
| Assets 1 | 6,134,273 | 16,674 | -407.3 | 10,576 | 2,340 | 2,307 |
| Book Value Per Share 2 | 0.5300 | 0.3900 | 0.3500 | 0.2700 | 0.4700 | 0.4900 |
| Cash Flow per Share 2 | 0.0700 | 0.2900 | 0.0800 | 0.0400 | 0.2100 | 0.3800 |
| Capex 1 | 6.96 | 141 | 192 | 0.72 | 3.11 | 1.8 |
| Capex / Sales | 2.55% | 58.85% | 74.51% | 0.41% | 1.5% | 1.16% |
| Announcement Date | 4/2/18 | 4/4/19 | 5/6/20 | 4/16/21 | 4/29/22 | 4/28/23 |
1MYR in Million2MYR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
| 1st Jan change | Capi. | |
|---|---|---|
| -4.84% | 61.87M | |
| +30.31% | 12.25B | |
| +21.24% | 4.13B | |
| +36.60% | 4B | |
| +16.23% | 2.8B | |
| -15.05% | 1.89B | |
| +18.10% | 1.88B | |
| +16.21% | 1.85B | |
| +33.94% | 1.59B | |
| +32.12% | 1.57B |
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