Posted by hng33 > 2021-08-13 20:58 | Report Abuse

Maybulk marked up selling price of its handy size vessel in May to gain additional RM 6.6m. Maybulk may marked up further its selling price supramax in Sept further from gain 75% over book value to 90% or even 100% over book value based on current bullish trend in charter rate

Posted by Lukey_Greek > 2021-08-13 22:44 | Report Abuse

Since Maybulk performs annual impairment assessment on the vessel value, the realisation of 75% increase of the vessel value this year will be pure profit, which will come to total 89m for both vessels in Q3.

Posted by hng33 > 2021-08-13 23:01 | Report Abuse

Maybulk adpot different strategy if compared to glove maker which in time of ASP hike, rush to expand capacity by double, which will end up with flush of supply if glove, leading to ASP tumbling and oversupply in near future. Maybulk, capitalise on current hike in charter rate to dispose 2 old vessel at attractive price, monetize asset, turning into net cash position while retain newer vessel to continue enjoy higher profit margin.

Posted by Anonymous69 > 2021-08-13 23:13 | Report Abuse

Is there any possibility that they want to exit out of the business?

Posted by batu88 > 2021-08-13 23:36 | Report Abuse

Personally don't think so. Maybulk get use to trade vessels in the past. But with 5 fleets on hand, the potential revenue is quite limited. Hopefully they will cash out to trade some younger vessels. Never worried about Q3 or Q4 2021 result. Should be good since it's a peak season for Maybulk. 2021 is great year for Maybulk. But I plan to hold longer than that. Hopefully Maybulk starting to have longer term strategy and start to buy younger fleets then it is more sustainable in higher share price

Posted by sharonchong > 2021-08-13 23:37 | Report Abuse

@Anonymous69.. I think it's rather a business strategy of the management..

Posted by hng33 > 2021-08-14 00:09 | Report Abuse

Maybulk needless to rush to buy new vessel at current high cost level. It can opt to lease third party new vessel to temporary increase vessel in operation to size short term high rate opportunity. For long term, maybulk should order new larger capsize vessel which is now new trend, fetch higher charter rate and have high economic of scale in operating efficiency.

Posted by Anonymous69 > 2021-08-14 00:13 | Report Abuse

glad to hear that. I was worried for a bit. I know that previously they did the same thing back in 2005 when the charter rate was all-time high, but it was understandable since they have so many vessels back then. But now, it's kind of different. No doubt, they will definitely benefit hugely at the moment. Hopefully, they will be getting some young vessels moving forward.

Posted by hng33 > 2021-08-14 00:16 | Report Abuse

Maybulk with net cash position after disposed old small vessel, it can in future order new larger capsize vessel to improved profitability in future. No of vessel is not important, just like Armanda have huge no of small loss making vessel, force to dispose to trim debt, offset profit generating larger vessel.

In future, maybulk should move to larger vessel, capsize and panamax size, get rid of small vessel, handy size and supramax size.

Posted by batu88 > 2021-08-14 00:40 | Report Abuse

Current valuation is around 15-17mil usd per vessel for supramax. On book should be around 10mil usd only. So you will get one off gain 5-7mil usd x 2. Convert to ringgit should be close to 50mil. + charter rate remain high. Easily 15-20mil for Q3. Next quarter result should be PAT around rm65-70mil.

Posted by sharonchong > 2021-08-14 02:59 | Report Abuse

（吉隆坡13日讯）大马散装货运（MAYBULK，5077，主板交通与物流股）2021财政年次季扭亏为盈，净赚3206万令吉；上年同期则亏损1270万令吉。

次季取得营收5262万令吉，按年增长37%。

上半年而言，该公司净利增长35%至4706万令吉，上年同期则赚3495万令吉；累积营收则上升10%至1亿24万令吉。

现金流方面，截至今年6月30日，该公司迎来4909万令吉净流入，手上现金因而增加至8992万令吉。

大马散装货运周五发文告指出，上半年税前盈利增长35%至4711万令吉，归功于脱售船舶获益656万令吉。

展望未来，该公司认为，得益于各国祭出经济刺激政策，和全球工业活动复苏，第3季散装货运活动料保持强劲。

周五闭市，大马散装货运涨2仙或2.90%，收报71仙，约有832万股易手。

https://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E5%A4%A7%E9%A9%AC%E6%95%A3%E8%A3%85%E8%B4%A7%E8%BF%90%E6%AC%A1%E5%AD%A3%E8%BD%AC%E7%9B%883206%E4%B8%87

Posted by Bgt 9963 > 2021-08-14 08:29 |

Post removed.Why?

Posted by KML889 > 2021-08-14 08:34 | Report Abuse

Imho, MBC at 1 ringgit a piece is not a stretch target to reach with current landscape. Anything beyond that will depend on the larger macroeconomic development especially BDI for that matter. Godspeed MBC

Posted by sharonchong > 2021-08-14 11:58 | Report Abuse

https://www.sinchew.com.my/pad/con/content_2529821.html

Posted by sharonchong > 2021-08-14 14:21 | Report Abuse

Robert Kuok is definitely not dumb.. We might not understand his strategy, but I believe he got what it takes to beat down the wisest tycoons and become no.1 richest man in the country.

Maintain short term target 0.8-0.9, and medium term target 1.2-1.5 at the end of FY21.

Posted by Lawman > 2021-08-14 14:27 | Report Abuse

I doubt MBC management will use the sales proceeds to buy newer vessels in the near term as they are very conservative. Making ship purchases at record prices/near historic peaks is not how they run their business.

Most likely they will just utilise the remaining vessels and capitalise on the higher shipping rates and only do a fleet expansion once shipping rates normalise. All these one off gains won't be reflective in the long term share price as the market will evaluate the company based on operating profits of the remaining fleet.

Posted by Nepo > 2021-08-14 15:24 | Report Abuse

https://capital.com/baltic-dry-index-hits-decade-high-on-china-port-closure

Posted by Wok > 2021-08-14 16:53 | Report Abuse

Lawman, I think there is a vessel under the 50% full acquisition of Novel Bright Asset. Under NBAL BVI, is Brilliant Star Shipping and this company is classified as "owner and operator of ships". If this full acquisition is for gaining control of another vessel, then their next qtr number's will have it consolidated into their books.

Posted by sharonchong > 2021-08-14 19:47 | Report Abuse

https://www.facebook.com/12invest.my/photos/a.276079359714359/834269977228625/?type=3

"... MAYBULK（5077）

有留意 Baltic Dry Index 指数的读者应该可以看到近期内运输的费用有多疯狂，虽然这对于一般企业来说运输成本上涨将会直接影响他们的赚幅，不过对于运输的公司而言却是他们的黄金时期。尤其是以集装箱运输的领域而言，运到美国的成本接近翻了 10 倍，加上已经接近圣诞节，不知道会不会继续攀升..

回到 MAYBULK 而言呢，他们的业绩改善也主要是 Charter Rate 的改善，该季度内 Charter Rate 是 USD 17,241 / Day，而 FY 2021 Q1 则是 USD 12,860 / Day，并且目前公司主要参考的 Supramax Dry Bulk 价格也仍在上涨的趋势中，不知道公司在下个季度的业绩会达到什么样的高度呢？

有趣的是，MAYBULK 在上一个周期中的 “黄金时期” 也出售了部分的资产，这次的也是一样。他们打算出售 M.V. Alam Madu 以及 M.V. Alam Molek 这两个资产，实际销售的价格也暂时还没公布，如果在出售后也不排除会有一次性的特别盈利以及特别股息，现在只好等他们的公布咯!..."

Posted by wongck > 2021-08-14 23:02 | Report Abuse

吉隆坡13日讯）租船费上涨，带动大马散装货运（MAYBULK,5077,主板交通物流组）截至2021年6月30日第二季转亏为盈，净赚3205万5000令吉；前期净亏1270万4000令吉。

2021财政年首半年净利年增34.7%，报4706万3000令吉；前期为3494万9000令吉。

第二季营业额从3906万3000令吉，攀升37.3%至5362万4000令吉。首半年营业额增9.8%至1亿零24万1000令吉。

大马散装货运今日发布文告指出，第二季营业额及营运净利双双走高，归功于当季的租船费按季攀升34%，加上重新交付两艘亏损的租赁船只。

展望未来，大马散装货运看好全球经济与工业活动恢复，带动主要市场基建需求，散装货运市场第三季有望继续走强。不过，Delta变种病毒肆虐或使得全球，尤其是中国经济放缓，或影响今年末季及明年的货运展望，船运费料持续波动。

“目前运费仍高企，这让公司有机会释放货运船资产价值，再脱售两艘货船Alam Madu及AlamMolek，预料可在今年第三季完成交易。”

Posted by KML889 > 2021-08-15 13:33 | Report Abuse

Be prepared for roller coaster ride tomorrow. What a timing due to uncharted political landscape unravels

Posted by kappy1204 > 2021-08-15 19:47 | Report Abuse

Does anyone have any idea that Maybulk may having some other actions, since BDI rate is expected to have suoer cycle

1) any possibility of Privatisation, since the current share price is consider cheap. The Future is Bright,expected BDI may continue its rally after covid.

2) Will PCL sg listed at Singapore one day, and exchanged with maybulk ticket.

Any Sifu here can share opinion regarding this? Thanks

Posted by Reichwerden > 2021-08-15 19:50 | Report Abuse

Bravo ....... situation continue to year end ....?

Posted by Bgt 9963 > 2021-08-15 20:07 |

Post removed.Why?

Posted by ltlim74 > 2021-08-16 00:01 | Report Abuse

MBC went thru hell in 2008 when BDI tanked from USD10k to below 1k..and they just barely make it thru. This time around, the management have a reason to believe that the BDI increase will not be sustainable no matter what the analyst predict. Hence, they are taking a prudent approach to sell off 2 supramax vessel at good price to get rid of their debts, and wait for the tide to swing south.

Posted by Bgt 9963 > 2021-08-16 08:54 |

Post removed.Why?

Posted by pingdan > 2021-08-16 10:25 | Report Abuse

I guess is time I give my personal opinion...

Q: Why did TCE improve by 31.78% but revenue only increased by 15%?

A: Last quarter, Maybulk have sold Alam Sejahtera. Hence, revenue is not as high as we expected as there is no more revenue generated from Alam Sejahtera

Q: If Alam Sejahtera sold, why did the cost of sales (depreciation) remain the same between this quarter and last quarter?

A: It is because the cost of sales (depreciation) for the Alam Sejahtera sold has not been depreciated last quarter as it has been considered as assets held for sales. Assets held for sales will not have any depreciation/cost incurred in profit and loss.

Q: How about next quarter's result? Will EPS improve?

A: Yes. Next quarter will be the best quarter ever in 10years (if exclude one-off other income) if the BDI index is above 3000 until the end of Sept. (I got my own calculation but I leave it to you all u calculate yourself, consider the TCE above 25,500, which is 50% from this quarter 17,000). Also, I am excluding the one-off gain from 2 supramax that will be sold at the end of the quarter.

Q: How about Q4 result after 2 supramax sold. WIll EPS still be good?

A: It depends on the BDI index. If it stays above 3000 for the rest of the year, it still will be considered a great investment with the current price. (Basically, you can use next quarter EPS divide by 7 times 5 and get the EPS expected. Again, I leave it to you all to calculate yourself)

Q: Why the management plan to sell 2 supramax when Supramax charter rate is at an all-time high?

A: I guess the management wants to clear off all of the debt as Supramax selling price is currently at near to all-time high. (RM264.58mil - borrowing and lease liabilities, RM208mil - selling price, and 78.6mil cash). The management is aiming for long-term survivability rather than short-term gain. FYI, both Supramax have been aged 7years old.

Posted by ltlim74 > 2021-08-16 10:27 | Report Abuse

"A wholly-owned subsidiary of the Company, has on 21 June 2021 entered into a share purchase agreement to acquire the remaining 50% equity interest in Novel Bright Assets Limited (NBAL), for a total consideration of approximately RM400. Following the acquisition, NBAL is deemed as a wholly-owned subsidiary."

Can someone shed some light about this statement in Maybulk Q2 report?

Posted by Anonymous69 > 2021-08-16 10:30 | Report Abuse

All i know is NBAL is a private company that ceased to be Maybulk's subsidiary in 2009

Posted by pingdan > 2021-08-16 10:48 | Report Abuse

NBAL should be included in the account already as the acquisition have been completed

Posted by tonychua > 2021-08-16 11:04 | Report Abuse

@pingdan, much appreciate your clarifications and highlighting some key aspects. Thanks.

I do have a question for you, if you could share your thoughts. In Q4 FY2020, there was a vessel impairment of 55.8M (for year ended 31/12/2020). Are you expecting this to be written back in Q4 FY2021 when they "revalue" the remaining 5 vessels on hand. Or is this impairment likely to be related to Alam Sejahtera and the latest 2 vessels sold. Thanks.

Posted by pingdan > 2021-08-16 11:18 | Report Abuse

Tonychua: Yes. I think they will be written back the impairment as the company making profit this year. Hence the value in use will be higher.. but won't be as high as 55.8mil as some of the vessels have been or will be sold before year end.

Impairment will be written back when the vessel is sold. It wont be wait until year-end.

Posted by sharonchong > 2021-08-16 11:44 | Report Abuse

Wow, big sales! I just topped up. Will buy more if drop further.

Posted by Wok > 2021-08-16 12:53 | Report Abuse

@pingdan,

the acquisition cost is already into the accounts....but i dont think NBAL's revenue and profits has been consolidated yet into Q2's results. They cannot consolidate NBAL's Revenue and Profit until after the share transfer is complete.

We dont know how much Revenue and Profit NBAL, but it it is equivalent to that of 1 vessel, that will be good.

Posted by Wok > 2021-08-16 13:26 | Report Abuse

the deconsolidation of NBAL back in 2009, had a cash impact of about 23mil..my estimate this reconsolidation now may bring back about 15~20mil of cash into their accounts...

all in i estimate this should bring about an additional 10~15mil of revenue and profits direct into their books for the next quarters...

Posted by pingdan > 2021-08-16 14:04 | Report Abuse

https://www.sgpbusiness.com/company/Brilliant-Star-Shipping-Pte-Ltd#Company-Industry

Posted by pingdan > 2021-08-16 14:09 | Report Abuse

Novel Bright Assets Limited owned Brilliant Star Shipping Pte Ltd.

Company Industry for Brilliant Star Shipping Pte Ltd:

1st Shipping Lines
2nd Chartering Of Ships, Barges and Boats With Crew (Freight)

I wonder why they acquired this Singapore company.. maybe they want to expand their business in Singapore?

Posted by pingdan > 2021-08-16 14:10 | Report Abuse

Wow Wok since like u are an old bird investor for Maybulk.. not sure how u get 10 to 15mil revenue... what I know is last year JV revenue is 12mil and profit are 2.3mil (According to annual report 2020)..

Since you are old bird, mind to share something on this NBAL?

Posted by Wok > 2021-08-16 15:00 | Report Abuse

@Pingdan, this company in BVI is part of the Kuok's.....holding together with PACC also Kuok's.

10~15 mil is just a proportional estimate taking into account the rates today. Yes, back in 2020, they had 12mil from JVs.....but at 50% share, it should not been consolidated into the books. Only div income they consolidate.

Maybulk's action has always been very business savy. I dont think they would have just disposed 2 vessels at good price while leaving the revenue/profit to drop without balancing back with additional income stream. This 100% acquisition of NBAL should be that new income for Maybulk.

Will see. A good discussion. Thanks.

Posted by Lawman > 2021-08-16 15:22 | Report Abuse

Must give credit where credit is due. MBC forum chat is the very few chats on i3 that does share good company analysis and understanding. Rest mostly talking crap, superficial and unimportant matters. Thank you all contributors.

Posted by Lawman > 2021-08-16 16:29 | Report Abuse

Below just released from MaybankIB

MSIA BULK CARRIE: (MBC MK, CP: MYR0.705, Not Rated) On track for a turnaround in FY21
Maybank IB Retail Research

Malaysia Bulk Carriers returned to the black in 2Q21 reporting a PATMI of MYR32.1m. This took 1H21 PATMI to MYR47.1m (+35% YoY). Excluding net exceptional gain of MYR13.5m, its 1H21 core PATMI was MYR33.5m (1H20 LATMI: MYR16.3m). In comparison, the group booked in net exceptional gain of MYR51.3m a year ago. No dividend was declared for the quarter.

The stronger 1H21 results were attributable to: 1) a 10% YoY increase in revenue, thanks to an 84% YoY increase in charter rates; and 2) lower operating expenses arising from a smaller fleet size and redelivery of two loss-making chartered-in vessels. With this set of earnings, the group is on track for a turnaround in FY21.

Moving into 3Q, earnings could be inflated by disposal gains. On 4 Aug 2021, two subsidiaries of the group signed Memorandum of Agreements to dispose vessels M.V. Alam Madu and M.V. Alam Molek to third parties. The total net consideration from the sale was approximately MYR208m

Outlook wise, management expects demand to stay elevated due to Covid-related disruptions which have led to congestion in ports and tightened supply of tonnage. Meanwhile, firm freight rates would also lend support to its prospects. On the flip side, downside risks include the Delta variant which may impact global economy.

So far, no broker covers the stock. Valuation wise, P/B is a more appropriate methodology due to its earnings track record. At current price, the stock is trading at a P/B of 2.2x, which is higher than its 3-year historical average P/B of 1.5x. Balance sheet wise, its net gearing ratio stood at 0.5x as at end-Jun 2021.

Posted by Wok > 2021-08-16 19:40 | Report Abuse

With disposal of A.Molek and A.Madu, their income bearable DWT should be at around 339,665MT.
BDI >3000 from Jul and Aug, and assume continuing in Sept as well.
This should yield.....Rev around 63mil with Profit circa 40mil for Q3. EPS should then be around 4.3sen.

All this do not include potential with NBAL consolidation, and gains from vessel disposal. If so, Q3 would very likely be another bumper

Posted by sharonchong > 2021-08-16 22:47 | Report Abuse

BDI shoots to another new high today..

Posted by sharonchong > 2021-08-16 22:48 | Report Abuse

The Baltic Dry Index jumped 3% to 3,606 on Monday, its highest level since mid-2010 and extending gains for a fifth straight session, amid improving demand and ongoing concerns about congestion in Chinese ports. The capesize index, which tracks iron ore and coal cargos of 150,000-tonnes advanced 5.3% to 4,852, a peak since May 11th; and the panamax index which tracks cargoes of about 60,000 to 70,000 tonnes of coal and grains, increased 1% to its highest since June 20 at 3,584. Among smaller vessels, the supramax index rose about 40 points to a fresh all-time high of 3,119.

Posted by logicalpatiencewins > 2021-08-17 02:29 | Report Abuse

Cant believe it, bdi just keeps on going up

Posted by Activestream > 2021-08-17 11:10 | Report Abuse

logicalpatiencewins Cant believe it, bdi just keeps on going up

I can't believe it the counter don't even want to move yet !!! good QR and BDI is upwards some more !!!!

Posted by wallstreetrookie > 2021-08-17 11:35 | Report Abuse

Lol no comment later I will get attacked again for stating the facts

Posted by pingdan > 2021-08-17 15:29 | Report Abuse

Hi coward wallstreetrookie.. still dun dare come out and bet? If dun dare just keep quiet.. u keep stating the wrong fact.. the company making loss now?

Posted by Mkttalk > 2021-08-17 15:33 | Report Abuse

Co lost too much for too long . Financials battered . Still feel the pain. The Acq from related transaction drained cash .

Posted by KML889 > 2021-08-17 15:42 | Report Abuse

Haha. Lagi best all ships sangkut at the port