Thoresen Thai Agencies a Strong Buy
M.L. Chandchutha Chandratat, TTA President and Chief Executive Officer
Thailand’s Thoresen Thai Agencies is a strong buy Monday according to Shayne Heffernan. Even though the market remains challenging in the sector the cautious approach from management will provide a good base for the next 3 years.
Shayne Heffernan has put a 2012 price target of 40 baht for 2012.
Thailand’s Thoresen Thai Agencies owned 27 vessels at the end of 2010, after it sold two ships during the quarter and acquired two Supramax vessels.
TTA posted a net profit of 145.5 million baht (0.21 baht per share) in the quarter to Dec 31, the first quarter of its 2011 fiscal year, compared with a loss of 65.09 million (0.09 baht a share) a year earlier, thanks to major improvement in its core shipping business.
Total operating revenue was 4.63 billion baht, up 3% year-on-year but down from 4.7 billion in the previous quarter.
Dry-bulk shipping business, the major contributor, generated a net profit of 240 million baht against a net loss of 147 million in the same period in fiscal 2010.
The Baltic Dry Index (BDI), the most widely used measure of commodity-shipping rates, averaged 2,364 during the quarter, up marginally from 2,353 three months earlier.
Key Ratios and Statistics
Market Capitalisation
Market Cap (? Millions) |
13,593.68 |
Shares Outstanding |
708.00 |
Float |
644.92 |
Per Share Data (? THB)
Earnings |
1.42 |
Sales |
25.27 |
Book Value |
36.68 |
Cash Flow |
-- |
Cash |
14.71 |
Valuation Ratios
Price/Earnings |
13.51 |
Price/Sales |
0.76 |
Price/Book |
0.52 |
Price/Cash Flow |
5.17 |
Management Effectiveness (%)
Return on Equity |
3.04 |
Return on Assets |
1.47 |
Return on Investment |
1.96 |
Profitability Ratios (%)
Gross Margin |
14.86 |
Operating Margin |
9.15 |
Net Profit Margin |
4.29 |
Dividend Information
Dividend Yield (%) |
1.35 |
Dividend Per Share (? THB) |
0.54 |
Payout Ratio |
47.69 |
Financial Strength
Quick Ratio |
1.97 |
Current Ratio |
2.27 |
LT Debt/Equity |
40.71 |
Total Debt/Equity |
55.37 |
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