Thoresen Thai - Reederei aus Thailand - 500 Beiträge pro Seite

[trick17-2]

Thoresen Thai ist eine thailändische Reederei,
derzeit eine Flotte von 45 Schiffen.

Vornehmlich sind es Schiffe für den Transport von Schüttgut.

Im Q2 wurden 2 Baht pro Aktie verdient,
die aktei kostet zurzeit 40 Baht, ist
in den letzten Monaten schon um einiges gestiegen,
hat jedoch historische Höchststände noch nicht erreicht.
In 2005 wurden über 9 Baht und in 2006 etwas über 6 Baht
verdient. Dividenden zahlt das Unternehmen auch.
Für 2006 wurde 2 Baht ausgeschüttet.

Thoresen diviserifiziert derzeit in Schiffe für die
Ölförderung.

Das Unternehmen hat eine Marktkapitalisierung von ca. 550 Millionen Euro, es sind 650 Millionen Aktien auf dem Markt.

Ich denke es ist eine interessante Alternative zu Tanker-
Aktien wie Frontline. Sicherlich nichts Hoichspektakuläres,
aber Thoresen profitiert massiv von den hohen Frachtraten
für Eisenerz, Kohle und Co. Es gibt noch keinen Thress bei WO,
auch ein Zeichen dafür, dass noch nicht so viel spekulatives
Geld in diesem Markt drin ist.


Weiterhin bin ich noch in Neptune Orient Lines investiert,
die Container-Schiffe besitzen. Die Akite halte ich
aber im Vergleich zu Thoresen Thai nicht mehr für billig.

trick17

[expensive]

Antwort auf Beitrag Nr.: 30.289.954 von trick17-2 am 24.06.07 21:48:22

3.000
COSCO PACIFIC LTD. REGISTERED SHARES HD -,10 897981
AK 19.06.07

19:02:02 2,00
6.000,00 22.06.

19:55:53 1,95
(STU) -0,01

-0,51% 1,95
1,95 5.850,00
-30,00 -150,00 Cosco Guangzhou
aus Wikipedia, der freien Enzyklopädie
(Weitergeleitet von Cosco Guangzhou (Schiff))
Wechseln zu: Navigation, Suche
Die Cosco Guangzhou ist eines der größten Containerschiffe der Welt. Das Schiff wurde im Februar 2006 bei der Hyundai Heavy Industries in Ulsan (Südkorea) fertiggestellt und war zu dieser Zeit das größte Containerschiff der Welt. Vier weitere Schiffe sollen bis Herbst 2006 folgen.

Hat jemand ne Einschätzung zur Fa. COSCO ?

günstiger Einstieg möglich, Container sollen in den Nächsten Monaten teurer werden, höhere Marge wird erwartet....

[trick17-2]

Cosco ist ja auch spannend,
Börsengang von Cosco Holding heute 100fach überzeichnet.

Thoresen ist aber weniger entdeckt und dadurch
wohl um einiges spannender.

Keine Meinungen hier?


www.thoresen.com

trick17

[lapamita]

TTA NOCH NICHT ENTDECKT ???

ich kannte noch die zeiten als TTA bei ca 0,50 thb notierte ( incl XR und XW), die aktie war eines der absoluten highlyer.
ich habe einen bekannten, leider nicht ich,,der ist mit TTA zum millionaer geworden.

ich halte die aktie fuer teuer, udn sehr zyklisch, ebenso die earnings.

wenn ueberhaupt dieser sektor, dann eine RCL, regional container lines, aber auch diese hat bereits einen ueber 1000% lauf hinter sich.

grusss

[trick17-2]

Soweit kann ich bei Thoresen nicht zurück schauen.
PCl habe ich mir angeguckt, finde ich auch sehr spannend.
Ist allerdings ne Container-Linie. Thoresen hat hauptsächlich Schüttgut-Frachter.

trick17

[lapamita]

der heutige kursanstieg beruh auf eine neue mitteilung

TTA will ein boersengang machen, dies ist sicher, sicher ist aber noch nicht ob TTA an die boerse singapore geht, oder nur ( was besser waere< die tochter mermaid maretime an die boerse in sg bringt.
mermaid traegt 30% zum umsatz bei, und in dieser sparte ist ein starkes wachstum, entgegen den anderen geschaeftszweigen.
mermaid ist zumeist angagiert in den UAE.

ein boersengang der maermaid waere positiv zu der aktie.

[bernau]

Ich halte auch im Vergleich RCL fuer aussichtsreicher (kostenguenstig in Muenchen zu kaufen), da
- die Bewertung niedrieger ist
- Die Konzentration auf den innerasiatischen Feederverkehr eher unabhanegig von allg. Frachtraten ist.

NATUERLICH hat die Aktie einen Riesenlauf hinter sich, aber die Gewinnentwicklung war phaenomenal, die Aussichten des innerasiatischen Verkehrs sind hochinteressant (im Vergleich zum Anfang des Jahrtausends, als China noch schlief...) und da die Werften immer noch lange ausgebucht sind, schlummern hohe stille Reserven in den Buechern (aktuell werden gebrauchte Schiffe z:T. hoeher gehandelt als neue, da sie immerhin verfuegbar sind...
Thoresen: HALTEN
RCL: KAUFEN

[thomtrader]

Antwort auf Beitrag Nr.: 30.484.846 von bernau am 04.07.07 14:47:07

Der EMT (Emering Markets Trader) schreibt in der aktuellen Ausgabe::

Der Baltic Dry Index, ein Maß für den Preis des
internationalen Schiffstransports hat sich seit
Januar 2002 mehr als versechsfacht und im April
das alte Allzeithoch durchbrochen. (s. Grafik)
Da der Index für die Rohstoff-Frachtschifffahrt
besonders relevant ist gehört unsere Alt-
empfehlung Thoresen Thai (TTA, + 76% seit Em-
pfehlung) den Hauptprofiteuren dieses Trends.
Die TTA-Flotte von 45 Frachtschiffen transportiert
vor allem mineralische Produkte (24%) wie Eisen-
erz sowie Stahlprodukte (18%), Holzprodukte
(19%) oder Dünger (16%) und konzentriert sich
dabei auf Routen zwischen den Boomregionen
Südostasiens (v.a. Thailand, Indonesien, Singapur, tige Kosten zu senken; 3. die Diversifizierung des
Malaysia, Vietnam und China) und dem arabi- Geschäftsfeldes auf einen 30%-Umsatzanteil
schen Golf. Die Branche gilt als äußert zyklisch außerhalb der Frachtschifffahrt.
und da das Unternehmen im Jahr 2005 satte 95%
des Umsatzes in der Frachtschifffahrt erzielte ver- Neues Standbein: Öl-Offshore-Technik
sucht TTA den unerwartet stark ausgeprägten
Boom für drei wesentliche Ziele (bis 2010) zu nut- Ein wesentlicher Diversifizierungsschritt gelang
zen: 1. die Zurückzahlung von mind. 60% der durch die Expansion der 76%-Tochter Mermaid
Schulden, um die zukünftigen Tilgungsraten zu Maritime Ltd. (www.mermaid-maritime.com),
senken; 2. die Verjüngung der Flotte, um zukünf- die im ersten Halbjahr von 2007 schon mehr als
20% zum Umsatz und fast 15% zum Nettogewinn Schuldentilgung liegt. In den vergangenen Jahren
beitrug. Mermaid Maritime Ltd. hat sich auf die konzentrierte sich Thoresen Thai jedoch nicht nur
Öl- und Gasbranche spezialisiert und besitzt ne- auf die Schuldenreduktion sondern auch auf
ben 4 technischen Versorgungsschiffen auch zwei Verjüngung der Flotte, denn eine jüngere Flotte
Offshore-Bohranlagen und Tauchgerät, das zur arbeitet für gewöhnlich mit einer deutlich höheren
Erschließung von maritimen Ölfeldern dient. Marge. Alleine seit 2004 investierte das
Dank des hohen Ölpreises explodiert die Nachfrage Unternehmen daher 272.14 Mio. USD in den Kauf
nach dieser Technik, so dass in den vergangenen von 15 Schiffen und rangiert besonders alte Frachter
drei Jahren u.a. Chevron, Unocal, PTT, BP, nach und nach aus. Bei diesem Projekt ist Thoresen
ExxonMobil und Shell auf die Unterstützung von Thai auf dem halben Weg, denn immer noch ist
Mermaid Maritime Ltd. zurückgriffen. End- mehr als die Hälfte der Flotte über 20 Jahre alt.
sprechende Spezialschiffe sind zwar in der An- Thoresen Thai verkauft die Schiffe i.dR. vor dem
schaffung teuer und seltener ausgelastet als ge- 30ten Lebensjahr.
wöhnliche Frachter, dafür können Sie mittlerweile
aber mit einem hauseigenen Ingenieurteam für bis Das KGV07e liegt bei 5
zu 480.000 USD am Tag vermietet werden.
Im Fiskaljahr 05/06 erzielte Thoresen Thai bei ei-
Finanzieller Turnaround geschafft nem Umsatz von 15,574 Mrd. THB (360 Mio. EUR)
einen Nettogewinn von 3,502 Mrd. THB. (80 Mio.
Der Schifffahrtsboom der letzten Jahre wirkte für EUR) Dank der anziehenden Frachtraten stieg der
Thoresen Thai aus finanzieller Sicht wie ein Neu- Nettogewinn im zweiten Quartal 06/07 schon auf
anfang. Zuvor war das Unternehmen überschul- 1,3 Mrd. THB (30 Mio. EUR). Ohne Berücksichti-
det und die Flotte galt als veraltet. Die gung außerordentlicher Posten (wie z.B. Schiffs-
Verschuldungsquote (dept/equity-ratio) ist dank verkäufe) entsprach dies einem Gewinnanstieg von
der hohen Gewinne mittlerweile auf akzeptable satten 81%. Da der Baltic Dry Index seinen
0,63 gesunken und soll laut Unternehmens- Höhenflug seitdem fortgesetzt hat, rechnen wir
strategie um weitere 60% fallen. Bedenkt man, im Gesamtjahr mit einem Umsatz von mind. 20
dass die durchschnittlichen Zinsen für TTA derzeit Mrd. THB (462 Mio. EUR) und einem Nettogewinn
bei 7,7% liegen, so ist leicht vorzustellbar wie viel von mind. 5 Mrd. THB (115 Mio. EUR) Dies
verdecktes Gewinnpotential in der geplanten entspricht einem KGV07e von 5.
Fazit:
Dank der explodierenden Frachtraten in der Schiff-
fahrt gelingt dem ehemals maroden
Schifffahrtsunternehmen Thoresen Thai in weni-
gen Jahren eine Neuausrichtung auf drei Fronten
(Flottenverjüngung, Schuldenreduktion und Di-
versifikation). Dies sollte das internationale Kapi-
tal auf die vergessene und daher günstige Aktie
(KGV = 5) aufmerksam machen. Da die Branche
zyklisch ist und das Umfeld in Thailand volatil,
ordern wir die Aktie für unser spekulativeres
„Trading-Depot“. Vorsicht: Limits beachten!

Gruß tt

[soulmate81]

die euro-marke ist geknackt, so gefällt mir das

ich hoffe hier kommt bald mal ein bißchen mehr leben in den threat
die umsätze der letzten tage waren ja in deutschland sehr hoch

[trick17-2]

Kurs geht heute in Thailand auf 46,75 Baht, plus 6%.
Seit Threas-Eröffnung ist die Aktie gut gelaufen.

Letzte Woche wurde eine Kapital-Erhöhung beschlossen.
Die Aktienanzahl wird von 650 Millionen auf ca. 880 Millionen
steigen. Das finde ich nicht so schön. Die AG stellt sich
womöglich besser auf (Expansion), aber ich hätte schon gehofft,
dass der derzeitig sehr hohe operative Cash-Flow dem
Management für seine Pläne gereicht hätten. Ich hätte
eher an einen soften Rückkauf gedacht...
-> Wird das jetzt eine Expansion zur Boomphase?
Das könnte sehr schmerzhaft werden.

trick17

[Benx]

Antwort auf Beitrag Nr.: 30.606.413 von trick17-2 am 10.07.07 07:01:31

Katialerhoehungen sind so eine Thai- Krankheit, diese hier war eher moderat, anscheinend sind die Thais darin Weltmeister und kriegen das Geld dazu auch immer noch geliefert

[bernau]

Mir gefaellt Regional Container auch vor diesem Hintergrund besser...

Die haben allerdings heute einen Riesensatz um 12% nach oben in Bangkok gemacht...

[Commander88]

Thoresen ging heute ja trotzdem nicht schlechter ab
Hät ich nicht gedacht,und ich wollte doch noch ein paar zu 0,90.
Denke aber trotzdem das sie noch mal zurück kommen wierd.

[bernau]

Thoresen marschiert weiter und Regional Container ebenfalls.
Fuer Schnaeppchenjaeger: Die Regional Container werden aktuell fuer 0,8 in Deutschland angeboten, in Thailand ist der Kurs umgerechnet bei 0,86 - fast 10% guenstiger als an der Heimatboerse einzusteigen ist ja schonmal nicht schlecht... Also - wer schlaegt als erster zu??

[bernau]

Inzwischen hat bei RCL zwar jemand zugegriffen, die Aktie ist an der Heimatboerse aber inzwischen auf umgerechnet 0,9 Euro gestiegen - es gibt also immer noch ein Schnaeppchen zu machen, da Deutschland weiter hinterherhinkt...

[Commander88]

Die geht ja heute wieder gut ab .Kann jemand sagen warum??

[no_brainer]

via frankfurt erhält man die aktie über 10% billiger!
kurs an der SET: 51,5/ 52 THB (entspricht 1,25 €)
http://quote.bloomberg.com/apps/quote?T=quote.wm&ticker=TTA:…
kurs frankfurt: 1,12 €

[no_brainer]

Thoresen Thai Agencies PCL TTA.BK (Bangkok)
Gewinnschätzungen:
EPS 2007e:
a) lt. Reuters: 6,52 THB
http://stocks.us.reuters.com/stocks/estimates.asp?symbol=TTA…
b) lt. Thai Broker KS vom 23/07/07: 7,5 THB
http://www.settrade.com/S13_FastQuote.jsp?txtBrokerId=IPO&tx…
>>> P/E 2007e: 7-8 <<<

[no_brainer]

15% discount scheinen hierzulande niemand zu stören!
kurs an der SET: 54.50 (THB) = 1,336 €; kurs Frankfurt: 1,14 € !

[lapamita]

rechnen.....

54,5 thb sind rund 1.17 euro

1 euro rund 46,5 thb

offshore rates zaehlen niht fuer aktien

[no_brainer]

Antwort auf Beitrag Nr.: 30.950.271 von lapamita am 31.07.07 13:52:44

danke!
http://www.bangkokbank.com/Bangkok+Bank/Personal+Banking/For…

[mastap]

jetzt kaufen sich meine Aktien schon gegenseitig:

Heute Meldung von Pacific Basin shipping, dass 5% von Thai Thoresen gekauft wurden. Sprichjt sicherlich für eine relative Unterbewertung von TTA

[Commander88]

Das sind ja gute news:lickann kanns ja auf gehn zu neuen Höhen.

[no_brainer]

die jüngste studie (KGI Securities vom 6.08.2007) schätzt das kursziel auf 64 Bt und das 07 EPS auf 6.29 Bt (Rating: outperform)
http://research.kgieworld.co.th/recom.nsf/0/B8F3D0DA1CB4A8B5…

[no_brainer]

August 8, 2007, KGI Securities (Thailand):
Thoresen Thai Agencies (TTA.BK/TTA TB)
3Q07 earnings preview: A dazzling quarter
-- Expect striking 3Q07 normalized profit of Bt1.3bn, soaring 126% YoY and 27% QoQ
-- Notable results propelled by skyrocketing freight rate
-- Maintain Outperform with a 2008 target of Bt64.00
Quelle: http://www.kgieworld.co.th/en/Research/researchpaper_main.as…
pdf-datei unter: 08 Aug 09:49 TTA: 3Q07 earnings preview: A dazzling quarter

[no_brainer]

Antwort auf Beitrag Nr.: 31.107.029 von no_brainer am 09.08.07 23:39:51

der link zur studie hat nicht funktioniert
so klappt´s:
http://www.kgieworld.co.th/en/Research/researchpaper_main.as…
pdf- datei unter 06 Aug 09:08 Shipping sector: Fair winds( Short report )

[Commander88]

Mist, hätte ich doch nur heute morgen gekauft.

[no_brainer]

Antwort auf Beitrag Nr.: 31.111.037 von Commander88 am 10.08.07 10:54:03

Aug. 9 (Bloomberg) http://quote.bloomberg.com/apps/news?pid=conewsstory&refer=c…
vorletzter Absatz:
Thoresen Thai Agencies Pcl (TTA TB): The second-biggest shipper had its stock rating lowered to "neutral" from `"buy" at Goldman Sachs Group. At the same time, the brokerage raised its stock target by 7.3 percent to 59 baht. ...

[mastap]

und wo bleiben die ergebnisse, und warum heute in thai der Absturz ?

I am not amused!

[trick17-2]

Gewinn in Q3: 2,16 Baht pro Aktie, verdoppelt gegenüber Vorjahr.
Empfinge ich als etwas mau, da die Charterraten ja deutlich gestiegen sind.

Probleme mit Mermaid Maritime:
MTR-1 fällt über 2 Monate aus, infolge eines Unfalls,
MTR-2 ist zur Instandhaltung für über 3 Monate (Turnusgemäß
alle 5 Jahre).

Das KGV für 06/07 beträgt 5,5, Das ist natürlich nicht viel.

Für das nächste Finanzjahr wurde ien positiver Ausblick gegeben.

trick17

[trick17-2]

Hier ein Link zu dem Kursverlauf des Baltic Dry Index:

http://investmenttools.com/futures/bdi_baltic_dry_index.htm

Für das laufende Q4 von TTA sieht es entsprechend sehr gut aus.
Die Frachtraten liegen noch mal höher als in Q3.

Ist natürlich auch Rückenwind fürs nächste Jahr.

Mal sehen wie es weiter geht.

trick17

[no_brainer]

Ergebnis 2Q07
(=3.Quartal des Geschäftsjahrs 2006/2007 (30.09.2007)) im Vergleich zu 2Q06 und 1Q07
2Q07/ 2Q06/ % YoY/ % QoQ
Revenue 5,363 3,970 35.1% 4,529 18.4%
COGS (3,513) (2,908) 20.8% (2,732) 28.6%
Gross profit 1,850 1,062 74.2% 1,797 3.0%
Gross profit margin 34.5% 26.7% 29.0% 39.7% -13.0%
SG&A (351) (235) 49.8% (750) -53.2%
Operating profit 1,499 827 81.2% 1,047 43.2%
Operating profit margin 27.9% 20.8% 34.1% 23.1% 20.9%
Net profit 1,390 703 97.7% 1,129 23.11%
Extraordinary items 100 129 -22.3% 272 -63.0%
Normalized profit 1,289 574 124.8% 857 50.4%
Normalized profit margin 24.04% 14.45% 66.4% 18.93% 27.0%
EPS 2.16/ 1.09/ 97.7%/ 1.75/ 23.11%
Normalized EPS 2.00/ 0.89/ 124.8%/ 1.33/ 50.40%
Source: TTA, Trinity Research http://www.settrade.com/brokerpage/AnalystConsensus/Research…

[no_brainer]

http://www.bangkokpost.com/Business/21Aug2007_biz33.php
Tuesday August 21, 2007
... net profit in fiscal 2007 would rise 20% because of higher freight rates and shipping demand, ... Profit in the first nine months to June 30 climbed 42% ...

[soulmate81]

gibts schon irgendwelche infos bezüglich der kommenden dividende?

[expensive]

Antwort auf Beitrag Nr.: 31.236.602 von soulmate81 am 21.08.07 10:14:17

ein Antesten von neuen Höhen ?

[mastap]

hallo expensive,

das ist ja fast schon beängstigend, in wievielen Threads wir uns treffen.
Naja, so lange wir uns die Stücke nicht gegenseitig wegnehmen.

Gegenwärtige Kursziele so um die 64 Baht, also + 25 % Potenzial.

[expensive]

Antwort auf Beitrag Nr.: 31.268.482 von mastap am 23.08.07 14:11:22

diese thailändische Reederei war vor Wochen ein Tip vom Emerging Market Trader-Verlag, habe leider nicht reagiert!

Gruß

expensive

[trick17-2]

Baltic Dry Index ist auf fast 8000 gestiegen.
Der Anstieg ist sehr steil.
Da ist wohul auch einiges an spkulativem Geld drin.
Es kann also genauso steil wieder
runter gehen. Zurzeit wird damit bei TTA kräftig verdient.
wird interessant zu sehen sein, inwiefern
TTA die jetzigen Schiffsfrachten langfrsitig nutzen bzw.
sichern kann.

Deer Kurs befindet sich mit 55 Baht am Alltime-High.


trick17

[no_brainer]

Antwort auf Beitrag Nr.: 31.409.780 von trick17-2 am 06.09.07 06:29:26

[no_brainer]

14 September 2007
Siam City Securities schätzt den fair value (FY2007) von Thoresen Thai Agency (TTA) auf Bt 68.56
urteil: buy
http://www.settrade.com/brokerpage/AnalystConsensus/Research…
Year-end 30 Sep 2005 2006 2007F 2008F 2009F
Sales (Bt m) 14,887 15,997 17,409 18,811 18,400
Gross Profit (Bt m) 8,366 6,264 8,134 9,637 9,064
EBITDA (Bt m) 7,440 5,141 6,941 8,148 7,871
EBITDA (%chg) 36 -31 35 17 -3
Normalized Profit (Bt m) 5,932 2,760 4,486 5,877 5,718
Net Profit (Bt m) 5,949 3,502 4,732 5,877 5,718
EPS (Bt) 9.24 5.44 7.35 9.13 8.88
EPS (%chg) 36.6 -41.1 35.1 24.2 -2.7
DPS (Bt) 3.50 1.35 2.06 2.74 4.00
Dividend Yield (%) 7.0 2.7 4.1 5.5 8.0
BVPS (Bt) 14.21 18.68 24.68 32.14 38.67
P/E (x) 5.4 9.2 6.8 5.5 5.6
P/BV (x) 3.5 2.7 2.0 1.6 1.3

[no_brainer]

http://www.bangkokpost.com/220907_Business/22Sep2007_biz37.p…

Thoresen Thai optimistic about 2008

Higher freight rates drive shipper\'s growth

UMESH PANDEY

Thoresen Thai Agencies Plc, one of the country\'s leading shipping companies, says it expects earnings in fiscal year 2008 to be stronger than this year\'s. The company cites rising freight rates, stronger earnings from its offshore business and a possible increase in the number of vessels.

\'\'The shipping industry looks to continue its strong performance and we are set to see higher contributions from some of the subsidiaries,\'\' said M.L. Chandchutha Chandratat, the SET-listed company\'s managing director.

\'\'Although high crude oil and steel prices may shave off some of the margins, the strength of the market could help offset these changes,\'\' he said.

Slightly more than 10% of the company\'s operating expenses are related to the maintenance of its 45 ships.

M.L. Chandchutha said that the company would also benefit from lower interest expenses on $169.8 million in loans following a successful issue of convertible bonds.

The bonds pay a coupon of 2.5% per year and have a conversion price of 59.90 baht a share.

The bonds were sold during one of the toughest periods for the debenture markets due to sub-prime fears in the US and are expected to be paid for and issued on Monday. They will be listed on the Singapore Exchange.

Proceeds from the bonds would refinance existing debt and fund fleet renewal and expansion.

One-third of the bonds would be redeemable either in cash, new shares or a combination of cash payment and share settlement after three years.

A third of the bonds would also be redeemable after four years and a third after five years.

Analysts said that the conversion price of 59.90 per share for the issue of $169.8 million worth of convertible bonds represented a 15% premium to TTA\'s stock price of 52 baht a share and was above the initially conservative estimate of 50 baht.

\'\'To reflect lower-than-expected EPS dilution, we raised our target price from 67 to 69 baht. We maintain our \'buy\' rating on the stock given our bullish view on TTA\'s dry-bulk business for 2008-09F,\'\' Poramet Thongbua, a shipping analyst at Tisco Securities said in a note to clients.

He said that the five-year bonds carried a low coupon rate of 2.5% with a 5.5% yield to maturity, and that holders would have the right to convert 40 days after the issue date. Full dilution would result in TTA issuing 96.4 million new shares (against Tisco\'s initial estimate of 120 million).

The bonds, M.L. Chandchutha said, had been helped by the shipping industry\'s overall strength, which the market hopes can be sustainable for another three to four years. The company also hopes to sell part of its holdings in Mermaid Maritime later this year.

\'\'The fact that the convertible bonds were well received gives us the confidence to go ahead with our listing plans no matter what the market conditions are,\'\' he said.

Mermaid, a 78%-owned subsidiary of TTA, plans to float 115 million shares during its initial public offering in Singapore. M.L. Chandchutha says his aim is to raise a minimum of $100 million from the share sale.

The listing\'s proceeds would finance new tender rigs and subsea vessels.

\'\'This is just the initial plan and the rest of the pricing would depend on the market\'s appetite and the earnings multiples that we get, which we hope would be better than the seven-times multiples that the consolidated firm trades on the SET,\'\' he said.

M.L. Chandchutha added that all proceeds would go towards fleet modernisation. He said that the company would capitalise on industry strength with the Baltic Dry Index (BDI) touching historic highs of more 8,600 points yesterday.

Commenting on takeover rumours about TTA due to its very diversified shareholding structure and lack of major shareholders, he said that the company was open to having partners and would not initiate a \'\'poison pill\'\' to scuttle such moves.

\'\'We are open to such moves and the move by Hong Kong based Pacific Basin (which purchased 5% about a month ago) is a good example. We welcome more such investments if they are interested,\'\' he said.

TTA shares closed yesterday on the Stock Exchange of Thailand at 55 baht, up three baht, in heavy trade worth 1.23 billion baht.

[no_brainer]

Antwort auf Beitrag Nr.: 31.672.654 von no_brainer am 20.09.07 11:58:02

21 September 2007
Siam City Securities erhöht fair value (FY2007) von Thoresen Thai Agency (TTA) auf Bt 73.92
urteil: buy
http://www.settrade.com/brokerpage/AnalystConsensus/Research…
Year-end 30 Sep 2005 2006 2007F 2008F 2009F
Sales (Bt m) 14,887 15,997 17,409 18,811 18,400
Gross Profit (Bt m) 8,366 6,264 8,134 9,637 9,064
EBITDA (Bt m) 7,440 5,141 6,941 8,148 7,871
EBITDA (%chg) 36 -31 35 17 -3
Normalized Profit (Bt m) 5,932 2,760 4,486 6,147 5,867
Net Profit (Bt m) 5,949 3,502 4,732 6,147 5,867
EPS (Bt) 9.24 5.44 7.35 8.29 7.92
EPS (%chg) 36.6 -41.1 35.1 12.8 -4.5
DPS (Bt) 3.50 1.35 2.06 2.49 2.37
Dividend Yield (%) 6.7 2.6 4.0 4.8 4.6
BVPS (Bt) 14.21 18.68 24.68 36.15 41.92
P/E (x) 5.6 9.6 7.1 6.3 6.6
P/BV (x) 3.7 2.8 2.1 1.4 1.2
Source: Company reports, SCIBS Research

[trick17-2]

Das Geschäftsjahr ist Ende der Woche ja durch.
BDI fast auf 9000 Punkte, so dass in Q4 wohl mind.
2 Baht, eher wohl 3 Baht pro Aktie verdient wurde.
Der Rückenwind wird auch auf jeden Fall zu einem
guten Q1 führen.

Wenn längerfristig im Bereich 10 - 12 Baht pro Aktie
im Jahr verdient wird, dann sind dreistellige Ziele
zumindest nicht utopisch. Wäre schön.

trick17

[trick17-2]

BDI jetzt bei 9860, Geschäftsjahr 06/07 konnte
schön zu Ende gebracht werden. Das nächste läuft
dann auch mal gut an. Mal sehen ,was der aktuelle
Börsengang der Tochter Mermaid so mit dem Aktienkurs
von TTA anstellt.

trick17

[no_brainer]

Antwort auf Beitrag Nr.: 31.919.853 von trick17-2 am 10.10.07 06:36:15

Reuters, Wed Oct 10, 2007
Thoresen Thai Agencies <TTA.BK> rose 2.5 percent to a record 61.50 baht on analyst optimism the shipper would benefit from its Mermaid Maritime Public Co subsidiary (MML) plans to raise $148 million in a Singapore initial public offering.

[no_brainer]

October 10, 2007
Siam City Securities erneuert Kaufempfehlung
Fair Price (2007) THB73.92
http://www.settrade.com/brokerpage/AnalystConsensus/Research…

[no_brainer]

11/10/07
Asia Plus Securities schätzt Fair Value auf THB 74.99
http://www.settrade.com/brokerpage/AnalystConsensus/Research…

[trick17-2]

BDI bei 10.695 Punkte, kein Halten in Sicht.

Als der BDI bei der Hälfte stand hat Thoresen vor 2 Jahren 9,24 Baht
pro Aktie verdient. Das Wäre ein KGV von 7.
Allerdings sollte ein wenig mehr für 2007 / 08 drin
sein. Die Analsyten gehen (noch) von 7 - 9 Baht aus.
Sie werden die Schätzungen nach oben nehmen (müssen).

trick17

[trick17-2]

BDI bei 11000 Punkte.
Ich gehe davon aus, dass zurzeit
2 Baht pro Aktie und Monat nach Steuern
verdient werden.

Aus meiner Sicht sind die Reedereien
noch nicht als lukrative Investmentidee
bei der Masse angekommen. Wird aber kommen.
Bei den derzeitigen Margen wird das bald entdeckt,
da bin ich mir sicher.

trick17

[entombed1966]

Ist hier - ausser mir - noch wer investiert? Und wenn ja, wie beurteilt ihr die aktuelle Lage?

[soulmate81]

habe die aktuelle schwäche genutzt und bin heute nochmal mit ner position rein

die marktlage ist schwer einzuschätzen, da man ja wenig news erhält
wichtig ist ja auch die politische entwicklung in thailand und wie sich die asiatischen börsen halten

am 22.11. gibt das jahresendergebnis, dann wird sich entscheiden wohin es geht
der ausblick wird schon gut werden

[baerchen73]

Antwort auf Beitrag Nr.: 32.396.241 von entombed1966 am 12.11.07 17:43:31

na klar, bin auch dabei...und auf dem weg zuzukaufen. ausblick und chancen haben wir ja in den anderen threads schon erörtert.

greetz !
baerchen

[trick17-2]

BDI hatte von 11000 auf 10000 konsolidiert
und der Ölpreis ist heftig gestiegen, beides
nicht positiv für TTA.

Entsprechend hat die Aktie 15% korrigiert, nicht ungewöhnlich.

Nun ist der BDI wieder bei 11000, Magren dürften
fantastisch sein. Der BDI hat nicht weiter korrigiert,
deute ich als Zeichen, dass er weiter steigen wird.

Der Ölpreis weiter sehr hoch.


Ich gehe davon aus, dass in den ersten 6 Wochen des Geschäftsjahres
schon 2-3 Baht verdient wurden.

trick17

[soulmate81]

EPS liegt bei 7,72 baht (+42%)

macht bei nem kurs von 54,5 baht ein kgv von rund 7
der ausblick ist auch gut
das unternehmen zahlt dividende

wenn sich der baht jetzt noch gegenüber dem euro wieder erholt, sieht gut aus

[trick17-2]

BDI ist nur noch knapp über 10.000 Punkte,
mal sehen wie weit die Korrektur uns trägt.

TTA ist entsprechend schon mal abgestürzt und
notiert unter 50 Baht.

Vielleicht sollte TTA mal ein paar Stücke zurückkaufen...

trick17

[Seawave-Surfer]

Hat jemand eine Erklärung für diesen massiven Absturz heute? Ich kann nichts finden.

[Albfinance]

Antwort auf Beitrag Nr.: 32.923.439 von Seawave-Surfer am 03.01.08 11:17:18

a) Rückgang des Baltic dry index um ca 250 Punkte (Frachtraten)

b) Rückgang Dow Jones (Marktstimmung)


c) Ölpreis bei 100 $ Barr. (Schiffe laufen nun mal mit Schweröl)

[no_brainer]

Antwort auf Beitrag Nr.: 32.923.439 von Seawave-Surfer am 03.01.08 11:17:18

http://www.boersenreport.de/marktberichte.asp?msg=0062431000…
Keine Gnade kannten die Anleger heute aber vor allem gegenüber den Anteilscheinen des Frachtriesen Thorensen Thai Agencies NVDRS (812877)ChartArchiv mit einem Kurssturz von 8,3 % auf 41,25 Baht im Zuge der stark wegen des Rekordölpreises gestiegenen Kosten.

[Poppholz]

Antwort auf Beitrag Nr.: 32.935.359 von no_brainer am 04.01.08 08:21:58

[Altstaetter]

Ich empfehle die sehr informative Website von Thoresen Thai und den ausführlichen Geschäftsbericht zur Lektüre. Da findet man alle Details. Wenn man eine Aktie besitzt, sollte man die Firma möglichst gut kennen.

Thoresen wurde soeben von Asiamoney als best gemanagte Firma in ihrer Grössenklasse ausgezeichnet.

Die Antwort, weshalb Thoresen seit November im Kurs stark gefallen ist, findet man im Verlauf des Baltic Dry Index, obwohl Thoresen nur mit rund 1/3 unmittelbar von den kurzfristigen Schwankungen der internationalen Seefrachtpreise betroffen ist. Rund 1/3 der Flotte werden als Langfristcharter vermietet mit fixem Preis über 6-18 Monate. Rund 1/3 der Flotte arbeitet auf festen Linien, welche ebenfalls mit Verzögerung auf die Preisschwankungen reagieren.

Das Oelbohr- und Bohrservice-Geschäft folgen ebenfalls anderen Preismechanismen.

Ich bin daher der Ansicht, Thoresen sei in der Spitze des Baltic Dry Index zu stark gestiegen und jetzt dafür zu stark gefallen. Heute ging es allerdings wieder aufwärts

[trick17-2]

Ich kopier den Bericht von Asia Money hier mal rein.
Da sind bestimmt ein paar nette Aktien bei.

trick17-2



ASIAMONEY
December 2007/January 2008 -

AWARDS - Asia's best-managed companies

AUSTRALIA
Small-cap Corporate of the Year
Blackmores

Natural health products company Blackmores is capitalising on its 70-year history to build its brand and differentiate on perceived quality in a highly competitive market.

Combined with astute management, product innovation and a strong approach to marketing channels such as pharmacies and e-commerce, the company has been a standout performer in the small-cap sector of the booming Australian share market – and this has been the case not just in 2007 but over the last few years.

Blackmores, which had a market capitalisation of A$338 million (US$297.9 million) at the beginning of December, enjoyed a net profit of A$16.67 million for the year to June 30, 15% higher than the same period of the previous year. That has been followed up with a 10% lift in net profit to A$6.1 million for the three months to September 30. The growth has come from the popularity of new products, such as Omega Range, Weight-Loss Accelerate, Olive Lea Extract and Immunodefence, and the strong growth of exports to New Zealand and Malaysia in particular.

Although Blackmores' shares dipped in November, the value of A$1,000 invested a year ago is about A$1,300, while an investment of A$1,000 five years ago would now be now worth just under A$3,500. Over the last six months Blackmores has outperformed more than 70% of the stocks on the Australian Securities Exchange.

The company was founded by an English immigrant, Maurice Blackmore, who brought his naturopathic ideas to Australia in the 1930s and set up the country's first health food store in Brisbane in 1938. The family is still involved in the company, with Marcus Blackmore as executive chairman, but the day-to-day operations are led by chief operating officer Jennifer Tait.

Medium-cap Corporate of the Year
Bank of Queensland

Only five years ago the Bank of Queensland (BoQ) was a small, insular-looking lender which operated entirely in its home state. Since then it has established an ever-expanding geographical footprint leveraged from an innovative franchise model, and this year it posted its first profit in excess of A$100 million.

Under the leadership of former Westpac executive David Liddy, BoQ has transformed itself from a regional player to one which is now a viable alternative to the major banks. It's a transformation which is well captured in the bank's description of itself as a "big, small bank".

Net profit was up 40% in 2007 to a record A$129 million, even as the company's market value soared through the A$2 billion barrier for the first time before the end of the year.

Much of that growth has been organic, or achieved through its popular franchise model, but there have also been acquisitions, notably the A$600 million deal to buy Western Australian building society Home, which takes the BoQ brand into the lair of HBOS unit BankWest – which itself is bent on national coverage.

Now, BoQ has close to 240 full-service branches, of which 187 are on the owner-managed franchise model. The bank has also moved into business banking, and has 16 business banking centres and 11 equipment finance centres. The bank hasn't been too proud to team up with the majors, gaining significant value from a credit card outsourcing deal with Citi.

Analysts have enjoyed the BoQ ride but many now see the bank's share price, which was for a time in the third quarter of the year the best performing Australian financial stock, as too pricey. But with more expansion and likely acquisitions planned for 2008 it may still be too soon to say that the BoQ has peaked just yet.

Large-cap Corporate of the Year
Wesfarmers

Analysts may be divided over Wesfarmers ability to turn around Australia's largest retail group Coles after this year's A$20 billion acquisition, but there is no doubt that the deal has confirmed the company's arrival in the first rank of Australian corporates.

It has been a long time in coming for the company founded in 1914 as a Western Australian agricultural co-operative, but since going public 20 years ago the Wesfarmers story has been one of ongoing growth and diversification.

Today, in addition to owning the iconic Coles chain, the acquisition brings with it national retail brands such as Officeworks and Harris Technology.

Coles and its associated brands are now added to a business comprising Bunnings, Australia's largest hardware store chain, coal mines in Western Australia and Queensland, Lumley's former insurance operation and 50% of boutique investment bank Gresham Partners.

These may be disparate operations, but Wesfarmers has shown it has the ability over the long term to assimilate its acquisitions and deliver shareholder value. For the year ended June 30, 2007, Wesfarmers posted A$786 million of net profit on revenues of A$7.7 billion. This crowns compound annual growth in net profits of 13% over the last five years.

Wesfarmers played the takeover of fallen icon Coles to perfection, seeing off a rival bid from US private equity group KKR, but now is the time to deliver operationally. Fortunately the company has a good track record in turning around failing businesses, while it has hired United Kingdom retail guru Archie Norman, credited with turning around Asda at the beginning of the decade, to reform Coles. It has also made no secret of the fact that it will be a five-year process at best.

CHINA
Small-cap Corporate of the Year
Hangzhou AUPU Group

Hangzhou AUPU Group, based in the entrepreneurial eastern Chinese city that bears the company's name, profits from a surprising gap in the country's enormously successful industrial engine. Led by its young chairman James Fang, AUPU makes niche – but vital – household electrical products that tend to get slotted into smaller, older apartments, notably exhaust fans and bathroom heaters.

Its numbers reveal just why investors subscribe to its message of industry expertise. The Hong Kong-listed company, which has a market cap of HK$1 billion (US$130 million), posted sales of Rmb227 million (US$31 million) in the first half of 2007, up 27% year-on-year. Profit over the same period jumped 23%, to Rmb117 million.

Observers credit the firm for concentrating on an area in which insufficient attention has been paid by many investors and competitors. That offers a potential competitive advantage.

"AUPU deals in an area that many of China's larger electrical equipment makers and white goods makers have overlooked," notes one Hong Kong-based head of research. "They are flexible and entrepreneurial, and they also help to help their sales people react quickly to market changes. They're a genuinely impressive company."

Medium-cap Corporate of the Year
Mindray Medical International

Shenzhen-based Mindray Medical International is a favourite pick among bankers, analysts and investors when it comes to mid-cap Chinese companies. The New York-listed maker of high-spec medical products, including ultrasound imaging systems and patient monitoring devices, has been rapidly expanding its product range and sales outlets – it now boasts service outlets across China and in overseas cities including Boston, Istanbul, London and Mumbai.

Mindray has had a great year. Its US$270 million September 2006 initial public offering (IPO) put it on the map, as did its stellar performance on the first day of trading, during which is stock more than doubled. Its securities have only continued rising, jumping 71% in the year to December 7, 2007.

Investors like the company's financial performance: profits rose 62% year-on-year in the third quarter to US$23 million, with net revenues soaring 52% to US$38 million.

"[Mindray] is a quality outfit," says one New York-based investor. "They're as good as any fast-growing medical company; they reinvest sensibly in research and design; and they are expanding fast into the United States and Germany."

The last point is perhaps the best – many Chinese firms have listed in New York, only to disappear quickly from sight. Mindray, whose stock performance this year has propelled it nearer to large-cap territory since the beginning of the year – it now boasts a market cap of about US$4.4 billion – has only become more visible since its initial stock sale.

"They are a good company run well by good people who know the industry they are in like the back of their hand," says one Hong Kong-based analyst. "Their finances speak for themselves."

Large-cap Corporate of the Year
Industrial and Commercial Bank of China

Industrial and Commercial Bank of China (ICBC) capped a great 2006 when it completed the largest-ever global IPO. It looked like it would be a tough year to top, but this year has been even better.

During 2007, thanks largely to soaring Hong Kong and Shanghai securities, ICBC became the world's largest bank by market cap, overtaking Citi of the United States. As if this was not auspicious enough, in December the Beijing-based state lender was granted approval to acquire a 20% stake in South Africa-based Standard Bank Group, Africa's largest lender, for US$5.4 billion – China's largest overseas corporate acquisition to date.

Many bankers believe that in chairman Jiang Jianqing and president Yang Kaisheng, ICBC has the best finance executives in the country, and the bank's profits seem to bear this out: it posted net profit of Rmb63.5 billion in the first nine months of the year, up 67% year-on-year. Like most leading China corporates, ICBC's shares trembled in late-year market turbulence, but its stock is still up 38% in Shanghai and 29% in Hong Kong in the year to December 7 – beating broad market indices.

ICBC is also committed to improving both its harder and softer infrastructure, spending more than US$5 billion on improving its information technology set-up during 2007. It also moved into the leasing business in November 2007, setting aside Rmb2 billion to establish the Tianjin-based ICBC Financial Leasing.

"ICBC has successfully transformed itself from a state-run company into something far more market-oriented," says one Beijing-based investment banker." Adds a Hong Kong-based fund manager with shares in China's largest lender: "They are very friendly and very successful at communicating with us. They talk with investors in a very friendly and effective way, and they are always available to talk."

HONG KONG
Small-cap Corporate of the Year
Yip's Chemical Holdings

Adversity has been the making of Yip's Chemical. Its near-death experience during the Asian financial crisis of a decade ago was an education in the skills of balance sheet management, controlled expansion and public relations.

Like many companies, Yip's was guilty of over-expanding in the 1990s, but it learned from its mistakes. "The business they have is the product of hard knocks, of trial and error," says one analyst. "It is a model that has been proven in action and for that reason I get a lot of comfort from the company."

Established in 1971, Yip's focuses on the production and sale of petrochemical products, with core businesses in solvents, coatings and lubricants. Headquartered in Hong Kong, it has manufacturing plants and sales outlets across China and a 3,800-strong workforce.

Tony Ip, the company's co-founder and chairman, has more than 30 years' experience in petrochemicals. Considering the cyclical nature of the industry, his firm's track record and ability to operate in an adverse environment is widely appreciated.

The company has an internal hedging system in which its solvents business generally picks up when the price of oil rises, while its coatings interests benefit when it falls. Although solvents still account for 56% the firm's total revenue, turnover in coatings was up 21% year-on-year despite the high oil price.

Impressively for a mature business, Yip's reported a 21% year-on-year rise in net profit to HK$155 million in the first half of the 2007-08 financial year. Its share price has risen 41% on a 12-month basis and 298% over a five-year period, closing at HK$5.4 on December 10.

Yip's acquired rival Shangda in 2006 and it continues to look at mergers and acquisitions to drive sales. It also foresees organic growth in the lubricants business and has been expanding facilities.

Medium-cap Corporate of the Year
ASM Pacific

How often do you hear of an international technology leader in Hong Kong?

ASM Pacific is the world's largest manufacturer of equipment for the assembling and packaging of semiconductor wafers once they have been cut up and tested. Hong Kong-listed, most of its operations are in Singapore, China and Malaysia.

Clearly the company is reliant on the health of a cyclical industry – its share price shot up to HK$73 in September this year, only to fall back to HK$55 by December 10 – but with its broad range of products and wide customer base, analysts note that it is better able to weather semiconductor cycles than its competitors.

"The management cannot control the stock price. All they can do is control the business," said one observer. "When the cycle is bad, then their profits go down. But while all their competitors are making net losses, they are still making a net profit."

Highly committed to research and development, ASM boasts a 46.39% return on equity, the second highest for the sector across Asia (ex-Japan), while maintaining a high dividend payout. Its net revenues increased 33% year-on-year to HK$1.55 billion in the third quarter of 2007, while net profits rose 36% to HK$393 million.

Analysts welcome the fact that the company recently went from interim to quarterly reporting and praise the firm's corporate governance: "ASM is a hairy-forearmed proposition," says one analyst. "I see men in short sleeves with pocket protectors running the business, and I like that."

Large-cap Corporate of the Year
Sun Hung Kai Properties

In September, Sun Hung Kai stated that it would boost its investment in mainland China over the next three years to Rmb77 billion (US$10.4 billion), equivalent to 30% of its total assets, from Rmb44 billion and 17%. It is this clarity with regard to strategy and its openness with shareholders and investors that has most impressed analysts this year.

Sun Hung Kai is the largest developer in Hong Kong. It has 30 million square feet of investment property (including under development), 12 million square feet of development land bank and 23 million square feet of farmland. As at June 30, its mainland land bank stood at 45.8 million square feet, 93% of it under development.

Run super-efficiently by brothers Walter, Thomas and Raymond Kwok, the company issued a share placement in October that raised HK$10.9 billion – representing 2.9% of existing share capital. With a net gearing of just 8%, it is well positioned to focus on developing high-end residential projects and commercial buildings in the mainland.

In terms of financial results, in the year to June 30, net income increased 6.5% to HK$21.2 billion, or HK$8.52 a share, from HK$19.9 billion, or HK$8.23, a year earlier. The company's share price meanwhile has soared 77% on a 12-month basis and 236% over the last five years, closing at HK$159.30 on December 14.

One of Sun Hung Kai's main growth drivers will be the development of Hong Kong's Kowloon Station and business district. An area derelict a few years ago will by 2010 be home to the International Commerce Centre (ICC). At 490 metres, it will be the world's third tallest skyscraper and will house offices, a mall, residences and two hotels.

In a cyclical business, Sun Hung Kai's diversified model and mainland expansion drive set it apart. "It has the best balance between commercial real estate and residential development," one analyst notes. "It's the sector's most trusted name."

INDIA
Small-cap Corporate of the Year
Country Club India

In a country that's increasingly devoted to spending money and time outside of work, Country Club India (CCI) is the fastest-growing entertainment and leisure group. With 186 properties dotted around the country, many of them palaces (such as the one in Begumpet near Hyderabad) formerly owned by Maharajahs or Nawabs, CCI is set to become an Asian leisure giant.

The management has stated that it has aspirations outside India's borders, and if its financials continue to move north – it posted profit of Rs260 million (US$6.6 million) in the three months to September 30, more than double the Rs108 million posted for the same period the year before – there's no reason why it cannot achieve its lofty aims.

CCI's stock price shows why investors like this fast-growing smaller-cap firm: its Mumbai shares rose no less than 32-fold since the start of 2006, and by a further 126% in the year to December 7, 2007, compared with a relatively measly 43% rise over the same period for the benchmark Sensex 30 index. CCI isn't a new company; founded in 1987, it knows its business, and is busy signing up many of Bollywood's hottest actors and actresses to entertain guests at its country clubs.

As one investor puts it, Country Club India is still a "fantastic opportunity. Other companies could have done it, but they have done it better. They've captured the sector's opportunity, they are busy setting up new facilities across Indian cities, including golf courses, and they're on the way to becoming the long-term industry leader."

Medium-cap Corporate of the Year
Bharati Shipyard

Mumbai-based Bharati Shipyard may seem an odd choice for the best mid-sized Indian corporate: it's a ship-building firm after all, an industry that India is not well known for having much expertise in. But the country is increasing its clout in mid-sized and smaller shipbuilding, even to the extent of taking market share away from China.

And of all companies, Bharati Shipyard is one of the best; it is the country's largest private-sector ship builder, designing and building cargo barges, deep-sea trawlers and dredgers – vessels that also help to expand and enlarge India's relatively small number of deep-sea and estuarine ports.

Bharati is also growing remarkably quickly. Its share price is up 91% in the year to December 7, 2007, compared with a 43% rise for the broad Sensex 30 Index. Its financials are also healthy: in the three months to June 30, the business posted sales of Rs1.48 billion, up from Rs670 million the previous year. Profits rose over that period to Rs323 million from Rs184 million.

"Shipbuilding is an area where India can lead in the future," says one Mumbai-based analyst, "and Bharati is at the head of the field. It's also an infrastructure play, and pretty much anything related to infrastructure in India over the next few years is going to be a good bet."

Large-cap Corporate of the Year
Tata Consultancy Services

It has been an awful year for India's information technology giants, each of which has been hit hard by a weakening US currency and a resulting spike in the cost of repatriating dollars back to India.

Yet across the board, Indian investors, analysts and bankers talk up the performance of one particular firm: Tata Consultancy Services (TCS), an offshoot of the mighty Tata Group.

The weak greenback may have hit TCS' Mumbai-listed stock, which has fallen 18% in the year to December 7, 2007, but the company's profits are still on the up.

In the three months to June 2007, TCS posted a net income of US$336 million, up 37% year-on-year – the sort of rapid rate usually enjoyed by much smaller IT firms in their fourth or fifth year of operation (TCS turns 40 years old in 2008).

The company has in recent months signed US$100-US$200 million outsourcing deals with financial giants including ABN Amro and Pearl Insurance of the United Kingdom.

And in the words of one Mumbai-based research head, the company has taken on several major projects that "other Indian IT firms, even [TCS' closest rival] Infosys, could not have done. Their track record of taking on and winning the largest IT projects is second to none, their attrition rates are very low, and they stand out as a company with the best delivery model in India."

Challenges remain for TCS, which needs to expand more rapidly abroad – and many expect the company to make some serious acquisitions in Europe, the US and East Asia in 2008.

Despite its currency-related problems, which exist because of the size of the US technology market and India's erstwhile dependence on it, TCS remains the best-managed and best-run large-cap company in India.

INDONESIA
Small-cap Corporate of the Year
Aneka Kimia Raya

When the Indonesian government ended the monopoly of Pertamina in petroleum distribution two years ago, the decision by Aneka Kimia Raya (AKR) to expand into the sector was initially met with scepticism by investors. But the company proved them wrong, rapidly growing in the time since.

AKR is now busy building more petroleum facilities and its capacity is expected to surge 275% by 2009. It already has 700 customers, which generated US$145 million in revenue last year, and is focusing on growing its business in Kalimantan, Sumatra and Bali. Last year, AKR's petroleum division contributed just under a third of the group's revenue but CLSA expects that to grow to 61% of total revenue in 2009, which is forecast at Rp10 trillion (US$1 billion).

AKR is also the biggest distributor of basic chemicals in Indonesia and supplies Sorbitol (used in toothpaste and vitamin C) to customers including Unilever, Colgate and Palmolive. The company has used the customer base of its chemicals division to expand its petroleum business.

"They've done extremely well over the past 12 to 18 months post their restructuring," says CLSA's head of sales in Indonesia, Michael Chambers. "While they're a smallish company now, they are doing an awful lot and are set to grow rapidly over the next year."

"Eighteen months ago people were sceptical about the company, its corporate governance and its tendency to over-promise," adds Sarah-Jane Wagg, president director of UBS in Indonesia. "But the company has delivered above expectations. They employed a lot of professional managers and have gone out and delivered."

Medium-cap Corporate of the Year
Media Nusantara Citra

The television arm of Indonesia's biggest media conglomerate impressed analysts with strong results this year, helped by a jump in advertising revenue at its three TV stations. Media Nusantara Citra (MNC), which is 70% owned by Global Mediacom, boosted its revenue for the first nine months of 2007 by 51% to Rp2.2 trillion. Net profit also jumped more than 50% to Rp326 billion.

Despite the strong results, MNC's share price has remained fairly flat since Global Mediacom listed a 30% stake on the market in June. But analysts said MNC's operational performance was strong and the management team, led by Global Mediacom chief executive Hary Tanoesoedibjo, was well-regarded.

MNC owns three TV stations, including the country's most watched network – Rajawali Citra Televisi Indonesia (RCTI), which is the leading news and current affairs channel and broadcasts Indonesian Idol. The company said recently it was in talks to buy a Hollywood studio to gain access to US movies and was also looking at buying content companies in India and China.

"Operationally MNC has done very well. It is the dominant player in the TV market with fairly grand plans," says Michael Chambers, CLSA's head of sales in Indonesia. "Hary Tanoesoedibjo is clever at using content across all of the group's different mediums."

Global Mediacom also owns a mobile phone and cable television business. MNC said at the recent results briefing that it was on track to beat its own full-year revenue and profit forecasts.

Large-cap Corporate of the Year
Bank Mandiri

In the past few years, Bank Mandiri has gone through what Merrill Lynch analyst Arief Koeswanto describes as a "cultural revolution". The bank, Indonesia's largest by total assets, has also managed to halve the number of non-performing loans on its balance sheet, making it a favorite among analysts and fund managers.

"Not only has it cleaned up its books but more importantly there has been a big cultural change at the bank," says Koeswanto. "The bank is now performance-driven and that's not easy to do given it is still a state-owned bank."

Bank Mandiri was formed from the merger of four state-owned banks in 1998 during the Asian financial crisis. Unlike its private sector peers, its ability to write-off non-performing loans was restricted and it is only in the last few years that the bank, which is still 68% owned by the government, has made real progress.

Last year it named and shamed its 30 largest defaulting debtors, many of whom had political connections. "Mandiri was left with a shocking loan legacy and they've been gradually cleaning it up," says Sarah-Jane Wagg, president director of UBS in Indonesia. "They've definitely performed above expectations."

Earlier this year, the central bank stopped its intensive supervision of Bank Mandiri because it had managed to lower its net non-performing loan rate to less than 5% for two consecutive quarters. That rate takes into account the provisions set aside for the bad debts.

Koeswanto says the bank is now in a position to look at future growth opportunities.

"Now they are shifting to growth mode and looking at acquisitions in the SME and consumer lending markets."

Bank Mandiri's net profit jumped 166% to Rp3.2 trillion in the nine months to September from the same period a year earlier.

"They have done a fantastic job at restructuring their non-performing loan book," said Macquarie Bank analyst Adam Worthington. "They are trading at a discount to their peers so we think there is more to go."

JAPAN
Small-cap Corporate of the Year
Shima Seiki

Competitiveness is considered to be one of Shima Seiki's chief strengths. It has certainly manufactured a dominant market position for itself.

Established in 1962, the firm makes and sells computerised flatbed knitting machines, and in a competitive industry it is estimated to have a 60% share of the world market.

Its main growth driver is automation demand in China, with rising labour costs spurring manufacturers to upgrade operations. The company also designs computer graphic systems, offering software to support its machines. It means that designers sitting in New York or Paris can send computerised designs to be manufactured on Shima Seiki machines directly.

As one industry observer notes: "The company has been able to develop a very distinguished product with a lot of software support and that is difficult to replicate. To some extent it has built an industry standard for knitting."

Shima Seiki's position would seem secure. Knitware is a stable market – people will always need jumpers – and the average cotton and cloth consumption in China is estimated at four kilogrammes per person, against 20kg to 30kg in Japan, the US and Europe. Moreover, the penetration of computerised knitting machines in China is thought to be 35%, so there is room for the market to triple.

The company's net profit is expected to more than triple year-on-year to over ¥11 billion (US$97 million) to March 2008, with revenues expected to rise from ¥47 billion to about ¥70 billion. Its share price has soared 91% over 12 months to close at ¥5,260 on December 11.

Medium-cap Corporate of the Year
Nidec Corp.

Nidec's aggressive strategy of growth by acquisition certainly stands out in Japan's conservative corporate culture.

Founded in 1973, its focus on manufacturing small precision motors for electronic products has not wavered in more than three decades. It ventured into the US market early and has rapidly extended its global reach into Asia and Europe.

It was the first company worldwide to comercialise a spindle motor for hard disc drives (HDDs) using a brushless motor – replacing the metal brush used to regulate motors with an electronic current, as incorporated now in blue-ray disc players and DVD players.

Highly innovative, Nidec develops its products in-house or makes scale expansions as a group through mergers and acquisitions (M&A), gaining technical expertise and market share in the process and generating profitable growth.

But the company has endured a tough year. The hard disc industry has seen a series of consolidations including a merger between Seagate and Maxtor, announced in December 2005. "That pushed Nidec back because Maxtor is a big customer, and yet it went to Seagate," notes one analyst. "But it has managed to pick up elsewhere."

The current slowdown in the HDD market is also a negative as Nand flash has started to dominate where relatively low-memory capacity is required, as in iPods, for example.

But analysts are bullish on Nidec's diversified model and long-term prospects, and where applications require a larger memory, it should continue to dominate.

The company's net profit is expected to rise 20% to more than ¥48 billion over the year to March 2008. And although its Tokyo share price has fallen almost 10% on a 12-month basis, closing at ¥8,250 on December 10, it has risen 135% over the past five years.

Large-cap Corporate of the Year
Nintendo

When Atsushi Saito, president of the Tokyo Stock Exchange, criticised the weak corporate governance and lack of financial disclosure of Japanese companies in the media in December, he could scarcely have had Nintendo in mind.

"We are required to understand a lot of companies, but never has one been as clear about pricing, positioning, marketing, product and strategy as Nintendo," chimes one analyst from an investment bank in Tokyo.

Of course, the video game company and console manufacturer has every incentive to disclose its financial results. Its net income increased 143.7% to ¥132.4 billion in the six months to September 30 this year, while its operating profit climbed 181% and net sales 132%. The firm forecasts a 58% increase in net income to ¥275 billion in the year to March 2008 and a 60% increase in net sales, to ¥1.5 trillion.

The company's success is attributed to software innovation, market strategy and execution. Its DS (dual screen) hand-held game console launched in 2004 is outmuscling Sony's PSP (Play Station Portable), while its Wii console, launched the following year, has also been a hit.

Nintendo's level of disclosure receives high praise, although it has a very conservative balance sheet with US$12 billion in net cash. But as one observer said of this boom-or-bust industry: "Many companies went bankrupt because they didn't have cash. Of those that did survive, only Nintendo is making money."

He points out that the company designs and manufactures 70% of the products it sells, ensuring that it maintains high intellectual property value and leaving rivals in its wake.

Aside from new product launches, in 2008 Nintendo has targeted China and Korea for major marketing pushes. Domestically it is establishing new distribution channels to make its DS games available in book shops, pharmacies and even pet shops. It also plans to increase the rate of internet connectivity among Wii users.

Operating in an industry that is difficult for other firms to penetrate, analysts expect the revenues to keep rolling at Nintendo.

KOREA
Small-cap Corporate of the Year
Daegu Bank

Daegu Bank gives preferential lending to companies who have no history of accounting irregularities and awards additional points to companies which have adopted environmentally-friendly policies. Its business model and financial performance has impressed Jason Yu, head of research at Samsung securities, who also admires the provincial lender as "one of those rare banks whose management prioritises environmental issues and insists on ethical operations". Sustainable financing has been official policy for the bank since 2006.

The chief executive, Hwa Eon Lee, who stepped up from being the bank's chief finance officer to take the top job in 2005, "changed the culture within the bank: he wants the workforce to be happy", says Yu. And, of course, this policy is predicated on the view that happy employees translate into happy customers due to better service. Lee sends a weekly letter to all employees who also get bonuses if they lose weight or quit smoking. It's a paternalistic approach which apparently attracts loyalty.

Daegu is based in the city with the same name – Korea's third largest – where it has a 40% market share. And although Lee is "very shareholder friendly", going on the road to meet foreign shareholders, and maintains an impressive 30% pay-out, the bank contributes 4% of its profits to the local community for a variety of projects.

Concern for stakeholders is more than a slogan for Daegu; it is widely viewed as a community bank. It is also in the vanguard of moves by provincial banks to band together under a holding company structure in order to share marketing expenses and enjoy other benefits of economies of scale, yet retain their names for operations.

Medium-cap Corporate of the Year
STX Pan Ocean

In the past, Korean shipbuilders have specialised in manufacturing very large crude carriers, container ships and liquefied natural gas carriers. But some experts reckon there is a high chance that China, which has a bigger market and is aggressively investing in this area, will soon outdo Korean shipbuilders in the number of orders.

In preparation for this eventuality, domestic shipyards have begun exploring a new market to create jobs and bring in money: expensive cruise liners. The ships cost between US$500 million and US$1 billion, while cruise passenger numbers are increasing 10% every year. At the forefront of their manufacture is STX Pan Ocean.

In November, the firm bought a 39.2% stake in Norwegian AKER Yards ASA, the world's second-largest cruise shipbuilder, to become the company's biggest shareholder, and analysts anticipate that it might soon be its majority shareholder.

The credit for this largely goes to Kang Duk Soo, chairman of the group, who was also at the helm when the company made the largest domestic IPO on the Korea Exchange to date in September, after a Singapore listing two years earlier.

It was also the largest dry bulk offering globally and the first domestic listing by a Korean company following a foreign listing.

As one admiring Seoul-based analyst says, "STX Pan Ocean has a clear strategy, knowing that it must grow and diversify, and is not being slow to put into action. That requires a discipline which it has in abundance."

It helps too, that the Korean government realises the importance of the cruise ship market.

Large-cap Corporate of the Year
Shinsegae

Shinsegae (which translates as "new world" in English) isn't short of ambition. The company wants to be among the world's top 10 retailers by 2012, and the strategy to achieve this appears not only to be well devised, but on course to succeed.

At the moment the company is primarily a prestigious top-end department store franchise, with its flagship shop in Jung-gu, Seoul, catering to the young and rich. But it has also broadened its appeal through a subsidiary, E-mart, a large discount store chain with numerous outlets in China as well as Korea, where it is the market leader. Last year, Shinsegae bought up all 16 Wal-Mart stores which were then re-branded as E-Mart.

The head of Korean operations for one global investment bank praises Shinsegae for having "extremely well-systemised software". He notes that, from its inventory management to its vendor controls and to its point-of-purchase displays, "the company is highly efficient and profit-driven."

The company separated from Samsung Group in the 1990s, later merged with the Sampoong group after the latter's department store operation collapsed, and major shareholder Myung-Hee Lee has never looked back since. Sales are expected to grow about 10% in financial year 2008, as the company aims to open ten new outlets next year in an expansion programme which should continue until at least 2011.

Expansion will lead to further economies of scale and even greater bargaining power with suppliers. Shinsegae is producing an annualised return of 15% on US$1 billion in capital investment, reinforcing its policy of investing for high returns rather than simply sales growth. Analysts are also very impressed with its corporate governance and, in particular, its positive treatment of minority shareholder interests.

MALAYSIA
Small-cap Corporate of the Year
LCL Corp.

A successful expansion into India, the Middle East and Kazakhstan has made this office fit-out group a favorite among small cap analysts and fund managers. CIMB expects LCL's revenues to surge more than 70% this calendar year to above RM300 million (US$90.2 million), and profit to more than double to Rm31.7 million.

"It's our top pick in the small-cap sector," says Terence Wong, CIMB's head of research in Malaysia. "Their model is scaleable from Malaysia to India and the Middle East. In Malaysia, the market is very competitive. LCL is the top player but it's a cut-throat market so by expanding overseas, they have been able to boost their margins by two to three times and also the projects are five to 10 times larger."

LCL is currently on the international expansion route. It entered the Kazakhstan office market two years ago, focusing mainly on residential homes. Earlier this year it set up a joint-venture with a local property developer in the country, which has already delivered it some bigger clients such as hotels and commercial buildings, and it plans to open a factory there next year.

In Dubai, the company is finishing off three big projects in the next few months worth more than RM360 million. And LCL has said it is in negotiations for some big projects in India.

Medium-cap Corporate of the Year
AirAsia

The no-frills airline impressed market watchers this year with a strong profit result, driven by a successful overseas expansion.

Joint-ventures in Indonesia and Thailand helped to boost the number of passengers by 50% in the year to June 30, 2007, to almost 14 million. Meanwhile, AirAsia's newest offshoot, AirAsia X, which is 20% owned by Richard Branson's Virgin Group, recently launched its first flight to the Gold Coast in Australia and plans to fly to other Australian airports by the end of next year.

AirAsia chief executive Tony Fernandes also plans to set up an airline in Vietnam and is eyeing the Indian and Chinese markets.

"AirAsia has clearly shown that the low-cost carrier model can succeed," says Franklin Tan, executive director of investment banking at ECM Libra.

AirAsia was the first airline in the region to introduce ticketless travel and unassigned seats. Last year, the group increased its income from excess baggage, travel insurance and an express boarding service, which offers passengers the chance to pay a fee and board first, so that they have a better choice of seats.

"We like the management of AirAsia," says CIMB's Terence Wong, head of research. "It has a good earnings model and has taken that from Malaysia and replicated it in Indonesia and Thailand. Its turnaround in profit came this year. The challenge going forward will be rising oil prices, but that is a challenge faced by all airlines."

The budget airline's strategy is to offer low-fares, fill up its planes and run a low-cost service. Last financial year its average plane load was 80% full, revenue rose by 52% to RM1.6 billion and net profit jumped 147% to RM498 million. The airline expects to carry an extra four million passengers this financial year, taking total passengers to 18 million.

Large-cap Corporate of the Year
Public Bank

Malaysia's third biggest bank outperformed its peers again this year and remains a favorite with shareholders. Public Bank's focus is the retail banking market and it also has operations in Hong Kong, Cambodia, Vietnam, Laos and Sri Lanka.

Management expects the strong earnings results to continue. The bank is targeting a return on equity of 25% by 2009 and loan growth of at least 15% next year. The bank is also pushing into the wealth management and insurance markets. In November it announced a 10-year alliance agreement with ING Group to distribute its insurance products. It was voted as the top company in Malaysia for overall corporate governance for the third consecutive year, according to a survey by the Minority Shareholder Watchdog Group.

"You have to take your hat off to Public Bank," says one Malaysian banker. "Over the last six years, loan growth in the banking sector has been slow at around 4% to 9%. Public Bank, on the other hand, has had loan growth of between 15% and 20%. And at the same time the percentage of its non-performing loans has actually fallen."

JPMorgan analysts have an overweight rating on the stock. They expect that the bank's strong capital position could prompt a boost in dividend payments over the next few years.

PHILIPPINES
Small-cap Corporate of the Year
Manila Water

Analysts and observers repeatedly use the word efficient to describe Manila Water, which is just as well considering the heavily regulated environment it operates in.

Under the leadership of the Ayala Group conglomerate, Manila Water was awarded a 25-year government concession in 1997 to run the water distribution network in the eastern zone of Metro Manila. Its challenge was to cut the level of non-revenue water (NRW), where the income generated from water sales is lost to leakages and theft, to increase the population coverage and to improve service efficiency. It has beaten all its government-set targets, reducing NRW from 63% in 1997 to 25% this year, and has made clean water available 24-hours a day to 98% of the zone, from 26% a decade earlier. It has also expanded its customer base from 3 million in 1997 to more than five million today.

"Their accomplishment is really bringing water to areas that were not served before where people had to buy bottled water," confirms one analyst.

In March 2005 the company was able to launch a US$100 million IPO, and in the past 12 months its share price has shot up 83% to P17.75. The firm is also noted for being proactive in meeting investors.

In terms of future growth, Manila Water is expanding aggressively within its concession area, as well as looking at projects in the Philippines beyond Metro Manila, including Cebu, and elsewhere in Asia, with India and Vietnam touted as targets.

A further growth driver will be the imminent increase in the tariff rates it will be permitted to charge from January 1, 2008. "Once granted, I think that will provide proof that they have been able to manage regulatory risk very well," concludes an analyst at one investment bank in the Philippines.

Medium-cap Corporate of the Year
Megaworld

Property developer Megaworld has powered to prominence due to its ability to innovate and spot niche opportunities. The firm is acknowledged to be a pioneer: first to capitalise on the fast-growing trend for business process outsourcing (BPO), it has been aggressive in implementing financing schemes or partnering banks to make its properties more affordable.

It is now the leader in mid-income condominium housing and BPO office development. It was also quick to tap into the Overseas Filipino Workers market, which now makes up about a fifth of its home sales.

Established in 1994, Megaworld suffered a crisis of confidence after the Asian financial crash of 1997. But in the past five years its share price has surged more than 900% to close at P4.35 on December 7. "There is no greater sign of Megaworld's comeback than that," says one sector analyst.

The company has focused on mixed-use communities. Its core land bank features six strategic locations across Metro Manila, with large-scale developments integrating office, residential and commercial components.

Naturally there are concerns that Megaworld is simply riding the property cycle and that the Metro Manila market has become saturated, but the firm is well positioned and analysts are confident in its ability to innovate.

The next frontier for the firm is outside of Metro Manila, and it is developing 35 hectares of land in Cebu and has 50 hectares at the old Iloilo airport. It is also pushing for more Korean investments in the country, having signed a memorandum of agreement to work with Korean counterpart DaeMyung Consulting and Realty Corp.

The next driver in the property sector could be tourism, and its Iloilo acquisition, close to beach resort Boracay, could be a step in that direction.

Large-cap Corporate of the Year
Philippine Long Distance Telephone

Founded almost 80 years ago, Philippine Long Distance Telephone (PLDT) is the largest telecommunications firm in the country. It has three core business groups – fixed line, wireless and information and telecom technology – and its ability to bundle services and offer an integrated platform is seen as a distinct advantage over its industry rival, Ayala Corp.'s Globe Telecom.

PLDT has been clear in strategy terms. It sees its growth drivers as broadband, which it has been investing in aggressively since mid-2006, and servicing business process outsourcing facilities – both sweet spots for the economy.

"It's a small part of revenues right now, but the company is still embarking on these growth areas and that is what investors want to see," highlights one sector analyst in Manila.

PLDT is also at the forefront of innovation and technology in Asia in terms of coming out with new products, including mobile phone television and remittances by text, while it has been busy growing its call centre operations.

Predictions that the country's cellular industry would plateau in 2007 proved wrong, with a subscriber penetration level of roughly 50% growing to 60%, yet PLDT was still able to maintain its 57% market share and on a 12-month basis its share price has climbed 24% to close at P3,035 on December 10. "They have been able to offset structural decline in national and international long distance calls to new growth sources such as broadband," a sector specialist added.

Actively engaged in capital management, PLDT has increased its dividend payout while halving its debt levels from more than US$3 billion at the turn of the century. In fact, some feel that it is slightly under-leveraged now. "I have a feeling they might be addressing that very soon," says the analyst.

SINGAPORE
Small-cap Corporate of the Year
SC Global Developments

Merrill Lynch's Singapore research head Melvyn Boey calls it Singapore's most respected high-end developer, and it's a very useful time to have that accolade. Singapore wants to boost its population from four to six million, much of it from skilled expatriates; wealth is booming and demand for top-end residential property seems assured. SC Global Developments is very well placed to benefit.

"With an excellent track record and standing in the luxury residential segment of the property market, we believe that upcoming launches will continue to set record prices over the next year," Boey says. Merrill predicts a compound annual growth rate of 209% in earnings over the next three years – yes, 209.

If that seems far-fetched, recent numbers demonstrate the company's momentum. Net profit was up 74% in the half year to June 30, year-on-year, with a 32% gross margin thanks to high sales prices. Its ultra-luxury developments are selling out within days of debut, with construction barely underway; and an associated company in Australia, AVJennings, is helping performance too.

The future looks bright; SC has a 1.1 million square feet landbank of developable area in high-end lifestyle districts on Orchard Road and Sentosa Cove and is well placed for the city-state's growing opulence.

Medium-cap Corporate of the Year
Tat Hong Holdings

If you want to play a construction boom, buy cranes. Singapore's Tat Hong Holdings is, within its chosen field of renting out cranes up to 800 tonnes, the biggest crane company in Asia, and a world leader in its fleet of crawler cranes.

That's a useful business to be in, and consequently Tat Hong more than doubled its first-half net profit (for the first half of its 2008 financial year) to S$40.2 million (US$27.6 million). It can boast a gross profit margin of a whopping 39.4% and almost doubled its earnings per share in the first half. Prior to the latest result, president and CEO Roland Ng had set a target of 30% annual net profit growth for the next three years. In November, he said he was confident of beating it.

Tat Hong, formed in the 1970s, has four core businesses: rental of cranes (which is the biggest part and getting bigger), rental of general equipment, sale of cranes, and sale of spare parts. It can serve clients in infrastructure, oil and gas, construction and even pharmaceuticals, and does so across the region from the Middle East to Australia. It has a combined rental and sales fleet of 500 mobile crawler cranes and has built exclusive distributorship agreements with companies like Hitachi-Sumitomo, Mitsubishi and Kawasaki.

It listed its Australian subsidiary, Tutt Bryant, in 2005 and has now turned its attention to China, where it owns a stake in the Dushun Yongmao tower crane company and holds a joint-venture company. In the last 12 months, Tat Hong launched another joint-venture, this time for tower crane rental, and acquired China Nuclear Industry Huaxing Construction Machinery. All this, yet it still only trades on a price-to-earnings ratio of about 15. The sky's the limit.

Large-cap Corporate of the Year
CapitaLand

CapitaLand is one of the region's savviest property developers. UBS's Alastair Gillespie calls it "one of the leading and most ambitious Asian-based real estate companies"; Goldman Sachs speaks of its "unique capital efficient business model and top-in-class execution".

The numbers are great – total shareholder returns of S$17.3 billion since inception in November 2000, footprint in 100 cities in 20 countries, earnings before interest and tax up 154% and EPS 268.3% year-on-year in the nine months to September 30 (to S$2.8 billion and S$0.74, respectively).

But it's CapitaLand's smarts that really stand out. No other property institution has understood the possibility of the real estate investment trust (Reit) market so well. CapitaLand has now launched five, all of them pioneers: early structures in the Singapore market, a China retail trust that showed just how a Chinese Reit can work if done properly, and now a Reit listed in Kuala Lumpur. All of them have done exceptionally well for unit-holders and for CapitaLand itself.

CapitaLand's strength lies in spotting every bit of the value chain and positioning itself accordingly. It is a developer, a manager, an operator, a financial adviser, a fund manager and an investor, and better still it is good at all of them.

TAIWAN
Small-cap Corporate of the Year
Makalot

In an industry recognised for being slow and steady, Makalot is a clear outperformer. Its net income has roughly doubled in the past two years and is predicted to top NT$1 billion (US$30.7 million) by the end of 2007. Further, its share price had risen 28% on a 12-month basis to stand at NT$75 on December 10.

It is quite some niche position it has manufactured for itself.

Makalot is the largest apparel-maker in Taiwan and one of the largest in Asia, with more than 10,000 employees in eight countries. The US market accounts for 98% of its sales, with leading customers including Gap, Target, Kohl's and Wal-Mart. It has also added new accounts such as designer name Abercrombie & Fitch.

Makalot's research and development (R&D) centre is based in Taiwan and it boasts production bases in China, Indonesia, the Philippines, Cambodia, Vietnam and Sri Lanka. Its diversity and long operating history in low-cost countries is a clear advantage given the labour-intensive nature of the industry, while rivals continue to ramp up their operations.

As one sector analyst said: "Makalot is well positioned because it has larger scale and better R&D than its Asian competitors. And the whole supply chain is quite fragmented, so they still have significant room to gain market share from end-customers in the US."

Makalot also has aspirations to launch its own brand of clothing, in Taiwan to begin with, although this is still on a small scale.

"Makalot's management is experienced and savvy and they have built the business well in a very competitive industry," adds an analyst at an investment bank. "They are ambitious."

Medium-cap Corporate of the Year
Delta Electronics

Delta Electronics and President Chain Stores emerged as the favoured names among Taiwanese mid-cap stocks this year, with the former edging ahead for its 2008 growth potential.

Founded in 1971 by its now chairman and chief executive, Bruce Cheng, Delta is the world's largest provider of computer switching power supplies and brushless fans and a major supplier of video displays and electronics components for computer, telecom and industrial products. It boasts sales offices worldwide and manufacturing plants in Taiwan, Thailand, China, Mexico and Europe.

Described as disciplined for carrying out a business streamlining process a few years ago, the effect on its balance sheet has certainly been positive. The company is expected to book a net profit of more than NT$15 million in calendar 2007, a 103% increase on two years beforehand. The company's share price, meanwhile, has increased 151% on a three-year basis, and 18% over the past 12 months, to close at NT$112 on December 10.

Furthermore, despite wages having increased an estimated 20% year-on-year at its Dongguan plant in Guangdong province in 2007, the company's operating profit hit a high of NT$4.7 million in the third quarter of 2007.

Delta is also recognised for entering new product areas. It has developed a very small power adapter for the increasingly popular notebook computers, although liquid crystal display television supplies are expected to offer the best growth opportunities on rising demand from Japan.

"Delta is continually expanding its end-markets," notes one analyst. "They are upgrading their products and moving to a higher part of the value chain."

Large-cap Corporate of the Year
MediaTek

By their nature, fabless firms need to be forward-looking, to find new opportunities to enable them to roll out new products. Mediatek is well regarded for this very reason, its ability to target growth areas.

It is one of the world's largest fabless firms by earnings and a world leader in designing high-end consumer chips, particularly for optical storage devices like CD-Roms and DVD players, wireless communication and digital television.

While fabless firms design the chips, they don't manufacture them, bypassing the huge capital expenditure requirements of foundries in the process. Accordingly, 80% of MediaTek's 1,200-strong workforce is dedicated to research and development. As a growth company it has net cash on its books and pays a healthy dividend.

MediaTek has been investing heavily in digital TV, which is tipped to become an important trend, and this year it committed US$350 million to acquire the cellular radio, chipset assets and support operations of US firm Analog Devices, gaining a global team of product development specialists, patents and intellectual property in the process.

One analyst said: "Right now MediaTek's primary customers are Chinese brands. This acquisition could in the longer term position it to break into the supply chain for top global handset companies like Nokia and Motorola."

Listed on the Taiwan Stock Exchange in July 2001, MediaTek's market cap already stands at NT$428.8 billion (US$13.3 billion), its share price having risen 209% over the past five years.

But a rosy 2007 was soured when it had to reduce its fourth quarter sales guidance after underestimating the impact of a shortage in power amplifier components. Nevertheless, analysts remain positive that this will be a short-term issue and that the demand in China handsets will remain strong. They continue to see the firm as a strong long-term bet.

TAIWAN
Small-cap Corporate of the Year
Makalot

In an industry recognised for being slow and steady, Makalot is a clear outperformer. Its net income has roughly doubled in the past two years and is predicted to top NT$1 billion (US$30.7 million) by the end of 2007. Further, its share price had risen 28% on a 12-month basis to stand at NT$75 on December 10.

It is quite some niche position it has manufactured for itself.

Makalot is the largest apparel-maker in Taiwan and one of the largest in Asia, with more than 10,000 employees in eight countries. The US market accounts for 98% of its sales, with leading customers including Gap, Target, Kohl's and Wal-Mart. It has also added new accounts such as designer name Abercrombie & Fitch.

Makalot's research and development (R&D) centre is based in Taiwan and it boasts production bases in China, Indonesia, the Philippines, Cambodia, Vietnam and Sri Lanka. Its diversity and long operating history in low-cost countries is a clear advantage given the labour-intensive nature of the industry, while rivals continue to ramp up their operations.

As one sector analyst said: "Makalot is well positioned because it has larger scale and better R&D than its Asian competitors. And the whole supply chain is quite fragmented, so they still have significant room to gain market share from end-customers in the US."

Makalot also has aspirations to launch its own brand of clothing, in Taiwan to begin with, although this is still on a small scale.

"Makalot's management is experienced and savvy and they have built the business well in a very competitive industry," adds an analyst at an investment bank. "They are ambitious."

Medium-cap Corporate of the Year
Delta Electronics

Delta Electronics and President Chain Stores emerged as the favoured names among Taiwanese mid-cap stocks this year, with the former edging ahead for its 2008 growth potential.

Founded in 1971 by its now chairman and chief executive, Bruce Cheng, Delta is the world's largest provider of computer switching power supplies and brushless fans and a major supplier of video displays and electronics components for computer, telecom and industrial products. It boasts sales offices worldwide and manufacturing plants in Taiwan, Thailand, China, Mexico and Europe.

Described as disciplined for carrying out a business streamlining process a few years ago, the effect on its balance sheet has certainly been positive. The company is expected to book a net profit of more than NT$15 million in calendar 2007, a 103% increase on two years beforehand. The company's share price, meanwhile, has increased 151% on a three-year basis, and 18% over the past 12 months, to close at NT$112 on December 10.

Furthermore, despite wages having increased an estimated 20% year-on-year at its Dongguan plant in Guangdong province in 2007, the company's operating profit hit a high of NT$4.7 million in the third quarter of 2007.

Delta is also recognised for entering new product areas. It has developed a very small power adapter for the increasingly popular notebook computers, although liquid crystal display television supplies are expected to offer the best growth opportunities on rising demand from Japan.

"Delta is continually expanding its end-markets," notes one analyst. "They are upgrading their products and moving to a higher part of the value chain."

Large-cap Corporate of the Year
MediaTek

By their nature, fabless firms need to be forward-looking, to find new opportunities to enable them to roll out new products. Mediatek is well regarded for this very reason, its ability to target growth areas.

It is one of the world's largest fabless firms by earnings and a world leader in designing high-end consumer chips, particularly for optical storage devices like CD-Roms and DVD players, wireless communication and digital television.

While fabless firms design the chips, they don't manufacture them, bypassing the huge capital expenditure requirements of foundries in the process. Accordingly, 80% of MediaTek's 1,200-strong workforce is dedicated to research and development. As a growth company it has net cash on its books and pays a healthy dividend.

MediaTek has been investing heavily in digital TV, which is tipped to become an important trend, and this year it committed US$350 million to acquire the cellular radio, chipset assets and support operations of US firm Analog Devices, gaining a global team of product development specialists, patents and intellectual property in the process.

One analyst said: "Right now MediaTek's primary customers are Chinese brands. This acquisition could in the longer term position it to break into the supply chain for top global handset companies like Nokia and Motorola."

Listed on the Taiwan Stock Exchange in July 2001, MediaTek's market cap already stands at NT$428.8 billion (US$13.3 billion), its share price having risen 209% over the past five years.

But a rosy 2007 was soured when it had to reduce its fourth quarter sales guidance after underestimating the impact of a shortage in power amplifier components. Nevertheless, analysts remain positive that this will be a short-term issue and that the demand in China handsets will remain strong. They continue to see the firm as a strong long-term bet.

THAILAND
Small-cap Corporate of the Year
Unimit Engineering

Two years ago, if you had mentioned Unimit Engineering to most fund managers covering small cap stocks in Thailand, you would have got a blank stare. Not any more.

Since the beginning of January 2007, the company, which specialises in the design, fabrication and installation of pressure vessels and tanks for petrochemical plants and oil refineries, has seen its stock price rise almost threefold from Bt12.60 to Bt37 as of early November. As a result, its market capitalisation has reached Bt6.1 billion (US$198 million), allowing bigger funds to buy into one of the country's bright new growth prospects.

"Unimit has a very strong management team, the stock is reasonably liquid and over the next three years the company offers a positive outlook," says one Bangkok-based fund manager who bought into the stock at Bt8 and continues to see upside despite its recent gains.

Founded in 1982 with registered capital of Bt9 million, Unimit Engineering commenced its operations as a manufacturer of large LPG storage tanks to supply the domestic market. These days, with registered capital of Bt143 million, the company has grown into one of the most prominent steel fabrication firms in south-east Asia. It boasts customers in Europe, the Middle East, North America and Africa.

Net profit reached Bt287 million in 2006, up 85% from the Bt154 million recorded in 2006. Return on assets of 32% and return on equity of 34.87% are also impressive.

Medium-cap Corporate of the Year
Thoresen Thai Agencies

Dry bulk shipping company Thoresen Thai Agencies (TTA) has had a stellar year thanks in large part to soaring demand for freight from regional giants India and China as well as the high level of regional trade in commodities. In the past 12 months, TTA's shares have doubled from Bt26 to Bt52.

For their part, analysts believe that the 32-year-old company offers plenty more upside. "Thoresen Thai is an extremely well managed company which should be priced like any other regional shipping counter," says the head of one major securities house in Bangkok.

Poramet Tongbua, head of research at Tisco Research, agrees. With high time charter rates set to continue, Tisco expects TTA to achieve record earnings in 2008 of Bt6.5 billion, a rise of 28%. Furthermore Tisco projects earnings growth of 22% per annum between 2008 and 2011.

The company's successful diversification into the high-margin offshore oil and gas market is also reaping dividends. In October, TTA listed its majority-owned subsidiary Mermaid Maritime on the Singapore Stock Exchange, raising S$218 million (US$151.6 million).

The funds will be used to expand Mermaid Maritime's fast growing drilling and engineering services. Poramet expects this business to reduce TTA's reliance on the more cyclical shipping revenues.

TTA notched up another milestone in September when it successfully raised US$169 million from the sale of convertible bonds. The company will use the proceeds to fund its fleet renewal and expansion plans.

Large-cap Corporate of the Year
Banpu

When almost every major securities house has a buy recommendation on a company's stock, it is generally a good time to sell it. Not so with Banpu, Thailand's largest coal producer.

Since it was awarded best managed medium-cap company last year, Banpu's stock has risen from Bt169 to a high of Bt468 in late October, making it one of the biggest 15 companies on the Stock Exchange of Thailand by market capitalisation. Third quarter net income rose 94% to Bt1.7 billion from Bt884 million a year earlier, thanks to increased earnings from power production as well as high coal prices underpinned by burgeoning demand from China and India.

"We still like Banpu as coal price risk remains on the upside," says a recent report by CLSA, which highlights the company's reasonable valuations. An added bonus is likely to come from the listing of its Indonesian subsidiary Indo Tambangraya Megah on the Jakarta Stock Exchange. The IPO was postponed earlier in the year due to the downturn caused by the US sub-prime lending crisis.

As Asiamoney went to press, the listing was slated to take place by the end of December, and the company was expected to raise as much as Rp3.39 trillion (US$361 million) through the sale of a 20% stake. The proceeds will be used to develop mines and refinance debt.

It's not just coal that will ensure Banpu's future, either. The company also has majority stakes in four co-generation combined heat and power plants in China and is eyeing up opportunities for higher-margin power generation in India and elsewhere in the region.

And just to be sure that it can continue to deliver strong, long-term returns for shareholders, the company is even putting aside funds to invest in renewable energy.

[Altstaetter]

Thoresen hat hervorragende Zahlen über das erste Quartal des neuen Geschäftsjahres (= 4. Quartal des Kalenderjahres 2007) veröffentlicht. Das war grundsätzlich zu erwarten, nachdem die Frachtraten im 4. Quartal 2007 auf eine enorme Höhe geklettert waren. Trotzdem finde ich die Zahlen besser als erwartet (Gewinn pro Aktie mehr als verzweieinhalbfacht!). Der Kurs hat (in Frankfurt) entsprechend auf über 1 Euro angezogen. Der Baltic dry Index hat seit dem Tiefst auch wieder stark angezogen.

[entombed1966]

Antwort auf Beitrag Nr.: 33.395.027 von Altstaetter am 17.02.08 13:47:48

Weiter so, dann denke ich dass sich das noch äusserst positiv entwicklen wird. Und sich mein Minus hier noch in ein "mööchtiges Plussi" verwandeln wird.

[trick17-2]

4 Baht pro aktie ist schon ein verdammt gutes Ergebnis
für Q1.
Mit ein bisschen Glück könnten es 10 Eruo im aktuellen
Geschäftsjahr werden, was dann ein KGV von 5 ergibt.

Thoresen hat in den letzten Monaten 9 Schiffe mit 50.000 to
geordert, Fertigstellung ab 2009. Die werden ordentlich Value liefern. Die Company ist gut gemanagt. Die alte Flotte
wird modernisiert und TTa ist dann verdammt gut aufgestellt.

Gerüchteweise will NOL mit Hapag Lloyd fusionieren, es gibt auch Gerüchte, ob bei den Reedereien nicht Konsolidierungen anstehen.
Mal sehen, inwiefern TTA da mitspielt.

Regional Container Lines finde ich auch spannend,
ist auf der Watchlist.

trick17

[trick17-2]

BDI ist wieder bei über 10.000 Punkten,
gut für TTA.
Weniger gut sind die hohen Ölpreise, die die Kosten erheblich treiben. Weiterhin gut für TTA sind die erhöhten Eisenerz-Preise ab 01.04.08 (+65%), aucn Kokskohle ist erheblich teurer geworden. Dies bedeutet, dass Schrott erheblich teurer werden wird.

Die Flotte von TTa ist zum teil sehr alt und einige Schiffe stehen nur mit einem geringen Wert in der Bilanz. Da die Schrottpreise anziehen, ist der Verschrottungserlös recht hoch. Dies wird z.T auch dazu führen, dass einiges an Schiffskapazität vom Markt verschwinden wird, wodurch der Bulker-Markt noch enger werden wird.

Ich erwarten für Q2 ein EPs von 2-2,50 Baht pro Aktie.

trick17

[soulmate81]

EPS Q2 liegt trotz des zwischendurch schwachen BDI, sensationell bei 3,27 Baht

BDI jetzt schon über 10.600 Punkten, so langsam kanns mal wieder Richtung 1,20 € gehen

[Altstaetter]

Die Zahlen für das 2. Quartal des Geschäftsjahres, weches im Herbst begonnen hat (=1. Quartal im Kalenderjahr 2008 ) sind m.E. sehr gut. Sie sind bei einem BDI (= Baltic dry Index) von durchschnittlich zwischen 7000 und 8000 zustande gekommen. Jetzt liegt der BDI über 11000, was für das 3. Quartal nochmals deutlich bessere Zahlen erwarten lässt. Ein Kurs von 1.20 Euro für die Aktie wäre überhaupt nicht zu hoch; ich würde jedenfalls - je nach Verlauf des BDI - erst bei höheren Kursen Gewinne mitnehmen.

[baerchen73]

seh ich ähnlich, die 1,20 ist ja fast noch ein kurs zuzukaufen
auch ich denk es dürfte noch deutlich höher gehen, da steckt noch viel potential drin, hoher ölpreis hin oder her ! und die aussichten für einen weiter steigenden bdi ( und damit steigende margen bei tta) sehe ich - nach eventuellem rücksetzer - ebenfalls sehr sehr rosig.
mein depot ist und blebt vorerst voll mit tta, gogl, tbs und fro

greetz !
baerchen

[trick17-2]

bdi bei 11.600 Punkte.

Sehr gutes Q2-Ergebnis. ?Zu den derzeitigen Kursen kann
man wirklich über ein Aufstocken nachdenken.
KGV liegt bei 3-4. Dividende von 1,50 Baht im nächsten Monat.

Das Management hat in der Vergangenheit bewiesen,
sorgsam mit der Kohle der aktionäre umzugehen.

trick17

[trick17-2]

Aktie ist jetzt Ex-Dividende und notiert bei 48 Baht.
Im laufenden Jahr ist das ein KGV von 4. Der Markt geht also davon aus, dass die Gewinne sich auf langfristige Sicht dritteln werden.
Die Wechselanleihe war bisher ein gutes Geschäft für TTA, da nur
der Zinssatz bedient werden musste. Ein Ansteigen der Aktie auf über 60 Baht würde den Gewinn von TTA erheblich verwässern.
BDI bei 11.400, seit 1-2 Wochen Konsolidierung.

Vielleicht kann man unter 0,90 Euro die Position weiter ausbauen.

trick17

[Altstaetter]

Antwort auf Beitrag Nr.: 34.223.158 von trick17-2 am 03.06.08 06:59:45

Wenn man die Mehrjahreskurve des bdi (Baltic dry Index) anschaut, kann dieser ja kaum mehr über längere Zeit steigen, und auch kaum sehr lange auf dieser Höhe bleiben. Letztlich sind wir alle als Konsumenten davon betroffen und bezahlen die hohen Frachtraten an der Zapfsäule und an der Supermaktkasse. Auf dieser Höhe des BDI werden reihenweise alte Kähne reaktiviert, was ökologisch gefährlich ist. Auch die Werften können sich der Neuaufträge kaum erwehren und bauen ihre Kapazitäten aus. Während für viele Rohstoffe schlicht kein erhöhtes Angebot möglich ist, weil sie endlich sind, kann Schiffsraum sehr wohl vermehrt werden. Bis in drei Jahren sehe ich den BDI eher zwischen 5000 und 10000 als anhaltend auf über 11000.

Aber Thoresen ist gar nicht auf so exorbitant hohe Schiffspassagen angewiesen. Das gute Q2 Resultat kam schliesslich im 1. Kalenderquartal 2008 zustande, als der BDI deztlich tiefer war als jetzt. Thoresen braucht gar keine neuen BDI-Rekorde.

[trick17-2]

tolle Nachkaufgelegenheit.
Die Chinesen planen etwas mehr von den Eisenerz-Vorräten zu leben
und weniger zu importieren. Der BDi stürzt um 15% ab,
TTA ebenfalls. Mag jeder sehen wie er will.
In ein paar wochen ist der Druck Eisenerz mit Schiffen ranzuschaffen
noch viel größer.

trick17

[trick17-2]

Q3 ist seit heute Geschichte, es dürften 3,50 Baht pro
Aktie Gewinn in die Kasse gekommen sein.
EPS in den ersten 9 Monaten somit bei über 10 Baht,
KGv damit für aktuelles GJ unter 4.

BDI verharrt zurzeit bei 9500 Punkten, das kann aber jederzeit
massiv in eine Richtung rutschen. Interessant wird
die Verschrottungsrate für Bulker in Q2.
Aufgrund der hohen Schrottpreise und der zunhemenden Pflicht für
schwefelfreien Sprit auf Schiffen könnte die Verschrottungsrate
auch wieder leicht steigen. Dies wäre dann womöglich
ein Indikatior, dass die Frachraten in 2009 doch nicht
in sich zusammenkrachen.

Wichtig ist auch, wie sich die weltweit massiv steigenden
Stahlpreise auf Werften ausbilden. Werden da einige Verträge neu
verhandelt? Wird die Schlagzahl bei den Werften heruntergefahren,
weil die Aufträge nicht mehr kostendeckend abgearbeitet werden?

Ich sehe den Markt 2009 noch nicht zusammenbrechen,
daher habe ich meine Position noch einmal ausgeweitet.

trick17


könnte

[x1960]

Hallo trick17-2,

wann gibt es Dividende bei TTA ? Und wie zahlen sie : einmal oder Quartalsweise ?

Vielen Dank
X1960

[trick17-2]

Dividende wird halbjährlich ausgeschütztet,
im Jan und Juni. Mindestens 25% über Netto-Gewinn geht
als divididende an die Aktionäre.

Kurs unter 40 Baht.

[x1960]

Vielen Dank

X1960

[uprock]

Moinsen Trick-17,

wollte fragen, wie Du Regional Container Lines einschätzt.

Gern auch im Vergleich zu Thoresen.

Du hattest mal geschrieben, dass Du RCT auf Watchlist hast, deshalb hoffe ich auf kompetente Meinung. Das Ding ist ja kursmässig in Euro mittlerweile wieder auf Stand von 2004 angekommen.

Top-Kaufchance?


Besten Dank.

[trick17-2]

bin bei RCL mittlerweile eingestiegen.
Aktuell aus meiner Sicht eine Top-Chance, absolutes ja.

Thai-Aktien hängen am Boden und für die gesamte Schiffahrte wird
schwarz gemalt. Ergibt dann ein KGV von 3. Ich schließe aber auch
eine Halbierung des Kurses nicht aus, da das derzeitige
Umfeld alles ermöglicht. Aktienrückkauf, das wäre jetzt ein
passendes Signal, statt Wachstum in neue Schiffahrt und
Modernisierung der Flotte zu extrem hohen Preisen.
Is aber ja nun nicht.

Fazit: RCL zu 60% des Buchwertes mit 10% Dividendenrendite
ist schon mal ganz ok.

trick17

[uprock]

Antwort auf Beitrag Nr.: 34.544.689 von trick17-2 am 19.07.08 21:58:41

Danke Dir.

Bin bei RCL (und Thoresen) auch rein. Sehen nach klaren No-Brainern aus. 50% Verlust- und 300% Gewinnpotential, wenn man 2 oder 3 Jahre Zeit hat. Übernahmefantasie gibt's als Extra obendrauf.

Fällt Öl weiter, müsste das ja auch bald massiv im Aktienkurs durchschlagen.

Könnte sich die Flottenmodernisierung vielleicht in Form verringerter Bunkerkosten doch recht positiv auswirken? Ich weiss es nicht, aber könnte mir vorstellen, dass sich in den letzten 20 Jahren auch in der Schiffsdieselentwicklung einiges in puncto Verbrauchsverringerung getan hat?

[trick17-2]

sicher hat es einen Fortschritt bei den Schiffsdiesel gegeben,
die Einsparung beim Sprit müsste ganz nett sein.
Habe gelesen, dass die Betriebskoten bei 4000 - 5000 Dollar pro Tag liegen und die Frachtraten irgendwo bei 20.000. Die Marge
ist also schön fett. Egal ob BDi bei 8K oder 12K steht,
sie ist sher, sehr fett. Wenn es ein bisschen Entlastung
bei den Bunker-Kosten gibt, ist nach ein Krümmelchen mehr Gewinn.

Beim sprit ist fiel spannender, dass die Umstellung auf
Diesel in den nächsten Jahren mehr und mehr erfolgen wird,
weg vom Schweröl und Schwefel im Diesel. Das wird die Kosten treiben,
aber auch dazu führen, dass ältere Schiffe mit Schweröl-Diesel
nicht mher zusammengeflickt werden, sondern verschrottet werden.
Ist ja auch lukrativ, bei den Schrottpreisen. Aber die Analysten
rechnen mit einem sehr hotten Flotecnwachstum bei den Bulkern ab 2009, wir werden sehen.

trick17

[Altstaetter]

In wenigen Tagen sollten die neuesten Quartalszahlen kommen. Ich erwarte gute Zahlen, auch wenn der BDI wieder einmal im Sturzflug ist.

[soulmate81]

der kleine ausbruch nach oben heute lässt ja einiges erhoffen

[soulmate81]

3,16 Baht in Q3
10,44 Baht in Q1-Q3

ist zwar wieder etwas weniger gegenüber Q2, aber ich bin mit den Zahlen zufrieden

[Altstaetter]

Das sehr solide Umsatz- und Gewinnwachstum betsätigt sich. Das Management gibt sich zurückhaltend-bescheiden. Aber die Performance ist hervorragend.

[soulmate81]

momentan sieht's echt böse aus

[soulmate81]

Zahlen sind frisch raus

Gewinn liegt im Gesamtjahr bei 13,63 Baht (macht für Q4 ein EPS von 3,19 Baht)

Mit der Dividende konnte ich keine genaue Aussage finden.
Da man ja aber minimum 25% zahlen will, muss es ja mindestens 1,90 Baht geben (entspricht etwa 4,2cent pro Aktie).

Zahlen sind gut!
Trotzdem alles scheiße hier mit dem Kurs!

Ein schönen ersten Advent allen mitleidenden Investierten!

[trick17-2]

Zahlen für abgelaufende Geschäftsjahr waren sehr gut.
Der Cash-Bestand zum 30.09.08 war / ist auch sehr hoch.

ABER:
Dieser dramatische Absturz des BDI hätte ich nie und nimmer
für möglich gehalten. Sorry an all diejenigen, die
baiserend auf diesem Thread Geld mit dieser
Aktie vernichtet haben.

In Q4 wurden eigene Wandelanleihen mit deutlichem Discount zurück-
gekauft. Es wurde auch keine Schiffe verschrottet oder
Bestellungen abgeblasen. Das Management agiert mit ruhiger
Hand, gefällt mir persönlich sehr gut.
Auch die Informationen auf der Webseite stufe
ich als gut ein.

Der BDI hat sich seit dem Tief schon wieder verdreifacht,
steht aktuell bei 1642. Zusammen mit den günstigen
Ölpreisen dürfte TTA langsam wieder schwarze Zahlen schreiben.

Für Q1 rechne ich trotz des Gewinns aus dem Rückkauf der
Wandelanleihen (wird Buchgewinne zur Folge haben) mit
roten Zahlen. Wäre aber schon toll, wenn es TTA gelänge
im aktuellen Geschäftsjahr ne schwarze Null zu schreiben.
zurzeit geht es wohl nur ums Überleben. Hoffentlich werden die Fixraten fürs das aktuelle GJ auch von den Kunden bezahlt.

trick17-2

[trick17-2]

BDI wieder bei 2000.

Das Q1-Ergebnis war sehr gut: über 1 Baht pro Aktie Gewinn.
Trotz Rückkauf der Wandelanleihen wurde der Cash-Bestand
ausgeweitet.

trick17

[Benx]

Antwort auf Beitrag Nr.: 34.711.899 von Altstaetter am 12.08.08 19:32:37

16 Feb 8:55AM : TTA < Bt15.90 : SELL > 1Q08/09 net profit drops 86% yoy

TTA announced a 1Q08/09 (Oct-Dec 08) normalised profit of Bt323mn (Bt1.39/share), down 86% yoy or 85% qoq...

http://kelive.kimeng.co.th/kelive/userview/DetailPage.jsp?cn…

[trick17-2]

also im schwierigen Q1 wurde ein Gewinn erwirtschaftet
von immerhin 1,39 Baht pro aktie.
Den Rückkauf der Wandelanleihen (voraus sich in Q1 ein
Gewinn von 500 Millionen Baht ergab) halte ich für
schlau, der Rückkauf erfolgt zum Kru von ca. 60%.

Ein Schiff wurde zwischenzeitlich für 1,3 Millionen US$
verkauft. TTA hat jetzt noch 43 Schiffe. Im Juli kommt
das erste neue Schiff dazu (Neubau ca. 50 Millionen US$).
Das ist aber alles Business as usual.

Der BDI ist schon wieder bei über 2000 Punkten. Das stimmt
mich doch ganz zuversichtlich.

trick17

[soulmate81]

Hallo liebe Leidensgenossen.

Habe heute Gratisaktien im Verhältnis 10:1 bekommen. Stammen die aus ner Kapitalerhöhung oder ist das als Form der Dividendenzahlung angedacht, da in der Abrechnung irgendwas von Stockdividende stand???

[trick17-2]

Antwort auf Beitrag Nr.: 36.687.545 von soulmate81 am 03.03.09 10:26:21

ist ne Stockdividende, belastet deinen Freistellungsvolumen
und für die neuen Stocks zahlst du Abgeltungssteuer beim Verkauf
auf die Kursgewinne. Ist also ziemlicher Mist.
Ist ein Ersatz für die Bardividende. TTA wollte Cash im Unternehmen behalten, verständlich.

Besser ist, dasss die Frachtraten wieder bei 18000 Dollar für
ein Supramax-Builker angelangt sind. BDI ist wieder über 2200 Pkte.
Kein Boomniveau, aber es dürfte zumindest gutes Geld verdient werden.

Die Aktie notiert unter Cash-Bestand. Das ist schon unglaublich.

trick17

[trick17-2]

Ergebnisse für Q2 (Geschäftsjahresende: 30.09.)
sind raus.

EPS 0,14 Baht/Aktie, also schwarze Null.
Keine Zwischendividende.
Positiv: Es wurde kein Cash verbrannt.

Auf der Page von Precious Shipping
habe ich gelesen, dass in Q1/2009 87 Dry Bulks verschrottet
wurden und nur 10 Schiffe ausgleifert wurden. Die weltweise
Flotte ist um 2,4 % geschrumpft.

Der BDI ist auch wieder bei 2500 Punkten.

Abwarten,
trick17

[Mister10K]

Antwort auf Beitrag Nr.: 36.742.465 von trick17-2 am 11.03.09 07:16:32

wieso, die haben doch auch Bardividende ausgeschüttet,
check mal die Seite:http://www.set.or.th/set/companyrights.do?symbol=TTA&languag…
Gruß M

[trick17-2]

Baltic Dry index ist wieder über 3000 Punkte.
Auch der für TTa relevante Baltic Supramax Index
ist mit 2100 Punkte wieder in dem Bereich, dass TTa Geld verdient.

TTA hat ein Schiff Baujahr 1984 für 4,5 Mio Dollar verkauft.
Es wurde ein Gewinn gegenüber dem Buchwert eingefahren.
Wenn derzeit die Schiffe über Buchwert verkauft werden können,
dann sollte die Aktie zumindest auf Buchwert-Niveau
notiert. Dadurch ergibt sich dann schon mal ein Potential von 100%.

In 3 Wochen sind die Q3-Zahlen da, ich erwarte ein EPS von 0,5 bis 1 Baht pro Aktie. Wir werden sehen.

trick17

[uprock]

Antwort auf Beitrag Nr.: 37.656.390 von trick17-2 am 27.07.09 23:18:05

Ist dann ja das untere Ende von Deiner Ergebnisprognose geworden.

Viel interessanter finde ich aber die dahinterstehenden Einzelheiten. Zum einen eine zwar deutlich erholte Situation in der traditionellen Bulker-Fahrt - zum anderen aber ein sehr verhaltener Ausblick auf die nähere Zukunft in diesem angestammten Business.

Dem gegenüber stehen erfreuliche Ergebnisse bei der Drilling-Tochter. Hochinteressant vor allem die News von den erworbenen Beteiligungen im Kohle- und Düngergeschäft auf den Philippinen bzw in Vietnam.

Unmöglich, von hier aus zu beurteilen, ob die offenkundig bestehende, neue TTA-Strategie der Schaffung eines über ganz Südostasien aufgestellten Mischkonzerns in allen Einzelheiten passt, oder nicht. Aber man kann der Firma nicht vorwerfen, dass sie die Hände in den Schoss legt. Und da Thoresen in der Vergangenheit gezeigt haben, dass sie gutes Geld verdienen können, bin ich bis zum Beweis des Gegenteils für die neue Marschroute erst mal optimistisch. Zumal jeder einzelne Schritt davon vorsichtig bemessen und nicht überambitioniert zu sein scheint.

Hast Du irgendwo eine Äusserung zur künftigen Dividendenpolitik gesehen?
Finanzieller Spielraum für eine gewisse Minimalausschüttung müsste ja nach wie vor (oder wieder) bestehen.