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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » An analysis on DOCK : Colombo Dockyard a stock to eye for

An analysis on DOCK : Colombo Dockyard a stock to eye for

Go down  Message [Page 1 of 1]

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
COLOMBO DOCKYARD

*Established 1982
*Sector : Construction & Engineering
*A unit of Japan's Onomichi Dockyard Company

Note : This is a stock which has not been discussed much on the forum and the retailer interest has been less upto now. Hope the below evaluation will help you to identify whether it is a potential or not. My objective is not to give any buy recommendation but this is for analysis only.


Watch VIDEO about DOCKYARD
https://www.youtube.com/watch?v=ppKGLgJtRMU

MISSION :

We strive:
• To be the most competitive and viable business entity in South Asia in Shipbuilding, Shiprepair, Heavy Engineering
and allied activities,
• To efficiently and effectively manage all our resources,
• To achieve sustainable growth,
• To enhance the interests of our Stakeholders, and thereby contribute to the pursuit of our vision.


* Highlight 'Asia's 200 Best Under A Billion . Sri Lanka Dockyard, Royal Ceramics in Forbes list : http://lbo.lk/fullstory.php nid=944882411


2010 Financials :

March 10 Eps : 3.86
June 10 Eps : 8.47
Sept 10 Eps : 11.35
Dec Eps : 10.80 ( included tax refund)

2010 Annual EPS : Rs 30.40

*Note that there was a small dip in overal profits from 2009 Annual EPS : 31.45 ( reason explained below)

Current Trading Price : Rs 282
Current PE : 282/30.45= 9.26

Valuation :

At PE of 10 : Rs 304
At PE of 12 : rs 365
At Pe of 15 : Rs 456




Price History

At April 15th 2010 ( 1 Year ago) : Rs 288.75
At April 12th 2011 ( Now) : Rs 282

Stagnant for over 1 year!!


Discussion :

* Negative : Ship Repair revenue which bring higher margin of profit went down in 2010 compared to 2009. Mainly due to
tough competition especially from Chinese yards in the repair business.

"Revenue from ship repair fell sharply to 4.2 billion rupees in the 2010 financial year from 6.7 billion rupees the previous
year"

* Negative : As transaction are mainly doen in US$ , appreciation of rupee to a $ is bad for the company




Positive Growth prospect and news

* Revenue from ship building shot up to 9.6 billion rupees from 5.6 billion rupees.
http://lbo.lk/fullstory.php?nid=1710350755

* With Port expansions in Sri Lanka more ship can be attracted helping profitability of DOckyard in the long run
* Ship repair order books full until 2012 ( http://lbo.lk/fullstory.php?nid=1710350755)

1) Sri Lanka dockyard lays keel for new supply vessel : http://lbo.lk/fullstory.php?nid=510994458
2) Sri Lanka dockyard reveals ship repair revenue, http://lbo.lk/fullstory.php?nid=1688309522
CDL undertakes over US$4 million worth repairs : http://www.ft.lk/tag/colombo-dockyard/
3) Dockyard handles LPG carriers : http://www.ft.lk/2011/04/12/dockyard-handles-lpg-carriers/
http://www.lankanewspapers.com/news/2011/4/66118.html
4) Sri Lanka Dockyard wins order for supply vessel. http://lbo.lk/fullstory.php?nid=1815862304


2 Ship delivered so far in 2011:

1) Sri Lanka Dockyard delivers support vessel : http://lbo.lk/fullstory.php?nid=1879239462
2) Dockyard completes first complex, sophisticated ROV support vessel : http://www.ft.lk/2011/02/10/dockyard-completes-first-complex-sophisticated-rov-support-vessel/
http://www.ft.lk/tag/218th-new-ship-that-colombo-dockyard-has-built/

3 Ships to be delivered in 2011:

1) 130 T BP Anchor Handling Tug Supply Vessel , NC/0219 Eagle High Limited, State of Samoa June 2011 Singapore
2) 130 T BP Anchor Handling Tug Supply Vessel , NC/0220, True Wisdom Limited, State of Samoa ,September 2011
Singapore
3) 100 Passenger Launch, NC/0221, Road Development Authority January 2011 Sri Lanka


Broker Buy recommendations

1) http://www.ft.lk/2011/01/24/stock-market-to-ride-on-flamboyant-corporate-earnings/



Top 20 Shareholders AS AT 31.12.2010

Mainly institutional interest with HNW investors.

1 ONOMICHI DOCKYARD COMPANY LIMITED 51%
2 EMPLOYEES PROVIDENT FUND 14.54%
3 SRI LANKA INSURANCE CORPORATION LTD. GENERAL FUND 5.00%
4 SRI LANKA INSURANCE CORPORATION LTD. LIFE FUND 4.99%

5 SRL LANKA PORTS AUTHORITY 3.04%
6 PAINTS AND GENERAL INDUSTRIES LTD. 2.40%
7 MR. S.E. CAPTAIN 2.10%
8 EMPLOYEES TRUST FUND BOARD 1.67%

9 PERSHING LLC S/A AVERBACH GRAUSAN & CO 0.90%
10 AVIVA NDB INSURANCE PLC A/C NO 7 0.55%
11 NATIONAL SAVINGS BANK 0.55%
12 MR. M.M. UDESHI 0.52%
13 BANK OF CEYLON NO 2 A/C 0.46%
14 PAN ASIA BANKING CORPORATION PLC/MR MORARJ MEGHJ 0.35%
15 DFCC BANK A/C 1 0.34%
16 HSBC INTL NOM LTD. JPMCB-J.P.MORGAN CLRARING CORP. 0.32%
17 LANKA MILK FOODS (CWE) LIMITED. 0.30%
18 UNION ASSUARANCE PLC NO 01 A/C 0.22%
19 MR. A.P. SOMASIRI 0.21%
20 DAVID PEIRIS MOTOR COMPANY LIMITED 0.21%



TWENTY( 20) MAJOR SHAREHOLDERS AS AT 31.12.2009

1 ONOMICHI DOCKYARD COMPANY LIMITED 51%
2 HORIZON REPRESENTATION OF COMPANIES LLC. 10.65%
3 HORIZON ENERGY LLC. 10.65%
4 SRI LANKA INSURANCE CORPORATION LTD. LIFE FUND 4.43%
5 SRL LANKA PORTS AUTHORITY 3.04%
6 EMPLOYEES PROVIDENT FUND 3.02%
7 MR. M.M. UDESHI 1.15%
8 THURSTON INVESTMENTS LIMITED 1.11%
9 MISS A.M. UDESHI 0.75%
10 PERSHING LLC S/A AVERBACH GRAUSAN & CO 0.62%
11 BHADRA INVESTMENTS LIMITED. 0.55%
12 BANK OF CEYLON NO 2 A/C 0.51%
13 MAS CAPITAL (PRIVATE) LIMITED. 0.39%
14 MRS.P.N. BHATT 0.90%
15 EAGLE INSURANCE COMPANY LIMITED. 0.37%
16 LANKA MILK FOODS (CWE) LIMITED. 0.30%
17 DFCC BANK 0.28%
18 MR. K.R. KAMON 0.23%
19 MR. A.P. SOMASIRI 0.22%
20 MR K.N.J. BALENDRA 0.21%



Last edited by slstock on Sat Apr 16, 2011 1:45 am; edited 8 times in total

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics
Interesting post SLStock. Even the great bear is impressed by DOCK. this is not a favourite among retailers. Don't think many of them have it in their portfolios. But you have highlighted some savy investors in that list of shareholders. You should highlight 6 and 7 as well. If I remember correctly the Captains weren't on the previous years list.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@tubal wrote:Interesting post SLStock. Even the great bear is impressed by DOCK. this is not a favourite among retailers. Don't think many of them have it in their portfolios. But you have highlighted some savy investors in that list of shareholders. You should highlight 6 and 7 as well. If I remember correctly the Captains weren't on the previous years list.


Yes tubal. Mr Captain was not there in 2009. I highlighted it also.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Pretty convincing work Slstock.. it seems to me some high networthy investments have come into DOCK in 2010. May be they've been waiting and after some analysis they entered.. its a good long term counter that benefits with the time.. So no wonder it attracts EPF fund Wink

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Hi Slstock

Really impressive work... thanks for the links to study the company and industry... I am also stuck with this counter and thinking that it should have upward momentum due its strong fundamentals.. What is reason for stagnating long time....


Happy Trading

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Great work slstock.
I managed to buy some when it was just down below Rs 250 last month & added it to my non-moving shares.

If I can remembered correctly some people were saying that Dock's docks are not big enough to either maintain or build large vassals. But I cannt see any point why DOCK wants expand it businesses to that level.
Large vessels relate businesses are dominated by Korean ship builders and currently China is trying hard to grab the market. Our country dont have resources or expertise to challenge that level.

Yes as Slstock mentions currency ($) is a crucial point. A healthy order book could also a challenging task.

But not like some other companies DOCK has proven that it is worth.

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics
slstock thanks for highlighting, Captains are in at both 6 and 7
UKBoy, yes, DOCK's single biggest customer in the past, Shipping Corporation of India upgraded their shps and those ships cannot be accomodated in these dry docks. But they are making up for it by moving to ship building.

You are right about the market for large ships, there's no chance of DOCK being able to enter this field. The good news is that according to their annual report they have no plans of doing so and will concentrate on niche markets.

newbie


Equity Analytic
Equity Analytic
btw FYI, their order books are full till 2014..... Smile

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@newbie wrote:btw FYI, their order books are full till 2014..... Smile

Newbie,
Did you read this as an news item? If so a link would be appreciated.



Last edited by slstock on Sat Apr 16, 2011 3:29 am; edited 1 time in total

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Excellent work slstock. This is one of my long term investment. It should start to move as it has been stagnated for long time.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Colombo Dockyard this week ceremonially commissioned its 11th large and highly complex vessel named “Greatship Rohini” in Colombo. Several VIPs were present at the event. The company says it has received orders worth US$ 240 million to build several ships.

http://sundaytimes.lk/index.php/business-videos/4803-colombo-dockyard-commissions-11th-vessel

Carolis


Manager - Equity Analytics
Manager - Equity Analytics
It is a bit rare to see some senior guys agree & recommand a company on this forum. Therefore I think this a worth medium term investment. Thanks for the topic slstock.

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
http://www.cse.lk/cmt/upload_cse_announcements/8331303815866_.pdf

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
http://www.lbo.lk/fullstory.php?nid=1678005469

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@UKboy wrote:Great work slstock.
I managed to buy some when it was just down below Rs 250 last month & added it to my non-moving shares.

If I can remembered correctly some people were saying that Dock's docks are not big enough to either maintain or build large vassals. But I cannt see any point why DOCK wants expand it businesses to that level.
Large vessels relate businesses are dominated by Korean ship builders and currently China is trying hard to grab the market. Our country dont have resources or expertise to challenge that level.

Yes as Slstock mentions currency ($) is a crucial point. A healthy order book could also a challenging task.

But not like some other companies DOCK has proven that it is worth.
You should reread what you wrote back then jocolor

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@rainmaker wrote:
You should reread what you wrote back then jocolor
You must be missed a hell of a lot posts to read since then? Razz take ur time n go through.

I had sold entire my PF latter part of 2011 n early 2012. (With proven comments).

http://forum.srilankaequity.com/t15140-post-mortems-favourite-shares-frustration-and-at-last-the-last-few-options-remaining

I'm not interested with SL market at the mo. just few counters in my local pf. Money wise its not that worth. Hence time is more important to me.

GL.

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