Microsoft PowerPoint TWSE Conference

Transcription

1 慧洋海運股份有限公司 Wisdom Marine Lines Co., Limited TWSE: 2637 LSE: WML 23 Aug

2 大綱 Agenda 公司概況 公司概況 / Outlook 產業概況 產業概況 / Industry 營運策略 營運策略 / Strategy 2

3 財務成長 Financial Trend US$mm Margin% # of Vsls

4 2015 財務資訊 Monthly Earning 2015 Revenue (USD) Operating Income (USD) Operating Margin Net Income (USD) 1* 27,406,370 6,077, % 8,492, ,759,915 5,706, % 4,154, ,461,002 6,307, % 4,259,364 4* 28,725,572 6,383, % 8,795, ,684,907 6,935, % 5,958, ,214,854 6,505, % 3,366, ,897,455 6,631, % 3,971,617 8* 30,137,735 6,936, % 8,894,987 9* 28,826,972 5,442, % 9,922, ,811,693 6,989, % 4,554, ,073,020 6,478, % 4,549, ,954,026 6,452, % 3,965,021 Total 346,953,521 76,846, % 70,885,333 *1 月業外收入 other income 約 US$5.2m *8 月業外收入 other income 約 US$5.0m *4 月業外收入 other income 約 US$5.2m *9 月業外收入 other income 約 US$6.5m EPS :4.53 4

5 2016 財務資訊 Monthly Earning 2016 Revenue (USD) Operating Income (USD) Operating Margin Net Income (USD) 1 28,519,136 5,630, % 3,505,891 2* 26,477,661 4,849, % 12,396,596 3* 27,980,670 4,577, % 9,736,859 4* 26,369,109 3,541, % 1,607, ,467,956 3,760, % 1,400,817 6* 26,861,144 4,250, % -2,843,418 7* 26,858,802 3,374, % 1,605,856 Total 190,534,478 29,984, % 27,410,510 *2 月業外收入 other income 約 US$13.0m *6 月兌換損失 exchange loss 約 US$ 5.5m *3 月業外收入 other income 約 US$ 8.0m *6 月業外收入 other income 約 US$ 2.0m *4 月業外收入 other income 約 US$ 2.3m *7 月業外收入 other income 約 US$ 0.9m EPS :1.75 5

6 其他收入 其他收入 Other Income Deal Type Original Hire (USD) Remaining TC (Year) Other Income (USD) Handy 12,000 1Y A Supramax 14, Y Supramax 14,200 1Y 9,500,000 Panamax 13, Y B Handy 12, Y Handy 8, Y 3,800,000 C Charterer Compensation 900,000 D MOA Default 10,000,000 E Shipyard Compensation 2,000,000 Total 26,200,000 6

7 2015/2016 同期比較 YoY Change 財務資訊 (USD) 2016H1 2015H1 Change Revenue 163,675, ,252, % Hire Income 153,185, ,088, % Freight Income 5,056,295 10,167, % Operating Income 26,489,268 37,915, % Operating Margin 16.18% 22.40% % Net Income 25,880,104 34,873, % EPS (NT$) % Vessel No % Avg. BDI % 7

8 船隊 Fleet Current (# of vessels)* Newbuilds Total Vessel Type Owned BBHP-in Managed Total % No. No. % Dry Bulk Cape % - 3 2% Panamax % % Supramax % 5(+2) 19(+2) 15% Handy % % Small Handy % % Others LPG % Tanker (+2) (+2) 1% Other % - 5 4% Overall Group % 24 (+4) 133 (+4) 100% * 平均船齡 Average age : 5.9Y 8

9 同業船型 Peer Fleet 慧洋 WML 新興 Sincere Nav. 裕民 U-Ming 中航 CMT 台航 Taiwan Nav. Cape Size Panamax Supramax Handy Small Handy Others Total

10 同業營收及損益 Peer Financial 2016Q2 慧洋 WML 新興 Sincere Nav. 裕民 U-Ming 中航 CMT 台航 Taiwan Nav. Unit: 1,000 TWD Source: MOPS Revenue Operating Income Operating Margin Net Income EPS(TWD) ROE(%) 5,365, , % 848, % 2,247, , % 403, % 2,960, , % -1,126, % 1,635, , % 112, % 1,157,197-18, % 2, % 10

11 同業股價 Peer Stock Price NTD Source: TWSE 11

12 同業股價 Peer Stock Price 2015/8/17 股價 (NTD) Source: TWSE 12

13 2015 新船營運 New Vessels DWT Type Delivery TC (Year) Hire (USD) 1 37,800 Handy 15-Jan 5Y 11, ,400 Supramax 15-Jan 8Y 13, ,000 Supramax 15-Jan 3Y 14, ,300 Handy 15-Jan 5Y 11, ,000 Handy 15-Feb 5Y 10, ,000 Handy 15-Mar 5Y 10, ,000 Handy 15-Apr 1Y 7, ,000 Panamax 15-Apr 15Y 18, ,300 Handy 15-Apr 5Y 11, ,600 Panamax 15-Apr 8Y 13, ,300 Handy 15-Jun 2Y 11, ,000 Supramax 15-Jun 7Y 12, ,000 Handy 15-Jul 2Y 7, ,600 Panamax 15-Oct 8Y 13,500 Total 166, 年度新船收入總計 Total Revenue : US$44.4m (Full Year About $60M) 毛利率 Gross Margin : 50.21% 13

14 2016 新船營運 New Vessels DWT Type Delivery TC (Year) Hire (USD) Margin 1 81,600 Panamax 16-Jan 2Y 10, % 2 34,000 Handy 16-Mar 1.8Y 5, % 3 34,000 Handy 16-Mar 0.5Y 5, % 4 84,000 Panamax 16-Mar 1Y 5, % 5 55,000 Supramax 16-Mar 1Y 4, % 6 34,000 Handy 16-Aug 1Y 5, % 7 80,800 Panamax 16-Aug 2Y 7, % 8 34,000 Handy 16-Aug 1Y 6, % 9 37,600 Handy 16-Sep 2Y 6, % 10 80,800 Panamax 16-Oct 2Y 7, % Total 63, % 14

15 液化石油氣船及油輪 LPG & Tanker Type DWT Shipyard Delivery TC (Year) LPG 6,400 Murakami 18-Jun 6Y Tanker 115,000 JMU 19-Jun 10Y Tanker 115,000 JMU 19-Sep 10Y 15

16 2016 換約情形 換約情形 TC Renewal Est. No. of Vsl. Est. Avg. Hire Adjustment Est. Effect on Revenue 2016Q % -6.45% 2016Q % -1.72% 2016Q % -0.11% Total % -8.28% Ship Type BDI Average Daily Wisdom Result (Avg) Handy $4,377 $6,448 Supramax $4,944 $5,567 Panamax $4,258 $6, Jan-Jul 16

17 自營船隊 自營船隊 Self Operation 自營船隊 OP Fleet 平均船數 Avg. Fleet: 18 船型 Ship Type: Handy + Small Handy 平均船齡 Avg. Age: 8.1 Y 佔營收比重 % on Revenue: 3% 2016/7/ /7/31 Change BDI % BHSI % 17

18 產業走勢 產業走勢 Industrial Trend 18

19 船舶市況 船舶市況 World Fleet & Wisdom Avg. Age (yrs) Number of Vessels Type Capesize (110,000+) Panamax (67-110,000) Supramax (40-67,000) Handysize (20-40,000) World Fleet* Wisdom World Fleet* Order Current Order(%) 20+yrs(%) Wisdom Order Current , % 4.1% , % 7.7% , % 9.7% 5 (+2) , % 13.0% 7 42 *Source: Maersk Dry Bulk Fleet Status_July

20 拆船市況 拆船市況 Demolition Market Type \ Year (m dwt)* Jul %* Capesize (110,000+) % Panamax (67-110,000) % Supramax (40-67,000) % Handysize (20-40,000) % Total % *Source : Clarksons Shipping Intelligence Weekly_29-Jul-2016 *The % change is based on annualised figures for this year against last year. 20

21 法規要求 法規要求 Regulatory Challenges Existing Ships 現成船 Ballast Water Treatment System Emission Control Area New Ships 新造船 Harmonized Common Structure Rule MARPOL Tier 3 Emission Standard 21

22 新造船舶計畫 New Building 新造船訂單 On Order: 24 (+4) 以節能船為主 Mainly Eco-ship 油耗表現 Consumption Saving 預計交船時間 Delivery schedule Type No. of Vsl. Panamax 11 Supramax 5 (+2) Handy 7 LPG 1 Tanker (+2) Total 24 (+4) Year No. of Vsl (+3) 2020 (+1) 22

23 舊船出售 舊船出售 Sale of Vessels Vessel Name Built Year Age DWT Type Sold Unicorn Emerald 1999/Mar ,122 Small Handy 2015/Jul Coral Hero 1997/Sep ,520 Small Handy 2015/Dec Vessel Name Built Year Age DWT Type Sold Itami 2009/May ,140 Handy 2016/May Mercy Wisdom 2003/Jul ,764 Small Handy 2016/Jun Candidates Vessel Name Built Year Age DWT Type Unicorn Dolphin 2000/Aug ,528 Small Handy Jasmine Ace 1997/Dec ,704 Small Handy Genius Star I 2004/Oct ,977 Small Handy Genius Star II 2005/Jul ,977 Small Handy Genius Star III 2006/Feb ,567 Small Handy 23

24 2016 現金增資 Capital Increase 增資發行新股 : 普通股 40,000 仟股 Capital increase by issuance of new shares: 40,000,000 common shares 每股面額 Par Value:NTD10 80%: 原股東認購 for subscription by shareholders 10%: 員工認購 for subscription by employees 10%: 公開銷售 for publicly sale 24

25 簡報結束 Q & A 25