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Saw a news fr website that hint on possible DPU cut. :
1st quarter profit stronger than expected. While revenue of US$32.5m (up 10% qoq) was in line with expectations, net profit surged 54% qoq to US$11m. This was largely on the back of lower-than-expected interest expenses and the lack of transaction fees. Distributable cash flows increased 8% qoq to US$16.8m. The DPU payout of 2.14UScts corresponds to only 54% of available cash.
But even existing credit facilities may shrink. With sharp contractions in asset prices, lenders may choose to restrict the amount to be drawn down from available facilities. This is on top of the Trust’s inability to secure funding for the US$711m of committed capex due next year. At worst, the Trust may have to sell the Maersk vessels (with charter) to a 3rd party at a sizeable haircut.
Are more DPU cuts on the way? The Trust would need to repay about US$158m of loans next year, including a US$130m tranche in April’10. The possible redelivery of the Maersk Djibouti in Feb’2010 implies added revenue pressure. The 5% cut in DPU may, thus, be no more than a signal, given the uncertainties. However, at current valuations, even a 50% cut in DPU going forward would imply a FY09 yield of more than 22%. We conservatively impute a 20% cut in DPU for the next 3 quarters. Maintain HOLD, TP cut to S$0.39.
Rickmer abit slow, should be around August period.
sureesh40 ( Date: 24-Jul-2009 12:41) Posted:
When will they annonce their next distribution
matthewsoh ( Date: 24-Jul-2009 10:00) Posted:
| yup ..if the DPU is USD 22 per lot .. I am more than happy. but the rickmer management did promise to give more last time.. so let us see..... |
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When will they annonce their next distribution
matthewsoh ( Date: 24-Jul-2009 10:00) Posted:
| yup ..if the DPU is USD 22 per lot .. I am more than happy. but the rickmer management did promise to give more last time.. so let us see..... |
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yup ..if the DPU is USD 22 per lot .. I am more than happy. but the rickmer management did promise to give more last time.. so let us see.....
i believe the DPU is likely to be at 0.0214 which is the based DPU. If rickmer can maintain its DPU at 0.214 at this rate going forward, i think its good enough.
PST result out, also quite good. But they going to reduce 90% payout to above 70% going forward to retain more cash.
dealer0168 ( Date: 23-Jul-2009 19:47) Posted:
I thk likewise, maybe the payout to
investor maybe reduce due to
refinancing issue. (just my opinion).
lawcheemeng ( Date: 23-Jul-2009 12:56) Posted:
| I m actually expecting a increase in earning for rickmer, as from apirl 09 , they took delivery of new ship and lease it out , contributing to 2nd qtr earning. may have suprise in the DPU .
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I thk likewise, maybe the payout to
investor maybe reduce due to
refinancing issue. (just my opinion).
lawcheemeng ( Date: 23-Jul-2009 12:56) Posted:
| I m actually expecting a increase in earning for rickmer, as from apirl 09 , they took delivery of new ship and lease it out , contributing to 2nd qtr earning. may have suprise in the DPU .
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I m actually expecting a increase in earning for rickmer, as from apirl 09 , they took delivery of new ship and lease it out , contributing to 2nd qtr earning. may have suprise in the DPU .
Thank you both, for your replies. :-)
freeme ( Date: 23-Jul-2009 11:51) Posted:
Doing a rights issue will defeat the purpose of buying the vessels to grow shareholders value. For me im also holding for long term unless something major happens to the economy. Possible TP depends.. will changes as it goes along
matthewsoh ( Date: 23-Jul-2009 11:31) Posted:
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i am holding to the point that they stop this trust ... meaning they delisting from SGX. cos I really like the DPU even though the risk is there. It is better than reits just that they are not popular to the majority cos the buildings are what we always see .. for shipping . The ships are too faraway from where we could see. but remember, everytik we buy are either from sea or from air .. i am still targetting on my 100 lots so i can collect 20k annually. :) if times are good , maybe 40k when the stock price is 3 dollars ( MAybe nia) The highest price is not tested cos of the crisis .. so i am still waiting how far can this go ? Refinancing is a problem but they can do share placement or hehe .. rights issue again.. or give CD in terms of shares loh .. haha
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Doing a rights issue will defeat the purpose of buying the vessels to grow shareholders value. For me im also holding for long term unless something major happens to the economy. Possible TP depends.. will changes as it goes along
matthewsoh ( Date: 23-Jul-2009 11:31) Posted:
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i am holding to the point that they stop this trust ... meaning they delisting from SGX. cos I really like the DPU even though the risk is there. It is better than reits just that they are not popular to the majority cos the buildings are what we always see .. for shipping . The ships are too faraway from where we could see. but remember, everytik we buy are either from sea or from air .. i am still targetting on my 100 lots so i can collect 20k annually. :) if times are good , maybe 40k when the stock price is 3 dollars ( MAybe nia) The highest price is not tested cos of the crisis .. so i am still waiting how far can this go ? Refinancing is a problem but they can do share placement or hehe .. rights issue again.. or give CD in terms of shares loh .. haha
vthnay ( Date: 22-Jul-2009 19:42) Posted:
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May I know what is your intended length of time for holding? Or are you selling when it reach a dollar. |
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i am holding to the point that they stop this trust ... meaning they delisting from SGX. cos I really like the DPU even though the risk is there. It is better than reits just that they are not popular to the majority cos the buildings are what we always see .. for shipping . The ships are too faraway from where we could see. but remember, everytik we buy are either from sea or from air .. i am still targetting on my 100 lots so i can collect 20k annually. :) if times are good , maybe 40k when the stock price is 3 dollars ( MAybe nia) The highest price is not tested cos of the crisis .. so i am still waiting how far can this go ? Refinancing is a problem but they can do share placement or hehe .. rights issue again.. or give CD in terms of shares loh .. haha
vthnay ( Date: 22-Jul-2009 19:42) Posted:
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May I know what is your intended length of time for holding? Or are you selling when it reach a dollar.
freeme ( Date: 22-Jul-2009 19:37) Posted:
80lots is quite alot... rickmer is also my biggest holdings compare to the rest in my portfolio.. some worry abt the refinancing of vessels.. thats why current px is depressed.. NAV of rickmer is above $1.. I will also slowly build up more here as goes along..
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Every trust has its debt to think about ... shipping is just badly reputated when comes to recession. Shipping and transportation is still needed but maybe not high volume. But when every quarter 3k , why not ? hehe..
If Rickmers results is good n no refinancing issue, i may consider join in the club...........
Quite a good company actually.
May I know what is your intended length of time for holding? Or are you selling when it reach a dollar.
freeme ( Date: 22-Jul-2009 19:37) Posted:
80lots is quite alot... rickmer is also my biggest holdings compare to the rest in my portfolio.. some worry abt the refinancing of vessels.. thats why current px is depressed.. NAV of rickmer is above $1.. I will also slowly build up more here as goes along..
matthewsoh ( Date: 22-Jul-2009 11:37) Posted:
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Yup ... 20 lots to my target.( stands at 80) Rickmer has a stronger back-office and team of leader than any ship leasing trust company. Their management portfolio is scary. I have good confidence in their dpu and they already kind of hint higher dpu this time , i dont think they will have a dpu guidance of 1.5cent like FSL. FSL even though is diversified, they didnt commit any answer and even mention about refinancing in their presentation and this may not sound nice to me. Rickmer at least mention that and may have long considered this issue so it is time to rickmer to price higher than FSL. $0.67 after CD announcement if dpu is 2.25 cent consistently. Btw the results should be around 1-4 august :)
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80lots is quite alot... rickmer is also my biggest holdings compare to the rest in my portfolio.. some worry abt the refinancing of vessels.. thats why current px is depressed.. NAV of rickmer is above $1..
I will also slowly build up more here as goes along..
matthewsoh ( Date: 22-Jul-2009 11:37) Posted:
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Yup ... 20 lots to my target.( stands at 80) Rickmer has a stronger back-office and team of leader than any ship leasing trust company. Their management portfolio is scary. I have good confidence in their dpu and they already kind of hint higher dpu this time , i dont think they will have a dpu guidance of 1.5cent like FSL. FSL even though is diversified, they didnt commit any answer and even mention about refinancing in their presentation and this may not sound nice to me. Rickmer at least mention that and may have long considered this issue so it is time to rickmer to price higher than FSL. $0.67 after CD announcement if dpu is 2.25 cent consistently. Btw the results should be around 1-4 august :)
freeme ( Date: 20-Jul-2009 17:03) Posted:
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manage to collect more anot?
Today i add another 10lots on this..
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Wow matthew, u concentrate alot of firing power on shipping stock. Salute to u. U are my hero.
matthewsoh ( Date: 02-Jun-2009 17:07) Posted:
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My target is 100 lots and still 30 lots away...
This is my golden hens ... Remember every lots can collect USD$90 ( current situation) annually. As long as there are shipping around ... and we are buying at a good price ...
I am also into NOL now giving up on COSCO haha cos Temasek is doing the RIGHT magics again... We will see 2 dollar stock for NOL soon just like kepland , charter and capitaland haha
freeme ( Date: 02-Jun-2009 16:30) Posted:
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Yup ... 20 lots to my target.( stands at 80) Rickmer has a stronger back-office and team of leader than any ship leasing trust company. Their management portfolio is scary. I have good confidence in their dpu and they already kind of hint higher dpu this time , i dont think they will have a dpu guidance of 1.5cent like FSL. FSL even though is diversified, they didnt commit any answer and even mention about refinancing in their presentation and this may not sound nice to me. Rickmer at least mention that and may have long considered this issue so it is time to rickmer to price higher than FSL. $0.67 after CD announcement if dpu is 2.25 cent consistently. Btw the results should be around 1-4 august :)
freeme ( Date: 20-Jul-2009 17:03) Posted:
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manage to collect more anot?
Today i add another 10lots on this..
matthewsoh ( Date: 02-Jun-2009 17:07) Posted:
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My target is 100 lots and still 30 lots away...
This is my golden hens ... Remember every lots can collect USD$90 ( current situation) annually. As long as there are shipping around ... and we are buying at a good price ...
I am also into NOL now giving up on COSCO haha cos Temasek is doing the RIGHT magics again... We will see 2 dollar stock for NOL soon just like kepland , charter and capitaland haha
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read from another forum . shipping company not comitting to new ships(hugh investment),, so ship charting business got hope , TO GET BETTER. longer term of course.
sureesh40 ( Date: 22-Jul-2009 10:16) Posted:
| I fear Rickmers DPU may also go down just like FSL |
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I fear Rickmers DPU may also go down just like FSL
manage to collect more anot?
Today i add another 10lots on this..
matthewsoh ( Date: 02-Jun-2009 17:07) Posted:
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My target is 100 lots and still 30 lots away...
This is my golden hens ... Remember every lots can collect USD$90 ( current situation) annually. As long as there are shipping around ... and we are buying at a good price ...
I am also into NOL now giving up on COSCO haha cos Temasek is doing the RIGHT magics again... We will see 2 dollar stock for NOL soon just like kepland , charter and capitaland haha
freeme ( Date: 02-Jun-2009 16:30) Posted:
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My target is 100 lots and still 30 lots away...
This is my golden hens ... Remember every lots can collect USD$90 ( current situation) annually. As long as there are shipping around ... and we are buying at a good price ...
I am also into NOL now giving up on COSCO haha cos Temasek is doing the RIGHT magics again... We will see 2 dollar stock for NOL soon just like kepland , charter and capitaland haha
freeme ( Date: 02-Jun-2009 16:30) Posted:
haha thats the way man..
matthewsoh ( Date: 02-Jun-2009 16:09) Posted:
| haha ..i bought in ... additional 11 lots haha |
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