NTA US44.63 cents (Yes in US dollar and they have just completed impairment for FY2016 plus recently disposal of ships seem to show that the valuation of ships are up to date. Office property in 6 Raffles Place is booked at cost (FY2007 at $1300psf)
Dividend 0.5 cents (3% dividend yield at today closing price of 16.5 cents (Sing dollar)
4th quarter earnings seems to be profitable
The question to ask is Is freight rate going up or down?
If it is going down then this company will continue to 'sleep'.......
But if it is going up, then the earnings will be up.....hence most probably higher dividend and less impairment on ships.(I doubt they will revalue upwards the vessel values as seen in their office property in 6 Raffles Place)
Net cash generated from operating activities is US$36.8m compared to US$28.1m. Based on 540m shares that's 9.5 cents per share (Sing Dollar)
Cash on hand is US54.1m or about 10 cents (US Dollar) or 14.1 cents(Sing Dollar). Share price is 16.5 cents.
So is freight rate going up or down?????