Earning was lower as expected because last year 1Q was exceptional. I expect 2Q onwards to see earnings on par or better than previous corresponding quarters. 1Q affected by higher charter in-rates which I expect them to renew at a lower cost since most of their charter contracts are one year or less. That would improve the bottom line.
NTA is about $0.62 but net operating cash flow for 1Q2016 is US15m or 3.7 cents per share(Sing). For FY2014 and FY2015 operating cash flow are US$46.6m and US$28.1m respectively. This company is generating healthy cashflow and using it to reduce debts and which is why dividend payout ratio is high even though earning drops. My gut feeling is that if share price continues to be depressed then a privatisation is highly probably.
Samudera 1Q2016
http://infopub.sgx.com/FileOpen/Samuder ... eID=401373