Financials Precious Shipping

Equities

PSL

TH0363010Z02

Marine Freight & Logistics

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-07-15 pm EDT			5-day change	1st Jan Change
8.6 ^THB	-3.37%		-2.27%	-0.58%

May. 29	Precious Shipping Public Company Limited Enters into Four Shipbuilding Contracts for Four 63,500 DWT Bulk Carriers with Taizhou Sanfu Ship Engineering Co., Ltd	CI
May. 10	Precious Shipping Public Company Limited Announces Interim Cash Dividend No.1 for the Year 2024, Payable on 07 June 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,851	11,851	25,884	25,105	13,488	13,410	-	-
Enterprise Value (EV) ¹	11,851	11,851	31,648	30,773	18,509	13,410	13,410	13,410
P/E ratio	-50.7 x	-9.16 x	5.78 x	5.18 x	18.8 x	9.81 x	8.32 x	7.89 x
Yield	-	-	10.5%	10.9%	2.89%	4.38%	4.62%	5.04%
Capitalization / Revenue	2.83 x	3.16 x	3 x	2.75 x	2.64 x	2.24 x	2.19 x	2.17 x
EV / Revenue	2.83 x	3.16 x	3 x	2.75 x	2.64 x	2.24 x	2.19 x	2.17 x
EV / EBITDA	7.37 x	8.6 x	4.36 x	3.84 x	5.18 x	4.32 x	4.43 x	4.29 x
EV / FCF	8.1 x	7.45 x	4.59 x	6.04 x	7.45 x	6.9 x	7.44 x	7.25 x
FCF Yield	12.3%	13.4%	21.8%	16.6%	13.4%	14.5%	13.4%	13.8%
Price to Book	1.03 x	1.17 x	1.8 x	1.53 x	0.83 x	0.78 x	0.75 x	0.74 x
Nbr of stocks (in thousands)	1,559,292	1,559,292	1,559,292	1,559,292	1,559,292	1,559,292	-	-
Reference price ²	7.600	7.600	16.60	16.10	8.650	8.600	8.600	8.600
Announcement Date	2/11/20	2/19/21	2/14/22	2/10/23	2/12/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,183	3,751	8,615	9,129	5,100	5,981	6,128	6,192
EBITDA ¹	1,609	1,379	5,940	6,532	2,603	3,102	3,030	3,126
EBIT ¹	425.6	164.6	4,726	5,208	1,173	1,670	1,569	1,659
Operating Margin	10.17%	4.39%	54.86%	57.05%	22.99%	27.92%	25.6%	26.79%
Earnings before Tax (EBT) ¹	-225.8	-1,290	4,477	4,866	713.2	1,292	1,567	1,742
Net income ¹	-228.5	-1,295	4,475	4,851	709.6	1,376	1,603	1,718
Net margin	-5.46%	-34.52%	51.94%	53.14%	13.92%	23%	26.15%	27.74%
EPS ²	-0.1500	-0.8300	2.870	3.110	0.4600	0.8767	1.033	1.090
Free Cash Flow ¹	1,463	1,591	5,639	4,158	1,810	1,944	1,803	1,849
FCF margin	34.97%	42.42%	65.46%	45.55%	35.5%	32.49%	29.42%	29.85%
FCF Conversion (EBITDA)	90.92%	115.4%	94.94%	63.65%	69.56%	62.65%	59.51%	59.13%
FCF Conversion (Net income)	-	-	126.02%	85.72%	255.12%	141.28%	112.49%	107.6%
Dividend per Share ²	-	-	1.750	1.750	0.2500	0.3770	0.3970	0.4338
Announcement Date	2/11/20	2/19/21	2/14/22	2/10/23	2/12/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1
Net sales	-	2,812	-	2,639	-	-	-	-	1,321	-	1,151	3,640	-	-	-
EBITDA	-	2,141	-	-	-	-	-	478.1	710.7	-	590	745.5	-	-	-
EBIT ¹	-	1,830	-	-	-	-	-	-	353.6	-	222.5	376.3	-	536	986
Operating Margin	-	65.08%	-	-	-	-	-	-	26.76%	-	19.32%	10.34%	-	-	-
Earnings before Tax (EBT)	-	1,774	-	-	-	-	-	78.94	285.3	-	99.04	249.8	-	-	-
Net income ¹	1,201	1,772	1,294	1,660	2,954	1,348	549.2	78.69	285.9	364.6	98.44	246.6	409.5	594	1,004
Net margin	-	63.02%	-	62.89%	-	-	-	-	21.64%	-	8.55%	6.78%	-	-	-
EPS ²	0.7700	1.140	0.8300	1.060	1.890	0.8600	0.3600	-	0.1800	0.2300	0.0600	0.1600	0.2600	0.3600	0.6400
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/6/21	2/14/22	5/6/22	8/5/22	8/5/22	11/4/22	2/10/23	5/7/23	8/4/23	8/4/23	11/3/23	2/12/24	5/2/24	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	5,764	5,668	5,021	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.9704 x	0.8678 x	1.929 x	-	-	-
Free Cash Flow ¹	1,463	1,591	5,639	4,158	1,810	1,944	1,803	1,849
ROE (net income / shareholders' equity)	-1.88%	-11.9%	36.5%	31.5%	4.36%	8.21%	7.87%	8.01%
ROA (Net income/ Total Assets)	-0.86%	-5.57%	19.9%	20.3%	2.91%	6.1%	7.55%	8.4%
Assets ¹	26,449	23,229	22,487	23,917	24,385	22,552	21,227	20,452
Book Value Per Share ²	7.410	6.500	9.210	10.60	10.40	11.00	11.50	11.60
Cash Flow per Share ²	1.210	-	3.800	4.240	1.420	1.570	1.750	1.830
Capex ¹	427	273	256	2,446	410	899	1,050	1,200
Capex / Sales	10.22%	7.28%	2.97%	26.8%	8.03%	15.03%	17.13%	19.38%
Announcement Date	2/11/20	2/19/21	2/14/22	2/10/23	2/12/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Precious Shipping

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8.6 THB

Average target price

10.9 THB

Spread / Average Target

+26.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
PRECIOUS SHIPPING	-0.58%	372M
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	+19.51%	11.29B
COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+32.16%	4.03B
WALLENIUS WILHELMSEN ASA	+12.25%	3.91B
STAR BULK CARRIERS CORP.	+13.83%	2.76B
ZIM INTEGRATED SHIPPING SERVICES LTD.	+85.41%	2.2B
HÖEGH AUTOLINERS ASA	+27.59%	2.07B
THE SHIPPING CORPORATION OF INDIA LIMITED	+98.80%	1.81B
COSTAMARE INC.	+48.70%	1.85B
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+11.94%	1.77B

Deep Sea Freight