Berlian Laju: Continues to extend recent rally, with global GDP growth forecasted to grow at 3.9% this year and 4.3% in 2011, grp expects demand growth for chemical freight to outstrip net global fleet growth the next two years...
CIMB, who has been bullish on stock highlights grp can post Ebitda of between US$272m and US$325m annually over the 2010-2012 period. In 1H10, grp’s of US$127.2m vs interest expense of US$64.5 million translated into interest cover of 1.97 times….
Grp’s diversified fleet mix has achieved earnings stability and capitalise on expansion of the global energy market, maintaining a balance between spot contracts, time charters and contracts of affreightment, and an Ebitda compound annual growth rate of over 22% since 1990. Demand growth for chemical tanker charters has generally been twice the GDP growth rate, due to a pick-up in industrial production and global demand for plastics….
In presentations to investors, co. said that implementation of Indonesian cabotage rules could translate into an IRR of up to 50%, providing Ebitda margin of 80%. Grp could be poised to ride one huge tidal surge amid a sharp recovery in the Indonesian shipping sector.
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