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Western Marine Shipyard Limited Dse: Wmshipyard WESTERN MARINE SHIPYARD LIMITED DSE: WMSHIPYARD Company Overview advantages over rivals such as skilled and cheap manpower which can assist in its growth. On average, ship owners can Western Marine Shipyard Limited (WMSL), a 100% export save at least 15% of the production cost in Bangladesh. oriented Ship Building Industry, was incorporated and initiated commercial production on July 2000. The company specializes Although a number of shipyards in Bangladesh now have the in the building of Multi-Purpose Cargo Ships, Inland Container capacity to build vessels for international markets, Western Ships, Inland Tankers, Passenger Ships, Ro-Ro Ferries, Port- Marine and Ananda Shipyard & Slipways have been leading the Utility Ships, Tugs and Dredgers. market in production for overseas buyers. The nature of business of the Company is to establish, build, Company Fundamentals erect, construct shipyard, dockyard, slipway, workshop on its Market Cap (BDT mn) 5446.9 own land, purchase or otherwise undertake ownership or Market weight 0.18% management of shipyard, dockyard, slipway, workshop etc. The Free-float (Public +Inst.) 59.6% Company constructs and delivers ship both for foreign and local Number of Shares Outstanding (BDT mn) 120.5 customers. Ships are constructed to suit customer specific Paid-up Capital (BDT mn) 1205.1 requirements. 100% revenue of the Company is generated 3 Months Average Turnover (BDT mn) 65.3 from shipbuilding activities. 3 Months Return -1.1% The Company has installed capacity of producing 90,000 MT Current Price (BDT) 45.2 annually of which 53.3% is utilized during the year 2012-13. The main raw materials of the Company are M.S. plate, Bulb Flat, 52-week price range (BDT) 39.8 - 94 Angle Bar, Valves & Gauges, LPG, Liquid Oxygen, Loose Tools Sector Forward P/E 24.9 etc. The major raw materials of the Company are imported 2011-12 2012-13 2013-14 2014-15 from Germany, France, England, China, Japan, EU, Singapore (HY Ann) and India. Financial Information (BDT mn): The company is the market leader in ship building industry of Sales 3,672 2,441 2,578 2,481 Bangladesh. In the country, other main competitors of the Net Profit 340 135 150 213 company are Ananda Shipyard & Slipways Ltd., Khulna Shipyard Assets 6,792 8,258 9,835 10,387 Ltd., and Khan Brothers Shipbuilding Ltd. LT Debt 2,280 4,194 5,330 4,599 The company was listed in CSE and DSE in 2014. Currently, Equity 2,464 2,599 2,749 4,430 40.4% shares of the company are held by its sponsors and Div. % (C/B) -/- -/- 5/10 -/- directors, 22.6% by institutional investors and 37.0% by the general public. Margin: Gross Profit 22.5% 25.2% 25.1% 26.8% Industry Overview Operating Profit 19.7% 23.3% 23.2% 23.2% Currently the global shipbuilding industry is moving towards the Pretax Profit 10.2% 5.0% 7.2% 6.4% Asia-pacific region due to high construction cost in the Net Profit 9.3% 5.5% 5.8% 8.6% developed nations. Another reason for Bangladesh’s Growth: prominence for the industry is the changing market demand for Sales vessels which has brought an opportunity for Bangladesh to 0.2% -33.5% 5.6% -3.8% access in the foreign shipbuilding market by making a position Gross Profit -10.8% -25.7% 5.4% 2.7% in the globe as one of the shipbuilding nations. Operating Profit -12.8% -21.0% 5.0% -3.7% Bangladesh has more than 100 shipbuilding yards, with most of Profit Before Tax -23.0% -67.4% 52.5% -14.4% them serving the domestic market. Experts say nearly 70% of Net Profit -7.3% -60.3% 11.0% 42.5% the country's cargo and 90% of total oil products are Profitability: transported by small ships, cargo vessels and tugs through its ROA 5.1% 1.8% 1.7% 2.1% coastal and inland waterways. ROE 14.8% 5.3% 5.6% 5.9% Shipbuilding yards in Bangladesh are now exporting small and Leverage: medium-sized ships for the highly competitive European Debt Ratio 56.2% 62.8% 68.1% 53.7% market. Since 2008, Bangladeshi yards have manufactured and exported ferries, cargo vessels, and ocean-going multi-purpose Debt-Equity Ratio 154.8 199.4% 243.7% 126.0% % ships worth more than USD 500 mn (BDT 38.85 bn). The vessels Interest Coverage 1.9 1.2 1.2 1.2 were built for countries including Denmark, Germany and Valuation:Ratio Finland. Bangladesh sees an opportunity in meeting demand for Price/Earnings 16.0 40.4 36.4 25.5 smaller ships in International market. The industry is aiming to Price/BV 2.2 2.1 2.0 1.2 win orders of more than USD 2 bn in the next five years. EPS (BDT) 2.8 1.1 1.2 1.8 The industry is still small compared with giants such as China, NAVPS (BDT) 20.4 21.6 22.8 36.8 Japan and South Korea. However, Bangladesh enjoys several 1 May 07, 2015 Investment Positives Price Movement Since Listing 90 . Western Marine Shipyard will build 10 cargo ships for 80 India’s Jindal Group under a USD 61.25 mn agreement. 70 Under the deal, Western Marine will build and supply 10 60 mini bulk carriers each with a capacity of 8,000 50 deadweight tonnage for Jindal Steel Works. The costs of 40 building the ships would be BDT 4,800 mn or USD 61.25 30 mn. Initially 6 ships will be delivered within December Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 Source: DSE & ILSL Research 2016. Bank Asia is the financial partner of Western Marine for construction of first two ships of the series. Pricing Based on Relative Valuation: . As per prospectus, WMSL is leading the shipbuilding Multiple Value (BDT) industry having 45% market share followed by Ananda Shipyard & Slipways Ltd. (20%) while rests are engaged by Sector Forward P/E 24.9 44.1 other ship builders. Sector Trailing P/E 17.0 21.1 . Around 50% of the company’s Order Book comprises of Market Forward P/E 15.5 27.4 orders from repeat customers. This ensures the stable Sector P/BV 1.4 51.5 Source: ILSL Research revenue generating potential or the company. Investment Negatives Concluding Remark . The company imports 50% - 60% of its raw materials from The half yearly revenue on the basis of percentage of abroad and revenue is also generated from foreign completion method has witnessed marginal drop with 2.5% customers; hence, unfavorable currency fluctuation may decline from the same period of the previous year. However affect its profitability adversely. net profit witnessed 41.3% growth due to large adjustment of deferred taxes. Based on the new ship building agreement the Last Five year's EPS (Restated) in BDT company’s revenue is expected to grow further in the years to come. 3.04 2.82 Sources: Annual Reports, DSE news, Company website, the Financial Express, the Daily Star, The Daily Prothom Alo and ILSL Research 1.77 1.12 1.24 2010-11 2011-12 2012-13 2013-14 2014-15 Source: DSE & ILSL Research ILSL Research Team: Name Designation Rezwana Nasreen Head of Research Towhidul Islam Research Analyst Md. Tanvir Islam Research Analyst Md. Asrarul Haque Jr. Research Analyst For any Queries: [email protected] Disclaimer: This document has been prepared by International Leasing Securities Limited (ILSL) for information only of its clients on the basis of the publicly available information in the market and own research. This document has been prepared for information purpose only and does not solicit any action based on the material contained herein and should not be construed as an offer or solicitation to buy or sell or subscribe to any security. Neither ILSL nor any of its directors, shareholders, member of the management or employee represents or warrants expressly or impliedly that the information or data of the sources used in the documents are genuine, accurate, complete, authentic and correct. However all reasonable care has been taken to ensure the accuracy of the contents of this document. ILSL will not take any responsibility for any decisions made by investors based on the information herein. 2 May 07, 2015 .
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