Sinwa Limited, with a history dating back to the 1960s, they are Asia Pacific’s leading marine, offshore supply and logistics company servicing the marine and offshore industry in Singapore, China and Australia. With a network spanning 12 major locations and delivering premium service to more than 100 key ports, they operate on a motto of ‘Right On Time, At Any Time’. It is this solid reputation for reliability that 90% of their revenue is repeat business.
Fundamental Analysis:
(I) Earnings:
While gross profit margins have remained roughly constant over the years – within a band of 25% to 30%, we can see that the growth in gross profits have fluctuated greatly. Furthermore, looking at their net profit margins (NPM), it has been declining since 2009 and even entering the negative region in 2012. We only see an improvement in the margins from FY2012 to FY2013. In this industry, one thing ......