Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Equity Bottom-Up

Sillo Maritime Perdana / Equity Bottom-Up

<div><div><div><div><ul><li>Fleet expansion driving top-line: As most of SHIP’s time-charter rates are fixed under long-term contracts (3-5 years), its revenue growth (~15% CAGR from FY18-21) has been driven largely by fleet expansion (added 7 vessels to 21 units from FY18-21).</li><li>Excellent track record: We expect revenue to grow in tandem with vessel additions as 1) SHIP has 30+ years of experience and has built relationships with many of the oil &amp; gas majors (Pertamina, PetroChina, etc.), giving it an edge to secure contracts immediately after purchasing vessels and get them renewed after they expire;</li><li>Sustainable, high GP margin: Having vessels with certain specifications (e.g., VLGC) have also enabled SHIP to win contracts at favorable prices (owned vessels: GPM of 50-70% vs. leased vessels: 5-10%), due to limited availability.</li></ul><ul style="list-style-type: none;"><li> </li><li> </li></ul></div></div></div></div>

Fleet expansion driving top-line: As most of SHIP’s time-charter rates are fixed under long-term contracts (3-5 years), its revenue growth (~15% CAGR from FY18-21) has been driven largely by fleet expansion (added 7 vessels to 21 units from FY18-21).Excellent track record: We expect revenue to grow in tandem with vessel additions as 1) SHIP has 30+ years of experience and has built relationships with many of the oil &amp; gas majors (Pertamina, PetroChina, etc.), giving it an edge to secure contracts immediately after purchasing vessels and get them renewed after they expire;Sustainable, high GP margin: Having vessels with certain specifications (e.g., VLGC) have also enabled SHIP to win contracts at favorable prices (owned vessels: GPM of 50-70% vs. leased vessels: 5-10%), due to limited availability.  

PT Sillo Maritime Perdana Tbk - Steady as She Sails

Indonesia

PT. Sillo Maritime Perdana, Tbk. operates a fleet of shipping vessels to support the upstream oil and gas industry.

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Sillo Maritime Perdana (SHIP IJ)

PT Sillo Maritime Perdana Tbk - Steady as She Sails

SHIP is well- positioned to fill in the gap given its proven track record in dealing with Oil & Gas majors in Indonesia and solid B/S.

SCCM Asia Research

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