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Grindrod Shipping Holdings Ltd.NasdaqGS:GRIN 株式レポート

時価総額 US$5.1b
株価
n/a
US$5.54
該当なし内在価値ディスカウント
1Y67.3%
7D0.07%
1D
ポートフォリオ価値
​
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Grindrod Shipping Holdings Ltd.

NasdaqGS:GRIN 株式レポート

時価総額：US$5.1b

This company listing is no longer active

This company may still be operating, however this listing is no longer active. Find out why through their latest events.

Grindrod Shipping Holdings（GRIN）株式概要

国際的な海運会社であるグラインドロッド・シッピング・ホールディングス・リミテッドは、世界各地でドライバルク船隊の所有、用船、運航に従事している。 詳細

GRIN ファンダメンタル分析
スノーフレーク・スコア
評価2/6
将来の成長0/6
過去の実績0/6
財務の健全性3/6
配当金0/6

リスク分析

リスクチェックの結果、GRIN 、リスクは検出されなかった。

GRIN Community Fair Values

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Grindrod Shipping Holdings Ltd. 競合他社

価格と性能

株価の高値、安値、推移の概要Grindrod Shipping Holdings
過去の株価
現在の株価US$14.20
52週高値US$14.90
52週安値US$7.35
ベータ0.61
1ヶ月の変化1.14%
3ヶ月変化3.27%
1年変化67.26%
3年間の変化17.16%
5年間の変化158.18%
IPOからの変化-16.47%

最新ニュース

Seeking Alpha • Jul 01

Grindrod Shipping: Major Shareholder's Takeover Attempt Successful, Stock Will Likely Delist Soon

Summary The Selective Capital Reduction plan was approved by the Extraordinary General Meeting and Grindrod shareholders will likely receive 14.25 USD per share after the Singaporean High Court approves the decisions. Taylor Maritime Investments will likely become the sole shareholder and Grindrod shares will be delisted from NASDAQ and JSE. The best option, in my opinion, for current shareholders is to wait Singaporean High Court's approval of the decisions and receive 14.25 USD per share. Read the full article on Seeking Alpha
Seeking Alpha • Apr 06

Grindrod Shipping: Minority Shareholder Buyout Proposal Might Not Pass

Summary Grindrod Shipping shares rallied by 30% after the company announced plans to buy out minority shareholders for $14.25 in cash per common share. The offer represents a 12% discount to estimated net asset value and an approximately 45% discount to controlling shareholder Taylor Maritime's $26 cash tender offer back in 2022. However, with Taylor Maritime not permitted to vote on the proposal, approval won't be an easy task. Singapore law requires a 75% majority of shareholders to pass a special resolution on a yet to be scheduled extraordinary general meeting which appears to be a Herculean task. With approval anything but certain and shares trading just 4% below the proposed buyout price, I would strongly advise investors to consider selling into the open market next week to avoid the risk of shares giving back all of Thursday's gains in case the special resolution doesn't pass. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Jul 01

Grindrod Shipping: Major Shareholder's Takeover Attempt Successful, Stock Will Likely Delist Soon

Summary The Selective Capital Reduction plan was approved by the Extraordinary General Meeting and Grindrod shareholders will likely receive 14.25 USD per share after the Singaporean High Court approves the decisions. Taylor Maritime Investments will likely become the sole shareholder and Grindrod shares will be delisted from NASDAQ and JSE. The best option, in my opinion, for current shareholders is to wait Singaporean High Court's approval of the decisions and receive 14.25 USD per share. Read the full article on Seeking Alpha
Seeking Alpha • Apr 06

Grindrod Shipping: Minority Shareholder Buyout Proposal Might Not Pass

Summary Grindrod Shipping shares rallied by 30% after the company announced plans to buy out minority shareholders for $14.25 in cash per common share. The offer represents a 12% discount to estimated net asset value and an approximately 45% discount to controlling shareholder Taylor Maritime's $26 cash tender offer back in 2022. However, with Taylor Maritime not permitted to vote on the proposal, approval won't be an easy task. Singapore law requires a 75% majority of shareholders to pass a special resolution on a yet to be scheduled extraordinary general meeting which appears to be a Herculean task. With approval anything but certain and shares trading just 4% below the proposed buyout price, I would strongly advise investors to consider selling into the open market next week to avoid the risk of shares giving back all of Thursday's gains in case the special resolution doesn't pass. Read the full article on Seeking Alpha
Seeking Alpha • Jan 14

Grindrod Shipping: Favorable Outlook, M&A Completion, And Very Cheap

Summary Grindrod didn’t only continue to reduce its total amount of debt in the last quarter, management also reported the completion of the acquisition of Tamar Ship Management Limited. Favorable outlook for the geared dry bulk segment and expected market growth in the Asia Pacific region could lead to net sales growth. Stable balance sheet with negative working capital and recent debt reduction promises may positively impact future valuation multiples. Read the full article on Seeking Alpha
Seeking Alpha • Sep 07

Grindrod Shipping goes ex-dividend tomorrow

Grindrod Shipping (NASDAQ:GRIN) declares $0.84/share interim quarterly dividend, 78.7% increase from prior dividend of $0.47. Payable Sept. 19; for shareholders of record Sept. 9; ex-div Sept. 8. See GRIN Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Aug 29

Grindrod Shipping hits 12-week high on $365.9M acquisition offer from Taylor Maritime

Grindrod Shipping (NASDAQ:GRIN) stock soared to a near 12-week high on Monday on receipt of a non-binding offer from Taylor Maritime Investments (OTCPK:TMILF) to acquire the firm for $26/share, or ~$365.9M. Taylor Maritime proposed to pay a cash purchase price of $21/share to be paid along with a special dividend from GRIN of $5/share. GRIN entered into exclusive talks with Taylor Maritime regarding the offer, but the parties are yet to agree on definitive terms. There is no certainty that any deal will result from these talks. Taylor Maritime believes its proposal offers "significant value and certainty to GRIN's shareholders at a time of weakening global economic activity and declining dry bulk rates", it said in a statement. Taylor Maritime currently owns ~26% stake in GRIN. Shares of GRIN have gained 31.3% YTD and ~61% in the last 1 year.
Seeking Alpha • Aug 16

Grindrod Shipping Q2 2022 Earnings Preview

Grindrod Shipping (NASDAQ:GRIN) is scheduled to announce Q2 earnings results on Wednesday, August 17th, after market close. The consensus EPS Estimate is $1.92 (+1500.0% Y/Y) and the consensus Revenue Estimate is $120.6M (+68.0% Y/Y). Over the last 2 years, GRIN has beaten EPS estimates 63% of the time and has beaten revenue estimates 100% of the time. Over the last 3 months, EPS estimates have seen 0 upward revisions and 0 downward. Revenue estimates have seen 0 upward revisions and 0 downward.
Seeking Alpha • Jul 13

Grindrod Shipping Looks Fundamentally And Technically Oversold

I believe GRIN is attractive enough for both a short-term speculative buy and a longer-term dividend buy - the bull cycle in shipping is not over yet. In my view, the slowdown in Chinese economic activity is a new reality, but it does not cancel out the demand for the active use of bulk carriers. Given Grindrod's operating efficiency (cash flow generation - CFO), the stock looks undervalued by 30-80%. By evenly adding to the position at such oversold price levels, the investor partially eliminates the risks of a deep drawdown and increases the probability of making money on each new purchase, in my view. Instead Of An Investment Thesis Recently, more and more information is emerging about a new wave of coronavirus that could dampen demand for raw materials for heavy industry companies, as it did in 2020 - which is probably why shipping stocks are falling so sharply. We see the same in commodity prices - the Dow Jones Commodity Index, which tracks a broad range of 28 different commodity futures contracts, including metals, agricultural products, and energy commodities such as oil and gas, is down 19% from its highs: Data by YCharts In my opinion, however, these fears are somewhat exaggerated - yes, the slowdown in Chinese economic activity is a new reality, but it does not cancel out the demand for the active use of bulk carriers in world trade. An example of a high-quality dry bulk shipping company that has become oversold is Grindrod Shipping Holdings Ltd. (GRIN), which I cover regularly here on Seeking Alpha. Now the share price has approached the price level from which I published all my bullish articles: My rating on GRIN with notes, Seeking Alpha Since not much has changed structurally in this shipping industry, I think GRIN is attractive enough for both a short-term speculative buy and a longer-term dividend buy - the bull cycle in shipping is not over yet. My General Reasoning Everyone is afraid of the state of the Chinese economy and the fact that steel production could drop significantly due to the danger of the property crisis slipping out of the CCP's control. A drop in demand for steel will lead to a drop in demand for iron ore, one of the main transport products for bulk carriers. Since this really makes sense - no one has canceled the property debt crisis in China as well as slowdown in the global economy - I believe that not everything is so bad and that we should not only look at the demand side but also the supply side. The dry bulk shipping market differs from the container shipping market in many ways, but one of the most important differences, in my opinion, is the size of the orderbook. Dry bulk carriers make up 21 percent of the world's merchant fleets, and it takes years to build a single vessel. So, everyone is looking at the order book to see how many new ships will be at sea in the coming years. So far, the order book for dry bulk carriers looks quite good for the industry, accounting for only 4.7% and 6.6% of the total Handysize and Supramax fleets respectively. At the same time, the number of vessels is expected to increase the fleet by 2.2% and 0.4% in 2022 and 2023, respectively - most new orders could set sail in mid-2024 at the earliest, according to Grindrod Shipping Holdings' management. GRIN's IR materials At the same time, according to Splash, the order book of container ships is reaching an all-time high - the ratio of orderbook-to-fleet is currently 25% (or 27% if orders under negotiation and those not yet confirmed are included). Back to bulk carriers: according to GRIN, 22% of the bulk fleet is 15 years or older and 11% of the bulk fleet is 20 years or older, measured by deadweight tonnage ((dwt)). Approximately the same conclusion was reached by the management of Precious Shipping in February this year with a small addition - ship recycling decreased by 64% in 2021 compared to 2020, despite the increase in vessel utilization. This was a consequence of high demand, but at the same time also of necessity on the supply side - if new ships do not appear for a few years, the old ones have to be used actively. There are operational risks to this approach - if your fleet is relatively old, you will need to repair it more frequently after more intensive use - this will affect fleet utilization and asset turnover. Therefore, those with a relatively new fleet are in a better position. GRIN is one such company, with 15 Handysize and 9 Supramax/Ultramax vessels, which are on average 9.56 and 5.2 years old respectively (dwt-weighted): Author's calculations, based on GRIN's data The age of 7 chartered - in Supramax/Ultramax bulk carriers are also quite young - is about 5.5 years (also dwt-weighted). Due to limited supply in the bulk carrier market, Handysize and Supra/Ultramax vessel prices have risen 10% since the beginning of this year (last quarter data). We are now seeing bulk carrier stocks trading significantly lower than YTD, although their assets should be positively revalued (especially newer assets like GRIN's). The dynamics of the fundamental operational indicators also speak for the medium-term growth potential of GRIN. For this assessment, I like to use Piotroski's F-score - this criterion comprises 9 ratios showing a company's creditworthiness, profitability, and operational efficiency. In recent years, this criterion for GRIN has increased but has not reached the maximum score of 9. This was the case until recently - now the TTM score of this criterion indicates a continued improvement in the company's business dynamics: GRIN, YCharts, author's notes A few words about valuation. It is quite difficult to make predictions in a cyclical industry, but looking at the recent past, I realize that GRIN should be valued at about the same level as Safe Bulkers (SB) or Eagle Bulk Shipping (EGLE) given its operating efficiency (in terms of cash flow generation - CFO), which implies a share price upside of 30-80% (rough calculation based on EV/CFO ratios comparison): Author's calculations, based on SA data Some Signs Of GRIN's Oversold-ness Now a few words about how I see the technical picture of GRIN. Before any serious talk of the "new destructive wave of the coronavirus," the stock was following the RSI almost perfectly - local oversold and overbought levels were actively bought and sold, allowing speculators to earn on the medium-term upward movement of the price. At some point this no longer worked - liquidity began to dry up sharply and the breach of the RSI level at 35 did not lead to recovery as in previous periods. On the contrary, since then the share has fallen by another 25% and continues to fall now. Investing.com, GRIN, author's notes Now the RSI is already at a level just above 28, having crossed the critical threshold of 30 on 6 July and also not leading to an appropriate bounce back. In my opinion, for speculative purposes you can open a LONG position now - the price has yet to fall to a strong support level of around 7-9% and we cannot know when a reversal will occur. If you open a 1/3 position now and leave the rest in case of a further fall, you can get a good average purchase price that can be realized on a pullback. Historically, a speculator who bought GRIN at an RSI of 35 or less, with a take profit of 30% and a stop loss of 10% (risk/reward = 1/3) has earned an average of 3.4% per trade over the last ~4 years (18 trades in total with a win rate of 33%): TrendSpider software, GRIN, RSI testing Author's note: Special thanks to fellow SA contributor Danil Sereda (see our association in my bio description) for running the TrendSpider software to obtain the above information. By evenly adding to the position at such oversold price levels, the investor partially eliminates the risks of a deep drawdown and increases the probability of making money on each new purchase, in my view.
Seeking Alpha • May 17

Grindrod Shipping: A High Performer With Little Downside

Grindrod Shipping Holdings is a small-sized shipping company serving the global markets through a wide range of clients spanning a number of industries. The stock had been on a sharp two-year decline since its trade initiation which was followed by an impressive two-year growth rocket, that has a strong momentum moving forward. GRIN’s financial performance has been highly impressive, showcasing growth, profitability, and business sustainability. When set against comparable stocks, GRIN holds far more impressive metrics indicating it as being an efficient investment that is undervalued.
Seeking Alpha • Apr 15

Grindrod Shipping: A New Era Putting An End To Years Of Struggling

Grindrod Shipping struggled for years as they faced a downturn that left their financial position overleveraged. Thankfully 2021 provided relief with booming operating conditions sending their cash flow performance surging many magnitudes higher. Whether these very strong operating conditions last remains to be seen but thankfully, their capital allocation strategy sees them enter a new era. Instead of focusing upon short-term shareholder returns, they opted to deleverage and thus going forwards, they are now more resilient to whatever the prevailing operating conditions entail. Since this stands to boost their long-term prospects for shareholder returns and also better support their share price, I believe that a buy rating is appropriate.
Seeking Alpha • Mar 04

Grindrod Shipping Is Still Worth Investing: About 35% Upside Potential

Using the Baltic Dry Index and dry bulk freight rates, I estimate 4Q 2021 TCE per day of $23003 for Grindrod Shipping. I value the stock is worth $34.50, about 35% upside potential at prices around $25. According to GRIN’s strong cash generation with debt shrinking during 2021, the company’s liquidity and leverage conditions help the company to cover risks of surprise losses.
Seeking Alpha • Jan 28

Grindrod Shipping: Market Conditions Still Strong, The Dip Is Worth Buying

GRIN began to fall rapidly along with the general pressure on the market. Facing another dip, I am reassessing the growth prospects of GRIN. I think dry bulkers will have a lot of work in 2022 - charter rates are likely to decrease compared to what we saw in 2021. Strong free cash flow and a young fleet indicate serious undervaluation of GRIN - both relative and intrinsic. That is why, despite the risks involved, I keep holding GRIN, adding a little on top.
Seeking Alpha • Nov 02

Grindrod Shipping: Shifting To Longer-Term Value Play

I still hold GRIN and have suffered losses. But still believe in the stock, just shifting my focus to a longer investment horizon. GRIN falls in line with the Baltic Exchange Dry Index. But the stock has become indecently undervalued with a P/E ratio of 2.26x and an EV/EBITDA of 2.33x. Grindrod Shipping has a fairly young fleet - this is undoubtedly one of the company's key competitive advantages compared to other representatives of this sector. I expect a) a post-report rebound in GRIN's quotes and b) upcoming revisions over the next quarter. Anyway, I continue to hold GRIN, but I no longer consider it a medium-term swing trading idea - it's a longer-term value play.
Seeking Alpha • Oct 07

Grindrod Shipping: Some Upside Potential, But Not Enough To Justify A Core Holding

The company has a very young fleet, with only 7 out of their 32 vessels being older. However, it seems that it will live to go through this market cycle without divesting its older vessels, due to high asset prices and spot market volatility. The dividend policy can be regarded as a positive one, although past performance indicates that it may not hold for long. A tide lifts all boats, and it will also lift Grindrod. But don't expect much more than that.
Seeking Alpha • Sep 23

Grindrod Shipping: The New Dip Is Even More Attractive

Grindrod began to lag behind its peers in terms of performance again - over the past week, the stock fell 17.67%, while the entire industry corrected by only 6.95% (average). The secondary placement was the reason for this drop. However, the offering was not dilutive, so there's no need to worry about the company's value. The increased number of shares will add liquidity, which is supposed to increase the investment quality of GRIN. The Baltic Dry Index began to grow again, while other catalysts did not lose their influence. I conclude that such a huge dip can serve as a new starting point for a new stock rally. Therefore, I recommend adding more if you're still holding.
Seeking Alpha • Sep 02

Grindrod Shipping: The Recent 10% Dip Should Be Bought

GRIN fell by >10% on August 31. That was the biggest dip in the whole "Marine Shipping" industry. This dip is explained by the stock's overheating during the last week and a slight correction of the Baltic Dry Index (-2.43%). I do not think that these two reasons are enough not to buy out the drawdown because the company is doing better than ever. GRIN is trading at 3.59x forward P/E and 3.72x EV/EBITDA (also FWD), which allows it to maintain a strong "A+" score in Seeking Alpha's rating. I think the upside is still there, so I recommend going LONG on GRIN at its current price levels.

株主還元

GRINUS ShippingUS 市場
7D0.07%-2.6%1.6%
1Y67.3%40.5%28.2%

業界別リターン: GRIN過去 1 年間で40.5 % の収益を上げたUS Shipping業界を上回りました。

リターン対市場: GRIN過去 1 年間で28.2 % の収益を上げたUS市場を上回りました。

価格変動

Is GRIN's price volatile compared to industry and market?
GRIN volatility
GRIN Average Weekly Movement1.2%
Shipping Industry Average Movement6.6%
Market Average Movement7.2%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.0%

安定した株価: GRIN 、 US市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。

時間の経過による変動: GRINの 週次ボラティリティ は、過去 1 年間で9%から1%に減少しました。

会社概要

設立従業員CEO（最高経営責任者ウェブサイト
19101,015Ed Butterywww.grinshipping.com

国際的な海運会社であるグラインドロッド・シッピング・ホールディングス・リミテッド（Grindrod Shipping Holdings Ltd.）は、世界各地でドライバルク船隊の所有、用船、運航を行っている。3つのセグメントで事業を展開：ハンディサイズ、スーパーマックス／ウルトラマックス、その他。同社は、鉱石、石炭、穀物、林業製品、鉄鋼製品、肥料など様々なバルクおよびブレークバルク商品を輸送するハンディサイズおよびスーパーマックス/ウルトラマックスのドライバルカーで構成される船隊を運航し、船舶管理業務に従事している。同社の顧客には、海運会社、鉱業会社、商品商社、工業製造会社、石油会社、穀物、鉄鋼、林業製品のトレーダーなどが含まれる。同社は1910年に設立され、シンガポールを拠点としている。グラインドロッド・シッピング・ホールディングス・リミテッドはグッドフォ ルカーク（MI）リミテッドの子会社として運営されている。

Grindrod Shipping Holdings Ltd. 基礎のまとめ

Grindrod Shipping Holdings の収益と売上を時価総額と比較するとどうか。
GRIN 基礎統計学
時価総額US$5.10b
収益（TTM）-US$9.62m
売上高(TTM)US$387.10m
0.7x
P/Sレシオ
-29.1x
PER（株価収益率

GRIN は割高か？

公正価値と評価分析を参照

収益と収入

最新の決算報告書（TTM）に基づく主な収益性統計
GRIN 損益計算書（TTM）
収益US$387.10m
売上原価US$292.56m
売上総利益US$94.53m
その他の費用US$104.16m
収益-US$9.62m

直近の収益報告

Dec 31, 2023

次回決算日

該当なし

一株当たり利益（EPS）-0.49
グロス・マージン24.42%
純利益率-2.49%
有利子負債／自己資本比率57.8%

GRIN の長期的なパフォーマンスは？

過去の実績と比較を見る

企業分析と財務データの現状

データ最終更新日（UTC時間）
企業分析2024/08/17 08:08
終値2024/08/15 00:00
収益2023/12/31
年間収益2023/12/31

データソース

企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。

パッケージデータタイムフレーム米国ソース例
会社財務10年
  • 損益計算書
  • キャッシュ・フロー計算書
  • 貸借対照表
アナリストのコンセンサス予想+プラス3年
  • 予想財務
  • アナリストの目標株価
市場価格30年
  • 株価
  • 配当、分割、措置
所有権10年
  • トップ株主
  • インサイダー取引
マネジメント10年
  • リーダーシップ・チーム
  • 取締役会
主な進展10年
  • 会社からのお知らせ

* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。

特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。

分析モデルとスノーフレーク

本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。

シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。

業界およびセクターの指標

私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。

アナリスト筋

Grindrod Shipping Holdings Ltd. 1 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。4

アナリスト機関
Charles FrattAlliance Global Partners
Mpho MokotsoAvior Capital Markets
Randall GiveansJefferies LLC