Average industry fleet age is slightly more than 13 years while M&G vessels fleet age is approx 10 years (from AR - Given that the vessel disposed during the financial year was the oldest vessel in the fleet and that the vessel to be acquired is less than three (3) years old, these transactions have reduced the average age of the fleet from 10.6 years to 9.8 years as at the financial year end). Demand for M&G's fleet will be strong and charter rates should be decent due to lack of younger fleet out there :) https://www.spglobal.com/commodity-insights/en/news-research/latest-news/crude-oil/082624-aging-tanker-fleet-1-2-fleet-growth-mean-fewer-freight-discounts-on-older-ships

Yes, it is, tkl. Need to do well in terms of risk mgmt for this stock :) the recent results is promising given it's young age fleet of tankers which will be in high demand. The irps is part of the debt restructuring exercise back in 2020. Risk mgmt is important bcos of dilution from irps which is negative but deleveraging which is positive. Debt has gone down from 900+ mil to 500+ mil, interest expense came down from 50 mil to 30 mil. The nosh has gone up from 720+mil to 800 mil due to the irps.

congrats Eric :) Yes, Lee. M&G's peers such as Keyfield and Avangaad are at ~PE6 while others are higher. However, we need to do well in risk mgmt as there could be a possibility of - as share price goes higher, there could be more irps conversion. Ideally, it will be nice if bosses were to acquire all the new shares from irps conversion.

you are welcome, Lee. just sharing what I read from the annual reports :) It all started with Eric's first comment - so quiet here. Saw the comment, had a look at the chart and I liked it. Started digging into the reports to identify opportunities.

possible and should be expecting irps conversion incoming and bosses to buy. after all, current price has priced in the future dilution from eps in 2030 :) Assuming its still 45mil net profit without any growth every year until 2030 and irps conversion continue to happen along the way until the full conversion which will make the nosh to grow all the way to 2.22 bil shares. At PE7 comparatively with its peer, that will give it approx 0.14 cents per share; extreme case if you will. In reality, should be higher as deleveraging will uplift the net profit due to lower interest expense.

pretty much depends on what are you looking for, eric. most of the relative valuation uses profit attributable to owners since its comparing with other companies (relative) and its per share / eps. You can jump to the consolidated statement of changes in equity and you will be able to see both the numbers - profit attributable to owners (distributable / retained earnings) and the total equity (including NCI). The total here is also equivalent to pat. the difference between pat and profit attributable to owners - maybe look at it from the perspective of you and your friends sharing to buy to a factory and rent it out. the income from the rent is pat and profit attributable to owners is portion of the rent allocated to major owners based on their shareholdings.

you are welcome, eric. its probably one of the easiest way to evaluate/measure performance from the specific perspective. there are other metrics being used to evaluate or value the performance too. just continue using your own method as long as it works.