A director at Qatar Gas Transport (Nakilat) bought 697,500 shares at 0.000QAR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last ...
Valuation on par with peers. We raise our 12M TP by 20% to QAR3.54/share to reflect: i) 12% p.a. reduction in direct costs, on average, over our forecast period, thanks to cost optimisation efforts, and ii) 33% p.a. lower SG&A, on digitalisation of operations and better cost management. While this boosts our EPS forecasts by an average of 11% p.a. over 2022-47e, Nakilat’s share price rallied 66% since our last published update. The stock trades on a 2022e P/E of 13.1x, in line with global utilit...
Maintain Attractive rating on steady growth in earnings Nakilat's 3Q21 results benefited from higher joint venture income and lower finance charges compared to 3Q20. While Nakilat’s share price has underperformed Drewry LNG shipping equity index YTD, we continue to be positive on Nakilat prospects as the company continues to perform well operationally and is well-positioned to benefit from Qatar’s ongoing LNG newbuilding plan in our view.
Nakilat stock price to strengthen on improving LNG shipping prospects Nakilat share price has underperformed the DMFR LNG equity index despite the company’s robust long-term fundamentals. Its focus on cost containment is yielding positive results as can be seen by the continuous decline in operating as well as general and administrative expenses. Since LNG shipping spot rates are trending up with a significant number of fixtures recently, we believe Nakilat’s earnings will also move upwards as i...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Total income up 3.4% YoY, while net profit up 15.8% YoY In 2020, Nakilat reported robust results with revenue up 3.4% YoY to USD 1,084.5mn and net income up by 15.8% YoY to USD 313.2mn. Adjusting for the non-operational loss of USD 40.6mn in 4Q20 and non-operational gain of USD 77.7mn in 4Q19, the company’s adjusted net income increased by 83.5% YoY to USD 353.8mn and its adjusted EBITDA increased by 22.2% YoY to USD 886.3mn. Nakilat results benefited from the acquisition of 49.9% stake in INSW ...
Nakilat’s cost optimisation efforts have yielded positive results this year. The company’s opex per day declined by 17.6% between 4Q19 and 3Q20 to USD 17,416pd. The company has taken over operational maintenance of six LNG vessels from Shell in 9M2020 despite the challenges imposed due to COVID-19. In addition, the company’s general and administrative expenses dwindled 32.8% YoY in 3Q20. We expect operating expenses to decrease further as the company will eventually overtake operational maintena...
Total income up 9.4% y/y, while net profit went up 12.6% y/y Nakilat reported robust 2Q20 results with revenue up 9.4% y/y to USD 269.7mn (QAR 999mn) and net income up 12.6% y/y to USD 72.9mn (QAR 269.9mn). The company’s results benefited from the acquisition of four LNG vessels from its JV partner in 4Q19 and 21.8% y/y decline in general and administrative expenses. The company’s JV earnings declined 22.1% y/y to USD 24.2mn (QAR 90.4mn) mainly due to a fall in LPG revenue as well as lower reven...
LNG vessel acquisitions and JVs drive higher profit: Nakilat reported robust set of results with 1Q20 total revenue increasing 13.2% yoy to USD 275.9mn (QAR 1,021.9mn) while net income grew 18.3% yoy to USD 75.4mn (QAR 279.2mn) on the back of the acquisition of four LNG vessels in 4Q19. Shares of JV income rose 7.0% yoy to USD 29.7mn (QAR 110.1mn) primarily on account of better performance of the company’s LPG segment. The company’s reported EBITDA grew 13.3% yoy to USD 216.5mn. None of Nakilat’...
Current market valuation ignores stability of operations; Raise TP by 22% to QAR2.94/share. Nakilat’s share price shed 9.4% y-t-d (vs. 33% for spot LNG shipping rates), on concerns over the global energy market slump since the COVID-19 outbreak. Nakilat’s operations are intact in the short-term, rendering the share price drop unjustified, in our view. We raise our TP by 22%, to reflect Nakilat’s acquisition of the remaining 49.9% stake in its subsidiary OSG at USD250mn in 2019, bringing total ow...
Total income up 26.6% yoy, while net profit went up 17.8% yoy: Nakilat reported a strong set of results in 4Q19, with revenue up 26.6% yoy to QAR 1,151.1 mn, while the reported EBITDA went up 27.6% yoy to QAR 907.2mn. The company’s net income increased 17.8% yoy to QAR 274.6mn. The company’s results mainly benefited from the acquisition of the remaining 49.9% ownership interest in four LNG vessels from International Seaways (INSW) in October 2019 and the improved performance of LPG vessels. The ...
New fleet additions value-accretive. On 27 March, Nakilat signed an agreement to establish a new JV with Greece's Maran Ventures Inc., under the name Global Shipping Company. Under the terms of the agreement, Nakilat will own a 60% stake in the new JV, while Maran will hold a 40% stake. The new JV will start with four new LNG units, currently under construction, each with a capacity of 173k m3, bringing the company’s total fleet to 74 units. The new units aim to target international markets, und...
High levels of cash flow visibility and stability. Nakilat’s operations are highly stable, thanks to long-term time charter agreements that extend over 7-25 years, mostly with Qatar’s government, locking in c94% of the company’s FCFF. Nakilat does not bear fuel costs, hedging its operations against energy price movements. Nakilat’s valuation is attractive, trading on a 2019e P/E of 10.6x, c32% below global utility and energy peers with similar operational and risk profiles, unjustified, in our v...
c80% of top line remains secure till 2033e. We cut our 12M TP by 20% to QAR20/share to reflect expectations of: i) 39% y-o-y lower revenue from JVs (15% of 2016 top line) in 2017 as expiring contracts are renewed at less favourable terms and, ii) 13% higher G&A costs in 2H17e vs. 1H on rising opex post-GCC blockade. However, even with these downward adjustments, Nakilat shares appear oversold given the unchanged freight agreements of the wholly-owned fleet, minimal GCC exposure and contracts tha...
Nakilat, reported a 2.9% fall in 2016 net profit. The company’s 2016 profit amounted to QAR955m vs QAR984m a year earlier. Q4 2016 profit fell to QAR207m from QAR226m a year earlier. 2016 revenue increased by 0.6% to QAR3.124bn. The company’s board recommended distributing a cash dividend of QAR1 per share, down from QAR1.25 for 2015.
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
The leading shipper of liquefied natural gas (LNG), Nakilat, posted a net profit of QAR747.767m during the nine months of 2016, compared to QAR756.264m for the same period last year, i.e. a decrease of 1.1%. The company’s 9M 2016 revenue increased by 1.35%, year-on-year, to QAR2.345bn.
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