TNC — Investor Presentation 2018

Sep 25, 2018

台灣航業股份有限公司 Taiwan Navigation Co., Ltd. (2617)

25th Sep, 2018

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大綱 Agenda  Business Introduction 業務簡介  Market Review 產業現況

 展望與策略 Prospect & Actions

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業務範疇 Business Scope
散裝 (Dry Bulk)
租賃及其他 1.6%
代營 5.9%
貨櫃 (Cross Strait Feeder)
港勤 3.9%
客運 3.4%
客運 (Ro-Ro/Ferry)
散裝 70.6%
貨櫃 14.6% 港勤 ( Harbour Tug )
代營 (Ship Management)
租賃及其他 (Lease & Others)
Revenue Jan-Jun/2018
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Fleet 現有船隊

 乾散貨船 Dry Bulker

18’ 17’ 16’

 77K ~ 84K x 7 (Avg. 6.4 yrs) 10 6 6

 51K ~ 62K x 11 (Avg. 7.9 yrs) 11 13 10

 NB (64K) x 2

 港勤拖輪 Harbour Tug x 4 (Avg. 12 yrs)

 客貨輪 Ro-Ro/Ferry x 1 (29 yrs)

 1800 Teu x 1 貨櫃輪

 MR Tanker x 5  油輪 港勤拖輪 Harbour Tug x 5

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資產 Assets (~ 30 June 2018)
新台幣百萬元 mn-NT$
資產總計
15,267
Total Assets
船舶
Owned Fleet 12,065
投資性不動產
1,098
Investment Property
自用房地
238
Property
其他資產
1,866
Other Assets
土地 Lands 18,712 ㎡
建物 Buildings 11,192 ㎡
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營業收入 Revenue vs. Dry Market
新台幣百萬元 1 mn-NT$ 日租金 USD / Day
3500 20000
3,167
18000
3000 2,898
2,818
2,773
2,682 16000
2,458
2500
14000
營收 Revenue
12000
2000
1,634 10000 PANAMAX 4TC
AVERAGE
1500
8000
SUPRAMAX 6TC
AVERAGE
6000
1000
4000
500
2000
0 0
2012 2013 2014 2015 2016 2017 2018H1
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Financial Performance
歷年損益
2013 2014 2015 2016 2017 18H1
營收
Revenue 2,773 2,898 2,682 2,458 2,818 1,634
(mn-NT$)
稅後淨利 ( 損 )
542 306 94 (91) 466 405
Net Profit(Loss)
(mn-NT$)
每股盈餘
1.30 0.73 0.22 (0.22) 1.12 0.97
EPS
(NT$)
負債比率
24 22 22 30 38 36
Debt Ratio
(%)
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乾散貨船市場 Dry Bulk Market Review
2000
7/24 12/12
1800 1774 1743
1600
9/24
3/29 1434
1400 1338 8/5 12/21
11/18 1430
1222 2018
1200 1257
1/2 2017
1230
1000 2016
1/3 4/6 12/21
948 2015
800 953 926
1/2 2/14
600 771 685
2/18
12/24
400 1/4 509
478
473 2/10
200 290
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average 2015 2016 2017 2018 (~Sept. 24)
BDI 719 673 1145 1346
BCI 1031 1032 2082 2147
BPI 697 696 1217 1415
8 BSI 667 596 844 1021
BDI
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短期展望 Short-Term Prospect

 短期供需趨衡 Supply-Demand Balancing

 景氣續溫 Global Economy on Track

• 新造船節制 Disciplined NB Order Spree

• 拆船急冷 Scraping Freezing

• 游資充斥 Easy Cheap Money

• 科技高速發展 Technology Rocketing

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Economic Indicators 經濟指標

Growth Rate(%, y-o-y)	16’	17’	18’	19’	20’
World Trade Vol	2.2	5.1	4.8	4.5
- Advanced Economy	2.2	4.2	4.3	4.0
- Developg Economy	2.2	6.7	5.7	5.4
Global Import Growth	2.1	3.3	2.2	2.0	1.8
Dry Bulker Demand	1.3	3.7	3.1	3.0
Fleet Growth	2.1	3.3	2.2	2.0	1.8

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船噸變化 Fleet Development
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Dry Bulk Fleet Update Status as of September 01 2018, Maersk Broker
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Fearnleys, Aug-2018

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挑戰 / 機會 Challenges or Opportunities?

 保護主義 Protectionism Prevailing

 Trade War China vs. US 中美貿易戰

 Global Trade Conflicts 國際貿易紛擾

• 新興市場騷動 Wobbles in Emerging Market

• 環保法規 Environmental Compliance Pressure

 BWT 壓艙水處理  氮氧化物排放 NOx Tier-III Engine  低硫燃油使用 SOx 0.5% Sulphur Cap  下一個？ What’s Next ?

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減速有何用 Merits of Reducing Speed

	Daily Hire ($/d) 9,500 10,000 11,000 12,000 400 18.9 18.0 16.3 15.0 500 23.6 22.5 20.4 18.7 600 28.4 26.9 24.5 22.5 全速 減速 差異	13,000 14,000 15,000 13.8 12.8 12.0 17.3 16.0 15.0 20.7 19.2 18.0
	航行天(d) 70 81 (+)11 用油(mt) 2,063 1,614 (-)449	南中國- 印尼– 印度– 南美– 南中國 (23,220浬)

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Actions 行動作為

• 持續現有業務 Ongoing Current Business

 A to A+ 提升營運效益

 船舶管理 Skilled Management

• Controlled Cost

• 成本控制

• 資訊化 Digitalized Data Usage

 拓展新業務 Diversifying Business Scope

 伺機優化船隊規模 Optimizing Fleet Scale

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衷心感謝 Thank you ! 16