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From Debt Restructuring to Big Profits: This company is a nice turnaround story in 2024
While Nam Cheong Ltd's vessel chartering business is obviously doing well, its financial statements carry one-off items mainly as a result of a restructuring of its large debt in 1Q2024.
The core earnings -- ie the ongoing business minus the one-offs -- take some accounting skills and more to decipher.
That may help explain why investors price the Singapore-listed stock at a significantly lower valuation than Nam Cheong's peers listed on Bursa Malaysia.
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