$Torm (TRMD.US)$The British company, which was listed in 201...

In the past 5 years, revenue has basically fluctuated at 700 million dollars in the first 4 years, surged to 1.44 billion yuan in 2022, while operating profit surged to 594 million in 2022, and net profit reached 563 million in 2022. Interest expenses accounted for 43% of operating profit in 2019, and the interest burden was very heavy. The return on net assets surged to 44.1% in 2022, but previously it was below 20% and there were losing years.

In the first three quarters of 2023, revenue increased 13.7%, operating profit increased 36% due to increased gross margin, and net profit increased 38.7% to 463 million. However, it has already begun to shrink sharply in 23Q3.

Currently, the price-earnings ratio is 4.5, the price-earnings ratio is TTM 3.8, and the dividend rate is extremely unstable. If net profit reaches 600 million in 2023, the 5-year average net profit will be 2.8, and the corresponding price-earnings ratio is 9.3. There is not much valuation discount for cyclical stocks with unstable dividends.