Courage Marine

Listed on SGX on 13 October 2005 with an IPO price of $0.220. Courage Marine closes it books on 31 Dec annually.As of 31 December 2007, Courage Marine's assets is held by 96% Equities and 4% Liabilities with no long term debt. The Fleet consists of 5 Handysize and 3 Panamax dry bulk carriers, with total tonnage of approximately 379,675 dwt.

Let take a look at what it matters most for any company, the earnings

Year EPS (USD)
----- ------
2003 0.007
2004 0.032
2005 0.030
2006 0.026
2007 0.057

As we can see since inception, the earning had dropped 0.004 cents per share or 13.3% in 2006 before rising 0.031 cents per share or 119% to 0.057 cents per share.

What I like best about this Company is their margin.

Year Margin (%)
----- ------
2003 33.62
2004 55.57
2005 54.40
2006 49.05
2007 66.78

As we can see, Courage Marine commands a sizeable margin and I typically like company with high margin, it shows that they are able to control their pricing.

Let take a look at the ROE next

Year ROE (%)
----- ------
2003 NA
2004 184.88
2005 41.51
2006 38.48
2007 52.16

I will ignore the figures in 2003 and 2004 and maybe even 2005 since the Company was only listed in October 2005. Why? By the time, the Company was listed. All it left was just 2 months before the Company closed it books on 31 December 2005. Way above, the 15% ROE criteria i have.