Winland Ocean Shipping’s appears to have picked up the pace of its crusade to catch the attention of US investors after securing an endorsement from an independent equity analyst.
In the first of at least two reports the Pink Sheets specialist was paid $5,000 to pen, Murphy set a 12-month price target of $1.00 based on a bet that the “long-term opportunity for Winland will become increasingly evident over the coming quarters”
“Operating in a part of the world where demand for shipping seems likely to increase for many years, and operating with a fleet size for which rates seems to have at least stabilized, Winland seems to be in a good position,” he wrote in the 23-page note.
(click HERE to read the note in full)
While the analyst admits that Winland will need to to beef up revenue and secure financing to fund its growth initiatives and fill a working capital deficit that topped $12m in the third quarter, Murphy applauded the operator’s plan to take advantage of the market downturn by building or acquiring low-cost vessels.
Led by chief executive Sharry (Ying) Xue, one of the company’s largest shareholders, Winland controls a fleet of 11 mini, handysize and supramax bulkers. It is also boats a broking division, which accounted for approximately 45% of revenues in 2011.
