@weiwenn928 yes sir, Harbour's NTA had been climbing from 80sen a share after their bonus issue in 2017 to now at RM 1.95, and their business segments had been growing. Even during the freight downturn where many global players were making losses, Harbour had continued to be profitable in all their main segments. In a typically debt and capex heavy industry, I think what they have done is very commendable. While they generated most of their current cash holdings during the covid years, they had been consistently positive cash flow since way back.

Many are also unawares, it seems, because Harbour's integrated logistics segments also include warehousing (about 900k sqft roughly), 130+ prime movers, and project cargo logistics for specialized cargo.

While not the largest, it is also nothing to scoff at considering how all peers (for land logistics business, and even for marine segment globally) that does this are in very heavy net debt positions.

If you have been following their annual reports (and website), you can see the company has been making good waves, albeit slowly, in improving transparency over the years.

In terms of corporate governance, the next steps to take that could really move their company to the next level, would be implementing a minimum capital requirement policy (rather than a somewhat outdated dividend payout policy) like how the world leaders are doing, and to just give out all excess cash above the minimum required cash holding as dividends to shareholders.

$WELLCAL / 7231 (WELLCALL HOLDINGS BERHAD) does that, $INNO / 6262 (INNOPRISE PLANTATIONS BERHAD) did that before, Riverstone is doing that too, and many others.

...I should go apply to be part of their corporate strategy department 😂