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08-Apr-2014 09:20

CSE Global / CSE Global

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Precisely they have cashed out and is cash solid. What will you do when you are cash solid ... you have to do something .... correct.

They will look for company to acquire and show case something. They will not buy ikan belis but have to justify it is a good acquisition. It is likely going to cost a lot of money .... never mind lah ... let the retailer investors pay.

Just you wait and see. While you are waiting for the dividends, they are hatching theirs.

Hope I am wrong ....

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08-Apr-2014 09:13

CSE Global / CSE Global

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Let' s hope I am wrong ... maybe there are heading for an acquisition .... next announcement raising cash. Crazy retail investors always kanna trap .... price will dive again.

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08-Apr-2014 09:08

CSE Global / CSE Global

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Think about it from the day there offer the candy .... ask yourselves how long before the XD. Quite long so the price can be held steady until XD on the 17 April.

Why leh ??? Some more 3 cts not bad nowadays ... so many will hold until their stipulated time.

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08-Apr-2014 08:01

China Fishery / China Fishery - Low PE

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Bro, .... so far the price has not gone pass 0.52. According to stockpiler, Carlyle cannot have the warrants unless it crossed 0.52

What' s good for the BB, should Carlyle to take up the warrants ???

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07-Apr-2014 19:00

China Fishery / China Fishery - Low PE

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Guess you answered the question while I was keying ... haha

Seriously don' t understand, what is the reason for giving Carlyle the warrants. Some was not happy about it because it is a steal ... as mentioned by someone. If it is so good, why is Carlyle don' t take it up ?

There is no mentioning if they have taken the offer or they don' t need to make known. Stockpiler or anyone care to explain .... thanks

stockpicker ( Date: 07-Apr-2014 17:49) Posted:

It is hard to access. There was no trades after 25 March and that does not mean the Ang Mos are more gungho. It could mean anything no one is interested or no one is willing to sell Remember that there is a limited number of share available for trading in ADR, even less than those in sg market. Rightly speaking, in such a market, the price would go wild if there is a demand for it..

T2LE56 ( Date: 07-Apr-2014 17:42) Posted:

Look like the recent CIFHY went UP and maintain UP, whereas the mother share BOZ is DOWN. Interesting so what Slpy said is true ... CIFHY is UP and remain so. Paiseh thought he/ she anyhow quote.

Look like the US guy are positive with the BB. Peru is near them and most of the news are in foreign language. Anyway sian to update the news in case some people said kan cheong.

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07-Apr-2014 18:28

CSE Global / CSE Global

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If I remembered rightly the last round they also offered dividends and after the XD, the BB free fall all the way. Having cash is one thing but they must secure new orders.

So far any new orders ???

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07-Apr-2014 18:26

CSE Global / CSE Global

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Today look more like pushing the price by speculators. They give 3cts is like candy or jelly beans to entice investors to come and hold the price ... who knows near to XD it will drop like a sack of potatoes.

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07-Apr-2014 18:05

China Fishery / China Fishery - Low PE

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Since the free share is so limited, does it mean that it will rise and fall very fast ?

stockpicker ( Date: 07-Apr-2014 17:52) Posted:

Generally, ADRs should follow the trend of mother share.. as I have said, the free share is so limited, it would be hard to predict the next direction.

T2LE56 ( Date: 07-Apr-2014 17:48) Posted:

Just saw your post .... so there is no trade from 25 March onward. Interesting ... will it follow the mother share go down

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07-Apr-2014 17:59

China Fishery / China Fishery - Low PE

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Chinese fund Fosun would pay $950m for Diamante

&ldquo We think our final proposal will be ready by the end of the month [March] or the first week of April. We have no problems of financial leverage because our cash is here. Fosun already set an investment pot of some $3 billion only for Peru,&rdquo Torres noted in his conversation with Gestion.

There is no need for Carlyle to mention/declare if they are taking up the warrants, is it ?

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07-Apr-2014 17:48

China Fishery / China Fishery - Low PE

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Just saw your post .... so there is no trade from 25 March onward. Interesting ... will it follow the mother share go down

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07-Apr-2014 17:42

China Fishery / China Fishery - Low PE

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06-Apr-2014 16:15

Adventus / Adventus... next rotation Play

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Agreed with ysh2006. Many stuckists bought at the high .... why sell to them. Let them up the offer ....

ysh2006 ( Date: 29-Mar-2014 09:06) Posted:

I supposed that Chin Bay Ching only have 51% cannot complusory buy our shares at this price lah...if he don' t want to raise the offer price than leave it lah, only he lost money on printing doc of offer letter .

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06-Apr-2014 16:04

Adventus / Adventus... next rotation Play

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The way you talk sound like CBC' s henchman ..... offer so low also give it to them. Why huh ??? Surely he has a purpose mah .... if he wants let him up the price.

I was told those who object usually get a better deal from them. I will wait ...

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29-Mar-2014 16:35

China Fishery / China Fishery - Low PE

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Kanna companies like Virago Capital Limited and Advanced Opportunity Fund .... then you called them DayLight Robbers.

Based on Carlyle Group' s reputation, banks the worst crooks view them creditable unlike those I have mentioned above ...

We are in good hands ....

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29-Mar-2014 16:10

China Fishery / China Fishery - Low PE

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Even the report highlighted that Carlyle Group has helped in the loan. If the loan failed, we are all in trouble. I am not familiar with warrants, my thought is Carlyle can exercise if the price is 0.52 and above if not the warrants will expire. They will only benefit if the price rise above 0.52. Is it correct ? Current price of 0.415 is still attractive to buy.

" China Fishery, backed by private equity firm Carlyle Group LP, had $578 million of debt at the end of 2013 which may have to be repaid within 12 months, according to an exchange filing."

They play a key role in getting the loan. Let us move on ....

EZ3626 ( Date: 13-Mar-2014 02:47) Posted:

Slpy, you are right. It is important to know what Carlyle has put into the BB to know their commitment. Being the 2 largest SSH in the group, they are watchful and mindful about the progress and the success of the group. They are accountable to their investors for their investment.

Carlyle to Invest US$ 190 Mln in China Fishery Group

Investor: Carlyle Group
Target: China Fishery Group
Stake: 13.6%
Investment Size: US$ 190 million

Private equity firm Carlyle Group has agreed to invest US$ 190 million in China Fishery Group, an industrial fishing company. Based in Hong Kong, China Fishery group sells fish in West Africa, Northeast Asia and Europe, but almost 75 percent of its revenue came from sales in China in the six months ending March 28.

In a private placement, Carlyle will buy 113.5 million new shares in China Fishery, which was listed on the Singapore stock exchange in 2006, at 1.85 Singapore dollars (US$ 1.33) per unit. Carlyle group will also buy 26.7 million warrants, each carrying the right to subscribe to one new share at 2.10 Singapore dollars. After exercising all the warrants, Carlyle would hold up to 13.6 percent of the enhanced share capital of China Fishery.

China Fishery said the deal would reinforce the company being a supplier of sustainable fish products to the global market, and help in market expansion and operational efficiency.

Established in 1987, Carlyle Group is a private global investment firm with more than US$ 90.5 billion under management.

SLPY69 ( Date: 04-Mar-2014 09:52) Posted:

The track record of Carlyle Group is key to this group. If they are cow boy, we should be worried. Even when the price plunged they remain committed to the BB and look set to increase their stake in the company.

This is a window of opportunity. Vested @ 0.38 will load up if necessary. Cheers

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28-Mar-2014 14:37

CSE Global / CSE Global

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Thanks for sharing.

SuperMonkey ( Date: 28-Mar-2014 14:01) Posted:

More reasons to buy: 1) The former CEO Alan Russell Stubbs was buying preparing the IPO for Servelec in London in 2013, thus " neglect" CSE global in a way. There was a project overrun of $8 million which has been declared as write off in 2013 financials. Plenty of allowance has been provided in 2013, thus this year financial results will be on a strong footing. This year CSE global has a new CEO in Lim Boon Kheng. The new CEO would want to show ppl that he is capable, so expect him to work extra hard to bring glory to the company under his charge.

2) It has turned from debt to net cash of around $38 million this year. With no debts to pay, it has a saving of $5million in interest. I believe the new CEO is user friendly having won awards from SIAS , so he would be more willing to give dividend. [url=http://postimg.org/image/tjfwm26mt/][img]http://s18.postimg.org/tjfwm26mt/550_Centurion_CSE_Nera.jpg[/img][/url]

Most Transparent Technology Companies, L-R: Centurion (CEO Kong Chee Min), NeraTel (CEO Samuel Ang), CSE Global (Interim Group MD Lim Boon Kheng). picture from http://www.nextinsight.net/index.php/story-archive-mainmenu-60/919-2013/7660-sias-investors-choice

3) Oil has pushed past $100 barrier. Thus expect Oil & Gas sector to chiong and CSE Global belongs to this sector.

4) Of course the upcoming 3 cents dividend, XD 17 April. Hope my analysis is correct and the price will rise. Let see whether I am correct..

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28-Mar-2014 14:32

CSE Global / CSE Global

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Oh yes, it is 3 cents but why they split into 1 cent and 2 cents. Ex date is 17 April.

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28-Mar-2014 14:02

CSE Global / CSE Global

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Bro, dividend is 1 cent and the ex date 17 April 2014.

The stock dropped drastically and has not recovered since. What causes the fall ??? Care to share ... thanks

tianji ( Date: 04-Mar-2014 09:55) Posted:

REALLY !!!

3 Cents dividends.

Buy Buy Buy

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27-Mar-2014 07:31

China Fishery / China Fishery - Low PE

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Both Moody and Fitch in fact have the same assessment on China Fishery and both await for more data to be released soon.

One thing to note Moody view the Outlook as STABLE while Fitch view is as NEGATIVE but wanting to revert the Outlook to STABLE.

Positive: The current rating is placed on Negative Outlook. As a result, Fitch's sensitivities do not anticipate developments with a material likelihood, individually or collectively, of leading to a rating upgrade. However, if all the above negative factors do not happen, then the Outlook may revert to Stable

Both rating companies are on the same page. Smiley

newbie888 ( Date: 26-Mar-2014 22:47) Posted:

despite all the news surrounding china fish, Fitch goes on to give CFGL a negative rating. However if the following does not happens :

- adjusted net debt/EBITDAR is sustained above 3x even with the full repayment of the LSA prepayments

- the China Fishery fleet operation continues to show volatile performances and suffer losses

- any issues arising to obstruct the full repayment of the LSA prepayments

the outlook will be revert back to stable.... so looking forward to the upcoming financial quarter... if the profit is stable or up significantly then CF is likely to be back on it track! Cheers!!!

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27-Mar-2014 06:52

China Fishery / China Fishery - Low PE

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Fitch sounded positive, but would await more data before upgrading the outlook to stable in the report.

RPT-Fitch Affirms China Fishery's Ratings Outlook Negative

Fitch Ratings has affirmed China Fishery Group Limited's (China Fishery) Long-Term Issuer Default Rating (IDR) and its senior unsecured rating at 'BB-'. The outlook remains negative. The USD300m senior unsecured notes issued by CFG Investment S.A.C. and guaranteed by China Fishery have also been affirmed at 'BB-'.

The affirmation follows an improvement of China Fishery's business profile after its acquisition of Copeinca ASA (Copeinca, 'B+'/Stable) making it the leading anchovy fishmeal producer in Peru. Its recovery of the prepayments for the long-term supply agreement (LSA) in Russia has also addressed the risk of suffering substantial losses in this investment in the event of negative regulatory influence on its contract supply business.

Risk to its operations remains as the full repayment of the LSA prepayment will only conclude by April 2016. China Fishery's fleet performance has also been erratic since it started operating in 2011. Finally, the outlook can be stabilised only after the company has deleveraged and achieved an adjusted net debt/EBITDAR of below 3.0x.

KEY RATING DRIVERS

Strengthened Business Profile: Fitch estimated that the Peruvian fishmeal segment will be contributing close to 80% of China Fishery's EBITDA after the termination of the LSA. The is because the contract supply business will become a spot purchase business with very thin trading margins and this segment used to contribute about 65% of China Fishery's EBITDA. Although the change reduces China Fishery's earnings diversity, it can lessen the uncertainty posed by regulatory changes that may result in substantial losses in this operation. The refocus of China Fishery's operations to Peru is also a positive given the firm demand for fishmeal, which is a staple needed for aquaculture globally.

This is evident in the strong price increases of Peruvian fishmeal and fish oil as a result of significantly lower total allowable catch (TAC) for Peru anchovies for the fishing season starting in November 2012. Prices of Peruvian fishmeal at end-March hit a record USD2,200 per metric ton compared with between USD1,200 and USD1,600 in 2012. As a result China Fishery's H113 EBITDAR margin rose to 45% versus 40% for 2012. For the financial year ending 28 September 2013 (FY13), China Fishery's Peruvian fishmeal segment (excluding Copeinca) only saw a 5% yoy decline in EBITDA versus a 25% drop in revenue.

Leverage Remains High: Fitch expects China Fishery's leverage to exceed 3.0x in FY14 and FY15 following its Copeinca acquisition and the termination of the LSA prepayments. Pro-forma FY13 leverage including Copeinca full-year contribution would have been 4.1x. Following the LSA termination, China Fishery's FY14 leverage may be reduced to below 3.5x (net debt offset by the outstanding LSA repayment) if management persists with deleveraging. China Fishery's ability to generate positive free cash flow of about USD90m from FY15 can help the company reduce its leverage to below 3.0x by FY16.

Positive: The current rating is placed on Negative Outlook. As a result, Fitch's sensitivities do not anticipate developments with a material likelihood, individually or collectively, of leading to a rating upgrade. However, if all the above negative factors do not happen, then the Outlook may revert to Stable

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