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Latest Forum Topics / China Fishery    Last:0.076 --  Post Reply
China Fishery - Low PE
JMS213
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18-Feb-2014 12:24     
 
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All these news are not new, just noises. Now, the good news are slowly being releases from under the pillow .... good catch of jack mackeral. Lafayette is being deployed   ..... Heigh-ho, Heigh-ho ... bring in the catch. Stay vested for a longer term.


June 27, 2013, 8:51 
Undercurrent News

Despite the revised offer of NOK 68.17 per share for Copeinca,  Moody's Investors Service has maintained a negative ratings outlook for China Fishery.

This is based on the potential refinancing risk of the bridging loan being used to pay for the acquisition, as well as the regulatory uncertainties in China Fishery's Russian contract supply business, which will continue to contribute over 40% of the firm's revenues even after the Copeinca acquisition, it said.

China Fishery would have to successfully integrate Copeinca and diversify its earnings base, improve its liquidity and capital structure by repaying or refinancing the bridging loan facility, and then emerge from the Russian authorities' enquiries into operations there without suffering any financial loss, liquidity pressure, or loss of customers, before the investment advisor would consider changing the outlook to stable.

The ratings would come under pressure if China Fishery's revenues and profit decline substantially owing to integration challenges, or its liquidity deteriorates as a result of its failure to repay or refinance the bridging loan facility, Moody's added.
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NobleRose
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18-Feb-2014 12:16     
 
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Careful about what you buy....

 
NobleRose
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13-Feb-2014 14:01           About NobleRose           Contact              Quote!                   
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Erm UPRR

Luminol and I are different individual. Though we did talk on this thread sometimes.

This is my new account and I am abandoning my old account " Rosesyrup" .   

Before you read my views on those counters, you got to understand that I am a longer term (1-2years) fundamentalist. Simply put I buy business not stock. Nevertheless something that's fundamentally bad doesn't mean its share price will not rise in short term and doesn't mean there is no buying opportunity.   

The following is my view on the stocks you mentioned:

  • Olam  short term reaching 1.80 range especially if the next reporting is sufficiently convincing of its CF generating capability.
  • Weiye=>   Yes I would consider the Chinese property businesses now!
    • China economy together with the world economy is showing upbeat signs. Properties price normally rise with increased business activities.
    • SGX is considering to remove the restriction on S-chip. That should improve liquidity and prices of these counters.
    • Nevertheless I personally prefer another similar exposure, YingLi, over Weiye. Due to the following 2 reasons:
    1. Most of Weiye portfolio contains mainly of residential property as compared to Yingli's business property. Usually business properties stands to benefit far more than residential property in bullish times.
    2.   Weiye target market is in Henan and Hainan, those two locations are much less developed as compared to Chongqing in which Yingli is operating. Although this means that Weiye has much more space to growth and more project to take on in the future (5-10 years),   in shorter term (1-2 years) properties prices in well developed area   stand stands benefit from the revived economy. Faster cashflow equal higher value. Thus I value Yingli much more than Weiye.
  • ChinaFish=> Usually I wouldn't look at such business at all. 
    • Firstly, the success of the business is highly dependent on climates. 
    • During normal (smooth) times, profit margin remains very low and unattractive.
    • Although margin does increase during climate change which kill the supply, it is only short term. 
    • Also Climate change could also kill the company (rather than competitors) supply line. There is very high element of luck here.
    • This is a nearly perfect competitive market, where normally the sheer scale of the business matter alot.
    • Such business hardly benefit from economy turn around and is more of a defensive industry.
    • I do not see any competitive advantage in China Fish. 
    • No growth story=> This one impact the valuation (g) alot.
For ChinaFish and Weiyei, I only did a very brief assessment and therefore unwilling to provide a TP on something I do not know well- in case it mislead others.


 
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JMS213
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18-Feb-2014 11:50     
 
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According to  Undercurrent News  sources, the Peru-flagged Enterprise, Pacific Champion, Pacific Conqueror, Pacific Hunter and Pacific Voyager, all  authorized to fish  in this year?s jack mackerel fishery by the South Pacific Regional Fisheries Management Organisation (SPRFMO), deliver their catch to Lafayette. Combined, these have been given gross tonnages of 8,300t for this year?s fishery.

In line with the News Release by China Fishery on 11 Feb 2014.

China Fishery benefits from Copeinca acquisition ? Q1 Profit after tax up 15.2%

  ? EBITDA increased 43% to US$63.3 million.

? The Group will continue to realise synergy in the coming  fishing season in Peru.

EZ3626      ( Date: 18-Feb-2014 09:22) Posted:



Trying to make sense of what this article is all about .... why would Undercurrent reports " The world's largest fishing vessel, the factory freezer ship Lafayette, has turned up in the Pacific Ocean east of Australia." Big deal ???

It makes sense when you read the report before that. Now they are being deployed. Their Engine is moving / engaging   .... 

Asked about the reason for the impairment, China Fishery said it was due to temporary inactivity: ?Lafayette was not deployed for a period of time for the  purpose of a class survey of the vessel,? a spokesperson told  Undercurrent.

" Our strategy of acquisition and consolidation of business in Peru is translating into strong growth for the group," said China Fishery's managing director Ng Joo Siang in a statement, describing the fishmeal and oil operations as a " key growth engine" .


Blanchard      ( Date: 17-Feb-2014 23:37) Posted:

    -  The world's largest fishing vessel, the factory freezer ship Lafayette, has turned up in the Pacific Ocean east of Australia.

Satellite-tracking systems registered the location of the  49,000 tonne Lafayette and six attendant trawlers north-east of Norfolk Island on Friday, 14 Feb 14.

Pacific Andes said the ship was headed for the jack mackerel fishery, using prevailing currents to steam there economically.

''It is not taking on board fish in Australian waters,'' a Pacific Andes spokesman in Hong Kong said. ''It is not a fishing vessel and fishing quotas are set by the SPRFMO [South Pacific Regional Fisheries Management Organisation] for the catcher fishing vessels it supports, and those quotas are not exceeded.''

 


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JMS213
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18-Feb-2014 10:47     
 
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Earlybird14, you said " bad news are still under the pillow" and " don't look down on the impact of the 500m bridge loan" . Frankly I don't even bother about it because it is never an issue.  The contract supply issue. Moody gave a moody speech ..... wow all the bad news are out.

I think you have  the order reverse.  It should be  " All the bad news are out, good news are still under the pillow, it will surface soon ! 

 




earlybird14      ( Date: 17-Feb-2014 18:07) Posted:



just the 300M senior note with 9.75% interest had pulled China Fish to 50+cents level.

don't look down on the impact of  this 500M bridge loan.

just stay away till this bridge loan is settled down.

Price cheap can be cheaper.

All good news are out, bad news are still under the pillow, it will surface soon!

edwinjup      ( Date: 17-Feb-2014 17:50) Posted:

China fish is not an expensive counter....u all may hold for better future....once the loan settle...fish can fly..
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EZ3626
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18-Feb-2014 09:22     
 
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Trying to make sense of what this article is all about .... why would Undercurrent reports " The world's largest fishing vessel, the factory freezer ship Lafayette, has turned up in the Pacific Ocean east of Australia." Big deal ???

It makes sense when you read the report before that. Now they are being deployed. Their Engine is moving / engaging   .... 

Asked about the reason for the impairment, China Fishery said it was due to temporary inactivity: ?Lafayette was not deployed for a period of time for the  purpose of a class survey of the vessel,? a spokesperson told  Undercurrent.

" Our strategy of acquisition and consolidation of business in Peru is translating into strong growth for the group," said China Fishery's managing director Ng Joo Siang in a statement, describing the fishmeal and oil operations as a " key growth engine" .


Blanchard      ( Date: 17-Feb-2014 23:37) Posted:

    -  The world's largest fishing vessel, the factory freezer ship Lafayette, has turned up in the Pacific Ocean east of Australia.

Satellite-tracking systems registered the location of the  49,000 tonne Lafayette and six attendant trawlers north-east of Norfolk Island on Friday, 14 Feb 14.

Pacific Andes said the ship was headed for the jack mackerel fishery, using prevailing currents to steam there economically.

''It is not taking on board fish in Australian waters,'' a Pacific Andes spokesman in Hong Kong said. ''It is not a fishing vessel and fishing quotas are set by the SPRFMO [South Pacific Regional Fisheries Management Organisation] for the catcher fishing vessels it supports, and those quotas are not exceeded.''

 

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Huat_ah
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18-Feb-2014 01:12     
 
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 Alert Admin 		Huat ah!!! I'm vested... Hope everybody Huat big big everyday!

newbie888      ( Date: 18-Feb-2014 01:09) Posted:

maybe they really never anticipate that?  or they are really not as good in investing and also do not have enough information to make a sound judgment  compare us??  hahaha.... whatever reason it is, best to sit back and see the story unfold itself...im vested so worry also no use...either sell now or just enjoy the show...I chose the latter....cheers...

EZ3626      ( Date: 17-Feb-2014 22:33) Posted:



Waaah the debts issue sound so serious. How come they didn't anticipate that when they acquire Copeinca ???

Mr Patrick Thomas Siewert 58, who was appointed as a Non-Executive Director of the Company. Mr Siewert is also a member of the Audit and Risk Management Committee, Investment Committee and Corporate Social Responsibility Committee. He is a managing director of the Carlyle Group, focused on investments in consumer and retail businesses across Asia since April 2007. 

Being the 2nd substantial shareholder is the company he should advise them in this investment. Heard Carlyle Group is very sound in their investment. I am sure they will be an asset to the company.

?Our strategy of acquisition and consolidation of business in Peru is translating into strong growth for the group,? said China Fishery?s managing director Ng Joo Siang in a statement, describing the fishmeal and oil operations as a ?key growth engine?.
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newbie888
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18-Feb-2014 01:09     
 
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 Alert Admin 		maybe they really never anticipate that?  or they are really not as good in investing and also do not have enough information to make a sound judgment  compare us??  hahaha.... whatever reason it is, best to sit back and see the story unfold itself...im vested so worry also no use...either sell now or just enjoy the show...I chose the latter....cheers...

EZ3626      ( Date: 17-Feb-2014 22:33) Posted:



Waaah the debts issue sound so serious. How come they didn't anticipate that when they acquire Copeinca ???

Mr Patrick Thomas Siewert 58, who was appointed as a Non-Executive Director of the Company. Mr Siewert is also a member of the Audit and Risk Management Committee, Investment Committee and Corporate Social Responsibility Committee. He is a managing director of the Carlyle Group, focused on investments in consumer and retail businesses across Asia since April 2007. 

Being the 2nd substantial shareholder is the company he should advise them in this investment. Heard Carlyle Group is very sound in their investment. I am sure they will be an asset to the company.

?Our strategy of acquisition and consolidation of business in Peru is translating into strong growth for the group,? said China Fishery?s managing director Ng Joo Siang in a statement, describing the fishmeal and oil operations as a ?key growth engine?.
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JMS213
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18-Feb-2014 00:02     
 
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Assets up on Copeinca acquisition, pollock prepayments

Despite the impairment on its fleet, China Fishery saw its asset value jump 80% (from $1.5bn to $2.77bn) during the year, in part due to its acquisition of Copeinca, and due to an increase in the asset value of its prepayment to pollock suppliers.

The acquisition, which cost China Fishery a total of $787.69m in cash, helped take the  value of its fishing and plant permits up more than five-fold, from $233.8m to $1.222bn, while the value of its  processing and fishing vessels has gone up to $264.38m, up from $236.6m.
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Blanchard
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17-Feb-2014 23:37     
 
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 Alert Admin 		    -  The world's largest fishing vessel, the factory freezer ship Lafayette, has turned up in the Pacific Ocean east of Australia.

Satellite-tracking systems registered the location of the  49,000 tonne Lafayette and six attendant trawlers north-east of Norfolk Island on Friday, 14 Feb 14.

Pacific Andes said the ship was headed for the jack mackerel fishery, using prevailing currents to steam there economically.

''It is not taking on board fish in Australian waters,'' a Pacific Andes spokesman in Hong Kong said. ''It is not a fishing vessel and fishing quotas are set by the SPRFMO [South Pacific Regional Fisheries Management Organisation] for the catcher fishing vessels it supports, and those quotas are not exceeded.''

 
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EZ3626
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17-Feb-2014 22:33     
 
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Waaah the debts issue sound so serious. How come they didn't anticipate that when they acquire Copeinca ???

Mr Patrick Thomas Siewert 58, who was appointed as a Non-Executive Director of the Company. Mr Siewert is also a member of the Audit and Risk Management Committee, Investment Committee and Corporate Social Responsibility Committee. He is a managing director of the Carlyle Group, focused on investments in consumer and retail businesses across Asia since April 2007. 

Being the 2nd substantial shareholder is the company he should advise them in this investment. Heard Carlyle Group is very sound in their investment. I am sure they will be an asset to the company.

?Our strategy of acquisition and consolidation of business in Peru is translating into strong growth for the group,? said China Fishery?s managing director Ng Joo Siang in a statement, describing the fishmeal and oil operations as a ?key growth engine?.
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stockpicker
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17-Feb-2014 19:45     
 
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When can CF settles its loan?    The present Debt to Net profit is 14 times,    about 14 years ?    The interest payment is about $80 mil per year or about 40% of the gross profit.

edwinjup      ( Date: 17-Feb-2014 17:50) Posted:

China fish is not an expensive counter....u all may hold for better future....once the loan settle...fish can fly...

earlybird14      ( Date: 17-Feb-2014 17:13) Posted:



China Fish, once XD, may see below 40cents.

Be patient and wait for low and load before 2nd Q result release. Revenue and profit will big jump due to sales & distribution of Fish from Peru.

However, will Russia business become the killer again or not is unknown.

The refianace of term loan cannot be drag too long, whoever holding now is holding a big risk.

Stay away and see, no good news at all can push this fish, but bad news for debt refinancing is coming
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Peter_Pan
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17-Feb-2014 18:14     
 
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 Alert Admin 		Waiting to bottom-fish. Buy cheaper and got dividend somemore when nearer to ex-date. Seems like a good deal.
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edwinjup
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17-Feb-2014 18:09     
 
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 Alert Admin 		Thanks....i wait

earlybird14      ( Date: 17-Feb-2014 18:07) Posted:



just the 300M senior note with 9.75% interest had pulled China Fish to 50+cents level.

don't look down on the impact of  this 500M bridge loan.

just stay away till this bridge loan is settled down.

Price cheap can be cheaper.

All good news are out, bad news are still under the pillow, it will surface soon!

edwinjup      ( Date: 17-Feb-2014 17:50) Posted:

China fish is not an expensive counter....u all may hold for better future....once the loan settle...fish can fly..
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earlybird14
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17-Feb-2014 18:07     
 
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just the 300M senior note with 9.75% interest had pulled China Fish to 50+cents level.

don't look down on the impact of  this 500M bridge loan.

just stay away till this bridge loan is settled down.

Price cheap can be cheaper.

All good news are out, bad news are still under the pillow, it will surface soon!

edwinjup      ( Date: 17-Feb-2014 17:50) Posted:

China fish is not an expensive counter....u all may hold for better future....once the loan settle...fish can fly...

earlybird14      ( Date: 17-Feb-2014 17:13) Posted:



China Fish, once XD, may see below 40cents.

Be patient and wait for low and load before 2nd Q result release. Revenue and profit will big jump due to sales & distribution of Fish from Peru.

However, will Russia business become the killer again or not is unknown.

The refianace of term loan cannot be drag too long, whoever holding now is holding a big risk.

Stay away and see, no good news at all can push this fish, but bad news for debt refinancing is coming
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edwinjup
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17-Feb-2014 17:50     
 
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 Alert Admin 		China fish is not an expensive counter....u all may hold for better future....once the loan settle...fish can fly...

earlybird14      ( Date: 17-Feb-2014 17:13) Posted:



China Fish, once XD, may see below 40cents.

Be patient and wait for low and load before 2nd Q result release. Revenue and profit will big jump due to sales & distribution of Fish from Peru.

However, will Russia business become the killer again or not is unknown.

The refianace of term loan cannot be drag too long, whoever holding now is holding a big risk.

Stay away and see, no good news at all can push this fish, but bad news for debt refinancing is coming
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edwinjup
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17-Feb-2014 17:46     
 
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 Alert Admin 		Sorry...mis read....ex date on 24 feb...thanks....

stockpicker      ( Date: 17-Feb-2014 17:42) Posted:

What's wrong with the sentence .....do you mean that one cannot sell the stock on ex-date and must " sell after ex-date" to qualify ?  Then why price always drop on ex-date?

edwinjup      ( Date: 16-Feb-2014 16:57) Posted:

Hello wrong.infos.....if u hold or buy cf now and sell.before xd...u will not get the div...but.if u sell after xd ..u will get the dividend.......pls.consult.your broker.or.call.up.the agent for more details..thank
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stockpicker
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17-Feb-2014 17:42     
 
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 Alert Admin 		What's wrong with the sentence .....do you mean that one cannot sell the stock on ex-date and must " sell after ex-date" to qualify ?  Then why price always drop on ex-date?

edwinjup      ( Date: 16-Feb-2014 16:57) Posted:

Hello wrong.infos.....if u hold or buy cf now and sell.before xd...u will not get the div...but.if u sell after xd ..u will get the dividend.......pls.consult.your broker.or.call.up.the agent for more details..thanks

stockpicker      ( Date: 16-Feb-2014 12:46) Posted:

if ex-date is 24 Feb,  then  the person who  owns the stock before and on 24 Feb will get the dividends,  regardless of whether he has sold the stock on ex-date.  The person who  bought the stock on ex-date will get no dividend.    That is why after the ex-date,  the  stock will  drop in price by the amount of the expected dividend.
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earlybird14
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17-Feb-2014 17:13     
 
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China Fish, once XD, may see below 40cents.

Be patient and wait for low and load before 2nd Q result release. Revenue and profit will big jump due to sales & distribution of Fish from Peru.

However, will Russia business become the killer again or not is unknown.

The refianace of term loan cannot be drag too long, whoever holding now is holding a big risk.

Stay away and see, no good news at all can push this fish, but bad news for debt refinancing is coming
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EZ3626
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17-Feb-2014 16:19     
 
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 Alert Admin 		Since Stockpiler said the price will drop after the xd. Isn't it better the price don't go up. We still can collect dividend and wait for more announcements. Someone said 2 Qtr the BB should bring in more sales and profits. Why would you want the price to go up ? Sorry don't understand 
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JMS213
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17-Feb-2014 16:07     
 
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 Alert Admin 		Haha ... one hand 150 lots down 0.41. Just not ready for the march past. 
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