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China Fishery - Low PE
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RoundRound
Elite |
13-Apr-2014 10:00
Yells: "Tikam Tikam can also" |
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China Fishery was a good stock 3 to 4 years ago but over the years, its revenue and profit margin keep thinning and then its right issue last year lay rest to its current price. It is heavily weighed down by it massive gearing, yes it have got it refinanced but that is for 2 years or so only and the interest rate it is paying is sucking up much of any profit it can make. Unless it can go back to its glory days when it is making hundreds of million dollar (S$, not RMB) and paying dividend of as much as over 5 cents a share, then this share is going to suffer when interest rate rise in the coming years. |
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Blanchard
Master |
13-Apr-2014 01:41
Yells: "Winners cry..... Losers smile....." |
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2013 : 
2014 : ***Melius***
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stockpicker
Master |
12-Apr-2014 22:50
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Last year' s quota was bad.. hope this year will be good
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Leongsan
Senior |
12-Apr-2014 19:51
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Has to be next week, HOPING ABOVE 2.5mil tons
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T2LE56
Senior |
12-Apr-2014 14:14
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09 days before the fishing season starts on the 23 April 2014, any idea when they are supposed to release the quota for the season or already announced ? Anybody ..... please share.IFFO WELCOMES PERUVIAN ANCHOVY QUOTATuesday, October 8, 2013
The news of an increase in the Peruvian anchovy quota for the second fishing season starting in November has been welcomed by IFFO, the international marine ingredients trade organisation. Stable biomass has enabled the Peruvian Ministry of Production to announce that the industrial anchovy fishing quota for the north-central fishing area will be 2.3 million tonnes for the November 2013 to January 2014 fishing season. Peruvian anchovy is the world' s largest fishery and it has two fishing seasons each year - with the first for north-central usually running from May to July, and the second running from November to the end of the following January. 
The 2.3 million tonne quota is about 12 per cent higher than that for the first season of 2013 and more than 180 per cent higher than the 810,000 tonnes for the equivalent season of 2012. This new quota brings the fishery back into historically normal quota ranges after the 68 per cent quota reduction imposed for last year' s second season. Deputy Minister of Fisheries, Paul Phumpiu said the new quotas was a responsible quota intended to ensure the recovery of the biomass of the pelagic resource, established on the basis of a series of recommendations from the Instituto del Mar del Peru (IMARPE). Its latest survey determined the biomass at 10.3 million tonnes in the north-central area (5.3m 2012) and 1.87 million tonnes in the southern zone. In addition, the Government indicated that the anchovy capture season in the south area of Peru will have a quota of 430,000 tonnes, following 400,000 tonnes for the first season of 2013, and will run from late October until March 2014. Total annual quotas for this zone have remained around 700,000 to 850,000 for the whole year for several years. IFFO' s Director General, Andrew Mallison said: " We are very pleased to hear of increased quota based on sound science from IMARPE and the precautionary approach. The Government has also announced that surveillance systems will be strengthened on landings, discards, juvenile catch, by catch of other species and the anchovy reproductive process. It looks very much like the newly announced quotas are more in keeping with traditional historical figures and reflect the success of the emphasis on the long-term sustainability of this important marine resource." |
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SLPY69
Senior |
11-Apr-2014 18:28
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The BB is still support .. much due to the low free float so it is susceptible to the market movement. Stockpiler has mentioned " ..... in such a market, the price would go wild if there is a demand for it." Generally the BB goes wild when the volume hit 10,000 lots. What we do know is " The BB has consolidated their position after the acquisition and completed the comprehensive refinancing. Ng Joo Siang, China Fishery managing director said " Our strategy of acquisition and consolidation of business in Peru is translating into strong growth for the Group," Market is wanting to see how the integration of the enlarged fishmeal operation during the second quarter of FY2014." At this moment, there is no catalyst to pent up the demand. Relax and be patience  Enjoy your weekends
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srichipan
Master |
11-Apr-2014 12:25
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Side track abit. Today I see whole market red. But I can't comprehend how sell off of technology stocks in the US can affect other non related industry | ||||
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Leongsan
Senior |
11-Apr-2014 12:01
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Peru moves anchovy fishing season forward due to El Nino
You may also like:April 7, 2014, 3:45 pm
Peru has decided to move forward the start of its first anchovy season of the year due to the potential impact of this year&rsquo s El Nino. The country&rsquo s production minister Piero Ghezzi announced this year&rsquo s season will start in April instead of May, as is usually the case, reported local newspaper Gestion. A weather phenomenon that increases water temperatures, the El Nino could make anchovy migrate to the south of Peru or move to cooler, deeper waters. &ldquo The fishing season will take place earlier so companies can catch higher volumes,&rdquo Ghezzi said. Peru&rsquo s first anchovy season usually runs from May to July, while the second season tends to takes place from November through January. The production ministry, Produce, has not yet set the quota for the first season, as it still awaits recommendations from the marine institute Imarpe. Serious impact ahead? Experts are divided over the potential impact that El Nino could have this year for Peru&rsquo s anchovy catches. According to fishery export and oceanic scientist Luis Icochea, Peru could witness one of the strongest El Nino to date this year, potentially substantially impacting anchovy catches, and as a result the fishmeal industry. Icochea pointed to abnormally high temperatures so far this year, which he argues are reminiscent of 1997-98. But others have different views. NOAA&rsquo s climate prediction center (NCEP) estimates that there is about a 50% chance of El Nino developing during the summer or fall. For his part, German Vasquez, president of ENFEN &mdash a Peruvian institution researching El Nino &mdash told local media the phenomenon this year is expected to be &ldquo from weak to moderate&rdquo . |
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T2LE56
Senior |
11-Apr-2014 11:51
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OIC ... just wild guess. Thanks for your frankness. The BB has consolidated their position after the acquisition and completed the comprehensive refinancing. Market is wanting to see how the integration of the enlarged fishmeal operation during the second quarter of FY2014. " Our strategy of acquisition and consolidation of business in Peru is translating into strong growth for the Group," said Ng Joo Siang, China Fishery managing director. " We will continue to integrate our enlarged fishmeal operations during the second quarter of FY2014 to realize the full benefit from the synergies from our acquisition of Copeinca when the 2014 first season commences in April/May 2014. We are confident of profitability continuing into the next quarter." It is baseless to said that the NG' s is trying to prevent the price from going up above 0.52. Published on 11 February, 2014  China Fishery Group on Tuesday reported a 15.2 percent year-on-year increase in its profit to USD 15.7 million (EUR 11.5 million) for its first quarter ending 28 December 2013. Revenue increased by 34.4 percent to USD 145.2 (EUR 106.4 million) compared to USD 108.1 million (EUR 79.2 million), reflecting contributions from recently-acquired fishmeal and fish oil company Copeinca. For the time period, gross profit increased by 56.5 percent to USD 44.3 million (EUR 32.5 million) from USD 28.3 million (EUR 20.7 million). EBITDA increased by 43.1 percent to USD 63.3 million (EUR 46.4 million) from USD 44.2 million (EUR 32.4 million). Net profit after tax rose to USD 15.7 million (EUR 11.5 million) from USD 13.6 million (EUR 10 million), an increase of 15.2 percent. " Our strategy of acquisition and consolidation of business in Peru is translating into strong growth for the Group," said Ng Joo Siang, China Fishery managing director. " We will continue to integrate our enlarged fishmeal operations during the second quarter of FY2014 to realize the full benefit from the synergies from our acquisition of Copeinca when the 2014 first season commences in April/May 2014. We are confident of profitability continuing into the next quarter." Revenue from the Peruvian fishmeal operations, which accounted for 50.8 percent of total revenue, increased to USD 73.8 million (EUR 54.1 million) compared to USD 15.1 million (EUR 11.1 million) to. The increase was due to the acquisition of Copeinca. During the quarter, average selling prices of fishmeal and fish oil were USD 1,388 (EUR 1,017) per ton and USD 1,977 (EUR 1,448) per ton respectively, amid a significant increase in the TAC of Peruvian anchovy for the 2013 second fishing season. - See more at: http://www.seafoodsource.com/en/news/16-supply-trade/25533-copeinca-acquisition-boosts-china-fishery-1q#sthash.2CAOfLnC.dpuf |
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stockpicker
Master |
11-Apr-2014 10:15
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Just a wild guess. The conversion of warrants to share will dilute all other BBs' holder including Ng' s who holding will drop from 70 odds to 60 odd %. At the same time, they would not want to see that Carlyle dumping the shares when the price is so depressed. Crossing 0.52 is another matter.
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SLPY69
Senior |
11-Apr-2014 09:32
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Interesting article for your reading pleasure while waiting for your reply. Chill, relax and enjoy fishing Quotas, Productivity and Prices : The Case of Anchovy FishingI exploit a 2009 reform that introduced individual fishing quotas (catch shares) for Peruvian anchovy &ndash the largest fishery in the world &ndash to assess the causal impact of production quotas on within-firm productivity and market prices. Unique features of the data allow me to create two alternative counterfactuals: (i) anchovy fishing operations in a region of the country that was mandated to implement quotas with a delay, and (ii) variation in quota allocations across ships. I find that quotas do not increase within-asset or within-firm productivity in quantities. Instead, a 200% increase in anchovy prices benefits extraction firms through higher revenues, consistent with two mechanisms enacted by individual fishing quotas: more orderly industry operations reducing excess supply and an increase in bargaining power of extraction firms with respect to fish-processing. Several market characteristics across geographies differentially affect market prices after the quota regime. Supplementary evidence on fewer operational infractions, higher product quality, and a lower banking delinquency observed during the quota regime suggests the existence of efficiency gains rather than purely rent transfers. |
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T2LE56
Senior |
11-Apr-2014 09:18
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Stockpiler, where are you ? Please make clear your statement and help us to understand what you are trying to say ? If what you said is true, to unlock the shares and have more free floats ... all we need to do is ..... just BUY up the BB so that whoever is trying to prevent the price from going above 0.52, will have to SELL. We all know the BB is undervalued and attractive, what' s wrong with BUYING ... afterall the BB has already consolidated their position ... they have successfully acquired Copeinca and gotten the refinancing loan. Most of the concerns are over. Do we need to wait till the anchovy quota and the earnings report is out in 8 May 2014 ??? We have the speculators, investors, and CAPIIIA/ Carlyle looking to have a stake in the BB. Please share your thoughts ..... Kamsia |
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T2LE56
Senior |
11-Apr-2014 08:41
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Stockpiler, Since they are the SSH if they sell their shares, isn' t it true they have to declare ??? Thanks |
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T2LE56
Senior |
11-Apr-2014 08:34
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I don' t get it either. Best is for Stockpiler to explain why he thinks so ... Since they are the one to offer Carlyle the warrants, why did you said that NGs do not want the price going up ? Stockpiler, you said " Quite likely, the BBs, including the Ngs, will presumably try their best to prevent the price from crossing over 0.52.. so, the likely pple who want to see price crossing 0.52 will be CapIIA/Caryle." |
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newbie888
Veteran |
11-Apr-2014 01:36
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does that means that the Ngs' main motive is just to keep Caryle as one of their major shareholder(using the warrants) and does not want the approx. 40mill as capital ? And in order to do this, they will have to oppress the price under 52 cents for a few years??!! dun really make sense to me... i feel that all would want the price to goes up... any drop in priice due to dilution may only be a temporary situation...who knows, with a slightly healthier cashflow due to the 40 mil injection, it may turn out to be a more attractive counter to other minority holder like us.? my 2 cents worth...Cheers!!
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EZ3626
Veteran |
11-Apr-2014 00:31
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Newbie, any comments ? Thanks
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newbie888
Veteran |
11-Apr-2014 00:04
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mayb I rem wrongly...thanks for the clarification! btw any idea what caused the little up today?
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T2LE56
Senior |
10-Apr-2014 21:34
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Stockpiler, you said " Quite likely, the BBs, including the Ngs, will presumably try their best to prevent the price from crossing over 0.52.. so, the likely pple who want to see price crossing 0.52 will be CapIIA/Caryle." They are the one to offer Carlyle the warrants, why did you said that NGs do not want the price going up ? |
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T2LE56
Senior |
10-Apr-2014 10:15
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All reports said the demand for fish is strong. So taking up the warrant shares is a sure thing ... just sooner or later. Result for the first quarter is coming soon ... isn' t it ? CWC don' t 
Fish Oil - March 2014 Fish oil price is expected to hold in the first quarter of 2014, based on strong aquaculture demand coupled with supply constraints in the anchovy fisheries of Latin America. The Gulf menhaden fishery is anticipated to maintain its high level of fish oil supply and exports achieved in 2013, based on a recent positive stock assessment that recommends harvests can be kept at current levels. Production Production of fish oil was up 9% between 2012 and 2013, with a total of 386 000 tonnes reported for the first nine months of 2013. Latin America remained an important source of Omega-3 production, especially for human consumption, as this product is highly dependent on anchovy fisheries. With recent announcements of major quota reductions in 2014 for anchovy fisheries in northern and southern Chile, this could have implications for the supply of fish oil later in the year, especially for omega-3 producers and fish farmers. However, Peru slightly raised its anchovy quota for 2014 back to more normal levels, following last year' s El Nino reductions. |
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T2LE56
Senior |
10-Apr-2014 10:06
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Sorry ... one question, the warrants is not from Ngs' family ... On full exercise of the Original Warrants (assuming no adjustment is made to the number of Warrants initially issuable), a total of 96,153,846 Warrant Shares will be issued. These Warrant Shares represent in aggregate approximately 4.49% of the issued share capital of the Company as enlarged by the allotment and issuance of 96,153,846 Warrant Shares (assuming and calculated on the basis that no other Share will be issued after the date of this announcement).
The Warrant Exercise Price was determined after arm' s length negotiation between the Company and the Investor after considering the Group&rsquo s established status in the fishing industry, business prospects of the Group, the prevailing market price, liquidity and the historical price performance of the Shares. The Directors (other than Mr. Patrick Thomas Siewert and his alternate Ms. Janine Feng Junyuan who abstained) consider that the Warrant Exercise Price to be fair and reasonable and in the interests of the Company and the Shareholders as a whole. The offer is fair considering the BB is tremendously undervalued. Six analysts canvassed by Undercurrent News expect prices to remain strong in the second quarter of the year, at average levels of NOK 41 &ndash 44, depending on estimates. Why is the warrants an issue ??? |
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