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China Fishery - Low PE
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stockpicker
Master |
22-Aug-2014 09:23
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Do they still have fund? Not until Mar 2016 or they borrow somemore.. they have already returned $500mil back to the bank. |
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JMS213
Senior |
22-Aug-2014 09:22
Yells: "Just living is not enough. One must have sunshine, freedom !" |
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SLPY, talking about that they actually serve them legal to the shareholders who did not want to transfer their shares to them. So this solicitation exercise is bit wayang in my opinion. Those that have consented should have been paid the consent fee and settle them. Hence reduce the number bondholders. Once the base is reduced they do not have much negotiation power. Like I said, it is whether they want or not. Banks are behind them. That' s this whole exercise is a sheer waste of time and play up when it is not necessary.. Why I said that ? BECAUSE the most difficult task is achieved and this nothing. In case you said what difficult task ..... ACQUISITION OF COPEINCA ..... THEY ARE FIGHTING WITH THE SHARKS AND THEY HAVE EMERGED A CHAMPION. |
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SLPY69
Senior |
22-Aug-2014 09:10
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They have carried out the solicitation exercise, they will know who is accepting the consent fee. It can be never be zero " 0" . Do you agree ? Pay them and reduce the number of bondholders who do not agree. Then use the available fund to redeem the rest who do not agree. The bondholders know how to weigh their sum, they will likely to take the deal and go. Else, those who still do not agree will get no consent fee and have their bond redeemed. Wonder how they negotiate or they have their own agenda. Those who have consent are given a chance to revoke, can you believe that ??? WHy they did not do that when they acquire Copeinca for those who have sold their shares to them. O you can start again. This solicitation exercise is questionable ??? The management need to know that Why they did not report how many consented to the solicitation ? Frankly, if they are able to settle the bondholders, the banks are more than willing to lend them for their operation basing on Copeinca' s asssets and income. Again, I refute what you have said. Banks are not stupid, they know Copeinca is very healthy and wanted the unification of entities. Put yourself as the assessor and you will know what I mean. The overall operation is healthy and profitable, why would they (banks) want to shoot their own toes ? |
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stockpicker
Master |
22-Aug-2014 08:50
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Just take a look at their last quarterly statement Under cash flow statement, they credited $60 mil under investment (though the refund was $80 mil) and the cash in hand @ June 2014 was $132 mil, $ 186 mil less than the $318 mil @ June 2013. The next refund of $126 mil is 2016. They paid back about $500mil of bank loans in the last 9 months. Between July and October, the Anchovy catch will be almost nothing, cutting off at least 50% of the CF' s income but the operating cost will remain around $80mil per quarter ($30mil for vessel operation and $25 mil for debts payment). There will not be much left for the next quarterly operation unless they started to dispose off their vessels or other assets. Not sure why they are transferring or converting the Copeinca senior notes to CF. One possibility, free Copeinca so that they can borrow more money another possibility, merging Copeinca and CF.. more likely to be the former. |
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JMS213
Senior |
22-Aug-2014 08:33
Yells: "Just living is not enough. One must have sunshine, freedom !" |
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Exactly. It is as if they just realized, O I have to pay the early redemption penalty for the bonds. Nothing new, same goes for the credit facilities for the refinancing, they sensationalized the whole matters after all, the same banks were the one to finance the acquisition of Copeinca. Already heard they have obtained the loan but news went on and on. The loan is so huge that the banks want them to live .... Please continue paying the interest .... la Finally announced we have secured the loan. The rest is history. Hahaha |
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SLPY69
Senior |
22-Aug-2014 07:27
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This news is all played up like what JMS has said and media is going along with it. If there is a penalty for early redemption for the Copeinca bonds, don' t that know it ??? Sure they are being advised. Ultimately they will have funds to redeem the bond, is there a need to drag and pay the bondholders consent fee which is not little ??? Currently the consent fee is at US$1.25 m still there is no agreement. They have to sweeten the deal further .... hahaha Copeinca bondholders are being offered US$10 for every US$1,000 in face value of bonds as an incentive to consent to the covenant changes. If the minimum number, or 50.1 per cent, of bondholders agree, that will cost the company US$1.25 million. China Fishery had set an original consent deadline of July 30, but extended it until 5pm New York time yesterday (5am Singapore time today). What negotiation ? Is there a need to sweeten the deal ? Take it or leave it .... they already have the money which is supposed to redeem the bonds. Why do they need to solicit ? This is all played up ..... make no sense. It is unnecessary .... to carry out this exercise. There are various fees to be paid other than the consent fee ... eg agents, logistic, .... |
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Leongsan
Senior |
22-Aug-2014 05:39
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I think CFish is trying to avoid/save the 4% penalty on early redemption of Copeinca bonds.
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JMS213
Senior |
21-Aug-2014 23:10
Yells: "Just living is not enough. One must have sunshine, freedom !" |
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Annisa Lee, a credit analyst in Hong Kong at Nomura Holdings Inc., said by phone on Aug. 20. &ldquo The other alternative is for them to call the Copeinca bonds.&rdquo She did not want to state the obvious, instead said " the other alternative .... Haiz they are playing their game. Kao recommends China Fishery bonds because cash flow may improve given the company is getting $242 million in refunds from suppliers. The El Nino weather impact on fish catches is also receding, he said. China Fishery said in a March 24 statement it had decided not to renew a long-term supply agreement and terminate three others. Under the deal, about $80 million was returned to the company at the end of April and another $162 million will be returned by March 2016, " either in kind as fish or, if mutually agreed, in cash. |
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JMS213
Senior |
21-Aug-2014 22:47
Yells: "Just living is not enough. One must have sunshine, freedom !" |
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Not sure why they are dragging the drama ??? There is no need for any solicitation. Proceeds were to be used to redeem Copeinca' s 2017 notes, acquire the rest of the shares in Copeinca it didn' t already own, repay some debt and for general corporate purposes. They have the money to " call the Copeinca bonds." China Fishery signed a four-year credit facility for $650 million in March with China CITIC Bank International Ltd., Rabobank International, DBS Bank Ltd., Standard Chartered Plc and HSBC Holdings Plc, according to the March 24 statement. Proceeds were to be used to redeem Copeinca' s 2017 notes, acquire the rest of the shares in Copeinca it didn' t already own, repay some debt and for general corporate purposes. The bond buyback plan was scrapped in May, according to a May 23 notice to bondholders obtained by Bloomberg News. " The worst-case scenario, if they can' t get the consent from Copeinca bondholders, is a technical default on the loans and the banks will probably give them a temporary waiver," Annisa Lee, a credit analyst in Hong Kong at Nomura Holdings Inc., said by phone on Aug. 20. " The other alternative is for them to call the Copeinca bonds." |
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stockseer
Member |
21-Aug-2014 20:04
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absoutley correct , even bb siam this stock. rubbish posting just to transfer to inexperienced people. pui
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JMS213
Senior |
21-Aug-2014 19:25
Yells: "Just living is not enough. One must have sunshine, freedom !" |
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I am not surprised ... Hahaha |
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Leongsan
Senior |
21-Aug-2014 17:40
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Isolated
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JMS213
Senior |
21-Aug-2014 09:44
Yells: "Just living is not enough. One must have sunshine, freedom !" |
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The latest development in the China Fishery gives a big " Yes" . Equilibrium is positive .... Cheers 
Where is Isolator ? |
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JMS213
Senior |
21-Aug-2014 09:34
Yells: "Just living is not enough. One must have sunshine, freedom !" |
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The world' s largest fishing vessel, the factory freezer ship Layayette is in South Pacific waters, processing jack mackerel for human consumption. Enjoy ... The China Fishery fleet The fleet of nine vessels falls under the ownership of the China Fishery Group. It has 444 crew members, and operates largely in the South Pacific and Atlantic oceans. It is made up of catcher vessels, factory mid-water trawlers and floating fish processing vessel. Fishing trips involve all different types of vessel, so that catchers can remain at sea, transferring catch to factory ships while saving fuel. The flagship processing vessel and associated catchers were under maintenance for most of 2013, but the previous year they were in South Pacific waters, harvesting and processing jack mackerel for human consumption.
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JMS213
Senior |
21-Aug-2014 09:09
Yells: "Just living is not enough. One must have sunshine, freedom !" |
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Peru fishmeal trading still slow, prices high as catchers end poor season
August 20, 2014, 4:16 pm
Trading of Peruvian fishmeal market is still quiet despite the first anchovy fishing season having ended on Aug. 10, Peruvian exporters told Undercurrent News. The first season ended on Aug. 10 after an extension granted to offset poor fishing attributed to the El Nino impact. But despite the extension, just two-thirds (67.8% or 1.71 million metric tons) of the anchovy total allowable catch of 2.53m has been caught, said producers. The poor catches have been blamed on the onset of El Nino, which causes abnormal sea temperatures, forcing anchovy stocks to move deeper, towards cooler waters. Anchovy also moved to the south, inside the ten mile zone where industrial catches are prohibited. Mini-bans due to high juvenile levels and heavy swells off the coast in July forced vessels to stop operations for several days during the season, further affecting catches. Even though the TAC was not met, prices appear to have stayed at the same level seen at the end of July, when players reported prices of $1,930/t for super prime fishmeal (minimum 68% protein). At the time, some producers felt fishmeal prices could reach the $2,000/t mark once the season ended, since buyers would realize that the quota was not met. However, two sellers told Undercurrent this week that super prime fishmeal prices from Peru, FOB, are now in the range of $1,900- $1,920/t. One producer said aqua-grade fish oil prices are at $1,950-$2,100/t. These are still high levels, though. At the start of the season in late April, prices were at just around $1,600- $1,620 per ton, and two months later, fishmeal went up to $1,880/t. One producer said fishmeal stocks in Peru are at approximately 100,000t, down just by 13% year-on-year. Out of this, a small percentage is super prime fishmeal, as this quality was difficult to achieve during the last season, he said. A second producer, however, said Peru is sitting on 145,000t in unsold stock, which he said was up 26% year-on-year. According to this seller, the price is what is holding buyers back for now. " When the price is too high, like now, the traders in both China and Europe are not willing to take position," he said. As a result, both parties are staying on the fence for now, waiting to see what happens. He estimated that stocks in China were down to 120,000t. China will definitely need fishmeal even though its aquaculture season is due to end soon, he said. El Nino: Just a mild impact? Question marks still linger over the fate of the second season, with the impact of El Nino a continuing uncertainty. Peru' s El Nino institute Enfen recently said the El Nino would ebb away in August, although there still a risk of the phenomenon returning before the end of the year. " The chances are lower, but perhaps a moderate El Nino could affect the anchovy&rsquo s biomass," said one Peruvian fishmeal producer. In its latest report, dated Aug. 8, Enfen ruled out the possibility of an extraordinary El Nino by the end of 2014, but stated a possible reactivation of warm conditions from weak to moderate by year-end. " We still think that the phenomena could affect again the second season but it will depend, at the end, on how strong it will come," said this producer. The TAC for the second anchovy season &mdash which takes place from November through January &mdash will be set later in the year, and will depend on the anchovy&rsquo s biomass level determined by Peru' s marine agency Imarpe. The poor results of the first season don' t necessarily mean the TAC will be cut in the second season. " We expect to have a quota around 1.8 or 2m tons for the second season, we do not see the government taking any action in the second season because there was not any problem with the total biomass," said a second producer. |
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SLPY69
Senior |
14-Aug-2014 22:28
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Sound very correct. Let me ask you a question. If they have not made the acquisition of Copeinca, what will be the Net Profit of China Fishery ? Don' t forget, " Meanwhile, revenue from the contract supply business, dealing in Russia pollock then processed in China, which accounted for 27.1% of total revenue, decreased by 59.5% from $320.8m to $130.1m, due primarily to the termination and non-renewal of long term supply agreements." Today the Net Profit is $52.9m, otherwise it would have been Net Lost. |
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stockpicker
Master |
14-Aug-2014 17:56
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CF reported a result which was good as if the company made 30% profit..somehow, this statement says it all... all profits went into the banker' s pockets Gross profit increased by 30.9% from $127m to $166.2m, and gross profit margin improved from 30.0% to 34.6%.. Net profit decreased by 24.7% from $70.2m to $52.9m, due primarily to higher finance costs and income tax expenses in Peru, China Fishery said. |
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Leongsan
Senior |
14-Aug-2014 09:17
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This best describes CFish. No point shouting up to induced followers. Post and share facts and well based opinion My view where is the banker?
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Blanchard
Master |
11-Aug-2014 23:51
Yells: "Winners cry..... Losers smile....." |
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China Fishery expects fishmeal prices to offset El Nino Peru catch drop August 11, 2014, 12:00 pm Undercurrent News While the Peruvian government has increased its anchovy quota by 23% to 2.53 million metric tons, China Fishery Group is relying on higher fishmeal prices to counter the effects of reduced fishing as oceans warm. China Fishery, majority owned by Pacific Andes International Holdings, and its industry peers have experienced a reduced catch in Peru during the fishing season, largely due to El Nino effect, in this case, a temporary warming of the waters off the coast of Peru, the firm noted in its third quarter 2014 results. Despite this lower catch volume, the company is confident that the higher average selling prices of fishmeal and fish oil will be able to partially compensate for the reduction in sales volume for the rest of the year. Demand for fishmeal and fish oil from the aquaculture and animal farming industries continues to grow and remains strong. According to the International Fishmeal and Fish Oil Organisation, the free on board average selling price of fishmeal (Super Prime Grade) increased from $1,620 per ton in April 2014 to $1,905 per ton in July 2014. Peru actually extended its first anchovy season of the year to Aug. 10, as a consequence of this year&rsquo s impact of El Nino. The season was due to end on July 31 but talk of an extension had emerged as a result of the poor catches. By Tuesday, July 29, only 65% or 1.64 million metric tons of the season&rsquo s total allowable catch of 2.53m tons had been caught, one Peruvian producer told Undercurrent News. Revenue from China Fishery&rsquo s Peruvian fishmeal operations, which accounted for 67.6% of total revenue, increased by 2.9 times from $83.3m to $324.6m, reflecting increased contribution from the incorporation of Copeinca. Meanwhile, revenue from the contract supply business, dealing in Russia pollock then processed in China, which accounted for 27.1% of total revenue, decreased by 59.5% from $320.8m to $130.1m, due primarily to the termination and non-renewal of long term supply agreements. Higher contribution and cost savings derived from the enlarged Peruvian fishmeal operations more than offset the negative impact from the termination and non-renewal of the long term supply agreements. Revenue from the CF Fleet operations, which accounted for 5.3% of total revenue, increased by 33% from $19.1m to $25.4m, mainly as a result of higher catch and sales volume recorded from the fishing operations in Namibia. Despite a 57% increase in overall sales volume, cost of sales and vessel operating costs increased by only 6.0% from $296.2m to $313.8m. This was mainly attributable to the increase in productivity and broader economies of scale achieved in the enlarged Peruvian fishmeal operations, the firm noted. Gross profit increased by 30.9% from $127m to $166.2m, and gross profit margin improved from 30.0% to 34.6%. Net profit decreased by 24.7% from $70.2m to $52.9m, due primarily to higher finance costs and income tax expenses in Peru, China Fishery said. &ldquo We have been transforming the Group so that it is strongly positioned to meet the increasing demand for fishmeal and fish oil from the growing aquaculture and animal farming sectors,&rdquo said Ng Joo Siang, group managing director. &ldquo We are pleased with our performance for the quarter which reflects our commitment to this strategy.&rdquo &ldquo Looking ahead to the next quarter, the Group will maintain its focus on consolidating the enlarged Peruvian fishmeal operations, realising maximum value from the synergies and efficiencies generated and focussing on cash conversion and net debt reduction.&rdquo said Ng. |
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Leongsan
Senior |
08-Aug-2014 12:01
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you are comparing revenue.......ebita and profit are product of contribution.However share price, my interest is based on perception greed and works of big brother
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The world's largest fishing vessel, the factory freezer ship Lafayette, has turned up in the Pacific Ocean east of Australia.