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Latest Forum Topics / China Fishery    Last:0.076 --  Post Reply
China Fishery - Low PE
Qanghoo
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17-Nov-2014 17:28     
 
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Market is in ck territory.  Those with cks, congrats.  If SPost can chiong so much, no reason why YZ cannot follow suit.    Whether financial results will justify still to be seen. 

EZ3626      ( Date: 17-Nov-2014 17:23) Posted:



Waahaa ... sorry for laughing so loudly. I can' t help it. If not because they pulled hand brake we already cross 0.40

Peiseh CF went down 0.32 .... walau Yuuzoo chiong and finished at 0.38. woah woah woah .... bro, I did jieo you all huh.

Bye Bye back to channel Y .....

 

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EZ3626
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17-Nov-2014 17:23     
 
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Waahaa ... sorry for laughing so loudly. I can' t help it. If not because they pulled hand brake we already cross 0.40

Peiseh CF went down 0.32 .... walau Yuuzoo chiong and finished at 0.38. woah woah woah .... bro, I did jieo you all huh.

Bye Bye back to channel Y .....

 
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EZ3626
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17-Nov-2014 10:39     
 
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Bro, choose a horse lah Yuuzzzoooo already overtake you $0.345. Now not even end of Nov .... Yaaahooooo

All the best !!! Cheers
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JMS213
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15-Nov-2014 18:35     
 
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Strategic move by Pacific Andes&rsquo majority owners, the N.S. Hong group controlled by the Ng family, has agreed to subscribe to its share of the rights issue, thereby preserving its 54.92% share in the group following the deal. 

Agreed with   Solsys " It' s a good thing that the rights issue is coming from Pacific Andes and not China Fishery, no diliution for China Fishery' s shareholders."

Why $53m ? Below the cash report show $252m + 53 = $305m they have more than enough to redeem the bonds if necessary.

Pacific Andes to issue $53m in new shares to pay back debt nets Copeinca bond extension
November 11, 2014, 5:58 pm


Pacific Andes International Holdings unveiled plans to raise  HKD 410.4 million ($53m) worth of new shares, in a deal that could see of its creditor banks  own  15% of the  Hong Kong-listed group.

 


SLPY69      ( Date: 10-Nov-2014 08:42) Posted:



According to Moody' s, China Fishery  had reported cash of $132m  by June 28, 2014 and a further $120m cash repatriation expected from its Russian suppliers in the next 12 months, as part of its pull-out of Russian pollock.

The B2 ratings continue to reflect the enlarged scale of China Fishery' s Peruvian fishmeal followings its acquisition of Copeinca and the progressive integration of the latter, it added. The acquisition made China Fishery into Peru' s largest anchovy catcher and fishmeal producer.

Of course, the banks want the jewel which is Copeinca. The banks want access into Copeinca .... hahaha before they release monies to China Fishery. Indirectly they have to pay monies to the teams " to help in the SOLICITATION"   ..... that' s how you have this phrase " storm in a teacup" hahahaha  laugh

" ....   refinance the Copeinca bond or obtain a waiver from the banks to remove the subordination issue."

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EZ3626
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14-Nov-2014 16:24     
 
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Haizz ... whether deliberate or not .... look at Yuuzoo today .... gap up and about to overtake you. By month end I hope it will cross 0.40.

Sympathetic and empathised with how you feel ... kaa kaa haa haa we are almost neck to neck 0.32 vs 0.335 but we start from 0.29

Tell you a secret, your kelong lor but boh piah .. Leongsan is correct don' t blame moody and fitch ... back to my channel Y

Bye Bye

solsys      ( Date: 13-Nov-2014 12:27) Posted:



I find it contracdicting that the coming cash injection from China Fishery' s parent company Pacific Andes' s rights issue is causing a decline in the stock prices.

Redeeming the S$250 million bonds will mean that China Fishery need to pay close to S$25 million in interests, dividend per annum to the bondholders, i.e. wouldn' t that mean more profits for its bottomline by redeeming the bonds?

Cash position is challenging now but I believe it can be resolved. The shareprice is deliberately held down, I believe.

I also find it odd the Undercurrent news is so interested in updating the credit ratings for China Fishery.......... it feels so deliberate along with the anchovy season news that hammer the stock.

No doubt facts point to increase fear of a precarious position but money is coming in from the sale of its stake in Russian Pollock business.

It' s all about cashflow management, which I believe can be handled well. Capital can be raised easily in this part of the world with lower interests.

It' s a good thing that the rights issue is coming from Pacific Andes and not China Fishery, no diliution for China Fishery' s shareholders.

Just an opinion from me no doubt on the facts that point to the precarious position but look at the upside......

 

P.S: Last quarter results show good earnings. Think about it.

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stockpicker
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13-Nov-2014 15:23     
 
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They will need to pay interest for the loan of $250 mil..$25mil pa if the interest rate is 10% which may be likely becos with `the saga,   it will attract lower credit rating. More downgrades will   come unless the earnings can be suddenly increased.

 

 
solsys 
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i meant ' need  NOT  pay close to $25million interests.'  
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solsys
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13-Nov-2014 12:32     
 
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i meant ' need NOT pay close to $25million interests.'

solsys      ( Date: 13-Nov-2014 12:27) Posted:



I find it contracdicting that the coming cash injection from China Fishery' s parent company Pacific Andes' s rights issue is causing a decline in the stock prices.

Redeeming the S$250 million bonds will mean that China Fishery need to pay close to S$25 million in interests, dividend per annum to the bondholders, i.e. wouldn' t that mean more profits for its bottomline by redeeming the bonds?

Cash position is challenging now but I believe it can be resolved. The shareprice is deliberately held down, I believe.

I also find it odd the Undercurrent news is so interested in updating the credit ratings for China Fishery.......... it feels so deliberate along with the anchovy season news that hammer the stock.

No doubt facts point to increase fear of a precarious position but money is coming in from the sale of its stake in Russian Pollock business.

It' s all about cashflow management, which I believe can be handled well. Capital can be raised easily in this part of the world with lower interests.

It' s a good thing that the rights issue is coming from Pacific Andes and not China Fishery, no diliution for China Fishery' s shareholders.

Just an opinion from me no doubt on the facts that point to the precarious position but look at the upside......

 

P.S: Last quarter results show good earnings. Think about it.

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solsys
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13-Nov-2014 12:27     
 
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I find it contracdicting that the coming cash injection from China Fishery' s parent company Pacific Andes' s rights issue is causing a decline in the stock prices.

Redeeming the S$250 million bonds will mean that China Fishery need to pay close to S$25 million in interests, dividend per annum to the bondholders, i.e. wouldn' t that mean more profits for its bottomline by redeeming the bonds?

Cash position is challenging now but I believe it can be resolved. The shareprice is deliberately held down, I believe.

I also find it odd the Undercurrent news is so interested in updating the credit ratings for China Fishery.......... it feels so deliberate along with the anchovy season news that hammer the stock.

No doubt facts point to increase fear of a precarious position but money is coming in from the sale of its stake in Russian Pollock business.

It' s all about cashflow management, which I believe can be handled well. Capital can be raised easily in this part of the world with lower interests.

It' s a good thing that the rights issue is coming from Pacific Andes and not China Fishery, no diliution for China Fishery' s shareholders.

Just an opinion from me no doubt on the facts that point to the precarious position but look at the upside......

 

P.S: Last quarter results show good earnings. Think about it.
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stockpicker
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13-Nov-2014 10:13     
 
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Pacific Andes dropped further by around   2% on news that it would raise new shares.   CF and Pacific price dropped yesterday because of Undercurrent report?

stockpicker      ( Date: 13-Nov-2014 09:22) Posted:



Sage not so simple now according to the latest Undercurrent report Nov 11.   It can be speculated that the banks wanted Copeinca to guarantee the $650 mil loan in the first instance and allowed $250 mil in   the loan to redeemp the Copeinca bonds instead,   CF defied and adopted solicitation.   The $250 mil could have been paid out as repayment of bank loans earlier.   Now the banks pressed and extended the dateline to March 2015.   When the Copeinca bond holders asked for more,   the solicitation will fail.   CF will have no choice but to borrow the $250 mil..i.e. they can do so..only @ higher interest rate..ratings sure kena derated again and again.. 

 
Leongsan 
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The copeinca bonds saga L dont understand But it does not matter as that has to be repaid one way or the other.Uncertainty is will there be fish this season.I think there must be some one type or other.I will start to buy some when it reach my target price. 

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stockpicker
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13-Nov-2014 09:22     
 
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Sage not so simple now according to the latest Undercurrent report Nov 11.   It can be speculated that the banks wanted Copeinca to guarantee the $650 mil loan in the first instance and allowed $250 mil in   the loan to redeemp the Copeinca bonds instead,   CF defied and adopted solicitation.   The $250 mil could have been paid out as repayment of bank loans earlier.   Now the banks pressed and extended the dateline to March 2015.   When the Copeinca bond holders asked for more,   the solicitation will fail.   CF will have no choice but to borrow the $250 mil..i.e. they can do so..only @ higher interest rate..ratings sure kena derated again and again.. 

 
Leongsan 
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The copeinca bonds saga L dont understand But it does not matter as that has to be repaid one way or the other.Uncertainty is will there be fish this season.I think there must be some one type or other.I will start to buy some when it reach my target price. 
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stockpicker
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13-Nov-2014 08:53     
 
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smoke bombs are planted just to confuse..

Undercurrent reported that " Under the loan' s terms, China Fishery had to provide guarantees  for the bonds, or redeem them. "

http://www.undercurrentnews.com/2014/11/11/ng-family-to-pool-53m-in-new-pacific-andes-shares-group-nets-copeinca-bond-extension/

In moody' s downgraded report,   it said " CF ' s request to Copeinca bondholders to guarantee China   Fishery' s debt.   "

http://www.undercurrentnews.com/2014/11/06/moodys-downgrades-china-fishery/

Then S& P said " CF funded the acquisition in part with loans that banks say must now be guaranteed by Copeinca "

http://www.bloomberg.com/news/2014-09-16/copeinca-bondholders-snub-futile-consent-bid-as-deadline-looms.html

Now the latest (Nov 11),   Undercurrent reported that Pacific Andes would   have to raise external loans to redeemp the bonds.

They are also raising another USD$53mil of new shares.  Think the media is just reporting what the management have said and they need to be taken to task.
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EZ3626
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12-Nov-2014 23:26     
 
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Sorry, kepo ... still like this fish. Leongsan is correct what a charade ... after reading all that has been said, I think will go along with Leong san " it does not matter as it has to be settled one way or another." See they are granted extension by the Lenders. 

March 2015 extension for Copeinca bonds

Also today, Pacific Andes' subsidiary China Fishery Group  announced it had been given an extension to redeem the $250m Copeinca bonds  it took on as part of its acquisition of the Peruvian fishmeal producer.

The extension was granted by the lenders that provided China Fishery with a  $650m loan in March. Under the loan' s terms, China Fishery had to provide guarantees for the bonds, or redeem them. It has failed to achieve the former, and therefore has to redeem the bonds  by a new deadline of  March 16, 2015 &mdash   a year after it closed its purchase of Copeinca (March 17 this year).
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Leongsan
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12-Nov-2014 22:51     
 
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The copeinca bonds saga L dont understand But it does not matter as that has to be repaid one way or the other.Uncertainty is will there be fish this season.I think there must be some one type or other.I will start to buy some when it reach my target price.

EZ3626      ( Date: 12-Nov-2014 17:47) Posted:



wow not the s^k powderful, the one inside more powder .... wow talk until dust everywhere .... pui pui ... i mean blow blow is it buy or watch still ? leongsan

super upset with yuuzoo ... good news also kenna hantum .... damn jialat. haizzzz

what is the news ... so far can only hear speculations and rumours ... but what is going on ... 

If got something please share else ????

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stockpicker
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12-Nov-2014 17:54     
 
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The MSI report said it all at the bottom
Jan  120,753 Apr 13,506 Jul 48,203
Feb 93,553 May 12,731 Aug  14,149
Mar 40,175 Jun 37,837 Sept 1,569
  254,481   64,074   63,921
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Qanghoo
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12-Nov-2014 17:48     
 
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Thx for pointing us to the encouraging news.  At least we are less worried that the squeeze is  due to expected poor results.

stockpicker      ( Date: 12-Nov-2014 17:37) Posted:



Got mixed up.   For Copeinca,   Jun-Sept is 3rd Qrt and for CF,   it is 4th Qrt.   Copeinca used to report good result in 3rd Qrt.  

According to MSICeres,   this bio year from Nov13 to Oct 14 has 40% more catch than last bio year from Nov 12 to Oct 13.

http://www.msiceres.com/MR/MR2014-42-80977842.pdf

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EZ3626
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12-Nov-2014 17:47     
 
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wow not the s^k powderful, the one inside more powder .... wow talk until dust everywhere .... pui pui ... i mean blow blow is it buy or watch still ? leongsan

super upset with yuuzoo ... good news also kenna hantum .... damn jialat. haizzzz

what is the news ... so far can only hear speculations and rumours ... but what is going on ... 

If got something please share else ????
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stockpicker
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12-Nov-2014 17:37     
 
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Got mixed up.   For Copeinca,   Jun-Sept is 3rd Qrt and for CF,   it is 4th Qrt.   Copeinca used to report good result in 3rd Qrt.  

According to MSICeres,   this bio year from Nov13 to Oct 14 has 40% more catch than last bio year from Nov 12 to Oct 13.

http://www.msiceres.com/MR/MR2014-42-80977842.pdf
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Qanghoo
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12-Nov-2014 17:13     
 
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This upcoming result is the 4Q and FY result.  If bad, 1c dividend also burnt.  Catch before Aug also below agerage, partly mitigated by rocketing fishmeal price.  They might also have bought from third parties, which will likely impact margin.

stockpicker      ( Date: 12-Nov-2014 16:49) Posted:



There is a time lag of about 2 months to turn Anchovy catch to fishmeal sales and final payment,   considering shipment to China will take roughly one month,    

There were no catch since August but the coming result was for June to Sept period.   It will be the fouth quarter result that will look real  bad due to no catch from

August.

Qanghoo      ( Date: 12-Nov-2014 16:35) Posted:



Trading on insider info?  Result likely to be bad cos of low biomass and EN.  May be making loss.  Result shd be out in abt 2 wks.


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stockpicker
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12-Nov-2014 16:49     
 
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There is a time lag of about 2 months to turn Anchovy catch to fishmeal sales and final payment,   considering shipment to China will take roughly one month,    

There were no catch since August but the coming result was for June to Sept period.   It will be the fouth quarter result that will look real  bad due to no catch from

August.

Qanghoo      ( Date: 12-Nov-2014 16:35) Posted:



Trading on insider info?  Result likely to be bad cos of low biomass and EN.  May be making loss.  Result shd be out in abt 2 wks.

stockpicker      ( Date: 12-Nov-2014 16:14) Posted:



CF lost over 0.015 or 4% just now to 0.335 with one small BB throwing 340   lots at 0.34 at one go.     There were no big BB trading for the past 10 days.   Look like this BB knew what was in the result to be announced.   In the past,   the BBs would push the price up before and then then sell down after the result.   This time, they pushed down the price before the result announcement.   Looks   fishy especially when it approach the last low of 0.32 on Aug 2013.   Making a double bottom?


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Qanghoo
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12-Nov-2014 16:35     
 
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Trading on insider info?  Result likely to be bad cos of low biomass and EN.  May be making loss.  Result shd be out in abt 2 wks.

stockpicker      ( Date: 12-Nov-2014 16:14) Posted:



CF lost over 0.015 or 4% just now to 0.335 with one small BB throwing 340   lots at 0.34 at one go.     There were no big BB trading for the past 10 days.   Look like this BB knew what was in the result to be announced.   In the past,   the BBs would push the price up before and then then sell down after the result.   This time, they pushed down the price before the result announcement.   Looks   fishy especially when it approach the last low of 0.32 on Aug 2013.   Making a double bottom?

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