| Latest Forum Topics / China Fishery Last:0.076 -- |
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JiutianC
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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.
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17-Feb-2014 17:42
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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?
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16-Feb-2014 12:46
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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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stockpicker
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14-Feb-2014 09:54
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This is the latest financial report that shows the leverage ratio of CF. The debt to net profit @ 14 is rather high as compared to other companies this debt ratio was about 7.4 before acquiring Copenica. It should be around 5.0. CF must double or triple its profits to get back to where it was. The other ratio on financial leverage are high too and deteriorating after acquiring Copeninca except for debt to cash flow. Hopefully, Copenica can bring them more profits in time to come.
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27-Jan-2014 18:23
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Yes ..96 million shares all for a price of USD$1/= but Cap-IIIA can only convert to normal share when the price reaches SGD 0.52. This is covered in their Annual reports and brouchers. Think the idea is to induce Cap-IIIA not to sell but to push up the price to 0.52 so that CF can get more funds and push up the value of the share price. It is dirty trick and they did that before in 2010 when CF offered 26 mil warrant for USD$1 to an independent party with exercise price of $2.10 when the share price was $0.8.. the share price was pushed to a high of only $1.30. 35 million warrants expired in 2013. As for the gravestone doji, if it were to happen at the bottom of the bearish trend follow by a up candlestick with solid volume, it could mean a reversal about to take place otherwise, it suggests a continuation.. Best of luck |
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14-Jan-2014 11:49
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If CF dips below 0.415, it will want to go lower.
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stockpicker
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13-Jan-2014 23:34
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It is not a slight dip but a formation of a bearish engulfing candlestick after having price pushed by heavy volume just like 26 Sept. It is not a good sign especially when the heavy volume upswing cannot clear the last high of 0.44 created on 25 Sept. Hope it can clear 0.44 within the week to regain the confidence. [IMG]http://i44.tinypic.com/167rvup.jpg[/IMG]
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14-Dec-2013 15:35
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CF has more than double its Long Term Debt from $600mil to $1.3 biln this quarter, reporting a demure quarterly profit of $18 mil, even less than last quarter. Its net EBITDA debt ratio has gone up from acceptable 3.51 to now 10.88, which is more than double the acceptable ratio of 4.5 for going concern. Furthermore, their current ratio has dropped from 2.3 to now 1.0 which shows that they are terribly short of operating fund.. unless more profits can be reported which should improve these financial figures otherwise, we should see the price of CF having trouble maintaining the present figure.. |
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13-Sep-2013 12:38
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waiting for BBs.. [IMG]http://i40.tinypic.com/msc7it.jpg[/IMG] |
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28-Aug-2013 17:21
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Hoped it close about the trendline but it did not [IMG]http://i43.tinypic.com/2d6u04x.jpg[/IMG] |
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stockpicker
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28-Aug-2013 11:48
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all are affected. Not only CF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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stockpicker
Master |
28-Aug-2013 11:01
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In search of oil or diamond. How deep it has to dive? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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23-Aug-2013 15:28
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Obviously, the writer don't like China Fish. It described China Fish, a less promising company with one man show taking over, Copeinca, a promising, upcoming and team working company. Understand Peruvians are proud about their national pride. The country was ruled by a corrupted Jap.
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stockpicker
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21-Aug-2013 18:43
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What they referring to is that the EBITDA has improved some 9%. EBITA is one that many companies used to dress up the earnings. But don't forget EBITDA is before interest, tax etc. So it stands very pretty when the finance cost is taken away.. but CF's finance cost increased 114% as compared to last quarter. It is quite misleading to quote EBITDA in this case.
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stockpicker
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12-Aug-2013 20:15
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Here is one article about CF needs to pay bondholders for acquiring Copeinca as it was being downgraded. CF will need to find this money somewhere.. " China Fishery Group may find itself having to pay $275 million upfront to Copeinca bondholders as a result of its acquisition of the Peruvian fishmeal producer. Under the terms of a $250m bond that Copeinca currently holds, a call option to repay the bond at a value of 101% is triggered in the event Copeinca changes ownership, while also being downgraded by one of its credit ratings agencies. The amount must be repaid within 30 days of these events happening, says Copeinca?s bond offer document. The first condition will be met very soon, as China Fishery is about to finalize its acquisition of Copeinca anytime now. Meanwhile, there is also a strong chance that the second condition will be triggered soon, said a source close to Copeinca. This source pointed out that Copeinca?s second quarter is expected to be fairly poor, due to low catches and a late season that delayed sales beyond the end of June. This in itself increases the risk of a downgrade. Another key factor, he said, will be what China Fishery decides to do on the management front. ?The credit agencies are watching very closely what is happening with Copeinca?s management. If they see changes there, this could definitely trigger a downgrade.? Earlier this week, China Fishery said it might delist Copeinca, a day after saying its intention was to keep it trading on the Oslo stock exchange. A trigger of the repayment could be tricky for China Fishery, which has had to increase its leverage drastically to carry out the acquisition of Copeinca. The company?s main funding sources for the acquisition include $281m cash raised from a rights issue, and a one-year bridging loan facility of up to $402m from DBS and Rabobank. In one of its numerous acquisition documents, China Fishery says it was confident it could secure the financing needed to pay or refinance the bond thanks to its ?good relationship? with its principal bankers, although it later says there is no assurance this can be obtained ?on satisfactory terms?. Bondholders, meanwhile, may decide not to sell at 101. The bond is currently trading at 103, said one US-based Copeinca bondholder, asking not to be quoted by name. This bondholder said they are in the process of considering their options, including the option to sell their bond now, depending on bids. From bondholders? perspective, the main risk with the acquisition lies in China Fishery?s higher leverage, and lower credit rating. China Fishery may issue debt through Copeinca, which has better ratings, thereby diluting the value of the Copeinca bond. This was reflected with the drop in the bond when news came out of China Fishery?s bid in March. The bond then later rose in value again, on news of Cermaq?s bid."
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stockpicker
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08-Aug-2013 12:03
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In term of market capacity, CF after adding in Copeinca is not bigger than Cermaq, not to mention Marine Harvest which is 3 X larger than Cermaq. Both Cermaq and Marine Harvest are heavily invested in Fish food as well.
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stockpicker
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07-Aug-2013 07:03
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Obviously, there are good reasons for them to acquire Copeinca otherwise, they won't offer 14% more than Cermaq. Their final bid is almost 30% higher than its original one. Some said they are desperate. Some said they have no choice. Others see CF to become the World largest fish meal producer. For whatever reasons, the deal is done. It has caused Fitch to downgrade the outlook. The share price should reflect the changes as they report the results. |
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stockpicker
Master |
06-Aug-2013 23:09
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Easy on this. It is all dressed up nicely. Profit up 87% but sale revenue down 5.4%. mainly because last year's performance was depressed by foreign exchange losses and loss on investments. Not quite comfortable with their high current debts @ $4.0 per share or $24 biln.. are they hiding their debts here.. just wonder. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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stockpicker
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06-Aug-2013 08:08
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Yes and no.. the minority investors can always be swallowed..
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stockpicker
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05-Aug-2013 10:25
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CF's last quarter report showed that its finance cost is around $14.7 mil with profit after tax around $ 51.0 mil.. the ratio is about 30%. This has not included the recent borrowings to acquire Copeinca which was estimated to be around $1.0 b which is almost 150% of its present market cap..not sure what was the interest rate but definitely not less than 10% after 3 rating agencies have degraded their rating with negative outlook.
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