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Latest Forum Topics / China Fishery    Last:0.076 --  Post Reply
China Fishery - Low PE
earlybird14
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25-Feb-2014 14:19     
 
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Reinforcement?

Panic selling is coming

SLPY69      ( Date: 25-Feb-2014 11:47) Posted:



Haha I am a newbie ... but from all the chats .... you zha lak liao you must have shorted the BB. You better hope the reinforcement don't come in so soon, otherwise you have to scamper to take cover. Be like panda ...

Most investors are paper loss now .... good days for China Fishery.

 

 

earlybird14      ( Date: 25-Feb-2014 10:26) Posted:



XD today, go back to where it is.

Be patient to wait, 3 month to next earning, the financing issue will dump this fish down to 35cents, best price to load again if it reach this level.
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SLPY69
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25-Feb-2014 11:47     
 
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Haha I am a newbie ... but from all the chats .... you zha lak liao you must have shorted the BB. You better hope the reinforcement don't come in so soon, otherwise you have to scamper to take cover. Be like panda ...

Most investors are paper loss now .... good days for China Fishery.

 

 

earlybird14      ( Date: 25-Feb-2014 10:26) Posted:



XD today, go back to where it is.

Be patient to wait, 3 month to next earning, the financing issue will dump this fish down to 35cents, best price to load again if it reach this level.
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bamboo300306
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25-Feb-2014 10:48     
 
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Security new fishing grounds is the foundation of building a sustainable business in this trade. Good Vision!

 
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earlybird14
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25-Feb-2014 10:26     
 
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XD today, go back to where it is.

Be patient to wait, 3 month to next earning, the financing issue will dump this fish down to 35cents, best price to load again if it reach this level.
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halleluyah
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25-Feb-2014 10:18     
 
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 Alert Admin 		may b can try buy 0.38...
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JMS213
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25-Feb-2014 10:17     
 
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Whenever the BB is being compressed and suppressed, it will also jump / bounce back the most .... a reversal is on the way. 

Watch out for is the 2QFY. Haha the outcome is already stated in Fitch's report " ... the higher inventory will support stronger sales and operating cash generation in 2QFY14 than in 1QFY14."  

 




JMS213      ( Date: 24-Feb-2014 11:49) Posted:

Interesting to know .... keep a look out

China Fishery to integrate Copeinca by start of fishing season, refinance debt

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February 11, 2014, 9:30 am
Undercurrent News

China Fishery Group said it expects to integrate its newly acquired fishmeal and oil operations in Peru, Copeinca, before the start of the year?s first Peruvian anchovy season in April/May.

" The group expects to integrate its enlarged fishmeal and fish oil operations during the second quarter of  FY2014 [January to end March 2014]," said the company  in its latest quarterly report.

This will allow it " to fully benefit from synergies arising from the acquisition of Copeinca when the 2014 first fishing  season commences in April/May 2014" , it said.

The company added it plans to  refinance the $354 million bridge loan it raised to finance the acquisition within the first three months of 2014.
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SLPY69
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25-Feb-2014 09:50     
 
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BB is supported and they need to push it up to 52 cts. The sky is clearing and good days ahead for everyone. Looking at the recent report by Fitch, CF should be making further announcement to the shareholders.

Thanks for the sharing.  

srichipan      ( Date: 24-Feb-2014 21:50) Posted:

nice sharing. thanks. this one got bb support. no worries. THEY NEED TO PUSH IT UP TO 52 cents

JMS213      ( Date: 24-Feb-2014 21:29) Posted:



Stockpicker, well said. For Fitch to downgrade CF's rating on  3 Dec 2012 & 4 July 13,  is a matter of fact,considering the size of the acquisition. Fitch said it aptly " China's Fishery's credit profile has weakenedfollowing the acquisition  of Copeinca ASA"   ...  it is matter of fact,  any acquisition of this magnitude would have weakened the company. 

Yesterday, the whole article by Fitch,  is a resounding " YES" [Positive] and an affirmation of China Fishery's success in their acquisition. 

I am sure, they cannot be too quick to UP the rating just in 1 quarter  " Pacific Andes' Q1 results lifted by subsidiary China Fishery" .  However, they did indicate that the next quarter  " higher inventory will support stronger sales and operating cash generation in  2QFY14  than in  1QFY14."  

(The following statement was released by the rating agency) SINGAPORE, February 23 (Fitch) Fitch Ratings says that  China  Fishery Group Limited (China Fishery BB-/Negative)  has adequate liquidity to manage its higher refinancing needs in 2014 due to continued bank support and likely higher operating cash flow generation. The company indicated at a regular briefing with Fitch that it is on track with its efforts to refinance its bridge loan as well as other borrowings that fall due this year. In its 2013 annual report, the company said the USD356m bridge loan will be refinanced with medium- to long-term bank loans. Fitch is also of the view the fact that the providers of the bridge loan are among the  banks  in line to participate in the refinancing exercise means  the company likely has room to manoeuvre on the loan repayment.  China Fishery's operating cash flow  remains healthy  as reflected in the USD61m funds from operations it generated in its fiscal first quarter that ended December 2013 (1QFY14).  The increase in its inventory to USD199m in 1QFY14 from USD98m in the whole of FY13 was helped  by its  successful catch  in the just-concluded Peruvian anchovy  fishing  season (November 2013-January 2014).  The higher inventory will support stronger sales and operating cash generation in 2QFY14 than in 1QFY14.  China's Fishery's credit profile has weakened  following  the acquisition of Copeinca ASA for USD778m in August 2013. The Negative Outlook on the company's ratings reflects its elevated risk profile following this transaction.  [Matter of Fact]


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CWC***
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25-Feb-2014 03:35     
 
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Sorry guys long time never post coz amin keep on banning Nick start with cwc .......Smiley 

 

 
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CWC***
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25-Feb-2014 01:21     
 
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Short sell illiquid Counters CF at 395!!??......tomorrow time to long more liao.....Smiley

 

 

JMS213      ( Date: 25-Feb-2014 01:08) Posted:



Incredible 194,000 of sell short orders, they are probably thinking the bridging will take a toll on the BB. Unbeknown to them, Fitch reported a favourable review of China Fishery. With the easing of the loan issue, very likely the price of BB will reverse and spring up .... those who have shorted the BB will have to cover their position. Interesting .... let see how the BB will perform 

 

 

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JMS213
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25-Feb-2014 01:08     
 
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Incredible 194,000 of sell short orders, they are probably thinking the bridging will take a toll on the BB. Unbeknown to them, Fitch reported a favourable review of China Fishery. With the easing of the loan issue, very likely the price of BB will reverse and spring up .... those who have shorted the BB will have to cover their position. Interesting .... let see how the BB will perform 

 

 
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CWC***
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25-Feb-2014 00:48     
 
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Pls think about its if every things so good.......you can get CF at 395 !!???......

for me current price every things factor inside liao.........so we bet for future.......not the past......

if can't stomach the risks.....pls stay away......Smiley 

 

 
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JMS213
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25-Feb-2014 00:10     
 
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 Alert Admin 		Soon we are entering into the Qtr 2. They have deployed the world largest fishing vessel, Lafayette for a big job ... to bring in the $$$$ for China Fishery ..... lol
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newbie888
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24-Feb-2014 23:51     
 
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 Alert Admin 		would be nice if fitch and moody can upgrade this fish rating...lol...
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srichipan
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24-Feb-2014 21:50     
 
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 Alert Admin 		nice sharing. thanks. this one got bb support. no worries. THEY NEED TO PUSH IT UP TO 52 cents

JMS213      ( Date: 24-Feb-2014 21:29) Posted:



Stockpicker, well said. For Fitch to downgrade CF's rating on  3 Dec 2012 & 4 July 13,  is a matter of fact,considering the size of the acquisition. Fitch said it aptly " China's Fishery's credit profile has weakenedfollowing the acquisition  of Copeinca ASA"   ...  it is matter of fact,  any acquisition of this magnitude would have weakened the company. 

Yesterday, the whole article by Fitch,  is a resounding " YES" [Positive] and an affirmation of China Fishery's success in their acquisition. 

I am sure, they cannot be too quick to UP the rating just in 1 quarter  " Pacific Andes' Q1 results lifted by subsidiary China Fishery" .  However, they did indicate that the next quarter  " higher inventory will support stronger sales and operating cash generation in  2QFY14  than in  1QFY14."  

(The following statement was released by the rating agency) SINGAPORE, February 23 (Fitch) Fitch Ratings says that  China  Fishery Group Limited (China Fishery BB-/Negative)  has adequate liquidity to manage its higher refinancing needs in 2014 due to continued bank support and likely higher operating cash flow generation. The company indicated at a regular briefing with Fitch that it is on track with its efforts to refinance its bridge loan as well as other borrowings that fall due this year. In its 2013 annual report, the company said the USD356m bridge loan will be refinanced with medium- to long-term bank loans. Fitch is also of the view the fact that the providers of the bridge loan are among the  banks  in line to participate in the refinancing exercise means  the company likely has room to manoeuvre on the loan repayment.  China Fishery's operating cash flow  remains healthy  as reflected in the USD61m funds from operations it generated in its fiscal first quarter that ended December 2013 (1QFY14).  The increase in its inventory to USD199m in 1QFY14 from USD98m in the whole of FY13 was helped  by its  successful catch  in the just-concluded Peruvian anchovy  fishing  season (November 2013-January 2014).  The higher inventory will support stronger sales and operating cash generation in 2QFY14 than in 1QFY14.  China's Fishery's credit profile has weakened  following  the acquisition of Copeinca ASA for USD778m in August 2013. The Negative Outlook on the company's ratings reflects its elevated risk profile following this transaction.  [Matter of Fact]

stockpicker      ( Date: 24-Feb-2014 19:48) Posted:

Fitch downgraded China Fish to negative on Dec 3,  2012 and re-affirmed negative rating on  4 July 13.  It now  said the credit rating profile has  weakened..can  mean China Fish's rating is now below  negative..
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JMS213
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24-Feb-2014 21:29     
 
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Stockpicker, well said. For Fitch to downgrade CF's rating on  3 Dec 2012 & 4 July 13,  is a matter of fact,considering the size of the acquisition. Fitch said it aptly " China's Fishery's credit profile has weakenedfollowing the acquisition  of Copeinca ASA"   ...  it is matter of fact,  any acquisition of this magnitude would have weakened the company. 

Yesterday, the whole article by Fitch,  is a resounding " YES" [Positive] and an affirmation of China Fishery's success in their acquisition. 

I am sure, they cannot be too quick to UP the rating just in 1 quarter  " Pacific Andes' Q1 results lifted by subsidiary China Fishery" .  However, they did indicate that the next quarter  " higher inventory will support stronger sales and operating cash generation in  2QFY14  than in  1QFY14."  

(The following statement was released by the rating agency) SINGAPORE, February 23 (Fitch) Fitch Ratings says that  China  Fishery Group Limited (China Fishery BB-/Negative)  has adequate liquidity to manage its higher refinancing needs in 2014 due to continued bank support and likely higher operating cash flow generation. The company indicated at a regular briefing with Fitch that it is on track with its efforts to refinance its bridge loan as well as other borrowings that fall due this year. In its 2013 annual report, the company said the USD356m bridge loan will be refinanced with medium- to long-term bank loans. Fitch is also of the view the fact that the providers of the bridge loan are among the  banks  in line to participate in the refinancing exercise means  the company likely has room to manoeuvre on the loan repayment.  China Fishery's operating cash flow  remains healthy  as reflected in the USD61m funds from operations it generated in its fiscal first quarter that ended December 2013 (1QFY14).  The increase in its inventory to USD199m in 1QFY14 from USD98m in the whole of FY13 was helped  by its  successful catch  in the just-concluded Peruvian anchovy  fishing  season (November 2013-January 2014).  The higher inventory will support stronger sales and operating cash generation in 2QFY14 than in 1QFY14.  China's Fishery's credit profile has weakened  following  the acquisition of Copeinca ASA for USD778m in August 2013. The Negative Outlook on the company's ratings reflects its elevated risk profile following this transaction.  [Matter of Fact]

stockpicker      ( Date: 24-Feb-2014 19:48) Posted:

Fitch downgraded China Fish to negative on Dec 3,  2012 and re-affirmed negative rating on  4 July 13.  It now  said the credit rating profile has  weakened..can  mean China Fish's rating is now below  negative...

stockpicker      ( Date: 24-Feb-2014 19:37) Posted:



I copied it verbatim from here.. it  just  re-affirmed the negative rating and referring reader to 4 July 2913 rating revision..

http://www.reuters.com/article/2014/02/24/fitch-china-fisherys-liquidity-needs-man-idUSFit69124420140224

" China's Fishery's credit profile has weakened following the acquisition of Copeinca ASA for USD778m in August 2013. The Negative Outlook on the company's ratings reflects its elevated risk profile following this transaction. For more information see Fitch's rating action commentary " Fitch Revises China Fishery's Outlook to Negative Affirms Ratings" dated 4 July 2013"

 

 
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NobleRose
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24-Feb-2014 20:55     
 
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 Alert Admin 		Already Kong liao, don't touch this fish! Still so many fish lovers.....

NobleRose      ( Date: 18-Feb-2014 12:16) Posted:



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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stockpicker
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24-Feb-2014 19:48     
 
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 Alert Admin 		Fitch downgraded China Fish to negative on Dec 3,  2012 and re-affirmed negative rating on  4 July 13.  It now  said the credit rating profile has  weakened..can  mean China Fish's rating is now below  negative...

stockpicker      ( Date: 24-Feb-2014 19:37) Posted:



I copied it verbatim from here.. it  just  re-affirmed the negative rating and referring reader to 4 July 2913 rating revision..

http://www.reuters.com/article/2014/02/24/fitch-china-fisherys-liquidity-needs-man-idUSFit69124420140224

" China's Fishery's credit profile has weakened following the acquisition of Copeinca ASA for USD778m in August 2013. The Negative Outlook on the company's ratings reflects its elevated risk profile following this transaction. For more information see Fitch's rating action commentary " Fitch Revises China Fishery's Outlook to Negative Affirms Ratings" dated 4 July 2013"

 

 

JMS213      ( Date: 24-Feb-2014 14:15) Posted:



Bro, what Fitch is saying NOW is China Fishery has adequate liquidity to manage its higher refinancing need. Fitch is also of the view the fact that the providers of the bridging loan are among the banks in line to participate in the refinancing exercise. In another word, no problem.

What you have just mentioned is in the PAST.

For more information see Fitch's rating action commentary " Fitch Revises China Fishery's Outlook to Negative Affirms Ratings" dated 4 July 2013. 


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stockpicker
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24-Feb-2014 19:37     
 
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I copied it verbatim from here.. it  just  re-affirmed the negative rating and referring reader to 4 July 2913 rating revision..

http://www.reuters.com/article/2014/02/24/fitch-china-fisherys-liquidity-needs-man-idUSFit69124420140224

" China's Fishery's credit profile has weakened following the acquisition of Copeinca ASA for USD778m in August 2013. The Negative Outlook on the company's ratings reflects its elevated risk profile following this transaction. For more information see Fitch's rating action commentary " Fitch Revises China Fishery's Outlook to Negative Affirms Ratings" dated 4 July 2013"

 

 

JMS213      ( Date: 24-Feb-2014 14:15) Posted:



Bro, what Fitch is saying NOW is China Fishery has adequate liquidity to manage its higher refinancing need. Fitch is also of the view the fact that the providers of the bridging loan are among the banks in line to participate in the refinancing exercise. In another word, no problem.

What you have just mentioned is in the PAST.

For more information see Fitch's rating action commentary " Fitch Revises China Fishery's Outlook to Negative Affirms Ratings" dated 4 July 2013. 

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JMS213
Senior
24-Feb-2014 14:32     
 
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 Alert Admin 		The world largest fishing vessel, Lafayette is back to work. Expect more good news from under the pillow.

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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24-Feb-2014 14:22     
 
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When Fitch commented on 4 July 2013 is based on projection. What they won't know is Copeinca acquisition has contributed to the overall growth end of 2013.

China Fishery Group Limited  reported a 15.2 per cent year-on-year increase in its profit after tax to USD 15.7 million for the first quarter of the 2014 fiscal year.

Revenue increased by 34.4 per cent to USD145.2 million from USD 108.1 million in the quarter that ended on 28 December 2013, reflecting contributions from  Copeinca ASA, an Oslo-listed fishmeal and fish oil business recently acquired by the Group. The Group is now among the leading fishmeal and fish oil producers in Peru and one of the leading exporters of these products in the world.
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