Latest Forum Topics /
Oceanus
Last:0.002
-0.001
|
 Post Reply
|
|
GSS ENERGY - The NEW ENERGY PLAY BULL
|
|||||
|
mondaybluesy
Senior |
08-Oct-2021 09:11
|
||||
|
x 0
x 0 Alert Admin |
SINGAPORE - The baptism of fire when chief executive Peter Koh first took the helm at Oceanus Group came in the form of a disgruntled shareholder asking if he could guarantee a turnaround of the abalone producer. It was a timely question given the firm was about to go bankrupt under around $94 million in debt. Mr Koh could only promise that he would try. Those efforts have paid off. Oceanus has repaid its dues and restructured its business to include new streams of revenue. It registered a 597 per cent year-on-year jump in profits to $4.97 million for the first half of this year on the back of a 553 per cent rise in revenue to $52.2 million. Oceanus has also roped in former communications and information minister Yaacob Ibrahim as an independent non-executive director and the company exited the Singapore Exchange (SGX) watchlist on Sept 29 after six years. Oceanus shares have been among the most heavily traded on the SGX since. They closed flat on Thursday (Oct 7) at four cents.
But Mr Koh' s work is far from done. He has until 2024 to deliver on another promise made at the company' s recent annual general meeting: to become a global food technology company within the next three years. And shareholders may be asked to help him bring those plans into fruition. Dr Yaacob told the AGM in August that the firm' s aim of setting up a series of foodtech and aquaculture hubs across the world will require it to buy as well as build partnerships with other companies in the industry. Mr Eugen Chua, an Oceanus independent non-executive director, said it is " considering options, including loans, rights issues or placements, to raise cash" . So far, Oceanus has inked an agreement with Hainan Raffles Group to set up a foodtech hub in Hainan, China. The hub will produce around 200 tonnes of shrimp in its first year and up to 1,000 tonnes in the following years by leveraging on vertical farming technology. That technology will be provided by a newly formed deep-tech company called Universal Aquaculture, in which Oceanus invested an undisclosed amount in September last year. Universal Aquaculture employs a hybrid farming system that uses less energy, space and equipment and facilitates a zero-water change. Oceanus also wants to set up a blockchain-based digital food exchange to connect producers, distributors and retailers. " It will be a shared and transparent marketplace to facilitate transactions and contracts between buyers and sellers globally, with the aim of strengthening food security," said Mr Koh. He added that these plans are part of a wider strategy to restructure and grow the company that began after he was appointed CEO in late 2014. At the time, Oceanus was on the brink of being wound up after losing its entire abalone farm to bad weather, causing it to default on $94 million in debt. Mr Koh and a handful of major shareholders were asked by the management to bail out the company. " We refused at first as we were prepared to write off our investments and move on," he said. Yet, one shareholder suggested a last-ditch attempt to save the company by taking it over from the previous management. " We had nothing to lose and I was the only one retired and not working at the time, so it fell upon me to turn things around," said Mr Koh. He sold his stake in Oceanus and spent his first three years as CEO travelling to and from its abalone farm in Fujian, China, reining in runaway costs and restructuring loans. He recalls being surrounded by an angry mob of employees who had not been paid for six months and sitting down with local lenders, " who brought thugs plastered in tattoos and armed with parangs to intimidate us during negotiations" . Mr Koh negotiated for more time to restructure debts with around 40 creditors based in Singapore, Hong Kong and Taiwan. Within three years, he had convinced all the creditors to take on a debt-to-equity swap, making them shareholders of the company. " They saw more value in giving us time to restructure the business instead of liquidating it." He also took up a stake in the company once more, buying 10 per cent after the creditors argued that he needed to have skin in the game: " They asked me to put in money as the company could not give me an employment contract because we were still insolvent. So I did." In 2018, Oceanus transitioned from operating its own abalone farms to leasing out farm plots, enabling it to earn a rental fee from farmers leasing the land or taking a portion of the profit when the produce is sold. The firm also added a food distribution pillar to sell its own abalone and up to 2,000 other fast-moving consumer goods. In August, it set up Sino Food Group, which was appointed as an approved distributor of China Resources Wufeng, a food enterprise group under state-owned China Resources. Mr Koh, who spent 22 years building a branding company he founded and later sold, started a third marketing pillar at Oceanus both to market the company' s products and take on work from other clients to supplement revenue. Its fourth innovation pillar involves " teching up and digitalising" the business to " give it continuity and focus on sustainability and food security" . Dr Yaacob said at the AGM that he is " confident" the Hainan hub will be up and running within the next one or two years. Mr Chua added that the company intends to " continuously drive up the intrinsic value of the company through growth and process innovations" . Yet, trading in Oceanus remains volatile, with the company receiving a total of three SGX queries regarding its share activity this year alone. At current levels, it is trading at 85 times historical earnings. Mr Koh may have succeeded in turning Oceanus around. He and his team will have to do a lot more to ensure growth and convince the market it is sustainable.
|
||||
| Useful To Me Not Useful To Me | |||||
|
ReitsReader
Member |
08-Oct-2021 09:00
|
||||
|
x 0
x 0 Alert Admin |
Anyone Straits Times Subscriber? Able to post the full story? Would like to read this juicy coverage. Looking forward to bank analyst initiating coverage on Oceanus too. With TP of $0.08
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Sgvale
Supreme |
08-Oct-2021 08:18
|
||||
|
x 0
x 0 Alert Admin |
Huat Ah !!! | ||||
| Useful To Me Not Useful To Me | |||||
|
spursfan
Supreme |
08-Oct-2021 08:07
|
||||
|
x 0
x 0 Alert Admin |
coverage in straits times today.
https://www.straitstimes.com/business/companies-markets/pulled-from-near-bankruptcy-oceanus-now-aims-to-be-global-foodtech-firm
|
||||
| Useful To Me Not Useful To Me | |||||
|
lp2000
Elite |
08-Oct-2021 07:53
|
||||
|
x 0
x 0 Alert Admin |
this is another good news
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
mike2867
Member |
07-Oct-2021 22:10
|
||||
|
x 0
x 0 Alert Admin |
Prawns from Universal Aquaculture will be available at partnering hotels and restaurant. Check out their FB post. | ||||
| Useful To Me Not Useful To Me | |||||
|
lp2000
Elite |
07-Oct-2021 16:26
|
||||
|
x 0
x 0 Alert Admin |
contra selling over? are we seeing a rebound today? likely closing at 40, though not too much volume today...
|
||||
| Useful To Me Not Useful To Me | |||||
|
Andrew123
Master |
07-Oct-2021 16:22
|
||||
|
x 0
x 0 Alert Admin |
abalone to clam? | ||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
AwakenTide
Veteran |
07-Oct-2021 14:59
|
||||
|
x 0
x 0 Alert Admin |
That' s something brewing for better days when any marginally lower prices are given to absorb, ready for end year and CNY.
|
||||
| Useful To Me Not Useful To Me | |||||
|
lp2000
Elite |
07-Oct-2021 14:53
|
||||
|
x 0
x 0 Alert Admin |
not much action after lunch so far?
|
||||
| Useful To Me Not Useful To Me | |||||
|
kiattttt
Veteran |
07-Oct-2021 14:36
|
||||
|
x 0
x 0 Alert Admin |
LOL
|
||||
| Useful To Me Not Useful To Me | |||||
|
Prty382c
Member |
07-Oct-2021 13:58
|
||||
|
x 0
x 0 Alert Admin |
https://www.facebook.com/105108078116898/posts/289814726312898/
Oceanus prawns swimming. |
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
churnw
Elite |
07-Oct-2021 12:48
|
||||
|
x 0
x 0 Alert Admin |
Fund manager buying ? supported by gov .
To support the food chain |
||||
| Useful To Me Not Useful To Me | |||||
|
churnw
Elite |
07-Oct-2021 11:20
|
||||
|
x 0
x 0 Alert Admin |
Funny ? the BB seem to stack a lot at 0.042. | ||||
| Useful To Me Not Useful To Me | |||||
|
lp2000
Elite |
07-Oct-2021 10:38
|
||||
|
x 0
x 0 Alert Admin |
it looks like it is just trying to keep the price for not jumping up before more accumulation happens at 40/41...
|
||||
| Useful To Me Not Useful To Me | |||||
|
sUdsunfire
Senior |
07-Oct-2021 09:56
|
||||
|
x 0
x 0 Alert Admin |
Another accumulation.... should be move after it clear.....
|
||||
| Useful To Me Not Useful To Me | |||||
|
EC_CE3
Member |
07-Oct-2021 09:51
|
||||
|
x 0
x 0 Alert Admin |
Big road block at 42 | ||||
| Useful To Me Not Useful To Me | |||||
|
bobby90
Senior |
07-Oct-2021 09:47
|
||||
|
x 0
x 0 Alert Admin |
finally exited watchlist..you never know when some big players come in and eat off 1 pip..you might suddenly have to buy at a higher price..
|
||||
| Useful To Me Not Useful To Me | |||||
|
lp2000
Elite |
07-Oct-2021 09:42
|
||||
|
x 0
x 0 Alert Admin |
yesterday most of the trade were at 41. today a slower start, but it is still time to see more action...
|
||||
| Useful To Me Not Useful To Me | |||||
|
kiattttt
Veteran |
06-Oct-2021 16:31
|
||||
|
x 0
x 0 Alert Admin |
Almost went in today morning when there was a 20M buy up at 0.041 but decided to wait on it for a while. Glad i waited and will continue to observe before the next course of action | ||||
| Useful To Me Not Useful To Me | |||||