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XMH Holdings - value play
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WBdisciple
Elite |
04-Mar-2021 10:06
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https://www.foodnavigator-asia.com/Article/2020/08/04/COVID-19-durian-demand-China-s-solid-import-growth-despite-lockdowns-is-industry-saviour-for-Thailand-and-Malaysia# COVID-19 durian demand: China&rsquo s solid import growth despite lockdowns China has emerged as a saviour for the durian industries in Thailand and Malaysia throughout the COVID-19 pandemic outbreak, with solid demand and import growth continuing even throughout lockdowns despite earlier pessimistic predictions. © Getty ImagesChina has emerged as a saviour for the durian industries in Thailand and Malaysia throughout the COVID-19 pandemic outbreak, with solid demand and import growth continuing even throughout lockdowns despite earlier pessimistic predictions. China has emerged as a saviour for the durian industries in Thailand and Malaysia throughout the COVID-19 pandemic outbreak, with solid demand and import growth continuing even throughout lockdowns despite earlier pessimistic predictions. The durian industry was predicted to take a bad hit when the pandemic hit earlier this year, especially for the world&rsquo s largest durian exporters Thailand and Malaysia due to labour shortages, logistics interruptions, and most crucially a drop in demand from China which is the largest durian-importing country globally. Recent data has however revealed that even a global pandemic has not managed to affect China&rsquo s appetite for the thorny fruit, with imports having grown instead of shrinking even though the country&rsquo s strict lockdown period. &ldquo Thailand exported US$567mn worth of durians to China between January and April 2020 &ndash this is a 78% increase year-on-year,&rdquo said Thailand Minister of Commerce Jurin Laksanawisit in a virtual conference promoting Thai fruits to Chinese consumers. &ldquo Globally, Thai durian exports were valued at US$788mn, showing a 30% growth [with almost 72% of these going to China].&rdquo The Durian and Mangosteen Exporter Association of Thailand confirmed that Thai durian is gorwing in demand in China, a situation that COVID-19 has failed to break. &ldquo We were worried the pandemic could hit durian exports. However, not only does it have little impact, exports even increase,&rdquo association Chairman Panuwat Maikaew told Malaysian government news aggregator Bernama . &ldquo In fact, the price of exported durian has risen to around US$4.22 to US$4.93 per kg this year as compared to between US$2.88 and US$3.52 last year. &ldquo Due to stiff competition, durian middlemen rushed to place order to export to China. The number of durian middlemen have increased from between 100 and 300 to about 700,&rdquo Thailand Department of Trade Negotiations Director-General Auramon Supthaweethum added that the continued growth of the durian market in China is largely due to free trade agreements between the two countries, good quality fruits and Chinese appetite for durian. According to Chinese public service broadcaster CCTV. com, the country established five shipping lines in March this year specialised for &lsquo One Belt, One Road&rsquo trade initiatives with ASEAN countries, with durians as one of the major trade commodities transported via this route due to high local demand for the fruit. Durians from Malaysia have also benefitted from this demand. The durian supply chain between Malaysia and China was one of the hardest hit earlier this year due to COVID-19, but overall export numbers were not affected in the end. According to the Chinese embassy in Malaysia&rsquo s Commercial Counsellor Shi Ziming, this is a result of the Malaysian variant&rsquo s popularity in China. &ldquo The texture and taste of the Malaysian durian is second to none in the world. [Malaysia&rsquo s export of durian to China in the first quarter of 2020 was equivalent to the previous one at US$22mn] showing that Malaysia&rsquo s durian export to China was not affected,&rdquo she said in a statement. Malaysian durian sales in China also saw a massive jump during the COVID-19 lockdown period &ndash the embassy&rsquo s numbers showed a tenfold increase in March, mostly boosted by e-commerce sales via platform such as Alibaba&rsquo s FreshHippo. New variants - the way forward for durian? Thailand&rsquo s most popular durian export to China is currently its Monthong or Golden Pillow variant, but it is hoping to popularise another unique variant called Puangmanee. " Before the COVID-19 air travel restrictions were imposed, we have had lots of positive feedbacks from Chinese tourists who said they like Puangmanee durian," said Kraisorn Visitwong, Governor of the Southern Thai province of Pattani, in a media statement. &ldquo [Many] Chinese people prefer to eat durians that are small in size, with smooth and creamy flesh, and with a smell that is not as pungent as larger durian varieties &ndash [and] Puangmanee could fit this.&rdquo Puangmanee durians weigh between 1.3kg and 1.8 kg when ripe. Monthong durians average 3kg to 5kg per fruit, whereas Malaysia&rsquo s Musang King durians average between 2kg to 4kg. Malaysia&rsquo s Musang King is its primary export variant to China and can fetch up to RMB200 to RMB300 (US$28.61 to US$42.92) per kilogramme. Whole durian exports to China were approved last year and saw some US$67mn worth of exports in 2019. E-commerce to boost local sales E-commerce has been a major sales platform for Malaysian durian sellers when it comes to China, and sales numbers have always been high across the major e-commerce retailers such as Alibaba and JD. That said, this has never been a common strategy for local sales as consumers generally prefer to go to durian specialty stalls or orchards and eat on-the-spot, but since COVID-19 made this impossible, the online sales route is also growing locally. &ldquo We first offered delivery services in 2018, but back then, many local and foreign tourists still preferred to dine in,&rdquo durian seller Leow E Shuen told Straits Times . " This year, we have no choice but to only cater to delivery. We have been delivering durians to our customers as far as Selangor [from Penang]. As our customers are adapting to the new norm of ordering durians online, we have to be innovative too.&rdquo |
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WBdisciple
Elite |
25-Feb-2021 08:05
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Thailand is the only country allowed to export fresh whole durians directly to mainland China, thanks to a 2003 trade agreement. https://www.channelnewsasia.com/news/cnainsider/how-china-love-durian-reshaping-thai-countryside-monthong-musang-12136924#:~:text=Thailand%20is%20the%20only%20country,went%20to%20the%20Chinese%20market. |
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WBdisciple
Elite |
23-Feb-2021 13:26
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&ldquo Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.&rdquo |
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WBdisciple
Elite |
22-Feb-2021 12:59
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In 2019, durian was China&rsquo s top fruit import with a total value of US$1.6 billion (up 47 percent), surpassing fresh cherries at $1.4 billion for the first time. https://www.thejakartapost.com/life/2020/10/13/thai-monthong-faces-malaysias-king-in-battle-for-chinas-bt50bn-durian-market.html |
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For_The_Next_Leg
Master |
22-Feb-2021 00:55
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Although an article in Aug 2020, but it seems like the demand is still very high. https://www.producereport.com/article/chinas-durian-imports-exceed-16-billion-first-half-2020 China&rsquo s Durian Imports Exceed $1.6 Billion in First Half of 2020China&rsquo s durian supply is almost entirely dependent on imports. In 2019, China&rsquo s durian imports witnessed a 47% year-on-year (YOY) increase and durians replaced cherries as the top fruit category imported by China in terms of value.In the first half of 2020, even the COVID-19 pandemic did not substantially diminish the fondness of Chinese consumers for durians. According to data from China Customs, China&rsquo s imports of fresh and frozen durians over this period totaled $1.62 billion, corresponding to a 73.5% YOY increase and almost reaching the $1.82 billion imported during the whole of 2019. However, the import volume over the same period only registered a 10.8% YOY increase, reaching a total of 397,000 tons. Thus, this year&rsquo s explosive growth in the import value of durians is predominantly attributable to a substantially increased unit price. To date, fresh durians from Thailand and frozen durians from both Thailand and Malaysia have received approval for export to China. In the first half of 2020, China&rsquo s imports of fresh durians reached $1.52 billion, corresponding to a 75.7% YOY increase. The unit price of imported fresh durians during this period stood at $3.98 per kilogram, corresponding to a 59.5% YOY increase. Meanwhile, the import value of frozen Thai durians totaled $63.43 million in the first half of 2020, corresponding to an 18.6% YOY increase, with the unit price standing at $5.80 per kilogram, a 2.9% YOY increase. Over the same period, China&rsquo s imports of frozen Malaysian durians totaled $40.37 million, corresponding to a 128.4% YOY increase, while the unit price stood at $5.80 per kilogram, a 0.48% YOY increase. On the basis of these statistics, fresh durians accounted for 93.7% of China&rsquo s durian import value in the first half of 2020 and the price of frozen durians has remained almost stable relative to last year. It is worth noting that frozen Malaysian durians were officially allowed to enter China in May 2019 and their exports to China actually kicked off in June 2019, resulting in the robust YOY growth in import value witnessed in the first half of 2020. Driven by China&rsquo s strong market demand, Thailand has been expanding its durian acreage in recent years, even at the expense of reducing the planting area available for other crops. According to the Office of Agricultural Economics, Ministry of Agriculture and Cooperatives of Thailand, the major durian-producing region of Southern Thailand is expected to see a 22% YOY increase in durian production this year. Now, in addition to traditional marketing channels, cross-border e-commerce platforms and online streaming have also created new opportunities for Thailand to expand its fruit exports. On June 9, Jurin Laksanawisit, Thailand&rsquo s Deputy Prime Minister and Minister of Commerce, participated in an online live-streaming show to promote Thai fruit to Chinese consumers. During the broadcast, approximately 50,000 durians were sold. Malaysia has also been keeping a close eye on China&rsquo s durian market. Goh Tian Chuan, president of the Federation of Chinese Associations Malaysia (马 来 西 亚 中 华 大 会 堂 ), suggested that the government should make more arable land available to durian farmers to allow more durian exports to China in the future. He noted that the Kinabalu King durian cultivar launched last year by the state of Sabah has attracted substantial attention and proven very suitable for promotion. Industry sources have reported that Sabah&rsquo s production volume of Musang King durians, another popular variety from Malaysia, is quite low. However, as there is still plenty of untapped land in Sabah, with more investments flowing into the durian industry, the state has great potential to become a major Musang King producer and exporter in years to come. |
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WBdisciple
Elite |
21-Feb-2021 19:15
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Why China loves durian the smelly fruit popular in Thailand, Singapore and Malaysia but banned in hotels and on public transport in many countries across Asia Love it or hate it, the prickly, room-clearing &lsquo king of fruit&rsquo isn&rsquo t going anywhere &ndash Malaysia&rsquo s limited edition Cadbury Dairy Milk Durian is back by popular demand, and China imported US$1.7 billion of the fruit last year alone https://www.scmp.com/magazines/style/news-trends/article/3106842/why-china-loves-durian-smelly-fruit-popular-thailand Arguably the most prized of all produce in Southeast Asia, the durian is famed for its prickly outer shell, soft, yielding custard texture and an intense flavour that somehow combines sweet, savoury and creamy all at once. Given its name by the 19th century British naturalist Alfred Russel Wallace, the durian is known as the &ldquo king of fruit&rdquo , even if its sulphur compounds mean you smell it long before you see it. And gourmands and connoisseurs the world over adore the divisive taste so much that the highest quality durians are enthusiastically sought after. As if to prove the point, in early October 60 tonnes of Mao Shan Wang (also known as Musang King) durians &ndash about 300,000 in total &ndash were sold in under an hour as part of the 2020 China-Malaysia durian festival. Their particular draw &ndash in contrast with varieties such as D24, Red Prawn and Black Pearl &ndash is the combination of sweet and bitter flesh in one fruit, meaning a surprise for the eater as only on taking a bite can you know what lies in store. The online extravaganza of the 2020 China-Malaysia durian festival, held in Qinzhou city in China&rsquo s Guangxi region, celebrated the beloved fruit in all its multiple forms and saw some remarkable sums change hands. Almost US$15 million was paid for those 60 tonnes of thorny Mao Shan Wang durians alone. The headline-grabbing transaction was just the tip of the iceberg, however. The Malaysian prime minister&rsquo s special envoy to China, Datuk Seri Tiong King Sing, revealed statistics showing the much bigger picture. In 2019, China imported 7,700 tonnes of frozen durian pulp and paste worth US$67 million. Not only that, but durian also plays a key role in smoothing bilateral trade between China and Malaysia. This year, Covid-19 has had a significant impact on durian prices, as it has had with economies and levels of agricultural production around the world. Happily, however, with China&rsquo s situation rapidly improving, Malaysian durian exports have now reached almost 80 per cent of usual volume, according to Malaysia Food Farmers Association president, Francis Hong. This positive outlook was echoed by Shi Ziming, the commercial counsellor at China&rsquo s embassy in Malaysia, who told The Star in Malaysia that durian demand in China was still strong, remaining popular with Chinese consumers purchasing the fruit as gifts for families, friends and business associates. There&rsquo s no doubt, however, that the potential market is still vast, with hundreds of millions of untapped customers. Beh Hang Kong, the vice-chairman for the China-Malaysia Qinzhou Industrial Park, revealed that only around three per cent of the Chinese population had tried Malaysian durians. In other words, there are more than 1.3 billion potential palates yet to try the famed Malaysian delicacy. Beh is therefore keen to see Malaysia become the biggest exporter to the hugely valuable Chinese market which last year imported an astonishing 600,000 tonnes of the fruit, worth around US$1.7 billion. To help meet this demand, the Malaysian Ministry of Agriculture and Food Industries expects that the country&rsquo s total durian production should increase to 443,000 tonnes by 2030. More than 70,000 hectares of the fruit produced 384,000 tonnes in 2019, exporting to the key markets of Singapore, The Malaysian regions of Pahang, Johor and Sarawak are among the chief producers, with Raub in Pahang responsible for the majority of the famed premium Musang King durian. Such is its appeal that durian tourism has also taken off in the region &ndash at least before 2020&rsquo s travel lockdown. This &ldquo durio tourism&rdquo was boosted by taking Chinese social media influencers on a durian discovery, so they could share their experience with their mainland Chinese audiences, boosting the fruits image as a status symbol of the fruit world. Of course in addition to its deliciousness, durian is also renowned for its versatility and nutritional value. It&rsquo s an excellent source of energy, with a 250g serving providing roughly a fifth of your daily carbohydrate needs. High in fibre, vitamin C, vitamin B, potassium, iron and good kinds of fat, the durian has been dubbed a superfood by global foodies, and is enjoyed in everything from smoothies to soups. In addition to the fruit and its husk, the outer bark and even the leaves of the durian tree are used as medicine to tackle ailments including fever, swelling, high blood pressure and reduce swelling. Research has also shown benefits in lowering cholesterol and even lowering a blood protein known to form blood clots. There are also guiltier pleasures to be had. Cadbury Dairy Milk Durian is a popular flavour in the Malaysian market &ndash if you can get your hands on the limited edition, that is. The contrast of smooth milk chocolate with the famously intense and bold durian flavour has made it a firm favourite, and a reminder of Malaysia&rsquo s pride in its famous local produce. Ultimately Malaysian durian continues to grow from strength to strength. Some evangelists &ndash such as Lindsay Gasik, an author who runs durian tours &ndash compare the fruit to wine. As Gasik told The Guardian: &ldquo I treat durian like a wine because it is like a wine &ndash it is a living organism that changes and ferments over its lifespan, so you can really do a lot with the flavour. I think that is what makes people so obsessive over it.&rdquo Who knows, maybe a few decades from now, Malaysian durian will be mentioned in the same breath as burgundy, cognac or champagne. |
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WBdisciple
Elite |
19-Feb-2021 06:48
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thanks for the summary!  It shows the Company' s transformation and committment to the durian business, which is evergreen and growing strongly due to China' s demand. Pls do your own DD |
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For_The_Next_Leg
Master |
18-Feb-2021 21:24
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The Full Story A new Start " Under the Agreement, Global Agricapital has agreed to sell and Anhui has agreed to purchase 500 containers, each container containing 960 boxes, of fresh durians imported from Thailand per year" https://links.sgx.com/1.0.0/corporate-announcements/1FN1610NSJPZI8GZ/83afe4f64f4b4653e70c45aabf02c42335126eff2fa4bcf93652a91a9ddc7b53 A New CEO &ldquo Mr. Cheng Meng is an entrepreneur and the founder and director of One Family (Thai) Company Limited incorporated in Thailand in 2016 which is principally in the business of the plantation, trading and valueadded processing of durian in the People' s Republic of China (&ldquo PRC&rdquo ) and other Southeast Asia countries with an annual revenue of approximately USD 200 million. Before that, Mr. Cheng Meng has served the Shandong Electric Power Construction No. 3 Engineering Company as a project manager from year 2013 to 2015 to oversee that company&rsquo s major construction projects in Thailand. Mr. Cheng Meng was appointed as an Executive Director of the Company on 10 December 2020.&rdquo https://links.sgx.com/1.0.0/corporate-announcements/O3FSW34FG2XB6TZB/72c68775f62e3f15554ead071ac0a35de1fa9402bd4178b46350cc0df1f6aed8 A confirmed purchased &ldquo Under the Agreement, Moonda has entrusted Global Agricapital to purchase 200 containers of fresh durians for the period from 5 January 2021 to 30 April 2021. Among other things, it is agreed by the parties that the total purchase price shall be RMB130,000,000, of which 30% shall be paid by Moonda to Global Agricapital as advance payment on such date to be mutually agreed by both parties and 70% to be paid after Moonda has received and inspected the goods. Global Agricapital shall deliver the goods to Moonda after receipt of the advance payment&rdquo https://links.sgx.com/1.0.0/corporate-announcements/HQOM1KO4IJVQ58EV/fc7eb513188fe7fbe52c61f1709543c02d8b4ae4411fec889e30c0a66f2c7f52 Another order &ldquo Under the Agreement, Yuqu has entrusted Global Agricapital to purchase 180 containers of fresh durians. Among other things, it is agreed by the parties that the total purchase price shall be RMB117,000,000, of which 30% shall be paid by Yuqu to Global Agricapital as advance payment on such date to be mutually agreed by both parties and 70% to be paid after Yuqu has received and inspected the goods. Global Agricapital shall deliver the goods to Yuqu after receipt of the advance payment. The delivery period shall be from 20 February 2021 to 21 May 2021.&rdquo https://links.sgx.com/1.0.0/corporate-announcements/3R12GVKG1KKHM92U/deb74a6666af9b3177e8e45bf1bbcd2da2f09670915e2219d621d52f73866dd0 3rd Order + More &ldquo Under the Agreement, Global Agricapital has entrusted Tianchue to purchase an estimated amount of 200 containers of fresh durians. The price will be based on market price which is acceptable to Global Agricapital. The cooperation period shall be from 29 January 2021 to 30 April 2021. It is also agreed that Tianchue shall guarantee the quantity of goods shipped from Thailand, the product&rsquo s place of origin, exercise strict quality control over the goods based on the requirement of the logistics partner and abide by the payment contract terms. Further to the Agreement, Tianchue has on 29 January 2021 provided a quotation for the first 5 containers of durians to be ready for shipment for the period from 20 February 2021 to 8 March 2021 for RMB3,552,000 (S$730,000) (&ldquo Shipment&rdquo ) and Global Agricapital has also secured a purchase order from Moonda (Beijing) Agriculture Science and Technology Co., Ltd for the Shipment with an expected gross margin of 8.2% and has received a deposit&rdquo https://links.sgx.com/1.0.0/corporate-announcements/ZHEEFAU5PDD9BSHV/e8b29dd4c3e8b5114d1c33ccdd2129f47b33c784bac3777d98861c7a49c6b181 More partnership &ldquo Under the Agreement, CRPC shall purchase and Global Agricapital shall provide over 600 containers of Golden Pillow Durians from Thailand. Among other things, it is agreed by the parties that the term of the agreement will be from 29 January 2021 to 31 December 2021 while the delivery period will be from 1 March 2021 to 31 December 2021. Due to the fluctuating prices of fresh fruits over the period, the price will be based on the market price before shipment depending on the quality of each batch. Global Agricapital will provide a quotation to CRPC before each batch of order. CRPC will pay to Global Agricapital, 30% of the full purchase price as advancement, and the remainder shall be paid before the goods are shipped out.&rdquo https://links.sgx.com/1.0.0/corporate-announcements/MKRAJ55HDP6WCDDL/092751c7257bb03d8a7574dc3947781e261b0a3ccf9b9724be21d04a7369af05 No joke &ndash 5th order! &ldquo Under the Agreement, Global Agricapital has entrusted TRG to purchase an estimated amount of 100 containers of fresh durians. The cooperation period shall be from 5 February 2021 to 31 December 2021. The price will be based on market price which is acceptable to Global Agricapital. The order will be placed by Global Agricapital in batches. Global Agricapital shall pay to TRG a pre-payment of not more than 30% of the order amount upon confirmation of each batch order with the remainder to be paid within thirty (30) days after delivery. It is also agreed that TRG shall guarantee the quantity of goods shipped from Thailand and exercise strict quality control based on the requirement of the logistics partner as well as during transportation and warehousing.&rdquo https://links.sgx.com/FileOpen/Ann-Execution%20of%20Purchase%20Agt-5Feb2021-Final.ashx?App=Announcement& FileID=647513 In 1st Quarter Financials Comments (Never include the 5th order) &ldquo From 28 December 2020 to 29 January 2021, the Company incorporated a subsidiary in Singapore and entered into 3 binding agreement and 1 non-binding agreement and collectively expected to sell 1,480 containers of fresh durians to major PRC fruit importers. The estimated contract amount is approximately RMB962.0 million.&rdquo https://links.sgx.com/1.0.0/corporate-announcements/NE5LCNU65W9Z6GR9/46230de7b80a0d502f33615e05c8bac8cdb349388d725ff514a7c1b540e9fe75 |
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WBdisciple
Elite |
18-Feb-2021 17:06
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Share price has trended lower recently but prospects of durians still v strong...looking forward to the CEO bringing in more durian contracts in 2021... |
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WBdisciple
Elite |
17-Feb-2021 10:04
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On 13 Feb 2021, Company disclose the Durian supply orders to China at S$198 million with four agreements totalling 962 million yuan (S$197.36 million) to sell fresh durians to major Chinese fruit importers. It added that it believes the fruit business could make " reasonable" profit contributions as well as generate positive cash flow to the group. Assuming 3-5% margin, that will be S$6-S$10 million contribution and it depends how well Company can control costs. Market cap of Nutryfarm is about S$50million currently.. Pls do your own Due Diligence.... |
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WBdisciple
Elite |
17-Feb-2021 09:58
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Consumer-centric companies have been resilient and performing very well amid the pandemic.. My other favs Wilmar, Japfa and Food Empire have done very well and Nutryfarm seems to be on the right track with its growing order book to supply Thai Durians to China. |
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