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Del Monte Results Announcement
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happyboy588
Senior |
24-Dec-2015 11:09
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haha my logic very simple . this season is the hottest season for Del monte . especially with so many holidays in between . and this baby just turn into profit last quarter. of course people will be in high mood also . haha merry Christmas by the way . let's wait and see
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ridingstorm
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24-Dec-2015 10:55
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What make you say so? price is dropping leh |
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happyboy588
Senior |
24-Dec-2015 10:39
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this baby is accumulating energy to Chiong like rocket ! hahaha |
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spore1
Supreme |
22-Dec-2015 20:59
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More likely to resume uptrend mode after pausing for a few day. We shall see
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bishan22
Supreme |
22-Dec-2015 08:23
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Agreed. Not late to hop in. Good luck....
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spore1
Supreme |
22-Dec-2015 08:20
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watch out for a explosive move to cross over 45 cents and head higher |
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happyboy588
Senior |
14-Dec-2015 11:15
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Net profit for 2QFY16 surged to US$53m from US$185,000 in 2QFY15.
Recurring net income stood at US$18m, reflecting a turnaround after two years of losses, attributable to acquisition and transition-related expenses. We raise our FY16-17 net profit forecasts by 4-18% as we factor in top-line growth from the US segment and cost savings from higher economies of scale. Upgrade to BUY as we value Del Monte Pacific at 12x FY17 earnings. Target price: S$0.69. WHAT?S NEW ? Turnaround performance achieved after two years of losses due to acquisition and transition-related expenses. Del Monte Pacific (DMPL) recorded recurring net profit of US$18m for 2QFY16 and US$6m for 1HFY16 after two years of losses since DMPL purchased Del Monte Foods, Inc (DMFI) in Oct 13. Total sales were up 20% yoy for 2QFY16 to US$658m with US sales growth up 25%. Revenue from the US accounted for 82% of group sales. There was a yoy improvement in the Group?s gross margin from 21% to 23.4% due to better sales mix and cost optimisation. ? Non-recurring items. For 2QFY16, DMPL booked a one-off retirement plan amendment of a positive US$39.4m. This was due to DMFI amending one of its post employment benefits replacing its retiree medical and dental benefits to contributions to a Health Reimbursement Account, which required recognition in the profit and loss statement as one-off income. Management indicates that even without this one-off item, recurring EBITDA would have been US$53.4m and recurring net income would be US$7.7m, a turnaround from 1QFY16?s losses. ? College Inn brand to drive US sales. Walmart has expanded the distribution of College Inn from 25% to 67% of its total stores in the last six months. In addition, new shelf arrangements in Walmart stores have made it easier for shoppers to find College Inn products due to ?brand blocking?. College Inn has a gross margin of 45%, which is the highest-margin product for DMPL. STOCK IMPACT ? Update on deleveraging. DMPL has had plans to issue perpetual securities since the end of 2014 but held off due to weak market conditions. The company has provided some updates on the progress of its debt reduction initiatives. DMPL intends to issue US dollar-denominated perpetual preference shares to be listed on the Philippine Stock Exchange. It expects the launch to be in 1Q16, subject to regulatory approval and market conditions. The company intends to raise US$350m to pay down its leveraged buyout (LBO) bridging loan with BDO Unibank, Inc. The Securities Exchange Commission in Philippines has confirmed that DMPL has filed applications to register and list the securities as of 27 Nov 15. ? Expectations and outlook. We expect 2HFY16 revenue to come in more than 14% stronger than 1HFY16?s due to the festive seasonality in sales as management has indicated that 2H sales usually account for about 55% of total sales. For FY17, we expect even stronger sales translating into a 70% increase in net income due to a full fiscal year effect of Sager Creek revenue contribution and the absence of restructuring charges seen in FY16. EARNINGS REVISION/RISK We raise our FY16-17 core net profit estimates by 4% and 18% respectively. Our estimates are 15% and 24% above consensus forecast. Key risks include: continued delay in issuance of perpetual securities due to poor market conditions or regulatory barriers, interest rates rising faster than anticipated, and slowdown in US sales growth. VALUATION/RECOMMENDATION Upgrade to BUY with a target price of S$0.69. We apply a 40% discount to FY16 sector PE due to: 10% for smaller size, and 30% for higher gearing for DMPL. We have also factored in the possibility that the preference share issue may not manifest if market conditions weaken. |
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happyboy588
Senior |
11-Dec-2015 09:39
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UOB upgrade target price to 0.69 very high | |||||
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katak88
Master |
09-Dec-2015 23:02
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katak88
Master |
09-Dec-2015 15:19
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Current price 39/39.5c, last done 39c, up 10c or 34.% as at 3.18pm. |
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bishan22
Supreme |
09-Dec-2015 13:57
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But high sell higher......
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katak88
Master |
09-Dec-2015 13:49
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Reactions to good results announcement (fear and greed factors). Now 35.5c/36c, last done 35.5c, up 6.5c today. If results is bad or below consensus, the price could have gone south.
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sunview
Veteran |
09-Dec-2015 09:32
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$0.335 now. Just do not understand why people just rush to buy after the result announcement which is well expected. They could buy easily a few days ago at below $0.30. |
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katak88
Master |
09-Dec-2015 09:27
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DMPL opened gap up 31c this morning, high 33c, current 32.5c at 9.25am, up 3.5c from yesterday close of 29c. |
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katak88
Master |
09-Dec-2015 09:01
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Del Monte Pacific posts net profit of SS$75 million in second quarterSINGAPORE - Del Monte Pacific Limited has reported a turnaround in its finances for the second quarter ending Oct 31, posting a net profit of US$53.3 million (S$75 million), up from just US$185,000 in the same period a year ago. It also recorded a recurring net profit of US$18.8 million, after two years of losses. The losses had been due to acquisition and transition-related expenses after the purchase of Del Monte Foods (DMFI) in October 2013. Del Monte Pacific' s sales in the second quarter rose 20 per cent from the same period a year ago to US$658.3 million, as its key branded business in the United States and the Philippines under the Del Monte brand, and the rest of Asia under the S& W brand, delivered significantly improved performance. The firm is dual-listed in Singapore and the Philippines. The firm also generated recurring pre-tax earnings, excluding one-off items, of US$73.8 million, almost double that of last year' s. " Our performance in the second quarter reflects the fundamentals that have been restored since the group' s acquisition, coupled with effective promotion of our products in the retail channel along with cost optimisation programmes," said DMFI chief executive Nils Lommerin. " We expect to maintain the momentum in the second half of our fiscal year having established Del Monte as the brand of choice for festive occasions. As we continue to unlock the growth potential of our products, accelerate our penetration of the food service sector and enter new vegetable market segments through Sager Creek, our results will improve further." http://www.straitstimes.com/business/companies-markets/del-monte-pacific-posts-net-profit-of-us533-million-in-second-quarter |
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katak88
Master |
07-Dec-2015 14:31
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Posted on December 01, 2015 08:53:00 PM Del Monte Pacific revives preferred share saleDEL MONTE Pacific Limited has formally revived a plan to raise $360 million from the sale of preferred shares that will be listed on the Philippine Stock Exchange (PSE) after postponing the same fund-raiser in Singapore at the start of the year.A prospectus filed with the Securities and Exchange Commission (SEC) on Nov. 27 showed Del Monte Pacific is offering up to 36 million preferred shares at a maximum price of $10 per share. The preferred shares are perpetual, cumulative, non-voting, non-participating and non-convertible. Under the proposed timetable, the final offer price will be determined on Jan. 21 before launching the share sale on Jan. 25. Listing of the shares will take place on Feb. 5. BDO Capital & Investment Corp. was tapped as issue manager, lead underwriter and bookrunner. The fund-raiser will refinance Del Monte&rsquo s $350-million bridge loan with BDO Unibank, Inc. Del Monte deferred a $360-million sale of preferred shares in Singapore at the start of the year because of weak global market conditions. Instead of tapping the equities market, the company opted to extend the maturity of the bridge loan. The preferred shares were originally intended to be sold in the local equities market, but Del Monte Pacific eventually decided to move the deal to the Singapore Stock Exchange. The company is listed in both territories. The offering of preferred shares form part of a series of fund-raising initiatives aimed at repaying debt incurred to back the $1.68-billion acquisition of US-based Del Monte Foods Corp.&rsquo s consumer business, which was later renamed to Del Monte Foods, Inc., in February last year. Del Monte Pacific -- which is not affiliated with other Del Monte companies worldwide -- also holds the rights to the Del Monte brand in the Philippines, in the Indian subcontinent and in Myanmar. It is controlled by the Campos family&rsquo s NutriAsia Pacific Ltd. Shares in Del Monte Pacific gave up 42 centavos or 3.83% to close at P10.58 each on Tuesday. -- Krista Angela M. Montealegre http://www.bworldonline.com/content.php?section=Corporate& title=del-monte-pacific-revives-preferred-share-sale& id=119506 |
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HazardKoh
Master |
03-Dec-2015 22:55
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The problem with high gearing is when recession hits, they may have problem servicing the loans if their sales are affected. Recent example is the China fishery. Due to their high debt and El nino effect, their cash flow affected and kana bank asking for liquidation. So if high debt and Del Monte encounters any " unexpected" weather related disaster like typhoon/flood affecting their pineapple production, then is risky lo.. Just my own views la, I rather invest in low gearing/net cash companies. Cheers. Del Monte is a well known brand , so is many times more safer than China fishery :) but still the risk is there due to it' s high gearing
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sunview
Veteran |
03-Dec-2015 22:12
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A bit cold here. In a rising interest rate environment, its high net gearing (> 6x as at the end of FY15) is everyone' s concern. While management expects to return to profitability for the full year ending Mar 2016 though, most analysts stay neutral with the stock, maybe with the exception of CIMB. They give an ADD rating with a price target of 49 cents, and are of the view that cashflows are healthy enough to cover interest payments. Share price has been on the downturn for over 2 years already since hitting a triple-top in 2013. The question is how low can it go. It hit a low of $0.28 yesterday before closing at $0.29. Today it moved up to close at $0.30, with turnover volume of 494,800 shares. Looks interesting, yet still too early to draw any conclusion. Maybe at least if it can get past $0.315 or $0.32 ? |
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katak88
Master |
21-Sep-2015 15:21
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Del Monte Pacific rises after announcing appointmentsBy PC Lee / theedgemarkets.com | September 21, 2015 : 11:32 AM MYT SINGAPORE (Sept 21): Del Monte Pacific is up 1.6% at 32.5 cents after announcing the elevation of its finance chief and naming a replacement. The food and beverages firm says it has promoted Ignacio Carmelo O Sison to chief corporate officer from chief financial officer. The company also announces the appointment of Parag Sachdeva to replace Sison. Prior to his appointment at Del Monte, Sachdeva was vice president at Carlsberg Asia, the company says. Del Monte' s gain contrasts with a 0.4% decline in the local Straits Times Index. |
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happyboy588
Senior |
14-Sep-2015 21:59
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Buying back programme started . Must be something good happening soon . next season is their hot season. So let' s sit tight and see . |
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