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China Fishery - Low PE
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Qanghoo
Supreme |
27-Aug-2014 22:37
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According to CF' s latest result, NAV is 59c (US)/share. Multiplied by total shares and CF' s NAV is abt 1.5 bil (S$). That includes the net value of Copeinca.
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EZ3626
Veteran |
27-Aug-2014 22:26
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I am one not knowing much about this fish affairs but one thing I do know, ever since S69 spoke about the wind and rain ... man ... it has been raining non stop and the monsoon wind. SP, you don' t believe what Fitch said about Copeinca asset worth of US$2.5B ? Is there any reason why you doubt a Global Rating Agency saying ? Sorry .. just don' t get it ????? |
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stockpicker
Master |
27-Aug-2014 14:14
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Someone here quoted that Copeinca has USD2.5 bil total asset. Think it is extracted blindly from a irresponsible report.. the total asset of Copeinca is less than USD$1.0 bil when CF bought it over (see earlier enclosure). The total asset of CF as a group may have the sum.. but then, asset is asset.. market will always look at future gains.. 
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stockpicker
Master |
27-Aug-2014 12:53
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S99, you seem to know a lot about CF' s planning and strategies, may I ask another question.. why CF is so keen to redeem Copeinca' s senior bond? The USD$250 mil senior bond is not expiring until 2017. they can always wait till then to redeem.. now that CF is not going to redeem the bond with cash and it make people wonder more why suddenly CF is so eagle to come up with a solicitation asking the Copeinca bond holder to convert their bonds. Something is cooking, hope it is good and not bad.. |
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stockpicker
Master |
27-Aug-2014 12:20
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This situation of funds taken and returned in short few months is possible under one scenario: they are forced to return. It make good sense to think along the scenario when PAIH just reported losing big in European and US outlets. They will need money to fill up the " hole" . They approached the banks and the banks said " NO" unless you deliverage or sell your assets. There is nothing much they can do in PAIH to deliverage so they called off the buyout of Copeinca loan redeemption, return the fund back to the banks for PAIH to borrow the money. A real possible scenario when a holding company or its other subsidiary companies have taken too much loan that they can handle.. all will happen when there is some crisis.. |
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stockpicker
Master |
27-Aug-2014 11:59
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If they dun need the $500 milion, why asked for it? Given, why returning it? Full of questionsand nonsenses
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stockpicker
Master |
27-Aug-2014 11:54
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Deleveraging? Suddenly woke up from sleep? Having received the $500 million from the banks in the beginning of the year, then returning the $500 million the next month.. what kind of planning is that? |
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SLPY69
Senior |
27-Aug-2014 08:08
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Stockpicker, I am sure you have gotten the answer, " They are deleveraging" That' s the reason why I disagreed with you, when you said
Funds are returning so look forward to the next financial statement. It said that the refund of $241.5m from the cancelled long-term supply agreements with Russian suppliers " is on track" . Already $80m was paid back in June, and another $60m is expected before the end of September. The rest should be paid by the end of September 2016. China Fishery should also partly liquidate the $183m inventory it had by the end of June, as the fishing season enters its lowest point, said Fitch. " This cash release together with the LSA refund might drive China Fishery' s FY14 net leverage to below 3.5x if management continues to deleverage," concluded the agency. The leverage could then be taken to below 3x, if China Fishery manages to generate a cash flow of around $600m in its 2015 financial year (Sept 2014- Sept 2015), it said. The company said demand for fishmeal and savings from consolidating its Peruvian operations should further strengthen the firm.
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JMS213
Senior |
27-Aug-2014 01:07
Yells: "Just living is not enough. One must have sunshine, freedom !" |
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S69, just catch up with some of your postings. Yeah, certainly Copeinca is a good catch with asset valued at $2.5 Billion and China fishery is generating positive free cash flow. Equilibrium of the company is good and healthy. Latest news Dow hits all-time high S& P extends record above 2,000. Hope the Sail Fish is ready to take off. Dow hits all-time high S& P extends record above 2,000 Kate Gibson | @CNBCKateGibson 1 Hour Ago CNBC.com U.S. stocks rose on Tuesday, lifting the Dow to an all-time high and the S& P 500 to another record above 2,000, after better-than-expected reports -- including a jump in orders for durable goods -- cast favorable light on the U.S. economy. " A few of the economic indicators have been pretty solid, which flows through to corporate profit," said Cameron Hinds, regional chief investment officer for Wells Fargo Private Bank in Lincoln, Neb. " We' ve had a heck of a run, it' s been over three years since we' ve had a 10 percent correctio," Hinds said. |
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SLPY69
Senior |
26-Aug-2014 13:05
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Everything works both ways. Newton' s 3 Laws of Motion " For every action there is an equal and opposite re-action." Valuebuyer, you are right " how low can they push ?" Even though the price remains at 0.365, energy is expended .... let the market decides Now we know for sure China Fishery is sitting on GOLD MINES, Banks knew about it. |
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valuebuyer
Senior |
26-Aug-2014 12:27
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BBs are waiting the bad new coming,mr market will take the opportunity to push down the price if bad new annouce.
The question is how low they can push? Haiz...
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SLPY69
Senior |
26-Aug-2014 11:57
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Of course I have the answer. How about you give yourself time to think about the question ? Not difficult to find the answer There is nothing fishy .. just got to put yourself in the shoe of the management and you will have the answer. Anyway I have said enough. Enjoy .... and watch the Fish grow. |
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stockpicker
Master |
26-Aug-2014 11:27
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Since you know CF so well.. ask one question, why CF returned the $500 mil bank loan, fully knowing that they might want to redeem the Copeinca bond?... they just borrowed this loan for this purpose before..and abouit to redeem the bond.. now they are left with $138mll which is barely enough for rainy days.. something very fishy.. |
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SLPY69
Senior |
26-Aug-2014 11:17
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Between Fitch and you ... won' t want to say who has the authority. Without saying everyone knows Fitch, rather than a pseudo person' s name. Who offer an unbiased view ? I guess the answer is clear. Enjoy ... woah woah woah Copeinca is a gold mine
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stockpicker
Master |
26-Aug-2014 11:16
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Still going round and round.. if Fitch is thinking good about CF.. why give them a risky B2 rating.. should give them a A if not AA or AAA rating |
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SLPY69
Senior |
26-Aug-2014 11:10
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You simply choose to speak untrue and it is becoming more and more apparent. They are careful with their planning and have consolidated their operation. You have exposed yourself ... maybe you should do your due diligence ... make the font size bigger so you can see better and clearer China Fishery' s operation remains cash generative and it is likely to generate positive free cash flow to help in its deleveraging. Revenue for the nine months to 30 June 2014 increased by 13.4% from a year earlier and EBITDA margin increased to 44.5% from 43.2%, primarily due to higher revenue contribution and cost savings from the enlarged Peruvian fishmeal operations, which offset the thinner trading margins from the spot purchase business in Russia. Fitch expects the underlying earnings profile of China Fishery to strengthen given the firm demand for fishmeal, a staple needed for aquaculture globally, and savings to be realised from the further consolidation of its enlarged Peruvian business. The refund of a total US$241.5m from a long-term supply agreement (LSA) with its Russian suppliers is on track. China Fishery received US$80m in June 2014 and it expects to receive another US$60m by the end of the current fiscal year on 30 September 2014 (FY14) with the remaining to be fully paid by end of FY16. Its inventory of USD183m at end-June 2014 will be partly liquidated by the end of FY14 as the fishing season enters its lowest point. This cash release together with the LSA refund might drive China Fishery' s FY14 net leverage to below 3.5x if management continues to deleverage. China Fishery' s ability to generate positive free cash flow of about USD90m from FY15 will help the company reduce its leverage to below 3.0x by FY16. |
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stockpicker
Master |
26-Aug-2014 11:10
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Please lah.. when CF bought over Copeinca in 2013, the total asset is just over USD900 mil.. this include the USD250mil bond..where got USD2.5 bil 
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stockpicker
Master |
26-Aug-2014 11:00
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It is just poor planning if a company has to sell its assets to pay its debts.. they could just go to the banks or investors to borrow more.. It is not uncommon for companies nowadays to take loans and servicew debts..unless these credit lines are all lost.. |
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SLPY69
Senior |
26-Aug-2014 10:59
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Can you imagine they used US$782million to buy Copeinca which is worth US$2,500million ? You simply don' t see it ..... don' t you ? .... China Fishery has received a Gold Mine .... $$$$$$$$$$$$$$$$$$$$$ Quit saying no money ... will you ? Banks know it .... " MUST NOW BE QUARANTEED BY COPEINCA" |
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stockpicker
Master |
26-Aug-2014 10:53
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There are 2 types of asset, non-current and current, some can be sold and some are fixed and cannot be sold.. what are the assets they can sell? Some boats may be.. They can' t breakdown Copeinca and sell the assets..also, are there buyers for these assets? they are just too many questions.. not so simple..
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