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Crude Palm Oil Price

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13-Feb-2013 16:16

AusGroup / AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m

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Nearing my entry range.

Peter_Pan ( Date: 24-Jan-2013 19:40) Posted:

Shall wait for 0.60-0.59 to enter again. Finger-crossed.

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13-Feb-2013 15:48

Golden Agri-Res / GoldenAgr

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Crude Palm Oil Price

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13-Feb-2013 15:23

Golden Agri-Res / GoldenAgr

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Crude Palm Oil Price

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13-Feb-2013 14:34

Golden Agri-Res / GoldenAgr

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VEGOILS-Palm oil falls to 2-week low in thin trade export data eyed

* Jan. palm oil stocks down 1.9 pct at 2.58 mln tonnes -
MPOB
* Palm oil to drop to 2,510 ringgit - technicals

(Updates prices, adds details)
By Anuradha Raghu
KUALA LUMPUR, Feb 13 (Reuters) - Malaysian palm oil futures
fell to a two-week low on Wednesday in light trade after a long
holiday weekend, with investors cautious about trading actively
ahead of industry data.
Data from the Malaysian Palm Oil Board, released during the
afternoon break, showed that end-stocks in Malaysia, the world's
No. 2 producer, had inched down 1.9 percent to 2.58 million
tonnes in January. That was off recent record levels but missed
expectations of a deeper fall. [ID:nK7E8KJ00P]
Investors were also awaiting palm oil export data from cargo
surveyor Societe Generale de Surveillance later on Wednesday.
[PALM/SGS]
On Saturday, cargo surveyor Intertek Testing Services said
Malaysia's shipments had surged 18 percent in the first ten days
of February compared with a month earlier, but traders said
export volumes still needed to rise to " decent" levels.
[PALM/ITS]
" Exports in the last five days of January showed an average
of 50,000 tonnes shipped per day, which is good. We were
expecting that to carry on in February, but obviously that is
not the case," said a trader with a foreign commodities
brokerage in Malaysia.
" It will need to pick up in the coming days of February. We
are at very high stocks here, so if that picks up then things
will look a bit more rosy."
The benchmark April contract on the Bursa Malaysia
Derivatives Exchange fell to 2,506 ringgit ($809) per tonne, the
lowest level since Jan. 30, before settling at 2,522 ringgit
($814) per tonne by the midday break, 1.5 percent lower than
Friday's close.
Total traded volumes were thin at 8,553 lots of 25 tonnes
each, compared with the average 12,500 tonnes, with many
investors still on holiday.
Financial markets in Malaysia were closed on Monday and
Tuesday for the Lunar New Year holidays while markets in China,
the world's No. 2 edible oil importer, remain closed for the
rest of the week.
Technical analysis showed palm oil may drop to 2,510 ringgit
per tonne as a correction from the Jan. 31 high of 2,593 ringgit
has not finished, said Reuters market analyst Wang Tao.
[ID:nL4N0BD0RV]
Brent crude steadied on Wednesday, holding just below a
nine-month high near $119 per barrel on forecasts for
faster-than-expected growth in global oil demand this year, but
easing tensions in Iran subdued prices. [O/R]
In competing vegetable oil markets, U.S. soyoil for March
delivery fell 0.1 percent in early Asian trade. The
Dalian Commodity Exchange will resume trading on Monday.

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13-Feb-2013 13:24

Golden Agri-Res / GoldenAgr

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Crude Palm Oil Price

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13-Feb-2013 02:56

Straits Times Index / STI to cross 3000 boosted by long-term investors

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Charging Ahead...The Dawn of A New Era

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08-Feb-2013 16:51

Straits Times Index / STI to cross 3000 boosted by long-term investors

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Asia optimism lifts Europe stocks

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08-Feb-2013 15:55

Straits Times Index / STI to cross 3000 boosted by long-term investors

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SYDNEY (MarketWatch) — Asian stocks firmed on Friday as Chinese trade data generated some optimism over the health of the mainland economy, although sharp losses from electronics giant Sony Corp. pressured Japan.

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08-Feb-2013 15:18

Tiger Airways Rg / TigerAir

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TigerAir - Alert: Is Tiger Australia’s Existence Hanging in the Balance? - SELL - TP $0.46 - CITI

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08-Feb-2013 14:51

Straits Times Index / STI to cross 3000 boosted by long-term investors

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China's Consumer Price Index (CPI) rose 2 percent in January from a year ago, largely in line with market consensus. The nation's Producer Price Index (PPI) fell 1.6 percent in the month year-on-year, also as expected.

The figures show inflation easing from December's seven-month high, with most economists seeing price pressures bottoming out in January.

China's inflation has fallen steadily from a three-year peak of 6.5 percent in July 2011 in response to a series of policy tightening steps and weakening economic activity.

The central bank has said that China's inflation trend is stable, but the country needs to guard against imported price pressures stemming in part from ultra-loose U.S. monetary policy.

CNBC

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08-Feb-2013 14:15

Olam Intl / OLAM_OLAM

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Olam CEO: Share Price a 'Lagging Indicator' of Progress

Text Size

Published: Thursday, 7 Feb 2013 | 9:01 PM ET

By: Reporting by Adam Bakhtiar, Writing by Ansuya Harjani

Munshi Ahmed | Bloomberg | Getty Images

Sunny Verghese, group managing director and chief executive officer of Olam International.

Olam CEO Sunny Verghese defended the company's performance after the shares slumped nearly 40 percent over the past year, and called the stock move a lagging indicator of progress at the Singapore-listed commodities trader.

Olam shares, which came under attack by U.S. short-seller Muddy WatersResearch last year, have declined 37 percent over the past 12 months, far underperforming the broader Straits Times Index (STI), which rose 11.6 percent over the same period.

The shares are still the most heavily borrowed in Singapore's benchmark stock index, according to Reuters, which means that many investors continue to hold short positions in the stock.

" The share price in our view is a lagging indicator and as we continue to execute and deliver similar results we'll continue to see the impact of that over the short and medium term," Verghese said, following the company's earnings announcement on Thursday.

Olam, whose second-biggest shareholder is Singapore state investor Temasek, reported a 20 percent gain in net profit to S$154.1 million ($124 million) in the October to December period, from a year earlier. The sale and leaseback of almond orchards in California, which amounted to S$18.1 million ($14.6 million), contributed to the rise in profits.

" This quarter has been a very good set of results, we need to consistently deliver those kinds of result for our share price to follow what has happened in our bond prices and what has happened to our debt costs," Verghese said.

Verghese said the company will continue its legal battle against short-seller Carson Block and his firm Muddy Waters Research, which last year alleged accounting irregularities, aggressive spending and high debt levels at the company triggering a major sell-off in its shares.

" We've served papers successfully on Muddy Waters, we have not been successful as yet serving on Carson Block. So we'll continue with our efforts to serve Carson as well directly," he said.

Credit Rating?

Verghese said he did not think it was necessary for Olam to have its bonds rated by a ratings agency, noting that 65 to 70 percent of companies in the industry remained unrated.

" You rate because you want to lower your cost of borrowing or you are not able to access certain debt pools of capital, in our case, our cost of borrowing is competitive. In fact, in some tenures, our cost of borrowing is lower than an investment grade rated peer company," he said.

Last year, Muddy Waters offered to pay for Olam to get its bonds rated by ratings agency Standard and Poor's.

Verghese maintained that the company's leverage levels were not an issue, and remained " well within the covenants of our banks."

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08-Feb-2013 12:23

Straits Times Index / STI to cross 3000 boosted by long-term investors

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As investors push equities and other risk assets to multi-year highs, one question being raised by analysts is whether upbeat markets are becoming too complacent. Lim Say Boon, chief investment officer at DBS Private Bank in Singapore, says while markets are probably not pricing in long-term structural problems such as huge debt levels in many major economies, the sharp and swift move into stocks this year do not reflect complacency. Instead, the rally in risk assets shows investors are finally taking a step back from high levels of fear and anxiety that ruled last year. In the past three months, shares in the U.S. and Asia have rallied more than 6 percent, while stocks in Europe have gained 4 percent, as fears about U.S. fiscal worries subside and economic data paint a brighter outlook for global growth. It's a sharp contrast to the middle of last year, when a surge in Spanish government bonds yields and worries about a break-up of the euro zone triggered a sharp fall in the euro and equity markets globally.

CNBC

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08-Feb-2013 11:42

Olam Intl / OLAM_OLAM

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Muddy Waters sees Olam's interest burden as " unsustainable."

SINGAPORE, Feb 8 (IFR) - Independent research firm Muddy Waters has responded to
the release of Singapore commodities firm Olam's Q2 earnings release by
suggesting that the company's gross debt to Ebitda at 9.5 times and net debt to
Ebitda at 8.4 times " are dangerously high." While noting that the company is
reining in its capital expenditure - it recently cancelled the acquisition of a
sugar mill in Brazil - Muddy Waters is of the opinion that the yield on Olam's
outstanding bonds at 7%-8% presents an interest burden which is " not
sustainable." Olam's due 2017s were unchanged this morning at 92 for a 7.85%
yield and the company's due 2020s were 94 mid to yield 8.6%, also unchanged.

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08-Feb-2013 11:39

Olam Intl / OLAM_OLAM

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Muddy Waters keeps 'strong sell' rating on Singapore's Olam

SINGAPORE, Feb 8 (Reuters) - Muddy Waters LLC kept its
" strong sell" rating on Olam International Ltd , saying
the Singapore commodities firm's borrowings had increased in its
second quarter.
The short-seller also said that with Olam's bonds yielding
around 7 percent to 8 percent, which it feels is too low, the
company's interest burden is " not sustainable" .
Olam said on Thursday it has begun a review of its business
priorities and free cash flow targets as it announced a 20
percent rise in second-quarter net profit. [ID:nL4N0B749C]
" One of the bright spots for Olam investors is that the
company appears to be trying to rein in its capex and
acquisition spending," Muddy Waters said in a statement on
Friday.
Olam shares rose 0.6 percent to S$1.645, about 5 percent
below the level before Muddy Waters attacked the company's
aggressive spending and high debt in November.
The shares had partly rebounded after Olam got full backing
from powerful Singapore state investor Temasek Holdings Pte Ltd
[TEM.UL], its second-biggest shareholder, for a
bonds-with-warrants issue.
The review and the termination of a proposed $240 million
investment in a sugar miller in Brazil are the first signs that
Olam is breaking away from its debt-funded series of
acquisitions over the past few years.

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08-Feb-2013 11:03

Golden Agri-Res / GoldenAgr

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GoldenAgr: BUY - TP $0.82 - OSK-DMG

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08-Feb-2013 10:50

Olam Intl / OLAM_OLAM

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Olam - 2Q13: Not much surprise Improved trading conditions amid good volumes remains attractive on valuations - BUY - TP $2.30 - NOMURA

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