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Any comment for ABTERRA?
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smartrader
Elite |
24-Aug-2009 15:07
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Coal Rally Ending as China Shuns Imports, Opens Mines (Update2) By Bloomberg News Aug. 24 (Bloomberg) -- China’s unprecedented appetite for imported coal is about to be sated, jeopardizing a five-month rally in prices by adding to a global surplus of the fuel used in power plants from Perth to Chicago. After importing a record 48 million tons in the first six months, China is opening mines idled by worker deaths this year following safety upgrades in a bid to bolster economic growth. Huadian Power International Corp. expects China’s largest coal- mining province, Shanxi, to boost output by 60 percent in the second half of the year. That would mean an increase of 150 million metric tons, almost twice what Germany burns annually. With little need to buy coal outside the country, prices may tumble, falling as much 7 percent in Europe alone, Barclays Capital says. China’s purchases will plunge 33 percent between June 30 and Dec. 31, based on the median estimate of four analysts surveyed by Bloomberg. “In the first half, China really supported the market and put a pretty firm floor under the thermal-coal price because it was sucking in so many imports,” said Andrew Harrington, an analyst at Patersons Securities Ltd. in Sydney. “It’s difficult to be confident that it will continue at such a rate.” China’s July coal imports fell 13 percent to 13.9 million tons from 16 million tons in June, a record high, customs data shows today. Demand from China, which uses coal to generate about 80 percent of its electricity, helped ease a global supply glut that sent U.S. inventories to an 18-year high. Earnings Hit A retreat in prices may curb profit at Xstrata Plc, the mining company that is the biggest shipper of coal for power stations, said Nick Hatch, an analyst at ING Groep NV in London. Coal was the biggest contributor to operating earnings last year for Zug, Switzerland-based Xstrata, which boosted output of the mineral by 11 percent in the first half. “If China stops importing as much coal, it clearly may mean lower coal prices in the seaborne market, and that could have an impact on earnings,” said Hatch, who has a “buy” rating on Xstrata and mining companies Rio Tinto Group and Anglo American Plc, which also produce coal. Claire Divver, a spokeswoman for Xstrata, declined to comment. Murray Houston, the general manager for the company’s South African coal unit, said on Aug. 13 that shipments to China will increase “due to a tight domestic market.” Six-month supply contracts signed by Chinese buyers in February and March are expiring and aren’t likely to be renewed at the same amounts as global costs remain high and as domestic supplies rise, said Huang Teng, the general manager of Beijing LT Consultant Ltd., a coal consultant based in the capital city. China Prices Chinese provinces are accelerating the expansion of coal mines, the China Coal Transport and Distribution Association said in a statement on its Web site today. The reopening of small mines in regions including Shanxi will increase supplies and put pressure on prices. The benchmark price at Qinhuangdao port was unchanged for a third week at 570 yuan ($83.44) a ton on Aug. 24, according to the government-backed association. Coal futures for September delivery at Rotterdam, the benchmark for Europe, have risen 39 percent to $72 a ton on Aug. 21 from this year’s low of $51.75 on March 12. Prices rebounded from a 35 percent decline last year, when the recession slowed demand for electricity. Supplies for delivery in January are trading 7.6 percent higher than the September contract. Shrinking Premium That premium for delivery early next year may shrink because China won’t be buying as much of the world’s surplus, said Amrita Sen, a commodity analyst at Barclays Capital in London. Coal delivered at Rotterdam will fall to an average of $67.20 a ton from $72 in the first six months, she said. “China has been a key factor in providing a floor to prices and any softening in Chinese buying will pressure coal,” Sen said. “We will see a softening on a month-on-month basis in Chinese coal imports.” An end to the global recession may trim the surplus. China has spent 4 trillion yuan in a stimulus package designed to support its economy. The world’s third-largest economy grew 7.9 percent in the second quarter from a year earlier after expanding at the slowest pace in almost a decade the previous three months, the statistics bureau said July 16. ‘Extraordinary’ Measures “Price momentum and volume momentum are so strong, it’s difficult to see why the price should go down,” said Eugen Weinberg, a senior commodity analyst at Commerzbank AG in Frankfurt. “Measures to initiate demand are extraordinary.” Drax Group Plc, the owner of western Europe’s biggest coal- fed power plant, has no plans to sell its surplus inventories of the fuel because the North Yorkshire, U.K.-based company expects the value of the commodity to increase. “We see the coal market rising,” Chief Executive Officer Dorothy Thompson said in an Aug. 4 conference call with reporters. “It does not make sense to sell coal now.” China, the world’s largest producer and consumer of coal, ordered the closure of almost all 10,000 of the country’s small pits during the Spring Festival in January, and plans to open some were delayed following a deadly accident in February. An explosion at a shaft in Shanxi killed 74 and injured as many as 114 miners, leading to more intense safety checks. Small mines that account for about 25 percent of China’s production were told to merge and those deemed unsafe were closed. Most Deadly The nation’s coal mines are the most deadly in the world, with 3,770 workers killed in 2007, more than 100 times the number of fatalities in the U.S., the second-largest producer, according to government data. Suppliers kept old pits open, ignoring safety rules and forgoing routine checks, to meet surging demand from the world’s fastest-growing major economy. The mine closures and lower prices led to an increase in purchases from overseas. Imports surged to 16 million tons in June, bringing the first-half total to 48 million, according to customs data. Thermal-coal futures in Newcastle, Australia, the world’s largest coal port, have rallied 22 percent from a low in March to $72.90 a ton on Aug. 21, according to ICE Futures. While most of the world’s output is used near where it is mined, export prices are determined by the remaining 16 percent bought and sold internationally, data from the London-based World Coal Institute show. Thermal coal used in power plants accounts for 92 percent of global production and 72 percent of international trade, according to the U.S. Energy Department. The rest is mostly used in steelmaking. Safety Checks After completing safety checks and consolidating small pits that had an annual capacity of 300,000 tons or less, the province of Shanxi is accelerating the pace of mine openings to revive the worst-performing provincial economy in China. The region’s gross domestic product contracted 4.4 percent in the first half, according to government data. “The province started approving restructuring plans in April and the process of consolidating mines has started,” said David Fang, the director of the international department at the China Coal Transport and Distribution Association. “Small mines are reopening gradually.” Of the 10,000 small mines in China, about 2,598 are in Shanxi, according to the China Daily newspaper. Output in Shanxi may rise to 400 million tons in the second half from 250 million tons in the first six months, said Chen Jianhua, the president of Huadian Power, the fourth-largest Hong Kong-listed Chinese electricity generator. Chen expects Shanxi production to reach 650 million tons in 2009. China produced 2.6 billion tons last year, according to the national bureau of statistics, which compiles data for the government. China is likely to cut imports by 33 percent in the second half of the year to 32 million tons, according to four analysts and industry officials in a Bloomberg survey. Swelling Supplies Reduced demand may swell global supplies that ballooned during the recession. Stockpiles held by electricity generators in the U.K., Europe’s biggest importer of coal, rose 68 percent in May from a year earlier to 17.4 million tons, the most since at least 1995, government data show. “Europeans are fully stocked, but not reselling because they fear higher prices with an Asia-led economic recovery,” said Emmanuel Fages, a Paris-based commodities analyst at Orbeo. “The cost of carry for storing coal is cheaper than buying the coal for later delivery.” U.S. Inventories In the U.S., inventories jumped 15 percent in the first four months of the year, compared with a 1.1 percent gain in 2008 and 2.4 percent in 2007, Department of Energy data show. Stockpiles at the end of last year totaled 199.2 million short tons (180.7 million metric tons), the highest since 1991. Global supply of internationally traded thermal coal is forecast at 633 million tons next year, exceeding demand by 14 million tons, according to forecasts from Macquarie Group Ltd., Australia’s largest investment bank. The rapid increase in Chinese coal output may upset the calculations of producers in other countries, including the U.S., where exports rose 38 percent last year. St. Louis-based Peabody Energy Corp. sold 16 percent of its coal production outside the U.S. last year, regulatory filings show. The company’s sales outside the U.S. climbed 30 percent to 40.3 million tons, outpacing total sales growth of 8.2 percent to 255.5 million. “China has been an indirect market” for the U.S., said James M. Rollyson, an energy analyst at Raymond James Financial Inc. “It’s soaked up capacity from Australia, so it kind of makes waves into other markets.” |
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smartrader
Elite |
23-Aug-2009 11:37
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sorry i meant i would receive some funds (through dividends from other stocks) and will consider to put money into this stock (provided it is still at 5cts to 5.5 cts).
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dealer0168
Elite |
23-Aug-2009 10:09
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no divi lah.
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bennykusman
Veteran |
22-Aug-2009 23:56
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next month divi?
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smartrader
Elite |
22-Aug-2009 21:11
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still wary of such business due to Jade's dud coal mine...will consider next month (receive dividends and take some profit) if it does not fly too fast... |
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assassin
Member |
22-Aug-2009 21:04
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I think monday can la, keep my finger cross | ||||
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dealer0168
Elite |
22-Aug-2009 18:39
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Type too fast, should be: Hope
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dealer0168
Elite |
22-Aug-2009 18:38
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Hope monday, Abterra start performing next week. Cheers. |
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smartrader
Elite |
21-Aug-2009 21:45
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ABTERRA LTD .(Registration No. 199903007C) RESPONSE TO SGX QUERY ON THE UNAUDITED FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT FOR THE SECOND QUARTER ENDED 30 JUNE 2009 The Board wishes to make the following clarification with regard to the SGX query: a) We note that the Company wrote back trade receivables impairment amounting to S$3.4m as a major debtor has met its scheduled repayments. Please disclose the amount still outstanding from this major debtor and the repayment schedule. The outstanding amount due from this major debtor at 30 June 2009 is S$ 87.8 million (31 December 2008: S$ 125.4 million). This major customer had agreed to a settlement plan with the Group to settle its gross trade receivables by monthly instalments over a period of three years commencing from March 2009 and no further sales on credit would be made to this customer. From March to June 2009, the major trade debtor has met its scheduled repayments. Subsequent updates will be made in tandem with the quarterly results. b) Despite a decrease in turnover of 66% for the three months ended 30 June 2009, administrative expenses increased from S$1.2m in the six months ended 30 June 2008 to S$1.6m for the corresponding period in 2009. The Company attributed the increase in administrative expenses to an increase in headcount, high business operations". In view turnover decreased 66%, please reconcile how the increase in administrative expense could be attributed to "increased business operations." er depreciation and "increasedThe Company would like to clarify that the increase in administrative expenses for the six months ended 30 June 2009 is due to an increase in headcount, higher depreciation and increased business operation costs. For the six months period ended 30 June 2009, depreciation expenses increased by approximately S$149,000 due to acquisition of new office, staff costs increased by approximately S$38,000 and business operation costs increased by S$156,000 due to more professional fee incurred for acquisition activities during the financial period, when compared to corresponding period in 2008. Administrative expenses had reduced in the three months ended 30 June 2009 from S$915,000 for the corresponding period in 2008 to S$870,000 which is in line with the Group’s effort to minimize administration costs. c) The Group acquired Sunny Energy Group on 29 May 2009, recording goodwill of S$29.5m. In this regard, please disclose the financial performance of Sunny Energy Group for its latest financial year and up to 30 June 2009 and to also disclose the contribution of Sunny Energy Group to the Group's profits for 2QFY09. The Sunny Energy Group had a net loss of approximately S$172,000 for the financial period from 1 January 2009 to 30 June 2009. The results of Sunny Energy Group do not have a material impact on the 6 months results of the Group. The contribution of Sunny Energy Group for 2QFY09 to the Group’s income
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thomas_low
Veteran |
20-Aug-2009 23:54
Yells: "Gong Xi Money Made" |
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This guy is not moving due to perception, they r buying up more coal mines and companies people in the fund management seen him as too aggresive, talking to banks for more acquition, hence some BB r not confident. I think he is smart, capitalising on the cheap (relatively)prices at the moment to suck up the energy ready to sell it to the factory when the red giant machine runs again in full steam. I have been added them into my stamp collection, one day when i flip out my old stamp album I may find Abterra share certs and it will be worth a fortune by then. Digging a squirrel hols and bury the album and wait for deep winter. May dig it out for exchange when some rare stamps come about. |
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risktaker
Supreme |
20-Aug-2009 23:04
Yells: "Sometimes you think you know, but in fact you dont" |
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This news been around for few months already :) and on chinese papers as well. Hold for 2 years at least.
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lawcheemeng
Master |
20-Aug-2009 22:57
Yells: "fly me to the mooon" |
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one of the reason tot. the ceo is also related to some top govt. seem rite.this piece of news properly all the BB, know much earlier than all of the otherinvestor , that why the price is been supress for them to collect more. so many billion of share to collect. think it will be some days may be week before this A moves. just my veiw. hehehe.
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Flyordie
Veteran |
20-Aug-2009 22:52
Yells: "Sifu, Online !!!! Sea Pek Urgent !!!!" |
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http://www.chinastakes.com/2009/8/shanxis-coal-barons-being-reorganized-out-of-the-industry.html | ||||
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risktaker
Supreme |
20-Aug-2009 22:35
Yells: "Sometimes you think you know, but in fact you dont" |
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Thats the reason why Abterra is acquiring mines :)
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lawcheemeng
Master |
20-Aug-2009 22:29
Yells: "fly me to the mooon" |
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read from other forum one of the reason why they doing so many M & A. in such a short time . think more to come .
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lawcheemeng
Master |
20-Aug-2009 22:27
Yells: "fly me to the mooon" |
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read this all those vested in Abtterra. |
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risktaker
Supreme |
20-Aug-2009 19:42
Yells: "Sometimes you think you know, but in fact you dont" |
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lets hope it will rocket up :) Everyone Huat ah | ||||
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dealer0168
Elite |
20-Aug-2009 19:34
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Agreed with freeme. Needs time to profit for this one. Anyway its FA is good...........no fear lah.
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cheongwee
Elite |
20-Aug-2009 19:26
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can any expert on this counter tell me why..alway high vol, but the px never move??? | ||||
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freeme
Elite |
20-Aug-2009 19:26
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this counter gt too many shares in the market liao.. thats why so hard to move up. up 1ct ppl start to sell down liao.. Im vested also.. but dun see any quick profit to be make here..
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