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China Fishery - Low PE
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mrwise
Senior |
23-Aug-2013 06:36
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Looking for a good 50% potential return.....Accumulate while this is still low... Expect the price to move very soon.... |
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newbie888
Member |
23-Aug-2013 01:00
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thank you for the inside info!!! cheers to all!!!
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Polarbear55
Member |
22-Aug-2013 17:43
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Case closed...Time for the stock price to perform from this point on! 😃 | ||
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guoyanyunyan
Elite |
22-Aug-2013 16:25
Yells: "uncertainty always exist" |
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...thank you for the update...
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starlene
Elite |
22-Aug-2013 16:21
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Attended the EGM today..ED Mr Ng claim in 2009 they wanted to buy Copeinca..then the owners quoted US 18....today USD 11.67 latest offer as Copeinca has many assets and fishing fleet in Peru..USD 787 the total purchase price compared to ChinaFish about US400mil too big to swallow,but for long term will be good growth -he gave about 2 years before the full benefits of merging with Copeinca can be achieved. The USD 250mil bond coupon 9% will not be automatically triggered redemption according to their CFO,besides Copeinca still has substantial cash and very low debt.Mr Mano was there too to grill them Vote to acquire Copeinca for a significant stake in it was pass thru.. |
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newbie888
Member |
22-Aug-2013 00:35
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the deadline for the acquisition is approaching...wonder how would the outcome be...seems like there is no report of it at all.... | ||
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Polarbear55
Member |
21-Aug-2013 19:33
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Today almost become fried fish! :p | ||
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stockpicker
Member |
21-Aug-2013 18:43
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What they referring to is that the EBITDA has improved some 9%. EBITA is one that many companies used to dress up the earnings. But don't forget EBITDA is before interest, tax etc. So it stands very pretty when the finance cost is taken away.. but CF's finance cost increased 114% as compared to last quarter. It is quite misleading to quote EBITDA in this case.
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serialain
Member |
20-Aug-2013 09:17
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I certainly hope it becomes flying fish! | ||
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Polarbear55
Member |
19-Aug-2013 23:55
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Waiting patiently.
A breakout above $0.395 and it will be Flying Fish!! |
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starlene
Elite |
19-Aug-2013 23:21
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First qtr loss but at least 2nd qtr still has profit Copenica
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serialain
Member |
19-Aug-2013 17:39
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wah copeinca had a drop in q2 profit, but I guess this was not unexpected. This stock is really not for the faint hearted | ||
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Blanchard
Senior |
14-Aug-2013 00:37
Yells: "Winners cry..... Losers smile....." |
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Interesting news..... Baltimore researchers turn carnivorous fish into vegetarians..... http://www.washingtonpost.com/national/health-science/baltimore-researchers-turn-carnivorous-fish-into-vegetarians/2013/08/11/46fc967e-0130-11e3-9711-3708310f6f4d_story.html < for your reading pleasure> |
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newbie888
Member |
12-Aug-2013 23:47
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hopeful that once the fishing quota is back to normal, their debt burden wld be lessen, since these periods the govt seems to be suppressing the allowable catch of the fishes. | ||
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stockpicker
Member |
12-Aug-2013 20:15
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Here is one article about CF needs to pay bondholders for acquiring Copeinca as it was being downgraded. CF will need to find this money somewhere.. " China Fishery Group may find itself having to pay $275 million upfront to Copeinca bondholders as a result of its acquisition of the Peruvian fishmeal producer. Under the terms of a $250m bond that Copeinca currently holds, a call option to repay the bond at a value of 101% is triggered in the event Copeinca changes ownership, while also being downgraded by one of its credit ratings agencies. The amount must be repaid within 30 days of these events happening, says Copeinca?s bond offer document. The first condition will be met very soon, as China Fishery is about to finalize its acquisition of Copeinca anytime now. Meanwhile, there is also a strong chance that the second condition will be triggered soon, said a source close to Copeinca. This source pointed out that Copeinca?s second quarter is expected to be fairly poor, due to low catches and a late season that delayed sales beyond the end of June. This in itself increases the risk of a downgrade. Another key factor, he said, will be what China Fishery decides to do on the management front. ?The credit agencies are watching very closely what is happening with Copeinca?s management. If they see changes there, this could definitely trigger a downgrade.? Earlier this week, China Fishery said it might delist Copeinca, a day after saying its intention was to keep it trading on the Oslo stock exchange. A trigger of the repayment could be tricky for China Fishery, which has had to increase its leverage drastically to carry out the acquisition of Copeinca. The company?s main funding sources for the acquisition include $281m cash raised from a rights issue, and a one-year bridging loan facility of up to $402m from DBS and Rabobank. In one of its numerous acquisition documents, China Fishery says it was confident it could secure the financing needed to pay or refinance the bond thanks to its ?good relationship? with its principal bankers, although it later says there is no assurance this can be obtained ?on satisfactory terms?. Bondholders, meanwhile, may decide not to sell at 101. The bond is currently trading at 103, said one US-based Copeinca bondholder, asking not to be quoted by name. This bondholder said they are in the process of considering their options, including the option to sell their bond now, depending on bids. From bondholders? perspective, the main risk with the acquisition lies in China Fishery?s higher leverage, and lower credit rating. China Fishery may issue debt through Copeinca, which has better ratings, thereby diluting the value of the Copeinca bond. This was reflected with the drop in the bond when news came out of China Fishery?s bid in March. The bond then later rose in value again, on news of Cermaq?s bid."
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serialain
Member |
12-Aug-2013 14:13
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There are a couple of new articles on Copeinca bonds dropping its rating after the acquisition no Undercurrent news. But this stock is so quiet looks like minimal impact anyway. Can someone post the article here? I ran out of free articles haha thanks! | ||
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stockpicker
Member |
08-Aug-2013 12:03
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In term of market capacity, CF after adding in Copeinca is not bigger than Cermaq, not to mention Marine Harvest which is 3 X larger than Cermaq. Both Cermaq and Marine Harvest are heavily invested in Fish food as well.
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Blanchard
Senior |
08-Aug-2013 10:23
Yells: "Winners cry..... Losers smile....." |
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A good idea for China Fish to explore..... to improve the company's brand image..... as China Fish is transforming into a bigger global player. This morning announcement in SGX about a possible delisting of Copeinca: The final results show that the Offeror has received acceptances of the New Offer for a total of 57,476,970 Copeinca Shares. Further, the Offeror has settled the acquisition of 6,295,100 Copeinca Shares from Veramar under the Call Option Agreement. Together with the 5,773,000 Copeinca Shares previously acquired by the Offeror, the Offeror controls 69,545,070 Copeinca Shares, representing approximately 99.07% of the shares and votes in Copeinca. As previously disclosed, this means that the condition for completion of the New Offer set out in section 3.3 (a) (acceptance level) of the New Offer Document has been met.
The terms and remaining conditions (being the conditions of the New Offer other than those previously reported to have been met or waived) of the New Offer are set out in the New Offer Document. In accordance with section 3.3 (Conditions for completion of the New Offer) of the New Offer Document, the Offeror will issue a notification through the Oslo Bors as soon as each of the remaining conditions for completion of the New Offer has been met, waived or failed to be met.
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tchoonw
Veteran |
08-Aug-2013 05:57
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China fish should change it's name to global fish...then it will move! | ||
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Blanchard
Senior |
08-Aug-2013 01:53
Yells: "Winners cry..... Losers smile....." |
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Hi newbie888, perhaps the highlight could be more specific:
IMPROVED EBITDA + EBITDA MARGIN IN 3QFY2013 RESULTS ..... I suppose the results are within the market expectations.....
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