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China Fishery - Low PE
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Blanchard
Senior |
25-Nov-2013 23:54
Yells: "Winners cry..... Losers smile....." |
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" Looking forward to FY2014, China Fishery will focus on the creation and realisation of synergies and cost savings from the Copeinca acquisition. The Group will also explore the possibility of increasing the value of the catch by promoting Peruvian Anchovy for direct human consumption. This presents a long-term value proposition for the overall growth of the Group?s business." Group Managing Director Mr Ng Joo Siang said. 
About the Peruvian Anchovy for direct human consumption, saw this article dated 13 Nov 13: " Peru could be missing out by selling anchovies as fish meal and not as food" ..... for your reading pleasure. http://www.peruthisweek.com/news-peru-could-be-missing-out-by-selling-anchovies-as-fish-meal-and-not-as-food-101437 |
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JMS213
Senior |
25-Nov-2013 18:16
Yells: "Just living is not enough. One must have sunshine, freedom !" |
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Mr. Tse Man Bun served as Senior Credit Manager of HSBC group. Mr. Tse served as Managing Director of Wayfoong Financial Limited and Wayfoong Credit Limited Area Manager, Retail Banking Senior Executive, Commercial Banking. After his retirement from the HSBC Group, he joined Allied Banking Corporation (HK) Limited as Chief Executive until October 2004. He has over 40 years of working experience in the banking and finance industry. In December 2004, Mr. Tse joined | ||||
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JMS213
Senior |
25-Nov-2013 18:10
Yells: "Just living is not enough. One must have sunshine, freedom !" |
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You maybe right ... more and more news are being released. Ng's family is gearing up for CNY 31 Jan 2014 China Fishery Group Limited : Appointment of Lead Independent Director11/24/2013 | 10:48pm US/Eastern APPOINTMENT OF LEAD INDEPENDENT DIRECTOR The board of directors (the " Board" ) of China Fishery Group Limited (the " Company" ) is pleased to announce that the appointment of Mr Tse Man Bun (" Mr Tse" ), an Independent Non-Executive Director, as the Lead Independent Director of the Company pursuant to a recommendation of the Code of Corporate Governance 2012 has been approved by the Board on 21 November 2013. Mr Tse is also the Chairman of each of the Nominating Committee and the Corporate Social Responsibility Committee, as well as a member of each of the Audit and Risk Management Committee, the Remuneration Committee and the Investment Committee. By Order of the Board Yvonne Choo Company Secretary 25 November 2013 |
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ynnek1267
Master |
25-Nov-2013 17:14
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The only basic is traditional CNY rally, even last year crisis happen to bring price down drastically, during the CNY period, it was still pumped up. Who know, may be traditionally, the Ng family like to buy up in this period to let themselves have some comfort during eating CNY reunion dinner and counting how much their share worth as per market share price. Wahahahahahaahah!!!!!!!!!!
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danytan
Senior |
25-Nov-2013 17:05
Yells: "Up up and away!" |
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needs basis for it to move up, many months hovering in the 3x-40c range.
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ynnek1267
Master |
25-Nov-2013 17:04
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I think this share will move up in mid dec till CNY. as what posted by other forummer, 50cents shall not be a problem since it is so low float. |
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ynnek1267
Master |
25-Nov-2013 17:01
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for this type of share low float share. my max limit is 100 to 200 lots. easy to get in and out. However, how much can i load, subjected to my other stock performance which must hit my TP and majority of them are in US market.
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danytan
Senior |
25-Nov-2013 16:55
Yells: "Up up and away!" |
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how many lots to your fully load?
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ynnek1267
Master |
25-Nov-2013 16:54
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Ai ya, no more chance to load below 40. not fully loaded yet... |
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valuebuyer
Member |
25-Nov-2013 15:29
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This fish just ignore & park one side.
It will reach to $0.50 by 2014 CNY.This counter is safe & small profit type. Nothing much to worry |
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ynnek1267
Master |
25-Nov-2013 15:13
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China Fishery Group?s takeover of Copeinca will bring together two companies seen as worlds apart from each other, industry players told Undercurrent News. On paper, China Fishery?s takeover of Copeinca looks straightforward, and has everything to please investors. Combined, the companies will form one of the world?s biggest fishmeal producers and will have the highest share of Peruvian fishing quotas, trumping current leader Tecnologica de Alimentos Somos (TASA) with 16.9% of quotas in the north. In terms of exports, they would jointly control just under 20% of exports, putting them only narrowly behind TASA?s 22.75% (based on 2012 figures). Copeinca will help China Fishery diversify away from its core business, Russian pollock, which is facing uncertainty due to political threats in Russia, and will make China Fishery?s finances look healthier than they do now, in part by increasing its cash flow. ?The acquisition, if successful, will improve China Fishery?s business profile, especially if it is able to merge it with its existing fishmeal operations in Peru,? Fitch Ratings wrote in April. ?The fishmeal business carries least operational risk among China Fishery?s three major business segments.? In turn China Fishery, at least in theory, will provide Copeinca with further access to its biggest market, China. But behind the scenes, the picture is not as straightforward. China Fishery?s operations in Peru could not be more different than Copeinca?s activities, sources told Undercurrent. ?Everybody here is questioning how this merger will be done,? said a source in the industry in Peru. ?China Fishery and Copeinca have very different policies on everything,? he said. Since it first listed on the Oslo stock exchange in 2007, Copeinca has poured $55 million into its fleet and plants, and invested another $80m from 2010 to 2011, today producing 100% steam-dried fishmeal. These investments have borne fruit, and the company met its target of increasing its operating profit (EBITDA) by more than 40% from 2006 to 2011. In 2012, EBITDA reached $103.8m, net profit $49.6m, and revenues $314.2m. Copeinca is a ?very good company? which has ?100% delivered on their strategy laid out when they listed on the Oslo stock exchange, first consolidating the industry and then growing their EBITDA and improving production and efficiency as projected,? Knut Ivar Bakken, an analyst at DNB Markets, told Undercurrent in March. It?s one of the ?leading companies in the industry?, said another Peru-based source at the time. ?They were one of the first to move towards efficiency after the individual transferable quotas system was introduced.? Copeinca has several international certifications for its factories, including ISO 14001 and certification by the International Fishmeal and Fish Oil Organization (IFFO). In comparison, China Fishery is said to have ?only? HACCP, and is not on IFFO?s list of certified plants. China Fishery?s fleet and six plants are considered older, and less efficient, said sources. The companies are ?like oil and water, [they can] only mix each other under extreme conditions?, said one source. ?If you compare Copeinca?s performance with China Fishery?s, there is an ocean of seas between them? You just have to step in to their plants, and you?ll notice the difference immediately?In terms of equipment, treatment of raw material, etc.? The companies? cultures are also said to be in stark contrast. Copeinca is considered by all sources Undercurrent spoke with to have strong corporate governance, with a focus on transparency and team work. In contrast, China Fishery ? which reported a profit of $14m on revenues of $179m in 2012 ? is a typical ?one man show?, said one well-placed executive, echoing comments heard before by Undercurrent about the company and its parent group, Pacific Andes International Holdings, being very much led by the Ng family. ?When you see Copeinca, you see a team. Their management consists of many executives, all in control of different parts. They?re also very focused on costs,? said one source. In comparison, he said, ?China Fishery doesn?t have a very big commercial team, at least as far as we can see. They are also very focused on China.? This difference is visible from the top line at management level, all the way to workers in the factories, they said. Another industry source recently made a similar comment about China Fishery. Pacific Andes and China Fishery are very dependent on the Ng family for management, so expanding in South America might force the company to hire more outside talent, seen as a positive step, this source had said. ?They probably need to add some strong international management longer term, if they want to solidify the investment portfolio,? he had told Undercurrent. ?If the German plans come off [where Pacific Andes is buying up fish finger plants] as well as Copeinca, they will need to look to get in more management, I would think,? he said. China Fishery is led by Jose Miguel Tirado Melgar since 2006. Tirado?s family owns Andesa, a producer of frozen fish for human consumption, and a shipyard company. His brother is said to be involved in transporting and brokering fishmeal from China Fishery plants, as well as in port logistics. The synergies of the China market are also not necessarily obvious. China is Copeinca?s biggest export destination, with approximately 60% of its sales, and China Fishery has said it would seek to save on costs by carrying out joint marketing efforts and cross-selling fish products across Copeinca?s existing sales and distribution channels. However, Copeinca sells its products very differently to China Fishery, said a source. Around 50% of Copeinca?s sales are sold direct to feed producers, or end users, instead of brokers, he said. Export figures from Peru show that in 2011 and 2012, Copeinca ranked as third out of Peru?s seven largest fishmeal companies in reaping the highest sales prices, with an average of $1,391/metric ton in 2012, placing it behind Austral and Hayduk. China Fishery in comparison ranked fifth in 2011 and sixth last year, with an average of $1,304 ? nearly $100 less than Copeinca. More questions than answers These differences have created anticipation as to how China Fishery plans to merge the two companies. It is unclear, for instance, if current management will be kept in place, or if the company will keep trading on the Oslo stock exchange, with the company giving mixed signals on this. Although on paper, China Fishery bought Copeinca, sources suggested that a more plausible outcome will see Copeinca, the stronger group of the two, absorb selected assets of China Fishery. ?In this process, usually the best parts remain. In this case, it would mean just keeping parts of China Fishery,? said one source. China Fishery has six plants, including two in the south, and around a dozen vessels, while Copeinca has 28 vessels and five plants. Who will remain as management is another question. For instance, one possibility touted is that Ivan Orlic, the Peruvian fishing entrepreneur investor who was the first to sell a stake to China Fishery way back in early March, might be appointed to a role in the new company. Orlic was the first ? and only?large shareholder to sell to China Fishery at the time of its first takeover offer. His deal with China Fishery came as the bid was strong opposed by Copeinca?s board, and is what made China Fishery?s current takeover possible at all. As part of the sale, China Fishery also bought Orlic?s stake in Camposol, a Peruvian agribusiness and shrimp producer controlled by the Dyer Coriat family, which founded and held the majority stake in Copeinca. Rumors also are that other top executives from other companies could be brought in, said one Peruvian source. China Fishery did not respond to a request for comment. Copeinca?s CEO Pablo Trapunsky only issued the following statement: ?We recognize culture differences, but we?re not concerned on the merger of assets itself, we are just concerned about the employees which are the most important asset to ensure the results the company gets.? ?Different companies have different strategies, now we need to give time to see how a new strategy works and if this merge creates value the way the new owners expect,? said Trapunsky. Much more might become known on Sept. 2, when a shareholder meeting is planned that will elect a new board, and the change of control will officially happen. China Fishery might be wary of making any drastic management changes, however, as such events could trigger a bond repayment call. The credit agencies are looking out for three main factors that could trigger a downgrade of Copeinca, a source recently told Undercurrent. They will watch out for the dividend policy, the liquidity/cash flow, and any change in management, he said. Copeinca is the second largest fishing group and fishmeal producer in Peru, with a quota share of 10.7%, 28 vessels and five fishmeal plants (see table further down). In comparison, the largest player, TASA, owns 14.1% of quotas, while China Fishery controls 6.2%. A report seen by Undercurrent showed TASA accounted for more than a fifth (22.5%) of Peru?s fishing exports in 2012, with exports of $521.7m. Copeinca had exports of $292m, or 12.7%, while China Fishery ranked seventh, with $169m in exports, or 7.13%. Four other companies had exports of $160m-$205m, accounting for 7% to 9% of exports. These were, in order of size, Pesquera Diamante, Austral Group (part of Austevoll Seafood), Pesquera Exalmar and Pesquera Hayduk. Another dozen and more companies then had exports of less than $50m. |
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ynnek1267
Master |
25-Nov-2013 15:12
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http://www.undercurrentnews.com/2013/08/22/copeinca-china-fishery-a-merger-of-contrasts/ Although it is old new, may be somebody posted but just post again for sharing. |
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ynnek1267
Master |
25-Nov-2013 13:50
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With 2.8 times more plus quota from new acquisition. Peru archory revenue will over take Russia pollock to become no.1 revenue contributor among 3 resources. | ||||
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ynnek1267
Master |
25-Nov-2013 13:44
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Next quarter is to reflect the result after the acquisition especially Peru increase 2.8 times of archory fishing quota after cutting down tremendously in last year | ||||
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ynnek1267
Master |
25-Nov-2013 13:42
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http://www.undercurrentnews.com/2013/07/26/russian-sea-catching-eyes-last-of-pacific-andes-linked-companies/
Trying to find the latest new for Russia pollock which account 60% revenue of china fish. Anybody got latest new? This quarter is the quarter to reflect performance after the deal. |
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srichipan
Master |
25-Nov-2013 13:34
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yup. a sign of someone accumulating this counter.
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ynnek1267
Master |
25-Nov-2013 13:33
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Those 1 lot trading is preset for keeping price 1 bit lower, mentally destroy weak holder confidence.
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srichipan
Master |
25-Nov-2013 13:28
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Yup. At least better than nothing. I see alot of 1 lot sell down | ||||
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JMS213
Senior |
25-Nov-2013 13:17
Yells: "Just living is not enough. One must have sunshine, freedom !" |
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Blanchard, ..... haha wonderful got extra bonus for shopping .... and more to come. Merry Christmas !!! The board of directors recommended payment of a first and final dividend of 1.0 Singapore cent per share for FY2013 (FY2012:1.9 Singapore cents) after taking into account of the one to one rights issue during the year.
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ynnek1267
Master |
25-Nov-2013 12:34
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and traditional CNY period bounce up for this stock. 2 year ago start in Mid dec till Mid Feb. 1 year ago start in early Jan till end Jan. This year, CNY fall in 3rd week Jan, so may start early. |
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