China Fishery Group

[Nick]

China Fishery acquires a fishmeal plant and further increases fishing quota in Peru

http://info.sgx.com/webcoranncatth.nsf/V...20025BCF6/$file/PressRelease-Acqn-081111.pdf?openelement [Press Release]

CFG is currently trading at S$1.00 per share. It generated 9M 2011 EPS of 10 US cents and its net gearing stands at 58.6%.

(Not Vested)

[Nick]

CFG just broke the 90 cents barrier and is trading at 89.0 cents. The fall in share price in 2011 was pretty impressive and scary (if u are a shareholder). The key qns - will this make it harder to raise cash through equity and hence slow down their expansion ? Personally, it would seem that ironically, if the Management slowed the pace of growth and use its FCF to pay a decent dividend and repay debt, the market may value it higher. Nonetheless, it does seem pretty attractive at current prices...

(Not Vested)

[Musicwhiz]

CFG just broke the 90 cents barrier and is trading at 89.0 cents. The fall in share price in 2011 was pretty impressive and scary (if u are a shareholder). The key qns - will this make it harder to raise cash through equity and hence slow down their expansion ? Personally, it would seem that ironically, if the Management slowed the pace of growth and use its FCF to pay a decent dividend and repay debt, the market may value it higher. Nonetheless, it does seem pretty attractive at current prices...

(Not Vested)

Possibly the high debts are a turnoff for investors during such uncertain times?

(Not Vested)

[Nick]

I am quite curious to see the impact of its financial expense in the coming quarter since it had successfully repurchased the 9% Senior Notes (with bank loans ?). There should be some savings in interest expense. Not sure why they pay a dividend. They are using their FCF to fund their expansion so where does the cash for dividend come from ?

[Nick]

CHINA FISHERY CONTINUES TO ACHIEVE PROFITABILITY AND REVENUE GROWTH IN FY2011

- Strong revenue growth driven by higher contribution from Peru operations and South Pacific fleet
- Factory vessel concept continues to be a proven success, delivering eight times higher contribution in FY2011
- Group poised to benefit from higher quota share and enhanced quota utilisation in Peru
- Significant future finance cost savings due to successful refinancing of Senior Notes

http://info.sgx.com/webcoranncatth.nsf/V...5000BC28A/$file/CF-FY2011-PressRelease.pdf?openelement [Press Release]

http://info.sgx.com/webcoranncatth.nsf/V...5000B4D3E/$file/CF-FY2011-Results.pdf?openelement [SGX Announcement]

A steady set of results with FY 2012 growth likely to be driven by higher quota share and interest expense savings. As expected, the bulk of the FCF was used for expansion of its business. I have not looked into the company at great detail so I won't comment much.

Share price closed at 85 cents translating to a yield of 5.3% and PER (excluding extraordinary items) of 5.5.

(Not Vested)

[Musicwhiz]

Business Times - 12 Jan 2012

China Fishery drops plan for HK dual listing

It cites continuing adverse market conditions as reason for its decision

By LYNETTE KHOO

CHINA Fishery Group has dropped its plan for a dual primary listing in Hong Kong, citing continuing adverse market conditions.

The proposed flotation - first announced in December 2010 - was delayed several times before the group finally called it quits for now.

The Singapore Exchange mainboard-listed industrial fishing group said yesterday its decision not to proceed with the dual listing plan 'in the immediate term' came after a further review of its proposal.

Several companies, including Combine Will, Sunmart Holdings, Fuxing and Ezra Holdings, have also deferred their plans to undertake a dual listing due to persisting market volatility.

China Fishery's proposed dual listing was to have been accompanied by a global offering of new shares.

Its original plan was to issue up to 175 million new shares, subject to adjustment and an over-allotment option of up to 25 million new shares.

It had hoped that the dual listing would provide an additional channel to raise capital, diversify its investor base and improve the liquidity of its shares.

The group, which derives more than half its revenue from China, reported an 11 per cent drop in net profit for the year ended Sept 28, 2011, to US$103.7 million, despite a 27 per cent jump in revenue to US$685.5 million.

Its bottom line was dented by one-time charges related to the early redemption of its US$225 million senior notes.

[Nick]

CHINA FISHERY ACHIEVES 20.8% GROWTH IN NET PROFIT FOR 1QFY2012

http://info.sgx.com/webcoranncatth.nsf/V...F002A5791/$file/CF-1Q2012-PressRelease.pdf?openelement [Press Release]

http://info.sgx.com/webcoranncatth.nsf/V...F002A5791/$file/CF-1Q2012-PressRelease.pdf?openelement [SGX Announcement]

Traditionally, this is one of the weaker quarters for CFG with gross profit taking a hit. But the interest savings from the recent repurchase of the 9% Senior Notes have boosted its net profit tremendously. The Market has recognized CFG growth profile judging by the 40% surge in its share price over the past 3 months. CFG net gearing stands at 59.5% with PER of 10 and dividend yield of 3.8%.

(Not Vested)

[d.o.g.]

Something for shareholders of China Fishery (and Pacific Andes) to think about:

Overfishing is reducing the oceans' stocks. Nobody knows when the stocks will finally run out. At least with crops you get a hint during the growing season about what the harvest will look like. Not so with wild fish - fish too hard and one year you will catch the fish before they have had a chance to reproduce, and you'll only know next year when your ships have no catch.

All the studies done to date point to massive declines in commercial fish stocks. For the fishing companies and their shareholders, it is a race against time. But the more participants there are in the race, the faster the race will end - with everyone a loser.

http://www.nytimes.com/2012/01/25/scienc...lapse.html

[Mr Nobody]

Our ( investment ) time span is too short to worry about fish going extinct. The next generation may prefer cash, so we need to liquidate long before there is no more fish in the water.

[weijian]

Something for shareholders of China Fishery (and Pacific Andes) to think about:

Overfishing is reducing the oceans' stocks. Nobody knows when the stocks will finally run out. At least with crops you get a hint during the growing season about what the harvest will look like. Not so with wild fish - fish too hard and one year you will catch the fish before they have had a chance to reproduce, and you'll only know next year when your ships have no catch.

All the studies done to date point to massive declines in commercial fish stocks. For the fishing companies and their shareholders, it is a race against time. But the more participants there are in the race, the faster the race will end - with everyone a loser.

http://www.nytimes.com/2012/01/25/scienc...lapse.html

The ocean supports our very existence and sustainance. - ALL of us (living beings) are losers.

http://www.youtube.com/watchv=43DuLcBFxo...r_embedded