The sale is delayed because trading in the so-called Dim Sum market is volatile and recent offerings by Chinese property companies pushed yields “quite high,” Katie Tsui, an investor relations manager at the company, said in a telephone interview from Hong Kong.
The senior unsecured notes may be priced to yield between about 5.5% and 5.75%, the person said, asking not to be identified because the information is private.
DBS Vickers upgrades Pacific Andes Resources (P11.SG) to Buy from Hold and raises its target price to $0.48 from $0.37 on news its subsidiary China Fishery (B0Z.SG) is seeking a dual-listing in Hong Kong by offering up to 200 million new shares.
“With the potential funds raised of (about) U$350 million, we believe CFG could be aggressively looking for acquisition of more quotas/fishing companies.”
CIMB in a Dec 9 research report says: “PAH is acquiring a 19.76% stake in ASX-listed Tassal for A$51.7 million (around $67 million). We are positive as we believe there could be earnings accretion in the near future, and Tassal could provide the platform for PAH to expand into the global farmed salmon business.
Shares of Pacific Andes Resources Development <PACF.SI>, a Singapore-listed frozen fish supplier, rose as much as 2.9% on Thursday after it bought a 19.76% stake in Australian salmon farmer Tassal Group <TGR.AX> for A$51.7 million ($66.9 million).
At 11:31 a.m., Pacific Andes shares were up 1.5% at $0.345 on a volume of 3.9 million shares.
Singapore shares may open a tad higher on Thursday after Wall Street edged up overnight as gains in financial and technology stocks offset declines caused by a recent surge in bond yields. Singapore’s Straits Times Index increased 0.3% to 3,202.80.
The following companies may have unusual price changes in Singapore trading today, say Thomson Reuters and Bloomberg. Stock symbols are in parentheses, and share prices are from the previous close.
Mainboard-listed Pacific Andes Resources Development (PARD), one of the leading global frozen fish suppliers with an integrated supply chain spanning industrial fishing, global sourcing and ocean transportation, says the group has signed a sale and purchase agreement today to acquire 19.76% of ASX-listed Tassal, a vertically integrated salmon grower, processor, seller and marketer, for A$51.7 million ($67 million).
Standard Chartered starts Pacific Andes Resources Development (P11.SG) at Outperform with $0.47 sum-of-parts target price.
Expects steady recurrent earnings from supply chain management business, with unit China Fishery’s (B0Z.SG) strong growth momentum, margins underpinning group prospects.
DBS Vickers Securities in a Nov 26 research report says: “FY2010 earnings were below our expectations. Net profit grew by 6% y-o-y to HK$773 million on the back of HK$7.4 billion topline (-2%). The below-expectations results came from a lower-than-expected contribution from its subsidiary China Fishery Group (CFG), in turn arising from negative contribution from its South Pacific operations.
CIMB raises Pacific Andes Resources Development (P11.SG) target to $0.50 from $0.36, maintains Outperform call.
CIMB says 4Q10 core net profit of HK$110 million ($18.6 million) (down 8% on-year) was below expectations, forming 14% of FY10 estimate, FY10 core net profit of HK$771 million (+8% on-year) made up 96% of FY10 estimate.
Mainboard-listed Pacific Andes Resources Development, the global frozen fish supplier with an integrated supply chain spanning industrial fishing, global sourcing and ocean transportation, says net profit attributable to equity holders grew 5.5% to HK$773.1 million ($130.5 million) for the full year ended 28 September 2010 (FY2010).
Chew Hai Chwee has been appointed independent director/audit committee member wef Nov 22
Work experience: Owner/managing partner, Surecanlah (consultancy and investment firm); independent director, Stratech Systems Ltd
Pacific Andes Resources Development (P11.SG) +3.1% to $0.335, says Dow Jones.
"PARD is undervalued. The market is ignoring its other business," says OCBC Investment Research, which has Buy call with $0.40.
OCBC says while company’s fishing, fishmeal, fish-oil operation more lucrative than its supply chain management business, yielding 38.3% EBITDA margin in June quarter vs latter’s 8.2% margin, "we feel this huge discount is not warranted" as supply chain business is stable.
Mainboard-listed Pacific Andes Resources Development (SGX: P11.SI), global integrated frozen fish supplier, today reported its results for the third quarter (3QFY2010) and nine months (9MFY2010) for the financial year ending 28 September 2010.
Pacific Andes Resources Development says it posted revenue growth of 5.5% in 9MFY2010 to HK$6,228.8 million ($1.09 billion) from HK$5,905.8 million in the same period last year.
CIMB in a July 1 research report says: “Despite a smaller-than-feared placement of new shares by China Fishery (CFG) and potential value-add from a new strategic shareholder, Carlyle, a lack of immediate productive use of CFG’s placement proceeds would dilute PAH’s earnings, in our view.
CIMB has downgraded Pacific Andes Resources Development (P11.SG) to Neutral from Outperform, cutting its target price to $0.32 from $0.41 after lowering FY10–12 EPS estimates by 8–9%, says Dow Jones.
Changes factor in smaller stake of 57.6% in China Fishery (B0Z.SG) vs 65% following unit’s placement of shares, warrants to Carlyle Group to raise up to US$190 million ($266 million).
Pacific Andes Resources Development (PARD), the global frozen fish supplier with a supply chain spanning industrial fishing, global sourcing and ocean transportation, today reported its second quarter (2QFY2010) and half year results (1HFY2010) for the financial year ending 28 September 2010.
1987: Light from the brightest supernova of the 20th century reaches Earth from 168,000 light-years away.
At the University of Toronto’s observatory in the foothills of the Andes mountains, 30-year-old astronomer Ian Shelton was looking at photographic plates in the wee hours of Feb. 24, while listening to Pink Floyd’s The Wall. The plates covered an [...]
Pacific Andes Resources Development, the global frozen fish supplier, says it recorded stable revenue of HK$1,564.0 million ($285 million) for the first quarter of the financial year ending 28 September 2010 (1QFY2010) compared to HK$1,562.1 million in the same period last year.
Revenue from the frozen fish supply chain management division, which accounted for 49.4% of turnover, rose 3.1% to HK$772.9 million from HK$750.0 million due to an increase in sales volume.
