Mainboard-listed industrial fishing company China Fishery Group says net profit rose 7.9% y-o-y to US$19.7 million ($25 million) for the first quarter of the financial year ending 28 September 2011 (1QFY2011).
Group revenue rose 13.4% to US$115.1 million from US$101.4 million in the same period last year.
Deutsche Bank in an Oct 6 research report says: “China Fishery Group (CFG) looks poised to capitalize on increasing consumption of fish and rising fish prices.
Mainboard-listed industrial fishing company China Fishery Group (SGX: B0Z.SI) today reported its results for the third quarter (3QFY2010) and nine months (9MFY2010) for the financial year ending 28 September 2010.
In 3QFY2010, group revenue increased by 48.3% to US$159.4 million from $107.4 million in 3QFY2009. Net profit rose 42% to US$35.6 million from US$25.1 million in the corresponding year earlier period.
DMG Research cuts China Fishery Group (B0Z.SG) to Neutral from Buy, lowers target price to $1.98 from $2.10 on expectations of South Pacific catch underperformance, according to Dow Jones.
DMG cuts FY2010 and FY2011 haul expectations by 53% and 13%, respectively due to delay to start of fishing season and “difficulty in new area of operations (including Peru), further worsened by El Nino.”
CIMB has upgraded China Fishery Group (B0Z.SG) to Neutral from Underperform, raising target price to $1.70 from $1.60, pegged at 9.4x FY11 P/E, based on 10% premium to historical average 8.5x P/E vs 10% discount previously, says Dow Jones.
Changes reflect entry of Carlyle Group as substantial shareholder following placement of new shares, warrants to private equity giant, which would give it as much as 13.6% stake in fishing group.
CIMB has downgraded China Fishery Group (B0Z.SG) to Underperform from Neutral, citing dilution risks from potential fund-raising, prospect of more acquisitions of expensive fishmeal operations, view that fishmeal prices have peaked, according to Dow Jones.
China Fishery Group says it has bought Pesquera Alejandria S.A.C. for US$95 million ($109 million).
Alejandria owns a steam-dried fishmeal processing plant in Peru with a processing capacity of 40 metric tonnes of raw fish per hour, together with 0.97% quota share in the North of Peru and 3.04% quota share in the South of Peru.
CIMB has downgraded China Fishery Group (B0Z.SG) to Neutral from Outperform as broker thinks most of good news has been priced in and 2Q10 net profit increase of 7.3% on year at US$46.9 million in line with broker’s expectations, according to Dow Jones.
China Fishery Group says its application for a secondary listing on the Oslo exchange has been approved.
The industrial fishing group which is a subsidiary of Pacific Andes Resources Development will have until May 19 to list its shares on the Oslo exchange.
Oslo bourse states that among other conditions, China Fishery must admit at least 25% of its shares admitted for listing must be held by the general public.
China Fishery must also have at least 200 holders of shares and each shareholder must hold shares worth at least NOK 10,000 ($2,308).
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Industrial fishing company China Fishery Group said group revenue declined marginally by 3.2% from US$104.8 million ($148 million) to US$101.4 million for the first quarter of the financial year ending 28 September 2010 (1QFY2010).
The group’s trawling operations achieved an increase of 18.2% in revenue from US$74.6 million to US$88.2 million due mainly to increased catch from un-utilised fishing quota from previous quarters.
Industrial fishing company China Fishery Group revenue rose 7.9% to US$383.4 million ($530 million) over a 9-month period from Jan 1 to Sept 28, after the change of financial year-end from Dec 31 to Sept 28.
Net profit rose 0.1% to US$78.1 million from US$78 million.
