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.
Standard Chartered Research in a Dec 7 research report says: “CFG intends to undertake a global offering of up to 200m new ordinary shares and plans to seek a dual primary listing on HKEX. Based on today’s closing price, we estimate the group could potentially raise up to $450 million. This presents a potential EPS dilution of up to 20%.
Singapore shares may trade in a tight range on Monday as investors lack strong trading incentives ahead of holidays and following a tepid performance at Wall Street. Singapore’s benchmark Straits Times Index <.FTSTI> was up 0.17% on Friday to 3,153.01 points. Here are some stocks and factors to watch, according to Thomson Reuters and Bloomberg:
Singapore stock broker Kim Eng (KEHS.SI) may be in focus after it has been approached by “potential interested parties” for a stake purchase in the firm, it told the bourse after its shares soared on Friday.
CIMB in a Nov 26 research report says: “4Q10 net profit of US$15.7 million (+69% y-o-y) was below our expectations, forming 12% of our FY2010 estimate and consensus. FY2010 net profit of US$116.5 million (+24% y-o-y) represents 87% of our FY2010 estimate and consensus.
Standard Chartered lifts China Fishery (B0Z.SG) target price to $2.61 from $1.90, based on 12x FY11 P/E vs 11x previously, after rolling forward valuation, increasing FY11 EPS estimate by 36%.
DBS Vickers downgrades China Fishery Group (B0Z.SG) to Fully Valued from Hold, cuts target to $1.83 from $2.12; says FY10 results below expectations, largely due to weak contribution from South Pacific trawling operations, which made net loss of US$14 million ($18.4 million), results also affected by higher than-expected one-off expenses of US$5 million.
House cuts FY11, FY12 earnings estimates by 16%, 11%, now assumes harvest volume of around 140,000, 162,000 mt in FY11-12, down from 202,000 mt previously. Lower target based on 10x FY11F EPS (from blended FY10/11F previously), in line with global peers.
“With shares trading at 11.8x FY11F P/E, top end of peers’ range, we prefer to see more tangible results from South Pacific before we turn more positive on the counter.”
Shares +0.5% at $2.19.
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Singapore shares may open a tad higher on Friday as global markets edged up, but trading is likely to be quiet as US markets were closed overnight for the Thanksgiving holiday. Singapore’s benchmark Straits Times Index <.FTSTI> rose 0.71% on Thursday to 3,159.23 points.
Here are some stocks and factors to watch, say Bloomberg and Thomson Reuters:
Shares of Sabana REIT (SABA.SI), which owns industrial properties, makes its Singapore market debut after raising about $491 million in an initial public offering that was 2.5 times subscribed.
“China continues to play a very important role but we do see Africa as up and coming,” Ng Joo Siang told Reuters in an interview.
Singapore shares are likely to rise on Friday, after concerns about Ireland’s debt problems eased and triggered a rally in Wall Street shares overnight.
Singapore’s benchmark Straits Times Index <.FTSTI> rose 0.10% on Thursday to 3,215.22 points. Here are some stocks and factors to watch, say Thomson Reuters and Bloomberg:
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.
Singapore shares are likely to open down on Thursday after US stocks ended mostly lower, weighed by a poor reading on private-sector employment and speculation about further quantitative easing from the Federal Reserve.
Here are some stocks to watch says Bloomberg and Thomson Reuters:
Overseas Union Enterprise (OUE SP): The Singapore-based hotel operator said Golden Concord Asia is offering to sell 120.5 million shares of Overseas Union Enterprise, a Singapore-based hotel operator and developer, at $2.80 a share in a placement. Golden Concord is an investment unit of Indonesia’s Lippo Group, the company’s controlling shareholder. Overseas Union Enterprise rose 2% to $3.05.
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.
Patrick Thomas Siewert has been appointed non-ED wef July 28
Work experience: Senior director, The Carlyle Group; president/COO, Asia Group, The Coca-Cola Company
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.”
