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Thought it will shoot up in the last run back to 80cts riding on juicy news. Gee!!! It cannot break 0.765 resistance and n slide back. Disappointing...
CIMB has a target of $1.29. Superrrrrrrrrrrrr Cheapppppppppppp?????
2Q07 net profit of HK$58.2m (up 25% yoy) was 8% below our expectations.
Cumulatively, net profits formed 37% of ours and consensus FY07 estimates.
Revenues rose 21% yoy to HK$751.9m, which was lower than expected. The low
season usually stretches from 1Q-3Q, with 4Q usually forming over 50% of sales.
Nonetheless, growth was sufficiently healthy and driven by fish harvesting and
trading. Gross margins also maintained yoy at a very healthy 23%.
Cumulatively, net profits formed 37% of ours and consensus FY07 estimates.
Revenues rose 21% yoy to HK$751.9m, which was lower than expected. The low
season usually stretches from 1Q-3Q, with 4Q usually forming over 50% of sales.
Nonetheless, growth was sufficiently healthy and driven by fish harvesting and
trading. Gross margins also maintained yoy at a very healthy 23%.
? Fish trading operations post decent growth. Fish trading operations alone
recorded a 16% yoy increase in net profits to HK$30.5m. This came on the back of
continued strong growth in Chinese demand for frozen fish meat. We expect China
to maintain a growth trend for frozen fish consumption due to increasing health
awareness as well as urbanised eating habits.
recorded a 16% yoy increase in net profits to HK$30.5m. This came on the back of
continued strong growth in Chinese demand for frozen fish meat. We expect China
to maintain a growth trend for frozen fish consumption due to increasing health
awareness as well as urbanised eating habits.
? Fishing operations showing stronger growth. CFG?s revenues increased 63%
yoy to US$39.3m while net profits surged 62% yoy to US$11.3m. This came on
the back of the new vessel operating agreement CFG signed with Alatir in Feb 06
that doubled fishing capacity in the Pacific Ocean. In addition, strong selling prices
of its products also contributed to the rise in revenues. CFG?s contribution to
PAH?s net profits grew 37% yoy to HK$27.7m. The completion of the Alexandra
acquisition in Peru in Oct 06 will also provide further growth as fishmeal sales
begin to contribute.
yoy to US$39.3m while net profits surged 62% yoy to US$11.3m. This came on
the back of the new vessel operating agreement CFG signed with Alatir in Feb 06
that doubled fishing capacity in the Pacific Ocean. In addition, strong selling prices
of its products also contributed to the rise in revenues. CFG?s contribution to
PAH?s net profits grew 37% yoy to HK$27.7m. The completion of the Alexandra
acquisition in Peru in Oct 06 will also provide further growth as fishmeal sales
begin to contribute.
? Positive working capital due to a large reduction in receivables. Receivable
days declined to 46 days as at 30 Sep 06, from 64 days at end 1Q07. This should
allay concerns post 1Q07, which saw a spill over of fishing activity due to the late
maturation of roe in 4Q06 that led to higher receivables.
days declined to 46 days as at 30 Sep 06, from 64 days at end 1Q07. This should
allay concerns post 1Q07, which saw a spill over of fishing activity due to the late
maturation of roe in 4Q06 that led to higher receivables.
? Sum-of-parts TP reduced to S$1.29 from S$1.38, factoring a lower market value
of CFG. We lower FY07 estimates by 5% to account for the lower than expected
revenues. Nonetheless, PAH remains extremely cheap with trading operations
valued at a mere 2.5x FY07 P/E against an FY06-09 EPS CAGR of 27%.
Catalysts for now will be strong results. A 1.3 Sct dividend was declared, putting
PAH on course for a healthy yield of about 5%. Maintain Outperform.
of CFG. We lower FY07 estimates by 5% to account for the lower than expected
revenues. Nonetheless, PAH remains extremely cheap with trading operations
valued at a mere 2.5x FY07 P/E against an FY06-09 EPS CAGR of 27%.
Catalysts for now will be strong results. A 1.3 Sct dividend was declared, putting
PAH on course for a healthy yield of about 5%. Maintain Outperform.