SIAFs rapport för det tredje kvartalet är nu ute.
Min spontana kommentar är att vinsten är ju betydligt bättre än i Q2 så med tanke på omständigheterna så verkar det ju bra. Men det är läggdags nu så jag hinner inte kolla mer än så.
Från pressreleasen:
CEO Commentary
Mr. Solomon Lee, CEO of Sino Agro Food, commented, “Our year over year results continued to reflect the impact of increased competition from imported beef on the local beef raising industry, as well as the marked decrease in aquaculture sales that are no longer conducted by the Company, but rather by its investee, Tri-way Industries. However, we are pleased to see a leveling off in the revenue decline, with total sales of USD 48.4 million in Q3 2017, (versus USD 47.7 million in Q2 2017) and gross profit of USD 6.5 million in Q3 2017, consistent with Q2 2017.
“Even though an immediate solution for SJAP is not expected, we are hopeful that one materializes in the near future since SJAP’s business is directly associated with the livelihood of thousands of farmers. It is a major concern and responsibility of the Government to secure an ultimate and practical solution for the farmers, with SJAP available to assist when it can do so profitably.
“Under current circumstances, we believe our most significant growth opportunities will come from:
- Tri-Way, which is focused on ramping up its seafood production for domestic sales, and on utilizing its marketing network and global connections to increase sales on imported frozen seafood into China. As such, we are confident that the pace of revenue growth will rapidly accelerate once Tri-way secures adequate debt financing. The process to secure this funding has made significant progress, the details of which will be made public once the funding is secured and its closing in place.
- Import sales of high grade quality meats (i.e., Wagyu beef with higher overall margins) will continue to improve, achieving better performance as we secure additional high quality products from new reputable suppliers and from loyal, consistent customers.
“Adjusting to the current spectrum of external agricultural market conditions, we are pleased to have achieved USD 0.15 earnings per share during the third quarter, a meaningful improvement compared with USD 0.03 in Q2 2017. This result is a testimony to our agility to execute even under unfavorable conditions, establishing a positive baseline for improved results, when external conditions return to more ‘normal’ levels.
“We continue to believe that there is a major opportunity to capitalize on the growth of China’s economy as the disposable income of China’s middle class continues to rise, leading to an increasing demand for premium seafood. We will continue to tailor our strategy to leverage this growth, mindful of the shorter term macro trends affecting agriculture in China, while Tri-way continues its efforts to secure financing to accelerate production expansion.
“During the quarter we also continued several initiatives aimed at improving financial discipline across the business to support a sustainable and cost-efficient business model, such as concentrating on increasing free cash flow at Tri-way by optimizing operations at each aquafarm in terms of product mix and APRAS performance, and retrofitting HSA’s second production plant’s fertilizer processor to allow for better cost savings in raw material.
“I would like to again thank our loyal shareholders as we implement these steps and work through this transition period toward building long-term value at the Company, while at the same time, continuing with positive momentum on our carve-out and spinoff strategies.”
Etiketter: Sino Agro Food
På tre kvartal har vi en vinst på 54 cent:)
Visst skulle det vara trevligt med lite bättre kassaflöden, mer avbetalningar av vissa lån men vad snackar vi för värdering av bolaget? Idag är det rena konkursvärderingen! Är det någon som varit på plats? Lägger bolaget upp fina bilder på deras lokaler, så tar det inte lång tid innan någon skriver (på Ihub) att bilderna inte visar någon verksamhet…och att siffrorna bolaget presenterar är helt orimligt höga. Allt känns bara så märkligt – sånt ointresse av aktien.
Jepp, finns risk att vi får ta en smäll med avskrivningar av värden i SJAP/QZH när dem “tillfälligt” stänger ned QZH (abbattoiren) i väntan på bättre tider. Dock kan dem kanske kvitta det med att värdet på Tri-way stiger så det behöver inte bli nån stor chock av det hela nödvändigtvis. Hur som helst trist att abbattoiren får stänga på grund av nya miljökrav som skulle kosta capex att infria.
Visst är det med jämna mellanrum folk som undrar om bolagets verksamhet är riktig, men det har motbevisats så många gånger nu att jag inte bryr mig längre.
Så om man lagt mer styckningen så är det bara mat man säljer nu? Köper man inte tillbaka kon som innan?
Jag förstod det som att man tidigare sålde mat, lär kon växa till en viss storlek för att sedan köpa den och ha den ytterligare en tid, därefter slakta kon. Man hade även lite distrubution?