Arkiv för september, 2017

Solomon Meeting Part 3 Capital Award

lördag, 9 september, 2017

Capital Award (CA) will be listed before Tri-way. Solomon talked about a bunch of possible countries to list CA in but at the end he mentioned Stockholm with such a tonality that I interpreted it as the most likely place for listning.

There are 3-4 projects in the pipeline for Capital Award and it seemed very likely that an agreement would be completed this year regarding one of those projects and its financing. Solomon talked about India and Malaysia.

On a personal note I think that Capital Award will be a great source of value in the future. If Tri-way gets financing so that they can resume capex  (more about that in the next part about Tri-way) and thus continue buying services from CA and CA also gets other projects in other countries the future looks very bright. Especially if CA can be listed on a stock exchange as well and that the company might be able to secure more debt financing in the future.

Solomon Meeting Part 2 Beef

lördag, 9 september, 2017

SIAFs beef business is difficult because it is capital intensive. They are waiting for a government plan. Solomon does not want to do capex.

Solomon sees canned beef value added products as the future if the government can’t come up with a good plan. Solomon is sure canned beef is the future because there is still not a single big brand of canned beef in China.

They might have a solution with the government before the end of year.

Lots of countries have entered the beef market in China, around 12 countries. US entry of China beef market is extra troublesome for SIAF since the US has high quality meat and SIAF also have high quality meat, i.e. the US imports pushes down the prices that SIAF would receive – making SIAF take a hit again (before it was Australian lower quality meat that made them take a hit).

One problem with the cattle business is that it is difficult to make big changes since it is a capital intensive multi year process (especially when changing to higher quality beef like SIAF did last time). In the fish business it is easy to make quick changes.

General comment about land value, not only about beef business: It is complicated to realize book value from land, and cannot sell agricultural land.  Some land that they have built on also have mortgages.

P.S. The best parts of the meeting was about Tri-way and Capital Award. In the first two parts I cover the HU flowers and beef business and save the best bits for later.

RealDutch mötessammanfattning

fredag, 8 september, 2017

ReadlDutchs mötessammanfattning från ett möte med Solomon kan ni läsa här. Jag tror det är uppgifter som RD fått från nån annan som varit på mötet. Jag vet inte säkert om det är samma möte som jag deltog i eftersom Solomon hållit några styck möten senaste tiden.

Solomon Meeting Part 1 HU Flowers

fredag, 8 september, 2017

2017-09-06 there was a meeting with Solomon which I attended along with a couple of other shareholders. I was not there the whole meeting since I had to catch a train but I will summarize a little bit what the talks were about. I will cover one subsidiary or business type per blog post with the other blog posts being released during the coming days.

Please note that I do not guarantee the correctness of the information. It is only my interpretation of what was said and of course I write as correctly as I can but I do not have time to double check any information.

The best parts of the meeting was about Tri-way and Capital Award. In the first two parts I cover the HU flowers and beef business and save the best bits for later.

Purpose of Solomons visit (disputed, other people claim different main reasons for the visit)

Solomon was in Scandinavia mainly to meet with Marius Gaard, Swedbank analyst who wrote about SIAF before if I remember correctly. SOlomon had hopes that he might write another analysis of the company. However Marius Gaard is no longer an analyst, so it is not certain there will be any analysis. I think Marius is now in corporate finance.

HU Plantation

There has been no improvement at the HU plantation. There has been wet weather many years which is bad for the root systems of the HU flower plants. They will have to move to a better location in order to grow HU flowers because the current place is not suitable. Solomon believed in the profitability of HU flowers though. Eventually they will have to change to some kind of cash crop. Before they tried asparagus but it was not profitable since the asparagus were too thin. They are now trying 20 acres of passion fruit which looks promising.

 

Sammanfattning Q&A med Solomon

torsdag, 7 september, 2017

C-MF har på iHub sammanfattat gårdagens möte med Solomon.

Inledning.

Del ett.

Del två.

Jag kommer att publicera mina egna betraktelser från mötet i en serie bloggposter de kommande dagarna med start imorgon kl. 08.00.

SIAF konferenssamtal Q2

fredag, 1 september, 2017

Här kan ni lyssna på SIAFs konferenssamtal för Q2. Jag har inte lyssnat, tänkte göra det i helgen antagligen. Av vad jag läst från forumkommentarer verkar det vara:

  • Medioker ljudkvalitet på inspelningen.
  • Potentiellt nytt projekt på ingång för Capital Award senare i år.
  • Det blir ingen kontantutdelning nu om nu nån förväntade sig det. Anledningen dem angav är att dem inte har stabila kassaflöden.
  • Inget nytt vad gäller Tri-way, den utdragna processen fortsätter med utdelningen.
  • Förväntat bättre resultat resten av 2017 jämfört med Q2.

Ovan summering är snabbt skriven utan att dubbelkolla så noga så ni får ta den för vad den är.