Agribusiness News
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AGRIBUSINESS |
23 May 13
68 reads
Also provided S$118.6m in microfinance.
In a release, Olam revealed the key highlights for its Olam Livelihood Charter, a framework for improving the viability and well-being of 800,000 smallholder farmers living near subsistence levels by 2020. Read ››
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AGRIBUSINESS |
22 May 13
87 reads
It currently owns 300,000ha.
According to CIMB, Indonesia’s plans to limit companies’ estate expansion to 100,000ha will not affect First Resources’ growth plans as the group has more than sufficient landbank to underwrite its future growth via new plantings.
Here's more:
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AGRIBUSINESS |
22 May 13
400 reads
Blame it on La Roya crop disease.
According to Nomura, coffee and tomato processing were the two significant drags in 3Q13. Read ››
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AGRIBUSINESS |
17 May 13
248 reads
The first store will open in June.
According to CIMB, Dairy Farm released its interim management statement covering the period 1 Jan-14 May. Read ››
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AGRIBUSINESS |
17 May 13
144 reads
Thanks to wheat sales spike.
According to Citi, 9M13 NPAT grew to SS$306m, +17% YoY (or +20% YoY ex biological gains and exceptional items to S$251m).
9M13 accounts for 74% of Citi's full year estimates, in the range of the 70-74% contribution ratio from 9M earnings in the past four years. Read ››
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AGRIBUSINESS |
16 May 13
267 reads
The agricultural segment is a laggard.
According to DBS, while Noble's 1Q is traditionally weaker quarter given the harvesting cycle in Brazil and Argentina, the US$66m operating loss from the agriculture segment was a surprise.
Here's more:
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AGRIBUSINESS |
16 May 13
144 reads
Guess which segment is the star performer.
According to OCBC Investment Research, Olam's reported net profit gained 10% YoY (but fell 30% QoQ) to S$108.5m, while core earnings (excluding bio-asset revaluation gains etc) rose 13% YoY (down 22% QoQ) to S$92.8m. Read ››
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AGRIBUSINESS |
16 May 13
95 reads
This segment carried the company in 3Q13.
According to Maybank Kim Eng's analysis following Olam's results release for 3Q13, the Food Staples & Packaged Foods segment contributed the majority of the growth for the agribusiness giant for the quarter. Read ››
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AGRIBUSINESS |
15 May 13
64 reads
He is currently deputy director of Trigiant Group.
The Board of Yamada Green Resources announced the appointment of Goi Kok Neng as non-executive director. Read ››
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AGRIBUSINESS |
15 May 13
107 reads
But it's still better than expected.
According to DBS, First Resources (FR) reported 1Q13 net profit of US $63.6m (+30% y-o-y; -13% q-o-q), including US$1.3m of FX gains and US$1.6m losses in derivative financial instruments. Read ››
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AGRIBUSINESS |
15 May 13
152 reads
Agri margins slipped US$7/MT.
According to Nomura, Noble reported 57% lower adjusted net income y-y, led by negative agri margins (~USD-7/MT). Read ››
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AGRIBUSINESS |
15 May 13
263 reads
Thanks to its robust food segment.
According to a release, Olam International Limited today reported a 17.0% growth in Profit After Tax and Minority Interest (PATMI) of S$305.8 million for 9M FY2013 compared to S$261.4 million in 9M FY2012. Read ››
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AGRIBUSINESS |
15 May 13
219 reads
Persistent problems led to poor earnings.
According to Maybank Kim Eng, the once-rosy prospects for Noble Group's Agri segment has begun to fade as it becomes apparent that its new asset-lighter strategy has not worked as a magic bullet to lower costs and boost profits. Read ››
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AGRIBUSINESS |
14 May 13
314 reads
Profit from China amounted to US$6m.
According to OCBC Investment Research, Golden Agri-Resources (GAR) posted 1Q13 revenue of US$1430.1m, down 6% YoY and 6% QoQ, weighed by lower CPO prices (down 29% YoY and 7% QoQ at US$806/ton); but still managed to meet 22% of OCBC's full-year forecast. Read ››
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AGRIBUSINESS |
13 May 13
133 reads
19% increase in natural rubber sold.
Midstream natural rubber producer Halcyon Agri Corporation Limited announced a net profit of US$1.5 million for the first quarter ended 31 March 2013 (Q1 2013), up 27% over the same period last year. Read ››
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AGRIBUSINESS |
10 May 13
131 reads
Sanyo invests US$20m in Olam's instant noodles business.
In a release, Olam International Limited and Sanyo Foods Co. Read ››
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AGRIBUSINESS |
10 May 13
131 reads
How badly will it be affected?
According to Nomura, Wilmar’s 1Q was mostly in line, with refining margins down y-y, positive crush margins, and single digit growth in volumes in most segments.
Overall, the healthy y-y earnings growth is partly because of the low base of last year when crush margins were negative. Read ››
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AGRIBUSINESS |
09 May 13
265 reads
Are the bosses too confident?
According to OCBC Investment Research, going forward, management remains confident that WIL will overcome the difficult environment expected for the rest of 2013. Funding-wise, WIL has access to US$17.7b of total liquidity as of end-Mar, including US$1.7b in cash, which could present WIL with ample firepower for opportunistic M&As. Read ››
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AGRIBUSINESS |
08 May 13
153 reads
But second half might prove brighter.
Singapore Exchange Mainboard-listed industrial fishing company China Fishery Group Limited (China Fishery) reported its results for the first half (1HFY2013) of the financial year ending 28 September 2013, posting a net profit decline of 23% from US$72.0 million to US$55.5 million. Read ››
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AGRIBUSINESS |
08 May 13
239 reads
But risks loom in 2013.
According to OCBC Investment Research, Wilmar International Limited (WIL) posted revenue of US$10.2b, down 2.6% YoY and 12.2% QoQ, meeting 20.5% of its FY13 forecast; this mainly due to significantly lower selling prices for palm and sugar products. Read ››
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AGRIBUSINESS |
07 May 13
227 reads
Catalyst is still a quarter away.
According to Nomura, it expects this quarter to see recovery from a low base of 2012 Q1CY, especially for Wilmar and Olam.
Nomura noted that overall, it still expects Agri trading margins to remain weak. Read ››
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AGRIBUSINESS |
02 May 13
354 reads
New mandate rolls out mid-2014.
According to CIMB, Malaysia is on track to implement B5 by mid-2014 and B10 thereafter. Read ››
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AGRIBUSINESS |
01 May 13
223 reads
He retired as vice-chairman emeritus by rotation after holding his position for 19 years. Read ››
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AGRIBUSINESS |
30 Apr 13
175 reads
Blame it on lower CPO prices.
According to CIMB, 1Q13 core net profit of Indofood Agri Resources plunged 69% yoy, largely because of lower CPO prices (-16% yoy), increased production costs (+19% to Rp4,391/kg) and higher effective tax rate.
Here's more:
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AGRIBUSINESS |
30 Apr 13
237 reads
It'll have to wait until 2014.
According to CLSA, in its latest strategic review, Olam is now ushering in the dawn of a change in strategy where the focus will be on sustainable growth. Read ››
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AGRIBUSINESS |
26 Apr 13
432 reads
Positive free cash flow by next year.
HSBC Global Research noted that Olam's new strategy will not only help it achieve positive free cash flow by FY2014, or a year earlier than expected, it should also result in substantially lower gearing. Read ››
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AGRIBUSINESS |
26 Apr 13
132 reads
He was also chairman of Nominating Committee and member of Audit & Risk Management and Remuneration Committee. Read ››
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AGRIBUSINESS |
26 Apr 13
375 reads
It's eyeing on free cash flow.
According to CIMB, Olam has conducted an extensive strategy review to balance the goals of profit growth vs. Read ››
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AGRIBUSINESS |
25 Apr 13
635 reads
All part of "rebalanced growth" strategy.
Olam International Limited (Olam) has just concluded its annual strategy review and Strategic Plan for the three-year period FY2014-FY2016. Read ››
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AGRIBUSINESS |
25 Apr 13
185 reads
It will be a 51:49 venture.
In a release, the Tereos Group, which sealed a partnership with the Wilmar group in 2011 for wheat-based starch and derivatives production, is announcing today the extension of this partnership to corn and potatoes, together with the acquisition of a stake in a corn starch facility which will be operated in a joint venture with Wilmar. Read ››
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AGRIBUSINESS |
23 Apr 13
211 reads
Near-term impact likely to be muted.
According to OCBC, Wilmar International Limited (WIL) has acquired a strategic 27.5% stake in Cosumar SA – a Morocco-based sugar producer; Cosumar is also the sole sugar supplier in Morocco and the third largest sugar producer in Africa.
WIL intends to focus the MAD2.3b (US$263m) acquisition with internal resources and bank borrowings. Read ››
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AGRIBUSINESS |
22 Apr 13
88 reads
He opted not to seek re-election due to his personal commitments. Read ››
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AGRIBUSINESS |
22 Apr 13
285 reads
Despite inventory hitting 2.17m tonnes.
According to Phillip Securities Research, despite inventory hitting to a 7-month low of 2.17mn tonnes(-11% mom) in March 2013, the anticipated recovery in soybean supply from South America still remains a major concern, as this will push down soybean oil prices (a close substitute for CPO). Read ››
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AGRIBUSINESS |
22 Apr 13
237 reads
It already dropped 14%.
According to Phillip Securities, Wilmar shares are down 14% since late January. Read ››
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AGRIBUSINESS |
18 Apr 13
303 reads
It bought 27.5% stake for US$263m.
According to Phillip Securities, Wilmar has announced that it has purchased from Societe Nationale d’Investissement (SNI) a 27.5% stake in Cosumar S.A., a listed company on the Casablanca Stock Exchange, for an aggregate cash consideration of MA$2.3bn (US$263mn).
Subsequently, SNI will sell up to 26.5% in Cosumar to a consortium of Moroccan institutional investors, who together with Wilmar will own a controlling 54% stake in the sugar producer. Read ››
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AGRIBUSINESS |
17 Apr 13
236 reads
It bought 27.5% stake in Consumar SA.
According to CIMB, Wilmar has acquired a 27.5% stake in Cosumar SA, a company listed on the Casablanca Stock Exchange, for an aggregate cash consideration of MAD2.3bn (US$263m) from Societe Nationale d'Investissement (SNI). Read ››
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AGRIBUSINESS |
16 Apr 13
285 reads
It now owns 27.5% share.
In a release, Wilmar International Limited announced that it has acquired from Societe Nationale d’Investissement a 27.5% equity stake in Cosumar S.A., a company listed on the Casablanca Stock Exchange, for an aggregate cash consideration of MAD2.3 billion (approximately USD263 million).
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AGRIBUSINESS |
09 Apr 13
163 reads
He cited his wish to fulfill his other commitments and to spend more time with family and friends as reasons. Read ››
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AGRIBUSINESS |
09 Apr 13
301 reads
Indonesian margins fell to US$45/MT.
According to DBS, based on current price data, it found that spot Indonesian palm oil gross refining margins have now fallen to US$45/MT (from US$77/MT in Dec12) – inclusive of assumed US$20/MT discount to Malaysian refined products.
Here's more:
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AGRIBUSINESS |
08 Apr 13
353 reads
Poultry trade have already been suspended in 3 cities.
According to DBS, China authorities have suspended live poultry trade in three cities so far – Shanghai, Hangzhou and Nanjing – in an effort to curb the spread of the H7N9 virus.
Despite of this, DBS noted that based on media reports thus far, there has not been a significant drop in Chinese soybean meal demand. Read ››
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