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China Fishery continues to report Solid Growth (14 Aug 09)

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  • Revenue: -21.7% (2Q09), +6.8% (1H09)
  • Net Profit: +6.6% (2Q09), +7.7% (1H09)
  • Press Release: 1HFY2009 Net Profit up 7.7% to US$68.8 Million
  • Gross profit margin improved from 30.3% to 38.5%
  • Higher profitability achieved as a result of better fleet utilisation and operational efficiency
  • Net debt-to-equity improved from 92.2% to 81.7%
  • Group continues to secure access to abundant and under-utilised ocean resources
  • Outlook: To meet the growing needs of health and value-conscious consumers worldwide, the Group’s proven strategy of securing access to abundant and under-utilised fishery resources continues to drive sustainable growth and development.
  • Industry fundamentals remain positive. Supply of wild-catch fish remains highly regulated to ensure sustainability.
  • Recognizing fish as an excellent source of protein and other important nutrients, global demand for fish and fish products continues to grow.
  • Rising affluence in the world’s developing countries, a growing population, and heightened health consciousness continue to drive global demand for fish.
  • Demand for fish in the lower and more affordable price range, in particular, has seen higher growth, and this has benefited the Group.
  • In line with the Group’s revised strategy, the Group will stake out a higher quota for itself in the rich yet relatively untapped waters of the South Pacific Ocean.
  • This will be done by the redeployment of additional fishing vessels to the South Pacific from the now redundant vessels in the North Pacific.
  • The Group may also consider purchasing/leasing additional vessels.
  • Barring unforeseen circumstances, Management expects the Group to remain profitable.
FINANCIAL RECORDS

Revenue (USD '000)

FY 1Q 2Q 3Q 4Q Total
2009 166,647 107,435
2008 119,334 137,202 98,763 104,120 459,419
2007 121,822 110,549 95,480 78,518 406,369
2006 48,506 33,188 39,314 35,033 156,041
2005 31,182 21,952 24,190 13,261 90,585
2004 NA NA NA NA 94,646
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Earnings (USD '000)

FY 1Q 2Q 3Q 4Q Total
2009 43,725 25,086
2008 40,396 23,522 14,118 16,236 94,272
2007 30,464 20,178 19,641 18,215 88,498
2006 20,970 12,431 11,420 4,527 49,348
2005 15,926 5,732 7,047 1,953 30,658
2004 NA NA NA NA 17,653
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Dividends

FY Interim Final Special (SGD)
2009 NA
2008 NA 0.0603 NA
2007 0.0329 0.0219 NA
2006 0.0471 0.0222 NA
2005 NA 0.0236 NA
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Bonus Issue / Stock Split

Date Type Details
2009-05-29 Bonus 1 FOR 10
2007-05-08 Stock Split STOCK SPLIT OFFER OF 2 FOR 1
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Share Data (USD)

NAV = $0.47
EPS = $0.08 (6M FY09)
Dilutedd EPS = $0.0799 (6M FY09)
No of Shares = 860,287,997
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA



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