Super Group in China JV to manufacture glucose syrup solids

Published August 31, 2013
http://www.businesstimes.com.sg/premium/companies/others/super-group-china-jv-manufacture-glucose-syrup-solids-20130831

MEDIA RELEASE: ALBEDO & TEMASYA EXTEND DEADLINE FOR SIGNING RTO DEAL, ADD TWO MORE LAND PARCELS TO DEAL

KrisEnergy reports deeper losses for Q2

Dividend Value - SGD 0.04 Per 1 Ordinary share
Payment Type - Tax Exempted (1-tier)
Dividend Type - First & Final
Financial Year End - 30/06/2013

Record Date * 07/11/2013
Record Time * 17:00
Date Paid/Payable (if applicable) 14/11/2013

11am...happen to see CD appear on screen

morning me gave support when price dip base on TA chart.

Oooh! T.G.I.F

Thanks for sharing info.

PRESS RELEASE - CHINA MINZHONG ACHIEVES RECORD PROFIT OF RMB755 MILLION * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT

Frist let me go enjoy my dinner. Later take a look at the full year results release.....

POTENTIAL DISCOVERY AT AKATARA-2 WELL
29 Aug 2013 09:56

yeee... dont tell me still haunted by S shadow or at peak of the mountain?
Already clarified the black gold found
The force of FEAR are stronger

Hmm...tonite U.S. economic reports - GDP revision 2Q

First and second support prices 0.43 and 0.38.

(I) REFUTES ALLEGATIONS IN REPORTS RELEASED BY GLAUCUS RESEARCH GROUP AND EXTENDS TRADING HALT, AND

(II) CHANGES TIMING FOR RELEASE OF FULL YEAR RESULTS TO THIS EVENING

IHH's Q2 profit falls 61% to RM156.8m

Patmi plummets as last year's earnings were boosted by medical suites sale

IHH Healthcare may be threatened by a decline in Indonesian patients

HEALTHCARE | Staff Reporter,
Singapore Published: 2 hours 57 min ago

According to CIMB, it thinks that since only 18% of total patients admitted to PPL Singapore come from Indonesia, the net contribution from this group is only about 3% of the group’s PATMI, considering (i) domestic patients’revenue intensity has increase sharply, (ii) more than half of the cases from Indonesian patients are non-elective treatments and (iii) larger contributions from other markets dilute its sensitivity to this risk.

Here's more from CIMB:

2Q13 and 1H13 core earnings were in line, accounting for 22% and 37% of our FY13 numbers. However, we cut FY13-15 estimates by 7-9% as we see more start-up and other opex costsgoing forward.

Our SOP-based target price is reduced as a result. We keep our Outperform rating as we expect a more robust ramp-up of the group’s global operations.

Marked improvement
2Q13 core net profit was driven by growth at its new hospitals, savings in finance costs and the recapitalisation of Acibadem. This offset the depreciation and finance costsrelating to new hospitals that had to be recognised in the P&L after completion.

There was a one-off RM22m tax credit in 2Q13 relating to the tax reversal in Singapore.

There was a marked improvement in the average revenue per inpatient at all of its hospitals in Singapore, Malaysia and Turkey. Excluding the accounting treatment for REIT, all of its business segments recorded revenue growth both yoy and sequentially.

Novena, as predicted, broke even on an EBITDA level in 2Q13. We expect an EBITDA breakeven point for Acibadem Bodrum sometime in 4Q13.

Hmmm...this counter me have to be patient ≥︺‿︺≤

Closing bell 1.305 -0.03

Just profit taking. Try to cut down holding. Cheers!

It has been sometime now refocus back this counter, Taking 1.22 as next support price.

Hehehe...me nearly fell from chair when trading resume. Thinking lion city anti "China" S-chip sentiment run high.
It was formerly known as China Petrotech Holdings Limited and changed its name to Mirach Energy Limited in July 2008. The company was incorporated in 2003 and is based in Central, Hong Kong.

Oooh! trading halt again?

Hmmm... strong support price 0.605 for days. only once price fell 0.600 but managed to climb back. One problem with this counter, daily transaction volume done are thin. Today Dow dip -170.33 -1.14%. we'll see price dip or not?

Horray! black gold fever run high 108.76 +2.85

Mirach Energy uncovers new oil layer At Kampung Minyak Oil Field

Date of Lifting of Trading Halt * 28/08/2013

Time of Lifting of Trading Halt * 0830 hours

Afternoon low price at 1.145. Closing bell 1.160 -0.035

Look like me have to wait for next cycle.

Afternoon me bargain hunting when second support price 0.745 broke.

Continue last article...

OLAM BETS
The claims against Minzhong come less than a year after short-seller Carson Block said he was betting against Olam International, the Singapore-based commodity trader, sparking a slump in the stock. Block’s research firm Muddy Waters LLC later said Olam was likely to fail in a report. The commodity traded rejected the allegations.

Olam had recovered from the 7.5% slump after the report, rising as much as 9.2% as of May 22. Since the peak in the past year, the stock has dropped 20%, compared with the 5.7% decline in the MSCI AC Asia Pacific Commodity Producers index.

Muddy Waters has also targeted Chinese firms including Sino-Forest Corp., which plunged 74% before eventually filing for bankruptcy protection. Shares of New Oriental Education & Technology Group Inc. and Focus Media Holding, rebounded after initial slumps when Block questioned their accounting. Both companies have denied wrongdoing.

Minzhong drop renews China overseas listing woes

Written by Bloomberg
Tuesday, 27 August 2013 09:15

China Minzhong Food Corp. lost half its market value in less than two hours after short-seller Glaucus Research Group questioned the vegetable processor’s accounts, reviving investor concern about Chinese companies traded overseas.

Glaucus said in a report the Putian, China-based company had been “significantly deceiving” regulators and investors, sending the stock 48% lower in Singapore trading yesterday and wiping $318 million off its market value before it was suspended. Minzhong said it’s seeking legal opinion and will comment as soon as possible.

Minzhong is the latest target of short sellers betting against Chinese companies trading in markets such as Hong Kong, Singapore and New York, even as five of the six analysts covering the stock recommend buying it. Minzhong is among the 143 China-based firms listed on Singapore’s $967.4 billion stock market at the end of July, according to the exchange.

“The reputation of Chinese companies in Singapore has now rock-bottomed,” said Mou Hua Lee, Singapore-based analyst at CIMB Group Holdings Bhd. “With these new allegations, it’s going to be a very long while before anyone trusts Chinese companies here.”

Minzhong shares were halted at 53 cents, after tumbling the most since the company’s listing in April 2010. Short interest in the vegetable processor rose to a record 7.2% of the outstanding stock on Aug. 19 from this year’s low of 3.8% in March, according to the most recent data from research company Markit Group.

FABRICATED SALES
Singapore Exchange queried Minzhong on the share price decline and will continue to closely monitor developments, according to an e-mailed statement.

The company said late yesterday it's reviewing the Glaucus report and will respond "shortly." It's also taking steps to defend its reputation and won't hesitate to take legal action, it said in an e-mailed statement.

Minzhong may have fabricated sales and payments to its largest supplier, doctored historical accounts and overstated capital spending, Glaucus said in the report. It also questioned the food processor’s reported receivables and cash balance.

“Evidence indicates that Minzhong fabricated sales to its top two customers, suggesting that the Company overstated revenues in its IPO prospectus by at least a third during the track record period,” Glaucus said, citing corporate registry records.

AVOID S-CHIPS
At least 29 Chinese firms on Singapore’s exchange, where one in five stocks are China-based companies, have been halted or ordered to delist since 2008. The FTSE ST China Index of 37 Chinese stocks traded in Singapore, commonly known as S-chips, has lost 14% in the past six months, more than twice the 5.2% slide in the benchmark Straits Times Index.

“We typically avoid S-chips,” Daphne Roth, head of Asia equity research at ABN Amro Private Bank, which oversees about US$207 billion ($266 billion), said from Singapore. “There is room for Chinese companies to improve corporate governance. That will help improve investor confidence.”

Minzhong’s biggest investor isn’t concerned. PT Indofood Sukses Makmur, the parent of Indonesia’s biggest instant-noodle maker and Minzhong’s largest shareholder, is comfortable with its investment, director Thomas Tjhie said yesterday by telephone from Jakarta.

Indofood, which doubled its stake in Minzhong to 29.3% in March, conducted due diligence on the company before it made its investment, Tjhie said, adding that he has spoken to Minzhong’s chief financial officer about the Glaucus report.

RESPONSE NEEDED
Minzhong needs to respond to the claims made by the Glaucus report, said Wei Bin, an analyst at Maybank Kim Eng Holdings in Singapore.

“There’s still some value in the S-chips but we need to be conservative in ours views,” he said. “I don’t have enough facts to prove the report right or wrong at this point.”

Other companies that have been the focus of reports by Glaucus include China Metal Recycling Holdings and China Medical Technologies Inc. The short-seller claims to “help investors navigate treacherous financial waters in search of great investment opportunities,” according to its website.

Provisional liquidators were appointed to China Metal in July and its Hong Kong-traded stock has been suspended since January. China Medical filed for Chapter 15 foreign-firm bankruptcy protection in New York last year.

Thai Bev uses F&N proceeds of $1.35b to pay debts

Singapore Business Review ‎- 1 day ago

ThaiBev incurred more than $3b debt in 2012.

According to Moody's, Thai Beverage Public Company disclosed 14 August that it received SGD1.35 billion ($1.05 billion) from a capital reduction by Fraser & Neave Limited, in which ThaiBev owns a 28.61% stake.

ThaiBev used the full amount of proceeds to reduce SGD1 billion ($779 million) of long-term debt and SGD353 million ($275 million) of short-term debt, a credit positive.

Here's more from Moody's:

Pro forma for the debt reduction, ThaiBev’s adjusted debt to EBITDA declined to 2.8x from 4.2x as of 30 June. We expect ThaiBev will keep its leverage below 3.0x and that it won’t undertake any material additional debt-funded acquisitions over the next 12-18 months.

Throughout 2012, ThaiBev incurred more than SGD3.0 billion ($2.3 billion) in debt to assume its F&N stake, stretching its leverage, as measured by adjusted debt to EBITDA, to more than 4x from less than 1x historically.

ThaiBev disclosed the capital reduction, which had been expected, in a footnote in its interim financial statement. In May, the board of F&N, a pan-Asian consumer conglomerate, had proposed a capital reduction for a total aggregated amount of SGD4.73 billion ($3.73 billion), to be funded with internal existing cash and equivalents. The distribution accounts for around 85% of the SGD5.59 billion ($4.35 billion) gross sale proceeds of F&N’s interests in Asia Pacific Brewery (unrated). Based on ThaiBev’s 28.61% stake in F&N, this amount translates to SGD1.35 billion ($1.05 billion) of proceeds for ThaiBev.

ThaiBev’s deleveraging follows weak earnings in the first half of the year. Year-on-year sales decreased 7.3% owing to sales volume declines across almost all of the company’s product categories, including spirits, beer and soft drinks.

The sales volume decline in the alcohol segment largely reflects lower consumption following increased prices for spirits as a result of an increase in excise taxes in Thailand a year ago. The soft drink decline reflects the termination of Sermsuk PLC’s (unrated) bottling contract with PepsiCo, Inc(A1 stable) in Thailand, which ended in November 2012. This is the first year Sermsuk, in which ThaiBev owns a nearly 65% stake, is selling its own brands.

ThaiBev’s EBITDA for first half of 2013 also declined by 18% from the same period in 2012 to THB11.9 billion ($3.7 billion), reflecting lower sales, higher marketing expenses and increased wages. We expect marketing expenses will remain high given the competitive beverage market in Thailand as well as the launch of new products by both ThaiBev and competitors.

We expect overall sales volumes for ThaiBev, particularly for its beer and soft drinks revenues will likely remain tempered during the second half of the year. However, ThaiBev should still continue to generate stable operating cash flows over the next 12 months from its spirit segment, given its strong domestic market share in that segment.

S-Chips Scandals
S-Chips Scandals relates to corporate scandals surrounding Chinese companies listed on the Singapore Exchange. Embezzlement, forgery, accounting fraud had been the order of the day. Frauds were perpetrated by Chinese citizens and facilitated by mostly Singaporean and Malaysian securities promoters. Receivership processes have been stalled by uncooperative management and employees of mainland China subsidiaries. In addition, local Chinese authorities have made it difficult for the receiver to take possession of and manage the mainland China subsidiaries, including the sell off of their assets. Since all of these Chinese companies have their business operations in mainland China, prosecution by Singaporean authorities of Chinese perpetrators will be difficult since there is not extradition treaty between China and Singapore.

There are striking similarities between the S-Chips Scandals, the series of bankruptcy failures of P-Chips in Hong Kong, and the China Stock Frauds in the United States.(From Wikipedia)

China Minzhong pledges to defend reputation

Aug. 26, 2013, 9:39 p.m. EDT

By MarketWatch
SINGAPORE--China Minzhong Food Corp. , the latest Singapore-traded target of short sellers, said it will take "all necessary steps' to defend its reputation, including potential legal action against parties it believes to have disseminated "false" information.

China Minzhong's comments, made late Monday in a statement, came after California-based short seller Glaucus Research Group accused the China-based company of irregularities, causing its shares to plunge 48% and prompted a trading halt.

"The company is in the process of reviewing the [Glaucus] report and will provide its response shortly," China Minzhong said.

"The company will take all necessary steps to defend its reputation and will not hesitate to take legal action against those who put up and disseminate false or misleading statements without due regard to their truth and for the purpose of inducing others to deal in securities," it said.

China Minzhong's share price dropped Monday to 53 Singapore cents (41 U.S. cents), from $1.01 on Friday, before the supplier of fresh and processed vegetables requested a halt pending an announcement. The price drop followed a report from Glaucus Research Group that China Minzhong "fabricated" sales figures to its top two customers.

Glaucus has a short position on the company's shares, which means it stands to gain from a price decline. It issued a "strong sell" recommendation, with a price target of zero for the company's shares.

Glaucus's website says it was founded "to help investors navigate treacherous financial waters in search of great investment opportunities." It cites the Greek sea god Glaucus, a legendary rescuer of sailors and fishermen who also possessed of the power of prophecy; "glaucus' is also the name of a tiny sea slug with a painful sting.

According to Glaucus, China Minzhong said in the prospectus for its initial public offering that its biggest customer for the period June 2006 to September 2009 was Taiwan-based food distributor Hong Kong Yifenli -- though registry records, Glaucus said, show Hong Kong Yifenli was incorporated in November 2009.

Glaucus also claimed that filings by China's State Administration for Industry and Commerce show China Minzhong's second-biggest customer had zero revenue in 2009. The customer, Putian Daziran Vegetables Produce Co., also had zero "cost of goods sold," indicating it hadn't purchased goods from China Minzhong or anyone else that year, Glaucus said in its 49-page report.

Date of Trading Halt * 27/08/2013

Time of Trading Halt * 0830 hours

Reasons for Trading Halt * PENDING RELEASE OF ANNOUNCEMENT

Update.
Food producer China Minzhong Food Corp on Monday became the first Singapore-listed Chinese firm to come under attack by a short-seller, which wiped off more than 50% of its market value in two hours and triggered a trading halt.

Short-sellers have in recent years targeted Chinese companies listed in Hong Kong, Canada and the United States, citing irregularities, but they have so far avoided any of the 143 China-based firms listed on the Singapore Exchange.

China Minzhong, which until Monday’s share price slump had a market value of around US$520 million ($666 million), was hit after California-based Glaucus Research Group issued a report alleging the company misled investors about sales to its biggest customers.

Thai billionaire Charoen Sirivadhanabhakdi is looking to raise at least US$500 million ($640 million) by listing a hospitality trust in Singapore next year to help refinance some of the debt that his companies took on to win control of Fraser and Neave (F&N), people with knowledge of the matter said.

REIT....A big welcome! Me will involve? No thanks! after the recently listed SPH REIT, OUE Hospitality Trust and Soilbuild Business Space REIT. Me keep myself a yard distance (✿◠‿◠)

OMG! China Minzhong shares fall 13% after report by shortseller Glaucus....Glaucus Research, which is based in California, said they and their associates have a direct or indirect short position in the company so stand to make money if its share price declines.(Written by Reuters
Monday, 26 August 2013 11:00)

Morning still performed well. Me thinking today the three babies Krisenergy,Mirach energy and Rex Intl can make me happy. Expect turn unexpected decided to dip. Looking at the chart "Downtrend Formation". Hmmm....me wait and see

Another well done day, follow oil rally last friday inching higher and created new price. Although the chart a little worry me but still hold tight. Me has been watching this baby since the price at 0.26

Cheers!!

Morning still performed well. Afternoon retreated but still above first support and closing bell at 0.78

Listed in SGX less than a month. From daily chart first and second support prices at 0.775 and 0.745. First and second resistance prices at 0.795 and 0.82.