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【Olam O32 交流专区】奥兰国际 OLAM INTERNATIONAL LIMITED

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发表于 20-11-2012 11:56 AM | 显示全部楼层
Muddy Waters short seller says he is betting against Olam shares - Bloomberg News
http://www.theedgesingapore.com/the-daily-edge/business/41226-olam-plunges-after-muddy-waters-questions-accounts.html

Tue, 20 Nov 10:39  
Short seller Carson Block said he is betting against shares of Olam International -- the commodities trader part-owned by Singapore's state-owned investment company Temasek Holdings -- because he questions the company's accounting methods, Bloomberg News reported Tuesday on its website.

Olam is "heavily" indebted and aggressive in how it reports what the company calls biological gains on investments, the report quoted Mr. Block as saying at the Ira Sohn Investment Conference in London. "It's a leap of faith to think the company is being honest with its valuation" gains, he said, according to the report.

Olam is "dismayed at the nature and lack of substance" of Mr. Block's comments, and wasn't contacted before by him or his Muddy Waters LLC research firm, the report quoted Olam's Chief Executive Officer Sunny Verghese as saying in an emailed statement, adding that he was waiting for a report from Muddy Waters and "will strongly defend Olam's excellent reputation for transparency and good governance."


奧蘭國際股票在美國交易跌21%

國際財經  2012-11-20 12:08
(新加坡20日訊)大宗商品交易商奧蘭國際(Olam International)的股票今天在新交所暫停交易。媒體報導指,研究機構Muddy Waters的布洛克(Carson Block)質疑該公司的會計處理方式,導致該股週一在美國OTC市場交易大跌21%。

奧蘭國際今天發表聲明指,布洛克於11月19日在倫敦的一個會議上作出針對奧蘭國際的負面評論。奧蘭國際對布洛克這番談話的“本質與缺乏實質內容深感驚訝”,在此之前布洛克或其研究公司Muddy Waters均未與奧蘭接觸。

奧蘭國際指,公司正在等待Muddy Waters的報告,“將強力捍衛奧蘭在公司透明度與良好企業監管方面的卓越聲譽”。

媒體報導指,36歲的布洛克,在質疑多家在北美市場掛牌的許多中國大陸企業的帳目後,成功作空這些公司的股票。被布洛克盯上的其中一家中資企業─嘉漢林業(Sino-Forest Corp),最終於去年3月走上破產命運前,股價累計狂瀉74%。(聯合早報網)

Olam won't fail even if biologicals written off: UOB-KayHian
http://www.theedgesingapore.com/the-daily-edge/business/41233-olam-wont-fail-even-if-biologicals-written-off-uob-kayhian.html

Tue, 20 Nov 13:07
The key difference between Muddy Waters short-seller Carson Block’s reported comments on Olam and Sino-Forest is that it believes Olam’s accounting is aggressive, not fraudulent, UOB KayHian says in a note to clients.

Olam’s shares are halted. Bloomberg reported Block said Olam is “heavily” indebted and aggressive in reporting biological gains; “It’s a leap of faith to think the company is being honest with its valuation” gains, he said at the Ira Sohn Investment Conference in London according to the report, adding he expects Olam to fail with negligible recoveries for investors.

Olam said it is “dismayed at the nature and lack of substance of these assertions and opinions about Olam’s financial position.”) “While the accusations are serious, we believe Block’s argument is inconsistent as the group will not fail even if the entire value of its biological assets is written off,” the house says.

UOB-KH notes fiscal-FY12 net gains on biological assets accounted for $111 million, or 30% of FY12 earnings; the house estimates Olam’s FY13-15 biological-asset fair value net gains at $101 million, $93 million and $61 million respectively, accounting for 24%, 17% and 9% of earnings. It notes Olam has said for two years the biological-asset gains are on production-capacity increase, not commodity-price assumptions; Olam has guided for the gains to decline as its almond orchards mature.

“The stock is likely to see near term impact from this piece of news and could trade lower towards its net asset value of $1.35 before more clarity emerges. However, we note that the group’s balance sheet is well-positioned for share buybacks and is likely to re-commence the program should its stock price fall sufficiently.” Olam is halted; it last changed hands at $1.74.


'Nothing really new' in Olam claims: Maybank-Kim Eng
http://www.theedgesingapore.com/the-daily-edge/business/41241-nothing-really-new-in-olam-claims-maybank-kim-eng.html

Tue, 20 Nov 15:43
The reported accusations from Muddy Waters short-seller Carson Block about Olam International are “nothing really new,” says James Koh, an analyst at Maybank-Kim Eng.

Bloomberg reported Block said Olam is “heavily” indebted and aggressive in reporting biological gains; “It’s a leap of faith to think the company is being honest with its valuation” gains, Block said at the Ira Sohn Investment Conference in London according to the report. Olam said it is “dismayed at the nature and lack of substance of these assertions and opinions.”

Koh notes “he made three really broad claims against the company, but other than that, we don’t really have any details of what he’s talking about.” He says, “there’s nothing really new. For example, he says it’s highly geared. Most of us know that.”

Olam’s stock is halted, with several analysts expecting it to fall when trade resumes. “The US ADRs suggest it falling about 20%, but I have no idea of how the Singapore stocks are going to do,” Koh says.


放空大师质疑账目 浑水狙击 奥兰惨跌

财经 天下  2012-11-21 10:07
(新加坡20日讯)新加坡大宗商品贸易商奥兰国际,周一在纽约店头市场(OTC)狂泻,跌幅改写4年来之最,主因放空大师卜洛克质疑奥兰账目,并大举作空这只股票。

据彭博社彙整的资料显示,新加坡国营投资公司控有部分股权的奥兰国际(Olam International)昨天在纽约店头市场惨跌21%后,今天在新加坡股市暂停牌。

奥兰供应20种农产品,其中包括可可与橡胶等。

卜洛克指称,奥兰在未厘清这些交易协定确实可行前就认列获利。

奥兰总执行长维盖瑟在电邮声明中指出,奥兰对卜洛克这番谈话的“本质与缺乏实质内容深感挫折”,在此之前卜洛克或其所创办的研究公司浑水公司(Muddy Waters)均未与奥兰接触。

倒闭赔偿微不足道
维盖瑟指出,他正在等待浑水公司的报告,将强力捍卫奥兰在公司透明度与良好治理方面卓越的声誉。
36岁的卜洛克,在质疑多家在北美市场挂牌的许多中国企业的账目后,成功的作空这些公司的股票。

被卜洛克盯上的其中一家中资企业———嘉汉林业(Sino-Forest),最终于去年3月走上破产命运前,股价累计狂泻74%。

卜洛克在伦敦召开的投资大会Ira SohnInvestment Conference指出,总部位在新加坡的奥兰债台高筑,作账心态积极。

卜洛克指出,奥兰恐将倒闭,对投资人的赔偿恐将微不足道。[Nanyang]
本帖最后由 icy97 于 21-11-2012 11:26 AM 编辑

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发表于 20-11-2012 09:59 PM | 显示全部楼层
最近这个股大跌
相当吸引
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发表于 21-11-2012 04:36 PM | 显示全部楼层
奥兰国际将反驳浑水研究的指责以维护声誉
http://www.sharesinv.com/zh/articles/35743/

文: 道琼斯通讯社 (译:杨佳文) 2012年11月20日 道琼斯通讯社
奥兰国际(Olam International)于11月20日发布声明以维护其声誉,因有媒体报道指从事卖空的美国机构浑水研究(Muddy Water Research)的创办人Carson Block对奥兰的债务和会计实务提出质疑。

奥兰国际在纽约交易的美国存托凭证(ADR)隔夜下跌23.3%至21.85美元,它因此在11月20日开市前要求在新交所暂停交易。

浑水研究的网站上并没有与Block的言论有关的详情,但奥兰的投资者关系总经理Aditya Renjen表示,Block是于11月19日在伦敦召开的会议上发表相关言论。

浑水研究并没有立即应要求在其网站上回应此事。

奥兰国际在其发布于新交所的声明中表示,它“对这些有关公司财务状况的不实断言和看法感到沮丧”,而浑水研究方面并没有任何人与公司接洽。

Renjen表示,公司希望浑水研究能在11月20日发布有关上述指责的详细报告,而它将在之后研究报告中的内容。

浑水研究曾在2011年6月发布一份报告,指嘉汉林业国际(Sino-Forest Corporation)夸大了其种植园资产的价值,导致嘉汉林业的股价大跌。

被爆股票遭狙击 奥兰国际股价狂泻

财经 天下  2012-11-22 10:48
(新加坡21日讯)奥兰国际昨日大骂在伦敦投资会发出危言耸听的美国浑水研究公司(Muddy Waters)创办人卜洛克和一干人等,认为他们卖空和制造恐慌手法,有操纵市场的嫌疑。

新加坡挂牌公司奥兰国际(Olam International)爆出股票遭美国卖空集团“狙击”,股价在美国狂泻21%之后,昨日在本地一度狠狠重挫超过11%。

《联合早报》报道,奥兰国际昨日在电话会议还不客气抖出,卜洛克之前曾隐瞒真实身份到奥兰国际设在新加坡新达城的总部查探,公司目前已从闭路电视画面,认出那人正是卜洛克,并且批评卜洛克这种不实行为。

奥兰国际还被形容为新加坡股市最被作空的股票,在过去一年、过去几个月以及过去几个星期,借票卖空需求排第一位。

电话会议稳定人心
36岁的卜洛克是着名的作空高手。他盯上的其中一家中资企业嘉汉林业,去年悲惨的倒闭。

卜洛克的“兴趣”一度转到香港一些挂牌公司,这是他第一次盯上新加坡挂牌公司。这也是首次有新加坡挂牌公司被作空集团盯上(看空)。

这家淡马锡控股为第二大股东(持有公司16%的股份)的世界最大花生和主要棉花商品贸易公司,昨日临时在新加坡闭市后召开电话会议以稳定人心。

据奥兰国际集团总裁魏吉思会上开场时说,参加电话会议者很多,很多人要求答复询问以及访问,但他们无法全部答应,但这肯定不是这次事件唯一的电话会议。

魏吉思和同事随后在长达整一个半小时的会议,面对分析员和媒体连珠炮式的不断提问。

“我们对于卜洛克对奥兰财务状况的毫无根据评论性质感到惊愕及失望,尤其是因为卜洛克或浑水研究公司的任何其他人事先未曾联系奥兰。”

“我们将针对那些无稽之谈(加以反驳),捍卫奥兰在透明度和良好企业监管的声誉。在研究该报告后,再进一步发布文告。”

魏吉思指出:“我们将探讨所有法律选择。作空并不犯法,但操纵市场和股价是违法的。我们将追根究底采取完整行动,包括可能的法律行动。”

他指出,无论采取什么法律行动,有关的成本无论如何昂贵,和股东们蒙受的损失相比都将是微不足道。[Nanyang] 本帖最后由 icy97 于 22-11-2012 01:01 PM 编辑

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发表于 23-11-2012 04:18 PM | 显示全部楼层
Stay nimble to bargain hunt on Olam: CIMB
http://www.theedgesingapore.com/the-daily-edge/business/41294-stay-nimble-to-bargain-hunt-on-olam-cimb.html

Fri, 23 Nov 13:27
The short-term overhang on Olam’s shares pending the release of short-seller Muddy Waters’ research report could present bargain-hunting opportunities, CIMB says.

“We believe Olam will be able to ride out the storm. Muddy Waters’ track record is spotted with hits and misses. History suggests that bargain-hunting opportunities exist when stocks plunge on the day Muddy Waters releases its reports.”

CIMB has a Trading Sell call with $1.59 target, premised on near-term uncertainties; it says Olam isn’t an outright Underperform as share-price weakness may be temporary. It doesn’t advocate building positions pending the report’s release, but if the stock drops on its publication, there could be bottom-fishing opportunities, it says.

“We advocate staying nimble for bargain-hunting,” it says. “This could be a risky trade, but the days following the release of Muddy Waters’ report on Olam could prove rewarding for the brave. After all, short-sellers will need to cover their positions. Furthermore, we cannot rule out the possibility of share buybacks by Olam.” The stock is down 2% at $1.65.

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发表于 24-11-2012 11:19 AM | 显示全部楼层
冀停止恶意评论 奥兰国际要卜洛克赔偿

财经 天下  2012-11-24 10:59
(新加坡23日讯)奥兰国际(Olam International)要求美国浑水研究公司(Muddy Waters)及其创办人卜洛克赔偿它所造成的伤害与损失,并禁止再发表那些恶意评论。

奥兰国际发言人昨天回复《联合早报》询问时说:“奥兰国际针对被告在伦敦Ira Sohn投资大会上发表关于原告和/或其业务的言论,寻求数额不详的赔偿以及申请禁制令阻止再发表这些相关言论。”

这里的原告是指奥兰国际,而被告是指浑水研究公司和卜洛克。

针对奥兰国际向最高法院提出的诉讼,浑水研究公司并没有正式发布任何声明回应。其外部发言人科维通过电邮向彭博社表示“公司尚未收到奥兰国际的起诉状。”

指责毫无根据
奥兰国际前天发布文告表示将采取法律行动,不过当时并没有透露其中细节,也没有说明将采取什么形式的法律行动。

当时奥兰国际投资者关系总经理任振也不愿意回应奥兰国际是否会寻求赔偿。他只说:“法律行动的基础是(对浑水的指责)基本上都是污蔑、诽谤和或恶意作假。”

他表示,选择在新加坡提出诉讼,是因为奥兰国际在新加坡上市,也拒绝透露赔偿金额。

卜洛克是因抨击并质疑奥兰国际的会计方法而引来后者的回击。

他认为奥兰国际债台高筑,万一倒闭了,投资者最终几乎什么都得不到,还呼吁投资者和自己一起卖空该股。

奥兰国际集团总裁魏吉思则表示该指责缺乏实质内容、毫无根据,他誓将捍卫奥兰的声誉。[Nanyang]

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发表于 29-11-2012 03:24 AM | 显示全部楼层
浑水终于公布关于奥兰国际的报告
http://www.sharesinv.com/zh/articles/35917/

2012年11月28日
在擅长买跌的浑水(Muddy Waters)终于公布长达133页的报告后,其与商品交易商奥兰国际(Olam Int’l)之间的口水战升温。报告给予公司‘强力卖出’建议,并指出,主要令人担忧的不是公司的高额非现金盈利及债务,而是公司很努力地通过会计手法来掩饰其不良表现,并促使公司耗费日益减少的现金。公司的资本开支项目甚至被称为致命的缺点,犹如一个财政黑洞。浑水并不认同所谓的“孕育期”,并担心“奥兰似乎陷入了与美国交易商安然(Enron)相同的陷阱-帐面收益所致的资本开支恶性循环”。另一方面,公司以一份45页的文告作出反驳,指出它并没有面临破产的危机,并拥有“充裕的流动资金”来为现有业务及未来投资计划提供资金。公司重申,其会计事务是严格遵守新加坡的相关条例。公司也极力维护其业务模式及收购策略,并表示,浑水是为从买跌活动中受惠而作出这些指控。

启示:在提出‘强力卖出’建议的报告公布后,公司今天低开,从昨天的1.56元下跌5.1%至1.48元。尽管其股价在截稿时微微回升至1.53元,但这个价位仅仅稍微高于公司的1.525元52周低位。


Religare downgrades Olam to 'sell'
http://www.theedgesingapore.com/the-daily-edge/business/41374-religare-downgrades-olam-to-sell.html

Wed, 28 Nov 13:35
Religare Capital Markets downgraded Olam International to ‘sell’ from ’buy’ and cut its target price to $1.40 from $2.40, as it expects the commodity trader’s shares to be weighed down by concerns raised by short-seller Muddy Waters.

By 12:26 p.m., Olam shares were down 0.96% at $1.55, off an intraday low of $1.465, which was a three-and-a-half year low. Its shares have plummeted 27.5% since the start of the year, compared with a 13.5% rise in the Straits Times Index.

"Olam shares will face difficulty re-rating upwards and sustaining even a moderate earnings multiple for the next few quarters, even if the financial risks Muddy Waters warns of don’t materialize," Religare said in a note.

The brokerage noted Olam’s guidance that it won’t be generating positive free cash flow until 2015, making it hard for the company to completely dispel the concerns raised.
本帖最后由 icy97 于 29-11-2012 03:27 AM 编辑

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发表于 29-11-2012 02:15 PM | 显示全部楼层
或变安然第二? 奥兰国际驳斥浑水报告

财经 天下  2012-11-29 11:19
(新加坡28日讯)美国市场研究业者浑水公司周二指出,新加坡农产品供应商奥兰国际面临重大违约风险,并将它与己破产的能源业者安然公司(Enron Corp.)相提并论。奥兰国际周三发声明驳斥。

浑水公司(Muddy Waters LLC)无视奥兰国际(Olam International)的提告,仍针对奥兰国际公布长达133页的严苛报告。

根据报告:“我们以清算基础评估奥兰国际,因为我们认为奥兰的价值低于债务,奥兰国际有重大的债务违约风险。”

“回收模式显示,若奥兰国际破产,无担保债权人能收回的资产,可能是每1美元收回45.8美分。”

浑水公司指出,奥兰和先前破产的安然公司使用类似的会计作业来评估收益。

安然公司2001年破产,消息轰动全球,堪称美国企业史上最大丑闻,当时政府及国会曾对安然的会计手法展开大规模调查。

奥兰国际周三则以一份长达45页的文件回击了浑水公司的研究报告,指自己并无破产风险。

奥兰国际在致新加坡交易所的声明中说,公司有可为当前业务及未来投资计划提供资金的“充足流动性”,声明同时驳斥了卖空者卜洛克及其公司浑水所指奥兰国际有破产风险的说法。

奥兰国际重申,其在会计方面的操作“严格”遵守新加坡法规,该公司同时也为自己的业务模式和收购战略进行了辩护。

奥兰国际在声明中说:“我们希望重申公司立场,即(浑水)报告所得结论无根据。”[Nanyang]

奥兰回击浑水研究的报告,并否认有关指控
http://www.sharesinv.com/zh/articles/35921/

文: 道琼斯通讯社 (译:麦美莹) 2012年11月29日 道琼斯通讯社
商品交易商奥兰国际(Olam International)在星期三对其指控者作出回击, 说他们的指控是“无中生有”,并借着卖空其股票来获利。奥兰重申有关的指控全属“毫无根据”。

当从事卖空的布洛克(Carson Block)及其研究公司浑水研究(Muddy Waters LLC)发表一份长达133页的报告,详述布洛克早前对奥兰债务及其会计手法的批评后,奥兰国际在24小时内,向新加坡交易所提交了一份45页的反驳声明。

奥兰再次声明,公司并没有面对破产的风险,并辩称其所使用的会计方法完全符合业内及新加坡财报标准。公司指责布洛克及浑水公司故意分散其股东、债券持有者及债权人的注意力及制造恐慌,从而使他们可以“从卖空奥兰的股票中获益”。

部份分析师认为对奥兰的指责有点夸大其辞,并表示奥兰不大可能会面对破产,而且有关对其会计方法的质疑之前已经提出过及得到处理。但也有其他人士提出警告,说奥兰的回应虽然措辞强硬,但对有些问题未有作出回应。

一名不愿意公开身份的分析师说:“目前的问题是,在公司作出回应后,投资者或浑水研究可能会提出更多问题,他们希望公司有更大的透明度。”

另一名不愿透露名字的分析师说,最低限度,浑水研究似乎已经达到引起银行及债券持有人注意的目的,他们可能会收紧信贷或提高借贷成本。

该名分析师说:“公司将会面对一定的风险。”

布洛克及美国浑水研究是在2011年6月针对嘉汉林业(Sino-Forest Corporation)发表了一份类似的报告已声名大噪。嘉汉林业是一家在加拿大上市的木材公司,业务主要是在中国。有关的指责促使当局对嘉汉林业作进一步的审查。它的股票被股东抛空,而安大略省证监会在经过11个月调查后,对公司及其前行政人员正式起诉舞弊。嘉汉林业在今年7月说,其债权人将会取回“大部份”的资产。

有数据显示,奥兰股票的卖空头寸在今年下半年有上升的趋势。卖空者预测公司的股价将会下跌,他们会“借入”股票(通常从经纪行借入),把股票出售,并在日后以一个较低的价格买入。

软件及服务供应商SunGard数据系统公司指出,获借出的奥兰股票及借出成本(即被视为卖空的寸头)自5月以来有增加的趋势。

SunGard通过其外部公关机构发给《华尔街杂志》的一封电邮说,在5月至8月期间,获借出的奥兰股票翻了一倍有多。
奥兰的股票自11月19日(当布洛克在伦敦一个讲座中首次对公司的财务状况提出质疑)以来下跌了大约12%。然后在星期三格林威治时间0748,它下跌了1.9%至1.53元。

浑水研究在其报告中指出,奥兰正面对破产风险,因为其在未来12个月即将到期的37亿5,000万元贷款所需的现金覆盖率低于50%。报告也声称奥兰的账目是“有企图的”,因为它的“非现金收入中有大部份(如非全部)是不正当的”。

奥兰上周向新加坡高庭对有关诽谤及中伤提出诉讼,并要求布洛克及其公司赔偿未有明示的损失。

奥兰在星期二的回应中表示,公司有足够的资金为目前的业务及未来的投资计划融资,并否认公司需要在未来12个月为46亿元的债务(正如浑水研究所说)集资或再融资。

公司再次表示,其所使用的会计方法是符合新加坡财报标准,并获得安永会计师事务所(Ernst & Young)的确认。它也为其业务模式及收购策略作出辩护。公司指浑水研究对其会计方法的武断证明“其对基本会计准则完全不理解。”

浑水研究没有就奥兰的声明作出评论。

新加坡主权财富基金淡马锡控股持有奥兰16%的股权,它未有就这次事件作出评论。 本帖最后由 icy97 于 29-11-2012 03:07 PM 编辑

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发表于 3-12-2012 07:23 PM | 显示全部楼层
加油阿Olam,我的薪水靠你了,快快升阿。。。发啊。。。。。
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发表于 5-12-2012 01:36 AM | 显示全部楼层
Temasek commitment on Olam rights a big positive: OSK
http://www.theedgesingapore.com/the-daily-edge/business/41465-temasek-commitment-on-olam-rights-a-big-positive-osk-.html

Tue, 4 Dec 10:16  
Temasek's commitment to take up any unsubscribed Olam rights is a big positive, OSK Research says, noting the company's rights issue aims to raise up to US$1.25 billion ($1.52 billion), helping to extend its debt maturity and liquidity profile.

"This move will allay the fears of more investors regarding the risk of insolvency of Olam, particularly with Temasek's commitment to take up 100% of rights not subscribed."

It notes Olam said the effective bond cost is 8.08%, or US$61 million p.a., factoring in a 6.75% coupon and initial 5% discount, coming in at 13% of OSK's forecast FY14 interest expense of $554 million.

"Whilst this may be higher than the cost for past debt fund raising, it is lower than if Olam were to raise debt today (post Muddy Waters' report) without such a structure."

It adds, while the bond issue won't lower Olam's gearing, it views it positively as it extends debt maturity; while gearing will fall if the warrants are converted, conversion isn't possible for the first three years, it says. It keeps a Buy call with $2.20 target. The stock is up 5.7% at $1.665.


Olam seeks up to $1.52b to address 'lingering doubts'
http://www.theedgesingapore.com/the-daily-edge/business/41466-olam-seeks-up-to-152b-to-address-lingering-doubts.html

Tue, 4 Dec 10:20  
Olam International, the commodity trader that short-seller Carson Block said might fail, is selling as much as US$1.25 billion ($1.52 billion) of bonds and warrants to existing shareholders in a transaction backed by Singapore’s state-owned investment company.

Olam will offer US$750 million in bonds and as much as US$500 million in warrants, the Singapore-based company said late yesterday in a statement. The city-state’s Temasek Holdings Pte, Olam’s second-largest shareholder, agreed to buy any rights not taken up by other investors, Olam said.

“This is a strong vote of confidence we are seeing from Temasek, our long-term strategic shareholder,” Chief Executive Officer Sunny Verghese said at a press conference in Singapore. “This transaction also demonstrates the ability to access both debt and equity capital markets, even in current conditions.”

Block, a 36-year-old former lawyer, first said on Nov. 19 that he was selling Olam shares short -- borrowing them to profit by buying them at a lower price later -- and said the company was at risk of collapse. Olam said it faces no risk of insolvency and sued the research firm and Block on Nov. 21 in the Singapore High Court, calling the comments malicious falsehoods.

Olam’s debt rose after the announcement, with the price of US$500 million of its 5.75% bonds due in September 2017 jumping 7.5 cents yesterday to 91 cents on the dollar, according to BNP Paribas SA prices. They were little changed today as of 9:15 a.m. in Singapore, the prices show. The bonds closed at 97 cents on Nov. 19, the day Block first made his allegations.



Maybank downgrades Olam to 'sell' after fund-raising plan
http://www.theedgesingapore.com/the-daily-edge/business/41468-maybank-downgrades-olam-to-sell-after-fund-raising-plan.html

Tue, 4 Dec 13:19   
Maybank Kim Eng downgraded Olam International to ‘sell’ from ‘hold’ and cut its target price to $1.42 from $1.75 after the commodities trader announced its fund-raising plan, which is backed by Singapore state investor Temasek Holdings.

Olam is issuing a nominal US$750 million ($915 million) of 6.75% five-year bonds at a price of 95%, raising US$712.5 million.

The bonds have warrants attached that will allow holders to buy a total 387 million shares at US$1.291, which would raise US$500 million if they were all exercised.
本帖最后由 icy97 于 5-12-2012 01:50 AM 编辑

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发表于 6-12-2012 09:29 AM | 显示全部楼层
Temasek's Olam support not straight-forward: Analyst
http://www.theedgesingapore.com/the-daily-edge/business/41810-temaseks-olam-support-not-straight-forward-analyst.html

Wed, 5 Dec 16:41  
Olam’s share price has dropped on “a bit less enthusiasm to the Temasek show of support. The bond and warrants deal was billed as a rights issue. Now people have had time to digest it,” says an analyst at a regional bank.
“It’s a bond raise with a fairly big yield,” he says, noting the yield is an effective 8% and adding it contradicts previous management guidance. “What we’ve been guided from Olam is that liquidity was stellar,” he says; “then all of a sudden you get a bond issue,” he adds.

“It’s not the killer punch. What would have been more straight forward would have been a share placement to Temasek,” which would have reduced gearing levels. “Instead we’ve had this complicated and contradictory structure of a new bond issue.” The stock is down 5.6% at $1.51.

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发表于 6-12-2012 11:46 AM | 显示全部楼层
Thx2012 发表于 3-12-2012 07:23 PM
加油阿Olam,我的薪水靠你了,快快升阿。。。发啊。。。。。

现在给浑水公司玩残,应该会持续跌,short的机会
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发表于 6-12-2012 09:03 PM | 显示全部楼层
我觉得会升吧,哪个辉水公司都没有证据。。。。

OLam这么久的公司,如果财务有问题,哪里可能到今天。。。

可能Olam有一点掩饰,但是也不至于这么差。。。

加油啊,Olam...
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发表于 7-12-2012 01:53 PM | 显示全部楼层
Thx2012 发表于 6-12-2012 09:03 PM
我觉得会升吧,哪个辉水公司都没有证据。。。。

OLam这么久的公司,如果财务有问题,哪里可能到今天。。 ...

有两点:

1)市场情绪形成trend
2)是我们跟市场走,不是我们认为市场会怎样

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发表于 7-12-2012 10:00 PM | 显示全部楼层
加油Olam,加油Olam,加油Olam
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发表于 7-12-2012 10:02 PM | 显示全部楼层
olam这几天,一再下,好心痛啊,钱啊
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发表于 8-12-2012 12:07 AM | 显示全部楼层
Macquarie downgrades Olam to 'neutral'
http://www.theedgesingapore.com/the-daily-edge/business/41849-macquarie-downgrades-olam-to-neutral.html

Fri, 7 Dec 15:40  
Macquarie downgraded Olam International to ‘neutral’ from ‘outperform’ and cut its target price to $1.60 from $2.40, saying some of the Singapore commodities firm’s projects are taking longer-than-expected to come through.

Olam shares were up 1.4% at $1.47 on Friday. But the stock has fallen more than 15% since short-seller Muddy Waters launched a scathing attack on the company’s accounting, debt and investment projects on Nov. 19.

"While we disagree with Muddy Waters’ assertion that Olam stands on the brink of insolvency, we do take their point that some of Olam’s new upstream and midstream projects have lagged expectations. In fact, as a group, the new projects had already missed our expectations in 2012 fiscal year," Macquarie said.

Muddy Waters discovered that Olam’s greenfield Nigerian sugar mill has been postponed indefinitely, Macquarie said, adding that this has been confirmed by Olam. A key urea project in Gabon also remains uncertain, Macquarie said.

Macquarie said its earnings estimates are 20-25% below consensus for 2013-2014 fiscal years.
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发表于 8-12-2012 12:12 AM | 显示全部楼层
披露奥兰国际与浑水公司之间的风风雨雨
http://www.sharesinv.com/zh/articles/36064/

文: 编辑团队 (译:麦美莹) 2012年12月07日
在过去几个星期,最轰动市场的消息莫过于围绕着奥兰国际(Olam International)的事件。

浑水研究(Muddy Waters Research)的董事布洛克(Carson Block) 是一名众所周知的做空者。他在11月19日对这家商品供应链管理商提出警告,并表示他“不看好奥兰”。这家研究公司接下来在11月26日发表了一份长达133页有关奥兰的报告,并给予“强力卖出”的评级。它在报告中指出奥兰值得令人担忧的4个领域,包括偿债能力;业务模式是否可以继续维持下去;“非现金会计收益”及其“脱轨”的资本开支。

拥有23年历史的奥兰国际卷入了自成立以来最严重的危机,它对一大堆的指控作出激烈的辩护。奥兰在一份长达45页的反驳声明中回击浑水研究的指控,说他们的指控是“无中生有”,目的只是想从卖空头寸中获利。奥兰的总裁魏吉思(Sunny Verghese)也声称布洛克的指责“毫无根据”,并重申有关的指控“一无是处”。

双方一来一往的“攻击和抗辩”令奥兰的股价大幅升降。自从布洛克于伦敦举行的Ira Sohn投资大会上对奥兰提出评论至11月28日,奥兰的股价曾一度跌至1.465元的低位,这是自2008年以来的最低水平,令奥兰的估值蒸发了接近5亿元。根据辉盛研究系统(FactSet),奥兰在9月份发出的5年期面值债券(未获评级)的到期收益率从5.75%升至11月30日的11.1%。截至12月5日,债券的到期收益率回跌至8.5%。

奥兰股价在近期风风雨雨中的走势

资料来源:辉盛、奥兰及浑水研究

在这份汇报中,我们将会探讨浑水研究提出的一些问题。






就目前的情况来看,奥兰的股价在未来几个月很可能会依然起伏不定。随着奥兰采取“迅速及果断”的行动,在12月4日宣布发行债券附加凭单,并获得新加坡政府投资公司淡马锡控股的支持,相信这针强心剂应可消除投资者对公司财政健康的部分疑虑。可是,马来亚银行金英认为此举长期而言可能会令小股东们对公司日渐失去信心。这些风风雨雨将会停下来吗?就让我们拭目以待吧!
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发表于 11-12-2012 04:52 PM | 显示全部楼层
Olam's biggest holder to join Temasek in backing bond-sale plan
http://www.theedgesingapore.com/the-daily-edge/business/41889-olams-biggest-holder-to-join-temasek-in-backing-bond-sale-plan.html

Tue, 11 Dec 09:27   
Olam International Ltd.’s biggest shareholder said it will participate in a US$1.25 billion ($1.52 billion) sale of bonds and warrants, joining Singapore’s state-owned investment company in backing the offering.

“As the company’s largest shareholder, we fully support its proposed rights issue of bonds and warrants,” Kewalram Singapore Ltd., which owns 20% of Olam, said in an e- mailed statement yesterday. “We believe that it is in the best interest of the company, and is an attractive investment opportunity for all shareholders, as well as being beneficial to the bondholders. We intend to participate in the proposed rights issue.”

Olam, the commodity trader that short-seller Carson Block said might fail, said last week it will offer US$750 million in bonds and as much as US$500 million in warrants to address any “lingering doubts” about its liquidity. Singapore’s Temasek Holdings, Olam’s second-largest shareholder, agreed to buy any rights not taken up by other investors.

Block, a 36-year-old former lawyer, first said on Nov. 19 that he was selling Olam shares short -- borrowing them to profit by buying them at a lower price later -- and that the company was at risk of collapse. Olam said it faces no risk of insolvency and sued the research firm and Block on Nov. 21 in the Singapore High Court, calling the comments malicious falsehoods.

Kewalram supports Olam’s strategy, it said. “The configuration of assets and capabilities that it has built up will generate enduring value for its stakeholders.”

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发表于 13-12-2012 10:44 AM | 显示全部楼层
一间不能够产生现金,不断靠借新债务,靠发新债券,
和不断发新股来换取现金来生存的公司,很危险的。

看了这公司这两年的现金流,只能够摇头,,,!!!



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发表于 14-12-2012 02:27 AM | 显示全部楼层
lol...放错了osim international... 哈哈
btw.. Olam今天很jia lat ><

点评

一时失误,抱歉。。已更正。。谢告知。。  发表于 14-12-2012 09:23 AM
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