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

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发表于 14-12-2012 09:21 AM | 显示全部楼层
Olam likely muted until bond yields retrace: UOB Kay Hian
http://sgx.i3investor.com/servlets/fdnews/41455.jsp

Thu, 13 Dec 11:08  
Olam’s stock price will likely remain muted until its bonds recover, UOB KayHian says.

“If bond yields continue to rise, the group is likely to adopt lower net gearing levels and as a result, ROE could be capped. Hurdle rates for new investment initiatives may also be harder to cross with a higher weighted average cost of capital.”

It cuts its target to $1.98 from $2.32 after switching methodology to a dividend-discount model from the previous 13.5x P/E valuation.

“While we believe growth prospects remain reasonable over the next three years, growth could slow post-FY16 as earnings from its current initiatives come on stream.”

It lowers its FY13 net profit forecast by 5% to $396 million, mainly on higher finance costs due to the rights issue of bonds with attached warrants and higher refinancing rates. It also prices in the expected dilution from the warrants’ exercise in three years. But it keeps a Buy call.

“Olam is currently trading at an all-time low of 1.1x 2013F P/B.” The stock is up 0.4% at $1.445.

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发表于 14-12-2012 03:39 PM | 显示全部楼层
今天下到1.365,1.37吃進10張
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发表于 14-12-2012 04:26 PM | 显示全部楼层
40分鐘後賣出@ 1.395, profit $154,it's friday!!
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发表于 15-12-2012 12:28 PM | 显示全部楼层
新交所斟酌是否把生物资产排除在一般上市规则之外
http://www.sharesinv.com/zh/articles/36134/

2012年12月14日
在奥兰国际(Olam Int’l)同浑水(Muddy Waters)之间的口水战逐渐静下来之际,新加坡交易所(Singapore Exchange)的上市企业管制部门主任Mohamed Nasser Ismail表示,新交所正考虑是否要效仿香港交易所,禁止申请挂牌上市的企业把生物资产的未实现增值包括在表现内。香港交易所指出,农业公司不能凭借“生物资产的未实现增值”来作为其盈利记录,以求符合挂牌上市的要求。这种会计方式正是浑水对奥兰国际的指控中的重点,浑水指责奥兰国际通过会计手法来呈现漂亮的盈利表现。奥兰国际反驳道,其会计事务符合新交所所要求的标准,即按国际财务报告准则(IFRS)、新加坡财务报告准则(SFRS)及美国公认会计准则准备财务报告。

启示:新交所仍未决定会否把生物资产的未实现增值排除在一般上市规则以外,也不急于对上述牵涉到会计准则的问题作出反应。新交所将密切留意国际发展,并听取相关意见。
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发表于 19-12-2012 04:32 PM | 显示全部楼层
Temasek Holdings' stake rises to 17% from 16.3%
http://www.theedgesingapore.com/the-daily-edge/business/42036-temasek-holdings-stake-rises-to-17-from-163.html

Wed, 19 Dec 11:12
Singapore state investor Temasek Holdings’ reiterated its support for Olam International (O32.SG) -- the target of short-seller Carson Block -- by increasing its stake to 17% from 16.3%.

Temasek increased its holding in open-market purchases Tuesday, it said in a statement to the stock exchange Wednesday.

“We have invested in Olam over several years. In our judgment the company represents a reasonably attractive investment over the long term and we are pleased to have the opportunity to add to our stake,” Temasek Spokesman Stephen Forshaw said in an emailed comment to Dow Jones Newswires Wednesday.

Olam shares were trading 1.4% higher at $1.495 at 10:25 a.m. this morning. On Tuesday its shares jumped 5.7% to $1.475.

The commodities supplier came under attack fro. Block and his company Muddy Waters LLC in November. They question Olam’s accounting practices and say its debt is unsustainably high. Block predicts Olam will collapse.

Olam last month announced a rights issue of bonds and warrants to raise as much as US$1.2 billion ($1.5 billion). The issue is fully backed by Temasek. Temasek will subscribe to any part of the offer not taken up by other investors, Olam said when it announced the rights issue last month.

Kewalram Chanrai Group, Olam’s largest investor with nearly 20%, later said it will back the issue, too.
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发表于 20-12-2012 04:22 PM | 显示全部楼层
Temasek lifts Olam stake to 18% after buying shares a second day
http://www.theedgesingapore.com/the-daily-edge/business/42065-temasek-lifts-olam-stake-to-18-after-buying-shares-a-second-day.html

Thu, 20 Dec 10:00
Temasek Holdings, Singapore’s state-owned investment company, raised its stake in Olam International for a second day after it said the commodity trader represents a “reasonably attractive” investment.

Aranda Investments, controlled by Temasek, bought a total of 23.9 million shares from Dec. 18 to Dec. 19, increasing Temasek’s deemed interest to 18% from 17%, according to an Olam filing today.

Temasek, Olam’s second-biggest shareholder, said yesterday it raised its stake to 17%, saying that it’s “pleased” to have the opportunity to add to its holdings. Temasek earlier this month backed a proposed bond offering by Olam, the world’s second-largest rice trader, agreeing to buy any rights not taken up by other investors.

Olam plans to offer US$750 million ($916 million) in bonds and as much as US$500 million in warrants to address any concerns about its liquidity, after short-seller Carson Block said the company may fail. Temasek could end up holding as much as 29% if it exercises all the warrants in 2016 at the earliest, according to Olam Chief Executive Officer Sunny Verghese.

The stock rose for a third day, adding 0.7% to $1.55 in Singapore trading at 9:19 a.m. local time.

Kewalram Singapore, which has a 20% stake in Olam according to data compiled by Bloomberg, said Dec. 10 it also supports the commodity trader’s issue of bonds and warrants.

Olam has said it faces no risk of insolvency and sued Block and his research firm Muddy Waters LLC on Nov. 21 in the Singapore High Court.
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发表于 21-12-2012 02:34 AM | 显示全部楼层
奥兰国际在淡马锡增持股票后回升
http://www.sharesinv.com/zh/articles/36292/

2012年12月20日
奥兰国际(Olam Int’l)在昨天进一步收复失地,闭市报1.54元,回升了0.065元或4.41%,由于淡马锡控股(Temasek Holdings)增持公司股票。一则提交予新交所的通告表示,淡马锡的子公司Aranda Investments以29万3,000元收购了公司的20万股股票(相等于每股1.467元),从而把淡马锡在公司的股权从16.99%增至17%。值得留意的是,在完成交易当天,公司的股价攀升0.08元或5.7%至1.475元收市。公司的股价在过去两天回升了0.145元,是自美国卖空机构浑水(Muddy Waters)在过去一个月批评公司的会计操守后最大的升幅。淡马锡就增持股权表示:“奥兰国际是一个诱人的长期投资,我们为能够增持其股票而感到高兴。”

启示:尽管市场对淡马锡增持公司股票的反应正面,但不是人人都持相同看法。淡马锡的前高级董事经理Michael Dee指出:“像淡马锡那么大规模的企业作出微不足道的29万3,000元投资,不但没有使情况明朗化,反而是耐人寻味。”
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发表于 24-12-2012 04:44 PM | 显示全部楼层
奥兰国际以5,200万美元收购Seda Solubles的即溶咖啡资产及业务
http://www.sharesinv.com/zh/articles/36391/

2012年12月24日
全球领先的农产品与食品配料综合供应链经理及加工商奥兰国际(Olam International)已通过投标形式,以5,200万美元收购Seda Solubles的即溶咖啡资产及业务。Seda是一家生产即溶咖啡和咖啡相关产品的领先生产商,其生产设施十分完善。奥兰收购的主要资产包括西班牙的一座生产厂和一座包装厂、位于俄罗斯的一座存储与包装厂及Seda的品牌。奥兰认为,这项收购合宜,且与公司咖啡业务的增长计划相符。预计奥兰将会在未来2年进一步投入700万美元的资本开支来为资产进行翻新和保养。5,200万美元的收购款项将以现金的形式从奥兰的内部资源支出。

启示:奥兰表示,尽管Seda的企业财务状况不佳,但其咖啡业务成功保留了其客户经销网络。该项业务预计将会带来20%的息税折旧及摊销前盈利(EBITDA)率和30%的股本回报率(Equity IRR)。
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发表于 29-12-2012 01:24 AM | 显示全部楼层
Temasek boosts Olam stake to 19%, says attractive long term
http://www.theedgesingapore.com/the-daily-edge/business/42138-temasek-boosts-olam-stake-to-19-says-attractive-long-term.html

Fri, 28 Dec 18:41  
Temasek Holdings Pte, Singapore’s state-owned investment company, boosted its stake in Olam International by another percentage point in the past week after saying the commodity trader is an attractive long-term investment.

Two units controlled by Temasek bought around 24 million shares between Dec 20 and today, lifting its deemed interest to 19% from 18%, according to an Olam filing. One purchase of 100,000 shares was made on the market today, the filing said.

Temasek, Olam’s second-biggest shareholder, last week raised its stake from 16% to 18%, saying that it’s “pleased” to have the opportunity to add to its holdings. Olam “represents a reasonably attractive investment over the long term,” it said. Temasek earlier this month backed Olam’s proposed bond offering, agreeing to buy any rights not taken up by other investors.

Temasek referred to its earlier comments on Olam in an e- mailed response to queries today.

Jim Rogers, chairman of Rogers Holdings, plans to take part in the offering, according to a report today in The Straits Times newspaper. Rogers’ stake in Olam is “quite small”, the report said. Rogers didn’t respond to an e-mail seeking comment.

Shares in Olam rose as much as 2.6% before trading 1.3% higher at $1.545 as of 1:27 p.m. in Singapore. They have slumped 11% since Nov. 19, the day short-seller Carson Block questioned the company’s liquidity and accounting practices at a London conference.

Kewlram Singapore, which owns 20% of Olam as its biggest shareholder, also said it will support the offering of US$750 million ($917 million) in bonds and as much as US$500 million in warrants.
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发表于 3-1-2013 05:32 PM | 显示全部楼层
奥兰国际针对浑水的抨击作出回应
http://www.sharesinv.com/zh/articles/36478/

2013年01月03日
奥兰国际(Olam Int’l)终于在保持沉默一个月后,就浑水(Muddy Waters)所作的抨击表态。公司指出,其资产负债表自2005年挂牌上市至今是历来最强稳的,并重申,浑水所提出的指控是没有根据的。公司在其发售附加股的274页招股书内表示,它已在早前就此事首次发言后成立了小组委员会来进行内部评估,并拟在“利用所需的时间”来完成评估后才对浑水的指控作出回应。该招股书也包含一封向股东提供最新消息的书信。公司表示,其投资需要付出时间及经常开支才能带来正面现金流。它也表示:“只要公司正在累积价值,并明确地朝向正面现金流的来源前进,目前的负数现金流是可以接受的。”公司进一步强调,发售附加股是为提高相关人士的信心,并非为了解决资金周转问题。

启示:在公司对浑水的质疑作出回应后,今天以1.665元开市,并升破1.70元的价位。浑水所置疑的事项包括公司的杠杆水平和发售附加股的行动、业务模式、会计事务出现问题及某些收购行动。
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发表于 7-1-2013 01:53 PM | 显示全部楼层
Particulars :        313B+162WFOR1KS @ USD 0.95
Ex-date :        28 Dec 2012
Buy-In Last Cum Date :        2 Jan 2013
Record Date :        2 Jan 2013
Rights Closing Date :        21 Jan 2013
Rights Trading Period :        From 7 Jan 2013 To 15 Jan 2013

请问谁能帮我解释一下? 现在我只收到proxy form.. Rights 的form还没收到哦.. 如果我要买rights里的bond.. 是会在它的general meeting过后才会收到form? 还有买rights也有算minimum 25$ + etc? 谢谢!
@tonytan8888
@天然夜行者
@草根一名 本帖最后由 icy97 于 7-1-2013 01:59 PM 编辑

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 楼主| 发表于 7-1-2013 10:13 PM | 显示全部楼层




建议致电CDP

买入或卖出有一个附加费
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 楼主| 发表于 7-1-2013 10:32 PM | 显示全部楼层
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 楼主| 发表于 7-1-2013 10:32 PM | 显示全部楼层
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发表于 8-1-2013 12:11 PM | 显示全部楼层
谢谢版主帮我tag.. 谢谢tonytan8888

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发表于 9-1-2013 02:31 AM | 显示全部楼层
刚去了CDP, 原来rights atm可以直接购买的..申请excess也可以
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发表于 9-1-2013 01:49 PM | 显示全部楼层
Olam cut to sell by UBS on concern financial health deteriorates
http://www.theedgesingapore.com/the-daily-edge/business/42221-olam-cut-to-sell-by-ubs-on-concern-financial-health-worsens-updated.html

Wed, 9 Jan 19:45
Olam International, the commodity trader targeted by short-seller Carson Block, was cut to sell from buy by UBS AG amid concern that the company’s financial health may be deteriorating.

UBS analysts Andreas Bokkenheuser and Anubhav Gupta reduced Olam’s 12-month target price by more than half to $1.33 from $2.95, they said in a report today. Shares of Olam, the world’s second-largest rice trader, fell as much as 1.6% before closing unchanged at $1.605 in Singapore today.

UBS becomes the fifth brokerage to downgrade Olam since Block first questioned the company’s accounting methods at a London conference in November. He later rated it a “strong sell” in a report by his research firm Muddy Waters LLC and said the company may fail. Singapore-based Olam has refuted Block’s claims and said last week it’s in the best financial health since its 2005 initial share sale.

A bankruptcy analysis “suggests that Olam’s financial position has deteriorated to below financial health levels, although it remains above distress levels,” UBS’s Bokkenheuser and Gupta wrote in the report.

Olam’s earnings quality has deteriorated as the gap widens between earnings reported by Olam and earnings adjusted for items including changes in fair value of biological assets, negative goodwill, and government grants, according to UBS. Assumptions in determining fair value put earnings quality at risk, the analysts said.

EARNINGS ESTIMATES
UBS cut its earnings-per-share estimate for Olam for 2013 by 45%, by 41% for 2014 and 44% for the year after, according to the report.

Olam said on Nov. 28 it faces no risk of insolvency. The company is “comfortable” with its debt, it said last week, adding that it had $3.42 billion of equity and $6.99 billion of net debt as of Sept. 30. It had $10.71 billion in cash, readily traded assets and undrawn credit lines as of that date, Olam said.

The commodity trader has provided answers to questions raised by UBS, Aditya Renjen, Olam’s general manager of investor relations, said today by phone from Singapore. The company “has been very clear” about Olam’s financial health, he said.

RIGHTS PURCHASE
Olam said Dec. 3 it will offer US$750 million ($921 million) in bonds and as much as U$500 million in warrants. Temasek, Singapore’s state- owned investment company, said it would back Olam’s bond offering and will buy any rights not taken up by other investors. Michael Lim Choo San, a non-executive, independent director, invested in the rights offer, according to a regulatory statement today.

Borrowing costs are also an area of concern as the company may need to refinance its debts in the next two years, the UBS analysts said. Olam’s current covenants based on reported earnings are 4.5 times net debt-to-equity ratio, 1.5 times interest cover and US$1.2 billion minimum net worth, they said.

The stock lost 27% last year, making it the second- worst performer on Singapore’s benchmark Straits Times index. Ten analysts recommend buying Olam stock, 4 advise selling it and 6 rate it a hold, according to data compiled by Bloomberg.


奥兰国际的评级因加蓬项目和财务状况问题而遭瑞士银行下调
http://www.sharesinv.com/zh/articles/36628/

2013年01月10日
继浑水研究(Muddy Waters)抨击奥兰国际(Olam International )的财务状况,并引发一连串事件后,瑞士银行(UBS)也下调奥兰的评级,UBS已将奥兰的评级从初步的“买入”下调至“卖出”,而其目标价也明显从2.95元调低至1.33元。UBS认为,给予“卖出”评级十分合理,因为他们等待奥兰就加蓬项目的成本、投资资本回报率不断下降及核心盈利增长等事项作出解释。令人注意的是,奥兰最初估计加蓬项目的成本为13亿美元,这低于世界银行所估计的15亿-20亿美元。奥兰在2010年宣布进行加蓬项目,为奥兰与加蓬政府组合资建造一座价值13亿美元的尿素肥料厂。虽然这个项目延期了9个月,但奥兰最近在一份文告中对其股东说,该项目仍将会带来优厚回报。UBS对奥兰进行破产分析,表示其“财务状况低于健康水平”,尽管不受忧虑因素影响。

启示:奥兰不太可能会破产,但UBS仍保持审慎,由于奥兰的财务状况正在下滑。若加蓬项目的成本与世界银行的预测相符,奥兰预料将会承受更大的成本压力。 本帖最后由 icy97 于 10-1-2013 04:56 PM 编辑

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发表于 14-1-2013 09:06 PM | 显示全部楼层
1lot holding 给313 rights
可以卖掉换成现金
或者用rights subscribe bond (USD0.95), 6.75% coupon rate, pay semi-annually,2018 maturity

要有bond才可以拿warrants, 3年后用USD1.291把warrants换去mother share

不要的话可以卖掉(明天last day)
从 Olam R, R1, R313 不同的lot side卖掉
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发表于 14-1-2013 09:07 PM | 显示全部楼层
宫一 发表于 9-1-2013 02:31 AM
刚去了CDP, 原来rights atm可以直接购买的..申请excess也可以

如果没有rights要从market买
要subscribe bond才去ATM哦,申请excess也可以,1lot给313bonds,subscribe bond才给162 warrants

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发表于 14-1-2013 09:11 PM | 显示全部楼层
宫一 发表于 7-1-2013 01:53 PM
Particulars :        313B+162WFOR1KS @ USD 0.95
Ex-date :        28 Dec 2012
Buy-In Last Cum Date  ...

28 Dec 2012之前买的olam都有rights
bond issue price USD0.95, face value (maturity的时候他和你买回USD1)

买卖rights就像买share那样有transaction cost
but hor
因为是in USD,所以brokerage fee有差,要check with broker

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