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

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发表于 16-1-2013 04:12 PM | 显示全部楼层
Ong's RRJ Capital said to plan investing in Olam bonds, stock
http://www.theedgesingapore.com/the-daily-edge/business/42310-ongs-rrj-capital-said-to-plan-investing-in-olam-bonds-stock.html

Wed, 16 Jan 18:28
RRJ Capital plans to buy bonds and shares issued by Olam International Ltd., the commodity supplier targeted by short-seller Carson Block, a person with knowledge of the matter said.

RRJ, the fund run by former Goldman Sachs Group Inc. banker Richard Ong, yesterday acquired rights to US$90 million ($1.1 billion) of Olam bonds, the person said, asking not to be identified as the information is private. Along with the bonds, RRJ will receive warrants for Olam shares which it plans to exercise after three years at a cost of US$60 million, the person said.

Olam’s bonds and shares are down since Block questioned the company’s accounting methods and expansion strategy in November. The world’s second-largest rice trader said on Dec. 3 that it will offer US$750 million in bonds and as much as US$500 million in warrants to address “lingering doubts” raised by Block.

Alan Ngo, a managing director at RRJ, and Aditya Renjen, Olam’s general manager of investor relations, both declined to comment on the trade.

RRJ, based in Hong Kong and Singapore, bought the rights to the bonds yesterday at around 7 U.S. cents each on their last trading day, the person said. The rights traded at about 12 U.S. cents on Jan. 7, the first day of trade, according to data compiled by Bloomberg.

FALLING PRICES
Olam shares, down 8.6% since Block first questioned its finances, closed at $1.59 in Singapore today. Olam’s 5.75% bonds due September 2017 were quoted at 92.9 cents on the dollar, according to Bloomberg prices.

The notes were quoted at 97 cents on Nov. 19, the day Block first said he was short Olam, and fell to a record low of 83.2 cents on Nov. 30, Bloomberg prices show.

The warrants that will be issued with Olam’s five-year, 6.75%-coupon bonds can be exercised at $1.291 a share in three years, the company has said.

RRJ’s team includes Ong’s brother, Charles Ong, who left his post last January as senior managing director of special projects at Temasek Holdings Pte, Singapore’s state-owned investment company and Olam’s second-biggest shareholder. RRJ teamed up with a group including Temasek in 2011 to purchase Frac Tech Holdings LLC, a Fort Worth-based hydraulic-fracturing services company.

When Richard Ong ran Hopu Investment Management Co., the Chinese private-equity fund bought a 20% stake in China Mengniu Dairy Co. with Cofco (Hong Kong) Ltd. in 2009. That investment came just 10 months after tainted milk killed six children in China and sickened 300,000. Hopu sold its 6% stake in Mengniu in June last year to Denmark’s Arla Foods amba.

BLOCK’S ATTACK
Olam International was cut to sell from buy by UBS AG this month on concerns that its financial health may be deteriorating. Block had rated the company a “strong sell” in a report by his research firm Muddy Waters LLC and said the company may fail.

Olam has refuted Block’s claims and said earlier this month that it’s in the best financial health since its 2005 initial share sale.

Temasek has said it would back the bond offering and will buy any rights not taken up by other investors. Kewalram Singapore Ltd., the commodity trader’s biggest shareholder, also said last month it will subscribe to the bonds.

Kewalram will take up US$151.3 million of bonds and 78.3 million warrants in the offering, according to an Olam filing yesterday. Olam’s Chief Executive Officer Sunny Verghese subscribed to US$34.9 million of bonds and 18 million warrants, a separate filing yesterday shows.

The offering is “extremely expensive debt and equity capital,” Michael Dee, a former Temasek senior managing director, said in an article published in Singapore’s Business Times newspaper last month. Olam’s priority should be to reduce debt, Dee later told Bloomberg News..
本帖最后由 icy97 于 17-1-2013 01:15 AM 编辑

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 楼主| 发表于 17-1-2013 08:53 PM | 显示全部楼层
仅供参考 - 没有足够强度

OLAM CHART 17 JAN 2013

OLAM CHART 17 JAN 2013




本帖最后由 tonytan8888 于 17-1-2013 08:56 PM 编辑

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发表于 20-1-2013 12:35 PM | 显示全部楼层
icy97 发表于 29-12-2012 01:24 AM
Temasek boosts Olam stake to 19%, says attractive long term
http://www.theedgesingapore.com/the-da ...

淡马锡增持奥兰至20%

财经 天下  2013-01-20 11:02
(新加坡19日讯)淡马锡控股(Temasek)在奥兰国际(Olam International)的股权已从19%增至20%,这个股权比率已经和后者现有最大股东Kewlram Singapore公司一样。

成最大单一股东不过,由于承诺支持奥兰今年的配股计划,将全面买下未被认购的股票,加上会从中取得免费凭单,淡马锡控股的持股权可能进一步增加,然后成为最大单一股东。[南洋商报财经]
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发表于 20-1-2013 08:01 PM | 显示全部楼层
tonytan8888 发表于 17-1-2013 08:53 PM
仅供参考 - 没有足够强度

大大,这个是用什么软件分析的?
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 楼主| 发表于 22-1-2013 08:45 PM | 显示全部楼层
联昌国际平台供应的软件
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发表于 25-1-2013 12:12 PM | 显示全部楼层
Olam bonds sale oversubscribed as shareholders take up rights
http://www.theedgesingapore.com/the-daily-edge/business/42427-olam-bonds-sale-oversubscribed-as-shareholders-take-up-rights.html

Thu, 24 Jan 21:05
Olam International, the commodity supplier targeted by short-seller Carson Block, raised the full US$712.5 million ($875 million) from its bonds sale, which it said was oversubscribed.

Its two largest shareholders Kewalram Singapore and Temasek Holdings Pte, Singapore’s state investment company, took up all of their entitlement of bonds and warrants, Olam said today in a statement. Temasek, which had agreed to buy any rights to participate in the bond issue not taken up by other investors, didn’t buy beyond its entitlement, according to spokesman Jeffrey Fang. Chief Executive Officer Sunny Verghese also took up his share, Olam said.

Olam’s bonds and shares plunged after Block, founder of Los Angeles-based Muddy Waters LLC, questioned its accounting and expansion strategy in November. The world’s second-largest rice trader said last month that it planned to sell US$750 million ($921 million) in bonds and as much as US$500 million in warrants to address “lingering doubts” raised about its finances by Block. The bonds were priced at 95 cents on the dollar for a total of US$712.5 million.

“We are pleased to note the successful completion of the rights issue,” Temasek’s Fang said today. The bonds and warrants are expected to start trading on Jan. 31, according to Olam’s statement.

UNDERWRITING FEE
The offer indicates “strong support from the bond and equity markets for Olam,” Verghese said in the statement.

Olam received a total of 826.9 million applications for the number of bonds with warrants, or about 110% of the US$750 million under offer, it said.

Olam shareholders approved a sub-underwriting fee to be paid to a Temasek unit by the banks arranging the sale, the company said Jan. 15.

Temasek boosted its stake to 20% from 16% last month in a series of transactions. Kewalram Singapore, Olam’s largest shareholder with 20.2%, according to data compiled by Bloomberg, said last month it would also subscribe to the bonds.

Olam, one of the top six cotton traders, fell 27% last year in Singapore trading and is down 7.2% since Block first said he was short on the stock and said the company was likely to fail. Olam has refuted the claims and said the company is in the best financial health since its initial public offering in 2005.

BLOCK SHORT
A short seller profits from taking a short position in a stock by selling borrowed shares and buying them back at a lower price. Olam’s 5.75% bonds due September 2017 fell to a record low of 83.2 cents on Nov. 30, compared with 97 cents on Nov. 19, the day Block first said he was short the stock, Bloomberg prices show.

RRJ Capital, the fund run by former Goldman Sachs Group Inc. banker Richard Ong, planned to buy bonds and shares issued by Olam, a person with knowledge of the matter said last week. The fund bought the rights to US$90 million of Olam bonds on Jan. 15, their last trading day, the person said. It also plans to invest another US$60 million to exercise the warrants that will be issued with the five-year, 6.75% bonds.

RRJ’s team includes Ong’s brother, Charles Ong, who left his post last January as senior managing director of special projects at Temasek. RRJ teamed up with a group including Temasek in 2011 to purchase Frac Tech Holdings LLC, a Fort Worth-based hydraulic-fracturing services company.

The fall in the price of rights to participate in the bond issue indicates lack of interest from shareholders as Olam’s finances are still “far too opaque,” Michael Dee, a former senior managing director at Temasek, said in an article published in Singapore’s Business Times newspaper on Jan. 19.

The rights, which traded for a week, fell about 41% to 7 U.S. cents on Jan. 15. They reached a high of 22.5 cents during its first trading day.

Olam’s resistance to having its debt rated by an agency demonstrates “lack of oversight by the Olam board to be fully committed to transparency, risk management and respect for Olam’s bondholders and lenders,” Dee said.
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发表于 30-1-2013 01:21 AM | 显示全部楼层
OSK-DMG cuts Olam target to $1.97 vs $2.20
http://www.theedgesingapore.com/the-daily-edge/business/42507-osk-dmg-cuts-olam-target-to-197-vs-220.html

Tue, 29 Jan 15:11
OSK-DMG cuts Olam’s target to $1.97 from $2.20 after lowering FY13-14 earnings forecasts by 11% and 18% respectively on higher interest costs and likely weaker growth from a slower pace of acquisitions.

“With Olam having secured five-year tenor debt funding of US$750 million ($927 million), debt maturity is extended and liquidity improved. However, this comes with additional interest costs.”

It also shifted its target P/E to 10x FY14 EPS from 12x FY13 EPS previously, a discount to the historical average of 17x.

But it adds, “Temasek’s stake in Olam equity and in the Olam bonds will go some way to allay investors’ concerns on Olam’s gearing and liquidity.”

It expects fiscal-2Q13 results, due Feb. 7 post-market, should show continued good volume growth for the food business, but it expects weakness in the industrial commodity segment persisted as weak global economic growth likely limited demand for wood and cotton.

But it adds, “we remain positive on the long term prospects for Olam, and believe investor interest will return as earnings continue to grow.” It keeps a Buy call. The stock is flat at $1.64.
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发表于 4-2-2013 11:36 PM | 显示全部楼层
High food prices seen by Olam CEO as result of population growth
http://www.theedgesingapore.com/the-daily-edge/business/42598-high-food-prices-seen-by-olam-ceo-as-result-of-population-growth.html

4 Feb 15:40  
Food prices that doubled in the past 10 years are more the result of population growth and increased demand for protein-based diets than any cyclical reasons, according to Sunny Verghese, chief executive officer at Olam International, the Singapore-based commodities trader.

Three of the biggest annual gains in food prices in the past 20 years occurred since 2007, with the United Nations Food & Agriculture Organization’s global food price index climbing to a record in 2010. Wheat and soybeans led commodities gains last year and corn jumped to a record in August.

“We’ve had a long period of food real price declines and food surpluses and we’ve had three very rapid food crises,” Verghese said at the Kingsman sugar conference in Dubai yesterday. “The price inflation that we’ve seen in the three episodes is more a structural story and not a cyclical issue.”

The United Nations’ Food & Agiculture Organization has said global food output must rise 70% by 2050 to feed a world population expected to grow to 9 billion from 7 billion now and as increasingly wealthy consumers in developing economies eat more meat. Agriculture has “good demand growth,” Chris Mahoney, director of agricultural products at Baar, Switzerland- based trader Glencore International Plc, said at the conference yesterday.

“In just seven years, the world will need not only to produce, but to move 20% more food and also store it, transport it and process it,” Mahoney said. “Without the transport, logistics infrastructure and processing capacity, production even if it keeps pace with demand will be unable to reach the consumer.”

GLOBAL DEMAND
Global oilseed demand is growing at about 3% a year, while corn consumption is rising a “little less,” according to Mahoney. Wheat, rice and sugar demand worldwide are expanding at or just below 2% a year, he said.

“What concerns people, and perhaps it should, is that the demand side of the equation is clear and it’s predictable, but this demand growth will largely need to be met by yield gain, not by additional planted area and the true potential for yield gain is perhaps known by only a few,” Mahoney said.

High food costs contributed to civil unrest across the Middle East and North Africa in 2011, toppling governments in Tunisia and Egypt. The U.S. State Department estimates that surging food prices triggered more than 60 riots worldwide from 2007 to 2009. In India, about 60% of what people spend is on food, compared with 70% to 80% in Africa, 45% in China, 9% in Europe and about 10% in the U.S., according to Olam’s Verghese.

‘SERIOUS PROBLEM’
“When you have 50-percent price inflation in the core commodities and 70% of your consumption basket is spent on food, then you have a serious problem,” Verghese said.

High food prices are needed to send farmers a signal to increase plantings, Verghese said. Countries from India and Egypt to Vietnam and Indonesia banned exports of rice, a staple for half the world, during the 2008 food crisis. Russia in 2010 banned cereal exports after the country’s worst drought in at least half a century destroyed crops and cut production.

“Price controls are precisely the wrong thing to do when you want to induce a supply response,” Verghese said. “You are distorting the price signal to the farmer to try to increase its production.”

Producing ethanol and biodiesel from food crops is “questionable,” Mahoney said. As many as 150 million tons of grains globally are used to produce ethanol, he said. Making ethanol from corn is inappropriate, Vergehese said.
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发表于 7-2-2013 08:09 PM | 显示全部楼层
Olam's two envelopes hold names of CEO successor
http://www.theedgesingapore.com/the-daily-edge/business/42664-olams-two-envelopes-hold-names-of-ceo-successor.html

Thu, 7 Feb 12:44
Sunny Verghese, chief executive officer of Olam International, the commodity trader short- seller Carson Block said will fail, meets with the board every six months to review the company’s succession plans in detail.

“My board has two envelopes,” said Verghese, who founded the Singapore-based company more than two decades ago. “There is an emergency succession plan if something happens to me that has not been anticipated. But there’s a systematic and more long-term plan as well.”

Verghese, 53, has been under pressure since November when Block and his research firm Muddy Waters LLC first made the claims against the world’s second-largest rice trader, prompting a drop in the stock. Olam’s CEO, who will today deliver his first earnings report since the short-seller’s attack, has expanded with acquisitions and set a target of lifting annual profit to US$1 billion ($1.24 billion) by 2016, more than triple last year’s.

“Most importantly, he has to shore up investor confidence in the company’s expansion plan,” said Vincent Fernando, an analyst at Religare Capital Markets in Singapore, who rates the stock a sell. “That’s what has been impacted the most.”

The stock is down 6.6 % since Block, 36, first questioned Olam’s accounts in London on Nov. 19 and said the company will fail. He also said he was betting against the stock. Muddy Waters later released a report likening Olam to failed energy trader Enron Corp., questioning its acquisitions and accounting, and rating the stock a strong sell. It traded unchanged at $1.625 at 12:13 p.m. in Singapore.

FAMILY BIRTHDAY
Olam slumped 27 % in 2012, the second-worst performer on Singapore’s benchmark Straits Times index. Its profit in the year ended June 30 fell for the first time since its initial public share sale in 2005, and net income may fall 24 % to $98 million in the three months ended Dec. 31, Macquarie Group Ltd. estimated in a Dec. 6 report.

Verghese first heard of Block’s accusations at Singapore airport after celebrating his birthday on Nov. 19 with his wife and two children. After midnight while waiting to board a Singapore Airlines flight to Zurich, his mobile phone rang -- it was a reporter asking if he had seen Block’s London comments.

“I said, ’It’s 12:45 a.m., I haven’t seen anything,’” Verghese recalled in a November interview. A second reporter called, saying Muddy Waters was going to release an 80-page report on Olam before the stock began trading in Singapore. Block’s comments were “baseless assertions” intended to panic shareholders, Verghese said Nov. 20 on a conference call.

NESTLE, KRAFT
Since then, the company, which supplies products from cocoa to coffee to Nestle SA and Kraft Foods Group Inc., has rejected the claims and sued Block and Muddy Waters for defamation. Verghese, who has said none of his customers had pared commitments with Olam, stayed calm amid Block’s allegations and told employees to get on with business, according to Olam executive Bob Dall’Alba.

“It was handled the way Sunny handled most other things,” Dall’Alba, who joined Olam in 2007 when it bought Queensland Cotton Holdings, said from Brisbane, Australia. “He states the facts, tells us we’re staying true, we’re going to stay the course and we’re going to stay true to the strategy.”

Olam, one of the world’s top six cotton traders, traces its history back to Nigeria. Bangalore-born Verghese, a cricket and soccer fan, was hired by Kewalram Chanrai Group, still its largest shareholder, according to data compiled by Bloomberg, in 1986 to establish a cotton plantation in the African country.

By 1989, he wanted to return to India to start his own business. Kewalram’s chairman at the time offered Verghese, whose grandparents were involved in farming, the chance to start his business with the group and Olam, which means “transcending boundaries” in Hebrew, was founded.


MILK, VEGETABLES
“A lot of the agriculture in India was very fragmented and I thought there was quite a lot of prospect in trying to professionalize the agriculture sector,” he said.

Olam has announced US$910 million of acquisitions since April 2011, according to data compiled by Bloomberg, adding assets including a dehydrated vegetable business, milk producer NZ Farming Systems Uruguay and a Nigerian manufacturer of biscuits and candy. It had $6.99 billion of utilized net debt and $3.42 billion of equity as of Sept. 30, Olam said Jan. 2.

“Since some of these investments involve gestation periods, time will tell if they can successfully execute the strategy,” said Vijay Iyengar, chairman of Singapore-based commodity trader Agrocorp International Pte., who first met Verghese in 1996 when the Olam founder moved its headquarters to Singapore from London.

THIN MARGINS
Olam’s peers, including Noble Group, Asia’s biggest publicly traded commodity supplier, have also invested in fixed assets such as sugar mills and oil palm plantations to secure supply and increase the traditionally thin margins traders earn.

Olam’s biggest shareholders, Kewalram and Singapore’s state investment firm Temasek Holdings, have backed Verghese. The commodity trader last month raised US$712.5 million from a bond offering, first announced in December to help ease concern raised by Muddy Waters, with Kewalram and Temasek taking up all of their entitlements in the sale.

Olam’s 5.75 % bonds due September 2017 fell to a record low of 83.2 cents on Nov. 30, from 97 cents on Nov. 19 when Block first made his allegations, Bloomberg prices show. The bonds traded at 91.9 cents as of 11:50 a.m. in Singapore.

Since November, brokers including Macquarie Group and Citigroup Inc., have raised concerns about Olam’s pace of spending and the uncertainty of new investment.

‘GROWTH SLOWDOWN’
“Management has issued prompt and satisfactory responses to some of the issues raised, while we await management clarity on others,” UBS AG analysts Andreas Bokkenheuser and Anubhav Gupta said last month in a report. “We continue to keep an eye on Olam’s declining earnings quality and a slowdown in growth.”

Olam plans to spend as much as $3.7 billion in the three years through fiscal 2015, compared with $3.3 billion from 2010 to 2012, the first part of the six-year program that will bring the company’s profit to US$1 billion, Verghese said in November. Free cash flow will remain negative until about 2015 as the company is in an “investment ramp-up phase,” he also said that month.

Verghese said succession planning began “a long way back” and the board considers both internal and external candidates. The founder, who holds a 4.67 % stake, isn’t talking yet about life beyond Olam.

“There are several things I’m interested in doing, but I wouldn’t want to discuss that at this stage,” he said. “I have all my net worth in the business. If I leave the company, I would still be willing to keep all my investments in the busines
s.”
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发表于 9-2-2013 03:20 AM | 显示全部楼层
奥兰国际录得自上市以来的第二高季度盈利
http://www.sharesinv.com/zh/articles/37248/

2013年02月08日
在“照常营业”的情况下,奥兰国际(Olam Int’l)在截至2012年12月31日的第二季度录得净利激增19.9%至1亿5,410万元。表现提高是由于贸易量上升及获得一次过的交易收益。若不包括脱售后再租回位于加利福尼亚州一个杏树园所获得的1,810万元税后收益,公司的盈利增幅为5.9%。收入增加9.2%至49亿元。1H13的收入和净利分别提高24.3%至96亿元和21.3%至1亿9,730万元。公司表示,它将依旧把焦点放在能达到其经济和财务目标的举措上。

启示:第二季度对公司而言充满困难,因它受抨击及外界企图动摇市场对其信心的困扰。在是非淡去后,公司开始检讨其业务重点及现金目标。
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发表于 14-2-2013 11:06 PM | 显示全部楼层
淡马锡控股成为奥兰国际最大股东
http://www.sharesinv.com/zh/articles/37271/

2013年02月14日
新加坡主权投资公司淡马锡控股(Temasek Holdings)成为农业商品贸易商奥兰国际(Olam Int’l)的最大股东。淡马锡增持公司的0.01%股权,从而把其在公司的股权增至21%,略高于另一股东Kelwaram Singapore的20.23%股权。淡马锡从原有的16.3%股权逐渐增持公司股权,并在公司与浑水(Muddy Waters)之间的纠纷发生之前便表示,公司的股价诱人。公司的股价在遭浑水抨击后受挫。公司于不久前发行附加股,而淡马锡不仅全数认购其获配的附加股,并承诺把任何没有被认购的附加股也全数包下。公司宣布,其第二季度的净利及收入分别提高19.9%至1亿5,410万元及9.2%至49亿元。

启示:至于淡马锡或任何其他人会否进一步增持公司股权并不得而知,但淡马锡对公司的信心坚定是不容置疑的。淡马锡也表示将继续支持公司。
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发表于 14-3-2013 01:29 AM | 显示全部楼层
Olam sells India rice mill for $18.1mil
http://www.theedgesingapore.com/the-daily-edge/business/43118-olam-sells-india-rice-mill-for-181mil.html

Wed, 13 Mar 21:59  
Olam International announced it has sold Taraori Rice Mills Private Ltd, the holding company for its rice milling assets in India, to Spanish rice and pasta manufacturer, Ebro Foods, for US$14.5 million ($18.1 million).

"Through this sale we are monetising more than the book value of fixed investments, as well as releasing working capital - which will be used to reinforce our core supply chain and trading business in non-basmati rice from India and other origins for our conventional markets," said Rajeev Raina, global head of Olam's rice segment.

The basmati rice mill, located in Haryana, India was acquired in 2008 and has a processing capacity of 18 tonnes of paddy per hour.

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发表于 21-3-2013 12:56 AM | 显示全部楼层
Olam shares top level last reached before Block attack: Updated
http://www.theedgesingapore.com/the-daily-edge/business/43187-olam-shares-top-level-last-reached-before-block-attack-updated.html

Wed, 20 Mar 18:00
Olam International, the commodity trader targeted by short-seller Carson Block, topped the price it last traded at before the founder of Muddy Waters LLC said he was betting against the company.

The stock rose as much as 2.6% to $1.765 in intraday trading in Singapore, before closing at $1.715. Shares of Olam, which rejected Block’s claims and sued for defamation, closed at $1.74 on Nov. 19 before Block questioned the company’s accounts at a London conference.

The rebound shows returning confidence among investors after the shares slumped 20% following Block’s allegations in November. Olam, whose largest shareholder is Singapore’s state investment firm Temasek Holdings, will in April present the results of a review of its businesses.

“People could be anticipating the strategy recalibration, which they may be thinking is positive for the stock,” James Koh, an analyst at Maybank Kim Eng Holdings in Singapore, said by phone on March 18. “The direction seems to be heading toward slowing down investments.”

Olam, based in Singapore, fell to as low as $1.395 on Dec. 17, the lowest since March 25, 2009. The stock was the second- worst performer on Singapore’s Straits Times index in 2012 with a 27% slump, trailing only Wilmar International. Five analysts advise selling Olam, 6 recommend holding it and 8 rate it buy, according to data compiled by Bloomberg.

Block’s research firm Muddy Waters followed his initial allegations with a Nov. 27 report likening Olam to failed energy trader Enron Corp., questioning its acquisitions and accounting, and rating the stock a strong sell. Olam, which in February reported its highest quarterly profit since 2010, has said the short-seller’s claims are baseless and were intended to panic shareholders and benefit Block’s short positions.

Olam, also one of the world’s top six cotton traders, said in February it will review its business priorities,
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发表于 27-3-2013 01:25 AM | 显示全部楼层
Olam opens $78 mil almond processing plant in Victoria, Australia
http://www.theedgesingapore.com/the-daily-edge/business/43248-olam-opens-78-mil-almond-processing-plant-in-victoria-australia.html

Tue, 26 Mar 21:01
Olam International today opened its A$60 million ($78 million) almond hulling and processing plant, the largest facility of its kind in the southern hemisphere, in Carwarp, Victoria.

The 12,000 square metre facility is expected to de-hull and shell 14 tonnes of almonds per hour and employ 19 permanent staff and 54 casual positions once in full production.

The plant’s total capacity will reach 40,000 tonnes of almond kernels each year and will use laser sorter technology for the shelling and hulling of almonds.

Olam Australia owns 12,000 hectares of orchards across 11 farms in the Sunraysia district.
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发表于 29-3-2013 02:16 AM | 显示全部楼层
奥兰国际的杏仁加工厂投产
http://www.sharesinv.com/zh/articles/38079/

2013年03月27日
奥兰国际(Olam Int’l)耗资6,000万元设立的杏仁去壳和加工厂开始投产。该厂房位于澳洲维多利亚州Carwarp,也是南半球类似厂房中的最大一家,其总产能为4万吨。在厂房全速投产后,其去壳量为每小时14吨。公司在维多利亚州11个农场拥有1万2,000公顷的种植园,产量占澳洲杏仁产量的的约45%,而澳洲的杏仁产量占全球的3%。公司也正探讨利用杏仁壳来发电的可能性。值得留意的是,公司在第2季度录得强劲的1亿5,410万元净利,其中包括脱售再租回美国加利福尼亚州一个杏仁种植园所带来的1,810万元收益。公司表示,这个种植园将成为未来计划的蓝本,以把资产商业化及提高回报。

启示:这项投资将进一步提升公司在澳洲的地位,而公司也把澳洲视为其未来环球计划的重点之一。公司将在4月公布其策略检讨结果,包括杠杆水平及对浑水(Muddy Waters)的诽谤控诉。
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发表于 9-4-2013 01:58 AM | 显示全部楼层
奥兰国际撤销对浑水的控诉
http://www.sharesinv.com/zh/articles/38225/

2013年04月08日
农产品贸易商奥兰国际(Olam Int’l)撤销了其对浑水(Muddy Waters)及浑水创办人Carson Block的诽谤控诉,由于其股东在过去几个月纷纷劝阻公司。公司认为它现在应往前看,并专注于为股东及其他相关人士提供价值。公司昨天表示,它向Carson Block正式提出控诉的申请不果,并从其调查中得知,Carson Block及浑水并没有构成公司可索偿的理由。公司的股价于今年3月20日升越其在浑水抨击公司之前的1.74元日内交易水平,但之后回落。其股价在4月5日闭市报1.665元,跌了0.005元。

启示:渣打银行(Standard Chartered)在一份研究报告中表示,“最近的忧虑似乎过度了”,而公司的许多优势在这期间被忽略了。具体而言,公司的杏仁园接近成熟期,因此流动现金额应会好转。
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发表于 9-4-2013 02:01 AM | 显示全部楼层
Olam down 1.8%; Knee-jerk reaction to dropping suit
http://www.theedgesingapore.com/the-daily-edge/business/43357-olam-down-18-knee-jerk-reaction-to-dropping-suit.html

Mon, 8 Apr 12:00  
Olam (O32.SG) is down 1.8% at $1.64 in strong volume after the company said Friday it dropped its libel and slander lawsuit against short seller Carson Block and his firm Muddy Waters.

While analysts say the move has little financial impact on Olam, one analyst says the stock's decline is "probably an overreaction in a nervous market," calling it a knee-jerk reaction among those players concerned the company may have terminated the suit on fears it wouldn't prevail.

Olam said it dropped the suit on shareholders' advice, with CEO Sunny Verghese telling the Wall Street Journal the company had found no assets of consequence to make claims against. The analyst notes the share should get support from Temasek's move Friday to increase its stake to 23% from around 22%. Another analyst says some traders may be concerned about bird flu in China, citing a selloff in China agri players, but he notes Olam doesn't have significant China operations.

Wilmar (F34.SG), an agri player with significant China operations, is down 2.1% at $3.32 in slim volume.

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发表于 26-4-2013 03:26 AM | 显示全部楼层
奥兰国际为满足投资者而放慢增长
http://www.sharesinv.com/zh/articles/38554/

文: 汤森路透 (译:麦美莹) 2013年04月25日 汤森路透

奥兰国际(Olam International)于去年11月受到卖空者袭击,在备受压力下,它将会放慢以借贷来为收购融资的行动。公司将在星期四公布一份策略检讨报告,许多投资者希望公司能放慢增长,增加现金。

奥兰国际是一家拥有环球视野的农业商品公司。当它遭到浑水公司(Muddy Waters)对其业务的批评而导致其债券与股价暴跌后,它获得新加坡国家投资公司淡马锡控股(Temasek Holdings)的支撑。

公司之后已经把其挥霍经营之道收敛,包括取消了在巴西一家糖厂的2亿4,000万美元投资及在出售及回租位于美国的杏仁果园后,取得5,500万美元现金。

公司的举动令其股价及债券价格稳定下来,但投资者希望公司的业务方式得到彻底的改变。

Religare的分析师Vincent Fernando 表示,“我认为奥兰可能会把其投资计划的规模缩小,这可能会让其更快获得自由现金流。”

“这样的决定在很大程度上会获得债券持有者的欢迎。”

汤森路透的SmartEstimates(十分着重顶级分析师的最新预测)指出,预期奥兰国际将会把截至2014年6月的财政年度内的资本开支从本年度的14亿元预估减少72%至3亿9,370万元(3亿1,718万美元)。

公司自2010年开始,总共作出25个收购。上一个财政年度的开支大幅上升了68%至15亿元,包括投资于俄罗斯的一个乳牛场及在加蓬(Gabon)的一个新尿素厂。

荷兰银行私人银行(ABN Amro Private Banking)的亚洲证券策略主管Daphne Roth 说:“在过去几年,奥兰国际收购了很多资产,而我认为,迄今我们还未有见到正面的成果。”

信心危机
经过去年在市场上出现的信心危机后,公司目前最重要的是恢复投资者的信任。

在1月份,淡马锡控股为了支撑奥兰国际的财政,注入了7亿1,250万美元现金,让其股份从16%增加至24%,并成为了公司的最大股东。

当浑水公司怀疑公司的会计实务出现问题及过度借贷,而公司以诽谤指控作为回击(但随后取消有关指控),触发金融市场上的惩罚性反应后,公司十分需要现金周转。

在浑水公司提出指责后,奥兰国际的股价在接下来的几个星期下跌了22%之多,而它在2017年到期的5年期债券则跌至0.80元(面值为1美元)。

公司的股价已经回弹,从其最新的1.67元收盘价来看,比其在浑水公司袭击之前,只下跌了4%。可是,在同一期间,海峡时报指数上升了13%。

公司至2017年到期的债券也回弹,自年初起于0.91至0.96美元之间交易,目前的叫价为0.93625美元。可是,由于美国及日本实施货币宽松政策把收益推低, 它的收益依然滞后。

对需要在亚洲高收益债券市场处于高峰期时来集资的奥兰国际来说,其融资成本将会提高。在1月份,它出售的5年期债券的利率为6.75%,但4个月后,同等年期的债券利率为5.75%。

但在淡马锡控股的帮助下,奥兰国际安全度过了浑水公司对其袭击的最艰难时期。公司表示其与银行、供应商及顾客的业务关系保持不变,而三个月前,它再重新保证,将会对其策略作出检讨,而有关报告将在星期四稍后时间公布。

对投资者而言,其债务水平依然受到关注。

汤森路透的数据显示,全球185家食品加工商中(市值最少为10亿美元,像Bunge及Archer-Daniels Midland),基于净负债与EBITDA(息税折旧及摊销前盈利)比,奥兰是第三个欠债最多的企业。

它比新加坡同行像来宝集团(Noble Group)及丰益国际(Wilmar International)的欠债还要高。奥兰的净负债与EBITDA比为6.78,而来宝集团为4.87、丰益国际为6.15、Bunge为1.08、而Archer-Daniels 为3.13。

荷兰银行的Roth表示: “如果信贷息差出现变动,那些不能够从收购中取得正面回报的企业将受到严重打击, 尤其是如果有关收购大部分是通过贷款来进行融资。我认为公司的检讨报告将有助投资者恢复信心。”


Olam, under Temasek's gaze, shifts to slower growth path
http://www.theedgesingapore.com/the-daily-edge/business/43617-olam-under-temaseks-gaze-shifts-to-slower-growth-path.html

Thu, 25 Apr 20:38
Olam International, propped up by Singapore state investor Temasek Holdings after worries mounted over its high debt, bowed to investor pressure and said it will nearly halve its capital spending over the next three years and trim its businesses.

The Singapore-based agricultural commodities company, which came under attack from short-seller Muddy Waters last November and was forced to raise cash as its stock and bond prices tumbled, has been urged to rein in its global expansion plans and generate more cash.

“The change that we want to make, as far as the next three years are concerned, is in addition to our focus on profitable growth. We want to rebalance that with an equal focus on accelerating cash flow generation,” Chief Executive Officer Sunny Verghese told a news conference on Thursday after announcing the results of a business strategy review.

The measures include becoming free cash-flow positive by the year to June 2014, one year earlier than previously forecast. It will also seek to cut its stake in a Gabon fertiliser plant, its biggest investment, which has been delayed by about a year.

“Going forward we will move away from specific earnings targets,” said Verghese, flanked by Olam’s other board members at the conference.

In a brief statement, Temasek said it was comfortable with Olam’s credit positions and its longer-term prospects.

Olam’s fortunes are increasingly tied to Temasek, which became Olam’s top shareholder with a 24% stake, up from 16%, after subscribing to a US$712.5 million ($881.7 million) cash call in January.

Mandated by the Kewalram Chanrai Group to start Olam in 1989, Verghese spearheaded the company’s expansion beyond trading, into the production and processing of agricultural commodities from cotton to coffee to cashew nuts.

Its approach to add on more upstream and midstream capabilities has loaded it with debt as it bought flour mills and other assets, including a dairy business in Uruguay and almond assets in Australia.

"Olam wants to first let the numbers show there is delivery before they move back to the original path of growth by M&A," said Roger Tan, head of SIAS Research.

"Olam has learned from the Muddy Waters episode the importance of regular communication with investors, especially because of their complex business model."

Olam will reduce capital spending by $1 billion or more, to between $1.2 billion and $1.6 billion, for the period from 2014 to 2016. That compares with an earlier spending plan of $2.2 billion to $2.6 billion for the period.


Temasek says comfortable with Olam's credit, prospects
http://www.theedgesingapore.com/the-daily-edge/business/43616-temasek-says-comfortable-with-olams-credit-prospects.html

Thu, 25 Apr 19:35  
Singapore state investor Temasek Holdings said on Thursday it was comfortable with Olam International Ltd's credit position and its longer-term prospects.

The statement came after Olam, whose biggest shareholder is Temasek with 24%, announced a new strategic plan to halve its capital spending between 2014 and 2016, cut its stake in a urea plant in Gabon and reduce its debt levels.

Temasek increased its stake in Olam after Muddy Waters criticised the company’s business practices and sparked a tumble in its bond and share prices.


Olam to cut spending, debt after investor pressure
http://www.theedgesingapore.com/the-daily-edge/business/43615-olam-to-cut-spending-debt-after-investor-pressure.html

Thu, 25 Apr 19:23  
Olam International, propped up by Singapore state investor Temasek Holdings after worries mounted over its high debt, said it will halve its capital spending in 2014 to 2016, cut its stake in an urea plant in Gabon and reduce its debt levels.

The Singapore-based agricultural commodities company, which came under attack from short-seller Muddy Waters last November and was forced to raise cash as its stock and bond prices tumbled, has been under pressure from investors to rein in its expansion plans.

“It will reduce capex by more than $1 billion to between $1.2 billion and $1.6 billion from the earlier capex plan of $2.2 billion to $2.6 billion over the same period,” the company said in a statement after releasing its strategy review on Thursday.

Olam plans to become free cash flow positive by the year ending June 2014. It will also seek to cut its stake in its Gabon fertiliser business, its biggest investment.

Olam's fortunes are increasingly tied to Temasek, which became Olam’s top shareholder with a 24% stake, up from 16%, after subscribing to a US$712.5 million ($880.6 million) cash call in January.
本帖最后由 icy97 于 26-4-2013 03:33 AM 编辑

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发表于 14-5-2013 01:19 AM | 显示全部楼层
奥兰国际及三洋在尼日利亚组合资
http://www.sharesinv.com/zh/articles/38817/

2013年05月13日
国际综合供应商奥兰国际(Olam International)同意与日本食品制造商三洋在尼日利亚组合资。 双方必须在合资内参与即食面的制造及把产品在尼日尼亚境内及撒哈拉以南的非洲地区分销。三洋食品将投资2.000 万美元(约2,470万元)现金,占合资的74.5%股份。公司将持有合资的管理权,而合资将持有在尼日尼亚即食面的资产及业务。公司目前成为了尼日尼亚即食面的4大商家之一,并在当地拥有庞大的分销网络及营销架构。合资将利用公司在尼日利亚与非洲的营销网络及三洋食品的产品发展及技术能力,让双方向撒哈拉以南的地区扩展。

启示: 分析师对有关消息表示乐观,他们认为与第三方投资者/伙伴(尤其是拥有业内知识)合作,可以成为对公司收购资产的估值的最佳指引。
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发表于 16-5-2013 03:34 AM | 显示全部楼层
Olam's Q3 profit rises 10% as sales volumes gain
http://www.theedgesingapore.com/the-daily-edge/business/43894-olams-q3-profit-rises-10-as-sales-volumes-gain.html

Wed, 15 May 08:44  
Olam International, the commodity trader targeted by short-seller Carson Block, said its third-quarter profit gained 10% as sales volumes jumped at its grains business.

Net income was $108.5 million in the three months ended March 31, from $98.7 million a year earlier, Singapore-based Olam said today in a statement. Revenue increased 12% to $4.7 billion.

Olam, the world’s second-largest rice trader, said last month that it’s slashing capital spending over the next three years by about $1 billion and will seek to sell assets to raise cash. The decision came five months after Block and his research firm Muddy Waters LLC first questioned the company’s finances.

The revised strategy “is being implemented and is expected to generate shareholder value through continued profitable growth, and enhanced cash flow generation in the coming quarters,” Olam said today in the statement.

Shares of Olam declined 1.7% to $1.785 at the close in Singapore yesterday. The statement today was made before the stock market started trading. The stock has gained 14.8% this year, outperforming the 8.4% increase in the benchmark Straits Times index.

Olam, which also shelved its US$1 billion earnings target, will seek to raise about $1.5 billion in cash by fiscal 2016 by selling assets and scaling down some operations, the company said last month after it completed its annual business review. Chief Executive Officer Sunny Verghese said the review had been broad and reflected stakeholder feedback.

Muddy Waters in November questioned Olam’s debt, acquisitions and accounting, and likened it to Enron Corp., the Houston-based company that was the world’s largest energy trader before it plunged into bankruptcy in December 2001. Olam rejected the allegations and sued Block, a case it dropped after investor feedback.
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