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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| China Bio | CBI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 13.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 13.50 | 13.50 |
| Top Posts |
|---|
Posted at 15/7/2010 10:04 by zangdook bye bye cbistill waiting on the dividend. |
Posted at 14/7/2010 15:24 by zangdook Cash has arrived in Hargreaves Lansdown accounts.OT but related to above, HL have most annoyingly taken WCC off their system, well in advance of the delist. They did this before, in anticipation of the earlier, postponed delisting, with the result that I was not able to top up when the shares fell to 400p, though they later reinstated it. Now I can't top up with CBI cash. I expect I could ring them up and talk them into doing it, but a) their phone dealing charges are exorbitant, and b) I don't want to - I like the anonymity and quiet of the internet. Do other brokers behave like that? They are good about cash arriving, though, dividends usually arrive same day, latest next day. Funnily enough they'll still let you buy CBI. If the price had collapsed I might have been tempted. Edit: I just realised, the tender money has arrived, the dividend hasn't. |
Posted at 12/6/2010 14:19 by thecornishman2 Thanks for the replies all.As a couple of posters have pointed out, the tender offer is on an all-or-nothing basis with regard to existing shareholdings, but I would see no reason (before the record date) why one could not reduce a shareholding in the market to a level that one would be comfortable keeping in the unlisted company (perhaps reclaiming the original investment cost), declining the offer and then withdrawing the remaining shares from nominee into certificated form. The downside of that would be that one would have to accept a lower price, miss the dividend and incur higher charges than simply accepting the offer would involve. I'm going to dwell on this a little longer I think. I don't want to maintain an unlisted shareholding in a company where minority shareholders are not wanted or seen as a nuisance (past experience has taught me this can be a recipe for disaster), but if the board were happy to keep a few small shareholders around then this appears to me to be an interesting company in a potentially highly lucrative area. Another poster suggests different China plays; I already have China Shoto & Griffin Mining and have looked at WCC more than once. The reason I would be interested in maintaining a holding here is the green energy aspect and what I perceive to be an extremely conservatively managed company in terms of its balance-sheet. The main downside, as others have pointed out, is that obviously there is no guaranteed way for crystalizing value from the remaining shareholding. If I recall correctly the majority shareholder has tended to decline his own right to claim dividends, whilst allowing other shareholders to be paid. I really value this kind of behaviour, but I wonder if a dividend is likely to be maintained once the holding is de-listed? I'd guess not and then obviously there is the issue of how one would eventually exit the holding if that were desired. At that stage, I guess one would be dependent on a director or other interested party within the company buying the shares but I agree their desire to take-out very small holdings might well be limited. If I did not already have a holding here I would be buying at these levels and so it's a bit disappointing to be effectively forcibly ejected. The same thing happened with Indian Films Co. but I wasn't so keen on the business there model there. I guess the honourable thing to do is to take the profits, say thanks, let the majority shareholder have his company back and wish him well. It's a real shame though... Thanks again to all who replied. Regards, TC |
Posted at 12/6/2010 06:50 by tim00 Personally I think a Chinese relist would be a long time away, AIM is not that burdensome, nor expensive. Companies the size of CBI are really too small to be quoted. The hope must have been that without the global recession, CBI's share price would have been on an upward trend rather than the opposite, and they could have used AIM to raise further funds to expand more rapidly. (They've mentioned other provinces now have minimum useage of biodiesel for example.) I agree the most likely opportunity to sell would be to a Director, Ye or Gloria He, but would Ye bother to buy shares from a tiny holder and if he did, would he give you fair value? He would have a massive information advantage over the seller, and might offer you 16.5p. WCC and PMHL are excellent opportunities at the moment. One strategy is to sell CBI at close to 16p in the market by late June, buy PMHL then sell PMHL late July and invest in WCC. Excellent chance of more than doubling your money on a three month horizon. |
Posted at 11/6/2010 09:38 by qipincha For simplicity, the Company has determined to align the record and payment dates for both the Tender Offer and the final dividend for the year ended 31 December 2009. Accordingly, the record date and payment date for the dividend for the year ended 31 December 2009 have been changed from 18 June 2010 and 5 July 2010 to 23 June 2010 and 14 July 2010, respectively, to align them with those of the Tender Offer. Whether or not Shareholders tender their Ordinary Shares under the Tender Offer, they will still be eligible for the dividend. |
Posted at 20/4/2010 09:00 by woracle tim, tell me where they said they bought especially loads of feedstock in late 2008. They had to buy more to gear up for new plants I recall as was needed, but not more for hedging purposes. They clearly didnt buy a foreward contract for millions of tonnes at cheap prices if that was possible.Of course the key is to be better than your competitors in any business assuming the business plan figures actually adds up in the first place. In that respect I dont know if CBI is the best even in the bio business in China. But don't forget CBI don't just compete with bio businesses. Their end products come from established petrochemicals business too. Its stiff competition it seems for both selling end product and supply feedstock. I agree CBI is well managed but still learning as they humbly report. Its almost a chinese style apology to shareholders. But I am still not convinced bio at the moment is truely a viable business without subsidies.. we shall see progress in H1. |
Posted at 20/4/2010 06:20 by tim00 You make some good points woracle, I wouldn't disagree with the numbers you quote. However, there is no reason to suppose the VAT rebates will be withdrawn in the short term - the policy was introduced to support the expansion of companies like CBI as part of a green agenda. You might as well argue that WCC for example is only doing so well because the company is supported by the Party spending billions on developing the local infrastructure. On feedstock prices, I closely monitor the price of palm oil as a proxy. It tends to rise in sympathy with crude oil, and I am aware of the increases seen. But I think you ignore the fact that this affects all suppliers of biomaterial and petrochemicals, if demand for these products exceeds supply then CBI will have no trouble passing on the cost increases to customers. So forget the trend in feedstock prices, what really matters is the balance between demand and supply. My view is that as the Chinese economy expands, that balance will increasingly move in CBI's favour. At some point, especially if the Party introduces compulsory use of biomaterial for some products, CBI's profitability will recover substantially and the share price will rocket. That's why patience is required. |
Posted at 14/3/2010 08:06 by tim00 A quick comparison with WCC. WCC is expanding rapidly and might make eps of £2 in 2011. That would imply a forward p/e of 3. Other cement manufacturers are trading on p/e ratios of around 15, so it's a no-brainer that WCC's share price will rise sharply in the next year. So what about CBI? The outlook is more uncertain, especially after the unexpected profit warning for 2009 H2 (which in the event was possibly unwarranted). However, cautious assumptions (imo) might see eps of 5p in 2010. So the current p/e is about 2. I accept that demand for cement is more certain than for CBI's products, which can be substituted. But given the rapid expansion of the Chinese economy, reflected in a substantial recovery in trading for CBI in late 2009, CBI is a sleeper that one day will wake up! And one area where CBI has an advantage over WCC is it already has plenty of spare capacity to accommodate extra sales, so no need for lots of capital spending. It also has minimal debt. So it can afford high dividend payments imminently. Once they do that, the share price will recover, that is certain. |
Posted at 20/2/2010 08:48 by tim00 Re: HAIK, the debt is the problem. They need to make profits to make inroads into the debt. On CBI, the RMB exchange rate is now 10.5 to the £. This further increases the value of dividend payments to UK shareholders. And I'm confident that CBI will do very well in 2010 H1. In order to overturn the profits warning so quickly in Q4 last year and report profits in H2 so close to H1, the volume and margin must have picked up significantly. With the Chinese economy growing so quickly, I can't see why that won't be maintained in 2010. Note also that government subsidies were similar in 2010 to 2009, so the company is becoming less reliant on support. Currently, I'm projecting profits of RMB 10 million in 2010 H1. Should be achievable. Translates to a p/e ratio of 2.3 at the current sp, and any dividend payment would imply a very high yield. Even if CBI remains invisible to UK investors, it will be a very attractive hold on income yield grounds. |
Posted at 15/10/2009 22:08 by qipincha not new, but some useful info:5. Does the Company have any idea of procuring enough raw materials for the new plants? How will the Company cope with the price rising of raw materials? During the past few years, the Company has settled many channels for procurement of material, including China and South Asian countries. Depending on the advanced techniques, the Company is able to choose from a broad range of low cost oils as material. Also, CBI has been exploiting the international market for more choice of feedstock. Despite the price of feedstock is rising, the Company has lowered the production cost by achieving technological breakthroughs, for example, to increase oil conversion and to reduce energy consumption. At the same time, the range of raw materials has been broadened. We can also use many kinds of vegetable acid oils, which are much cheaper than the virgin oils. 6. Are you worried about the sales in the future because of the quickly increased capacity? The demand on biodiesel is increasing at the surprising speed. In China the demand for fuel is depending on the international market by around 50%. Market supply does not satisfy the huge demand. During the past few years, we have settled good networks for sales. Furthermore, the Company's new department for international trade has come into existence, which has been working hard to promote sales outside China. Exports connection has been achieved to Europe and Asia countries. 7. Between 2006 and 2009, many biodiesel factories in European countries did not earn profit substantially because of the price rising of raw material. They lived on the governmental subsidies. Why could CBI keep earning profit continuously? The reason why CBI earned a lot and is still confident for further quick development is based on the following aspects, which are also the traits that CBI is different from European biodiesel factories. 1) The demand for fossil diesel is far beyond the supply, which results in great demand for biodiesel as well. Compared to the international market, there is still space for price of Chinese biodiesel to rise. 2) The resource of UCO in China is very abundant, and furthermore, the collecting expense (labour) is quite low. Therefore, raw material is relatively cheap. 3) The proprietary techniques enable CBI to minimize the wastage of production and energy consumption. Moreover, the cost of labour and land is also low. All the above results in low production cost. 4) CBI has successfully worked out a series of products, not only as biodiesel sold in gas stations but also as materials for some chemical factories, which makes the Company more active in dealing with the price fluctuation of biodiesel. 5) Financial and overhead expenses have been well controlled due to the high efficient management. 6) Governmental grants accounted for only a small part of profit. The more important is that, in recent years, the whole industry will still get a very good environment for development under the Chinese support policy. 11. For 2006 and 2007, why did Mr. Ye, who holds more than 72.47% of shares of the Company, decide to waive the entitlement of dividend? Mr. Ye is not only a responsible but also a push-and-go person. It is a very generous decision and it is also a symptom that represents the confidence of Mr. Ye have in the company's future operation. He believes that the benefit from the stock market will be much more from him in the future, because the waived money is just what the company needs for further development. |
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