Anglo-eastern Plantations Share Discussion Threads

[foxfox79] 22/9/2022 19:38

Indeed , excellent place to park your money during these times, will never go below 6, upside x 2-3 in case of take over

[skanjete2] 21/9/2022 14:48

I suppose we've reach about 6£/share cash at the moment.

Even taking into account the minorities, we're at a EV/EBITDA = 1 !

[ilad60] 12/9/2022 09:25

MP EVANS
Excellent results

§ 65% increase in earnings per share to 63.3p (2021 - 38.3p)

§ 25% increase in interim dividend per share to 12.5p (2021 - 10p)

§ Net cash surplus of US$13.5 million (2021 net debt US$67.7 million)

Given the high yields and extraction rates achieved by the Group, and the continuing strong cash generation, the board is proposing an increase in the interim dividend to 12.5p per share (2021 - 10p per share).

The Group has an unbroken track record over more than thirty years, of at least maintaining, or whenever possible increasing, ordinary dividends. The board believes that the ongoing trend of increasing yields from the Group's estates, combined with the increasing milling capacity, forms a firm foundation for continuing strong cash flows, which in turn supports the Group's progressive dividend policy.

[foxfox79] 08/9/2022 18:38

Book value is not 1274 pence: 60k plantation owned x 15k/hect+288 m usd, 1,2B usd minimum), so stupid to 'take profits'

[ilad60] 02/9/2022 11:55

Investors' Chronicle

it looks increasingly likely that 2022 will be a year of two halves, with record CPO prices in the first half followed by much lower prices in the second half. Admittedly, with Anglo’s shares trading on a 12-month trailing price/earnings (PE) ratio of four, 29 per cent below book value per share of 1,274p and net cash of 537p backing up more than half the share price, then the weaker backdrop for CPO prices is largely priced in.

That said, the earnings cycle has clearly peaked and with Anglo’s shares trading close to last month’s all-time closing high (952p), it now feels the right time to bank the 59 per cent paper profit if you have been following my 2020 Bargain Shares Portfolio. Take profits.

[ntv] 27/8/2022 08:34

Sold all ours after results

[skanjete2] 25/8/2022 12:24

Great results again, indeed.

Although I find it annoying that they again downplay the positives and accentuate the negatives.

[ilad60] 25/8/2022 11:56

The Group's balance sheet remains strong with no outstanding bank loans. Net assets as at 30 June 2022 were $585.3 million compared to $496.6 million as at 30 June 2021 and $542.1 million as at 31 December 2021. The increase in net assets from the last interim report was attributed to higher profit and higher inventories. Inventories, comprising mainly of CPO, built up to $41 million against $15 million as at 30 June 2021 due to the CPO export ban in Indonesia which is explained in more detail under commodity prices below. The Indonesian Rupiah has depreciated by 4% against the US dollar in the first half of 2022.



As at 30 June 2022, the Group had cash and cash equivalents including all fixed deposits with banks of $246.8 million (H1 2021: $160.7 million, 31 December 2021: $219.7 million).

great result

[stemis] 25/8/2022 11:45

Pretty downbeat outlook. Hard to see this going anywhere in the next 6 months.

[ilad60] 24/8/2022 12:22

Indonesia on Wednesday extended its policy of not collecting levies for palm oil exports to October 31, informed trade minister Zulkifli Hasan.

He said that the decision was taken to help encourage exports of palm oil and prop up prices of palm oil fruits for farmers.

The policy, introduced in July, was due to run until the end of this month.

[ilad60] 22/8/2022 10:52

Sipef

PNG realized more turnover than Indonesia and more gross profit on 30/6

[skanjete2] 20/8/2022 17:28

Yes, and if I remember well, the 13.262ha in PNG produced somewhat more profit than the 63.429ha in Indonesia.

[ilad60] 19/8/2022 13:28

Planted hectares 100%

Indonesia : 63.429 ha
PNG : 13.262 ha

Yes, Sipef PNG enjoyed higher CPO and PKO prices and higher volumes

hxxps://www.sipef.com/media/2564/20220818_analyst-presentation.pdf

[skanjete2] 19/8/2022 11:44

Very nice results from Sipef indeed.

However, they have important plantations in Papua New Guinea where there isn't the mess with exporttaxes like in Indonesia. They enjoyed considerably higher CPO prices in Papua then they could achieve in Indonesia.

So I would be careful not to simply extrapolate the growth numbers from Sipef to AEP.

[ilad60] 19/8/2022 11:05

Half year results of the SIPEF group per 30 June 2022

The gross profit of the palm segment increased by KUSD 62 684 to KUSD 129 066, primarily due to higher net CPO prices. The average realised net CPO price of USD 1148 per tonne was 64.9% higher than USD 696 per tonne at the same time last year.

The recurring result before tax for the first half year amounted to KUSD 100 597 compared with KUSD 48 257 at the end of June 2021.

The recurring half year profit amounted to KUSD 67 192, an increase of 94.1% compared to last year

[skanjete2] 18/8/2022 13:50

A new all-time high today?

[stemis] 13/8/2022 11:36

It's not so much that Chwen might want to dispose of his holding but that he might want to get his hands on his share of some of the cash in AEP. The easiest way to do that is for AEP to pay a special dividend (or at the very least a decent annual dividend). It would be tax effective as neither Malaysia nor Hong Kong charge tax on dividends.

[varies] 12/8/2022 22:19

gaius,
Not every heir wishes to preserve an inheritance in the form in which he or she receives it.
If there is a party interested in acquiring AEP, then this must be a good moment to come forward.

[gaiusgracchus] 11/8/2022 13:31

What were you hoping for? The family is majority shareholder, wherever the shares of the former Chairman go, so why do you think they wouldn't maintain control of the board? What we can hope for is that her shares have been willed to multiple parties some of who might be agitating for a sale at a proper price. My two cents.

[varies] 10/8/2022 22:10

For some of us far older than Marcus Chan Jau Schwen, his assumption of control is not the outcome we have been waiting for !
I hope he may decide to liquidate this asset.

[gaiusgracchus] 10/8/2022 21:37

We can only hope that he learnt something at E&Y and the corporate finance boutique and focuses on improving capital allocation.

[stemis] 10/8/2022 19:20

Hopefully he'll introduce a bit more shareholder focus

[ilad60] 10/8/2022 16:31

Genton International Limited remains a significant shareholder and AEP is pleased to announce the appointment of Marcus Chan Jau Chwen, the son of Madam Lim, on to the Board of AEP as a Non-Executive Director to continue Madam Lim's family involvement in the Company.

Marcus is 38 years old and graduated from the University of Melbourne, Australia with a Bachelor of Commerce. He is currently completing his Master in Business Administration from China Europe International Business School ("CEIBS"). After graduation, Marcus started his career at Ernst & Young Malaysia as an associate auditor and then moved on to be involved with family and associated businesses. His main experience is in business development and marketing. He previously worked in a boutique corporate finance advisory services firm in Kuala Lumpur, Malaysia for three years. Marcus' youth and dynamism will add value to the Group

[nobull] 22/7/2022 09:16

KLK has a little over 100,000 hectares of titled land in Indonesia and is only listed on the KLSE. Ilad, your point is right - I forgot about that. Thanks.

[ilad60] 22/7/2022 08:07

A merger of AEP with REA is impossible due to current legislation.

The Indonesian government has, in recent years, passed laws to prioritise domestic investments and to limit foreign direct investments over national interest, including a limit of 20,000 ha per province and a national total of 100,000 ha on the licensed development of oil palms for companies that are not listed in Indonesia or with less than a majority local ownership.