Bisichi Share Discussion Threads

[dillydally2] 23/8/2022 10:30

Dropped again and nt to sell

[tgaman] 23/8/2022 10:29

That's the last reported trade, not the current share price

Did you start investing yesterday?

[dillydally2] 23/8/2022 10:27

3.04 dumpSilly little gamblersCheck twitter they have all gone quiet

[stockhunters] 23/8/2022 10:26

looks interesting with coal this high for sure

[tim000] 23/8/2022 10:24

Hilarious!

[dillydally2] 23/8/2022 10:23

Looks like folks have been spiked here Pumpers loaded then posted now offloading and those in on the spike doing ridiculous comparison to tga It's a good short here folks

[tim000] 23/8/2022 10:18

Top of the world ma!

[stockhunters] 23/8/2022 10:15

looks like they will announce half year results

[wahlberg] 23/8/2022 09:55

Interest picking up, advertised spread still wide

[tim000] 23/8/2022 09:51

Sellers cleared at last!

[tim000] 23/8/2022 08:38

Marketscreener publishes timely data on major shareholdings for BISI. In recent weeks, ICBC Standard Bank has increased its holding by 10k, Quilter Cheviot has reduced by 35k and Walker Crips has reduced by 17k. Walker Crips is listed, its annual results commentary suggests it's firmly in the loony green camp.

[andydaf] 23/8/2022 07:24

Well done to you Bisiboy,firstly for being on a cruise and then for holding your shares for so long.Lets hope the interims are what we expect and that the divi can help you pay for the next cruise.GLA

[bisiboy] 22/8/2022 21:53

Sitting on a cruise ship off the Norwegian coast and decided to check in
After 30 years and cursing not banking substantial profits years ago it’s finally returned to a 10 bagger. Challenge for me is when to bail out or do I repeat the past and watch it full right back. It’s great to see all the informed comments none of which were around when it run up to over £4.00 before so maybe this time it is different I hope so it does feel that on
Great results that this could push much higher.at one time I knew most of the minority larger shareholders who accounted for about 20% but some of these have long sold out
Good luck and fortune to all sailing in the good ship bisi

[tim000] 22/8/2022 07:05

Andy, I'm very optimistic, I am one of BISI's largest shareholders! I just don't want to throw hostages to fortune: I prefer nice surprises to disappointments. But I'm just as confident as you that the company is currently trading on a forward p/e of less than one. You're right to mention the equity portfolio: there could be tremendous profits there with a bit of luck.

[andydaf] 22/8/2022 04:18

Although i am greedy it would be certainly good business to secure the futures of Bisichi and LAS during this coal cycle.I am more hopeful than Tim on the profit levels and still feel Bisichi trades on a p/e around one.The only thing we cannot make a informed guess about is the equity portfolio as we dont know what we hold.If they did buy a decent quantity of TGA/WHC etc some large dividends could also be pouring in.Not long to wait now but i feel the results will be after the bank holiday.GLA

[tim000] 21/8/2022 16:26

You could be right about timing. The FD has said they will do some shareholder engagement. So announcing results next Friday would give three days to get media coverage before the next trading day. I don’t want to get hopes up on the dividend, but BISI’s debt is mostly on its property portfolio. From memory it does have an overdraft which it could clear, but remember it has an equity portfolio which is used as a liquidity buffer - which TGA wouldn’t have had. BISI will also have generated substantial cash between end June and when the interim dividend is paid. But I guess it comes down to the Directors’ caution or otherwise on how generous they are.

[e43] 21/8/2022 16:15

Hoping results may be announced a few days earlier than the last couple of years.
Whatever the date they will be a very interesting read,I'm still expecting a slightly smaller relative div than the one just announced by TGA, mainly due to the fact TGA started the year with no debt and a large cash buffer already in place(whereas BISI still had a net debt position)would expect BISI to potentially pay out a very large special dividend at the end of the year if coal price stays at or around current levels, Anyway not too long to wait...

[tim000] 20/8/2022 07:27

AR2014 mentions an agreement by which Blue Nightingale (a BEE miner) will supply run of mine coal to BW for processing and sale, from 2015 onwards. Blue Nightingale's coal is mined near the BW colliery, but presumably BN doesn't have its own CHPP. Blue Nightingale's coal reserves in 2014 were estimated at 2.6 mn tonnes. (It seems the relationship with BN extends back to around 2010. It may be that BN is the source of the 6M tonnes reserves recently acquired by BISI.)

[tim000] 20/8/2022 04:03

Sisonke's CHPP has capacity to process 170k tonnes per month, ie 2.04mn tonnes pa (p5, AR2009). BW's mine production is about 1.05mn tonnes pa, so there is capacity to buy in up to 1mn tonnes of unwashed coal pa for processing and sale. High CV bought-in coal not just generates processing value-added, but also can increase the value of BW's own coal, by creating higher CV blends.

Bought-in coal volumes increased from 19k tonnes in 2020 to 401k tonnes in 2021, presumably due to sharply rising demand and prices. So another upside factor for this year is if bought-in coal volumes have risen closer to an annualised rate of 1mn tonnes. Constraining factors however could be logistics (Transnet) and whether there is sufficient unwashed coal available on the market.

[tim000] 18/8/2022 06:50

Futures markets are currently pricing the API-4 RBCT Benchmark @ US$301/t in 2022 and US$283/t in 2023....and end 2025 at an amazing US$233/t!!! Should these prices reflect the actual future prices, BISI will be making a fortune for years to come.

[tim000] 17/8/2022 17:02

hxxps://www.news24.com/fin24/Companies/transnet-goes-to-court-to-force-chinese-supplier-to-release-spares-20220817

[tim000] 17/8/2022 08:57

In the BISI 2004 Annual Report, p6, the Report states that their BEE partner Endulwini Resources was awarded 272k tonnes export allocation at RBCT for the year to 31/3/05, and a 45k tonne increase to 317k tonnes the following year. I'm not aware of any change since then. The fact that exports were 320k tonnes in 2021 suggests the company might be increasing its exports slightly by exporting from other ports. [In the TGA presentation they said the company was looking at exporting from a non-specialist port next to RBCT, and Maputo.]

Clearly the incentives to maximise exports are much greater this year than last, and maybe BISI has the logistics in place to ramp up through-put to other ports than RBCT. This of course provides upside to profitability this year.

NB: Companies the size of BISI obviously can be much more proactive and dynamic then their much larger peers. TGA gave the impression of responding very slowly to capacity constraints at RBCT; that's partly because transporting millions of tonnes is much more complicated logistically than moving thousands of tonnes, as BISI does.