Bisichi Share Discussion Threads

[bent banana] 12/12/2022 07:50

Stonehage reducing by .14%

[tim000] 11/12/2022 18:03

I haven’t looked at the Vunani Capital Partners website for a while. They report a year on year increase in Black Wattle production in the six months to 31 August 2022 (without giving figures); a large increase in income from BW, resulting in a very large dividend hike; and an intention to announce various new investments in renewable energy projects (but not coal mining) before the end of February. It’s possible at least some of these are in partnership with BISI. Interesting however that they’re not going to invest further in coal mining, with the possible exception of BW.

[tim000] 05/12/2022 18:42

BISI’s exports are only constrained at RBCT; it is free to export as much as it likes from other ports such as Durban or in Mozambique (provided of course it can get its coal to port and shipped from there). Other miners such as Exarro are doing that. The trouble is, we’ll probably never know if BISI is doing that too.

[andydaf] 05/12/2022 17:41

Patience needed here.Good hard winter in western europe,good production at the mine,transnet performing and some export coal to port using trucks todays market cap may well be only the next four months profits.In my opinion only the brave or foolish would sell energy shares in a ongoing long term energy crisis.Trust me the west will pay anything to keep the lights on.Takes two to make a market and time will tell but Bisi is worth far more in my mind than 30million.Many will remenber i was bullish for the half year and nothing since has changed my mind.Expecting 40 million plus for the full year.As always GLA

[tim000] 05/12/2022 16:03

Good point, it would help if, when there is news, the MMs don’t quote ridiculous spreads as they did when the interims were announced.

[monet] 05/12/2022 15:19

When this movies, it moves fast.

[tim000] 05/12/2022 13:15

Hopefully both

[rimau1] 05/12/2022 13:14

Seller cleared or TU Profits warning incoming!

[bisiboy] 05/12/2022 12:48

or on bonuses!

[gaffer73] 05/12/2022 11:43

Be nice to break 300p again.

[tim000] 05/12/2022 09:14

Obviously there’s a chance of a trading update this week, in June it was on the 6th. But difficult to assess the likelihood. In the first half of the year, a lot of the profits were consumed in capex associated with the move to the new mining area; increased inventory of coal stockpiles; and investment in equities. I would imagine these won’t apply in H2, and cash balances will increase significantly. What we don’t know is whether these will be spent on M&A and/or dividends.

[tim000] 04/12/2022 13:25

The Interims show an increase in inventories of £3 mn from 31/12/21 to 30/6/22. Since inventories are valued at cost, the market value of that £3 mn is probably double that. So selling down inventory in H2 should provide extra profit of up to £3 mn.

[tim000] 03/12/2022 18:20

Of course Transnet will have a larger impact on TGA than BISI, given the enormous differences in market share. Also, I’m assuming significantly lower BISI export volumes in H2 than in H1 given BISI’s exports in H1 were relatively high and BISI might have a 320k tonnes annual limit.

[e43] 03/12/2022 18:09

Also expecting BISI to be having a v strong H2,TGA out with a trading statement this coming Thursday which will give an idea of the impact of Transnet's problem's on H2 export volumes.

[tim000] 03/12/2022 12:07

BISI has reported that its Sisonke coal processing plant (acknowledged to be BW's main profit driver) has capacity to wash/process 170k tonnes per month, ca 1 mn tonnes per half-year. Capacity utilisation was only 61% in H1, due to low BW production during the transition to a new mining area. I'm hoping this recovers to ca 84% in H2 as BW production increases significantly. We have no info on the supply of unwashed coal locally from third parties; but domestic and export prices are certainly incentivising a ramp up in small miners' production in H2.

[gaffer73] 03/12/2022 11:35

Good work tim

[tim000] 03/12/2022 11:22

World Bank Pink Sheets, published monthly, is a reliable source for outturn data on spot RBCT API-4 $ coal prices. Figures for November were published last night. The RBCT average was $320.90/t, much higher than estimated from the daily futures markets figures (Barchart, investing.com). The 2022 H1 average was $277/t, the average for 2022 H2 looks to be at least $310/t, so the 2022 average shouldn't be far off $300/t. BW sales volumes were 614k tonnes in 2022 H1 (o/w 29% were exports); I'm hoping for ca 836k tonnes in 2022 H2 (o/w ca 18% are assumed exports). ZAR domestic sales prices are reported to be significantly higher in H2 than H1 (BISI Interims). So all the indications are that BW will have performed at least as well in H2 than in H1. (I'm assuming that the temporary Transnet strike and subsequent rail closure affected the timing, but not the quantum, of sales in 2022 H2.)

[jurgensredarmy] 02/12/2022 09:14

Understand the above points it would be nice though to get clarity on certain points. Shareholders being one.

[tim000] 01/12/2022 21:18

Stonehage Fleming, BISI’s second largest shareholder, complains every year about BISI’s poor governance, eg some of the Board members have been in post for several decades! But it won’t change, cos Andrew Heller likes things how they are.

[jurgensredarmy] 01/12/2022 20:20

Why doesn’t the company list on their website a full list of the shareholders like most companies do ?

[gaffer73] 01/12/2022 18:45

Read from post 612

[jurgensredarmy] 01/12/2022 18:14

Could do with more clarity from the board ie a few updates here and there. I tried to find who owned what shares but I can’t see the share register.

Anyone have any idea who owns what with the shares ?

[tim000] 01/12/2022 15:40

Hopefully you’ve timed your investment very well. Imho this is a long term buy and hold. The company has been in existence for about 120 years, it’s a robust business with careful guardians.