Sino Agro Food

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Dragon Head skrev 9 sep, 01:09

Inlägg på IHUB från investerar resan som jag nämnde...


Hi Everyone!

I´ve just landed back in Sweden after being on the SIAF investor tour to Chin...
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Dragon Head skrev 9 sep, 01:09

Inlägg på IHUB från investerar resan som jag nämnde...


Hi Everyone!

I´ve just landed back in Sweden after being on the SIAF investor tour to China.

The trip has been very intensive with a very comprehensive program with long days followed by dinners with the SIAF management but also some of the local managers and customers of SIAF and their partners. Most of the participants on the trip will probably come home today or tomorrow.

I dont think anybody really have had any time to even contemplate to comment (here on Ihub) on the trip so far. I can just say that I have a much greater understanding of many sides of the business after this trip.

For you that like the short version: I´m feeling more confident about SIAF and their business model after this trip. More confident with local management, more confident with the great opportunities at hand due to: the fantastic market size, the business set up, lack of real competition, great local network with different important officials in the areas/regions where SIAF are doing business.

One says that a picture tells you more than a thousand words....

We have been spending days of time just looking, absorbing, asking questions about all the areas of the SIAF business. The company has been represented on the trip by Solomon, Bertil, George, Nisse, Anthony, Tony Ostrowski, Erik Ahl and a number of other employes and partners. And I have talked a lot with all of them. It has made me realize a lot of things, but the conclusion is very positive when it comes to the sustainable growth opportunities that we have going forward and its very clear that SIAF with its business model, goals and values are perfectly positioned to capitalize on both the market opportunities at hand and the different trends going on in China.

Me and a fellow shareholders have also made some interviews with suppliers, management, bod members and co-workers, some recorded and some not, we have been filming everything, both with a drone and with a regular videocamera. It is our intention to try to structure all the material we have and make it public to all of you that didn´t have the opportunity to come on the trip. I´m very confident that the material we have will help you to make better investment decisions going forward. We have so many hours of raw material so it will take some time to get it in decent shape to publish, it will be pretty raw material, since we are not proffesionals at filming.... and we only had two days in Thailand to practise flying the drone before we left for China...;)

A few conclusions that I can develop going forward:

1. Solomon has great relations with both his staff and all of his partners and it is clear that they appreciate him and have a great deal of respect for him. It is clear who is the boss. Its also clear that Solomon knows his operations very well.

However the business set up (partner- and relationstructures) in China with businesses run by partners that you dont own (yet) on land that you dont own (land use rights) represents great challenges when it comes explaining the fundamentals of the business in a reliable way to create opportunities to finance in a normal way. I feel that I have a greater respect for the difficulty for westerners to understand the ways of China in there regulated capitalism. With the complexity of the business its clear its hard to impossible to get fundmanagers and financial institutions to invest the amount of time it takes to get a proper understanding of the business as it is structured now. Spin offs and divesting in combination with corporate governance measures seems to be the right way to get the different business segments more transparent and more easy to understand and therefor calculate credit risk on. But at the same time its clear to me that we need Solomon to be in lead of the operations at this point. He obviously has a great understanding and the partners and officials seem to like him a lot and that also goes for his own staff.

2. We made interviews with Dr. Anthony C. Ostrowski, and there is know doubt in my mind that he will be a super asset to the company going forward by helping the company increase density in the current tanks and thereby increasing production (it takes some time though, nothing to expect right away) in existing facilities, I´m sure he will be able to develop our inhouse "breeding" of fingerlings and developing of our own patogen free motherstock (equals to intellectual property when it comes to fingerlings, according to Dr O) getting us to capitalize tremendously on fingerlings production going forward, you will also realize this after we publish some interviews with him. This is also something that takes quite a bit of time, we are talking a couple of years before we are where we want to be. But improvements should be able to start quite fast. This isn´t research and development in the normal way since we just want Dr Ostrowski to use his level of competence to develop this side of the business. It takes in between 7 and 21 days before you can sell the fingerlings so due to the short cycles, this is a very scalable and interesting business, adresssing 150 000 fish farmers with no real alternatives in the area around Guangzhou and Zongshan.
And I can tell you that they are there, we have spent hours on the bus passing an endless number of fishfarms (open dams not RAS) situated close to the roads that we have been travelling. The average Chinese person eats about 32 kg of fish products per year if I remember correctly.

3. After this trip and after I talked to local Chinese traders, importers I´m now convinced that there is no way you can do business without strong local partners in China that is well connected in the area/market you are aiming for = SIAF´s set up seem to be very good. I also think its essential that we have a CEO with great relations to those local partners. This also means that Solomon is not somebody you can easily replace. Its clear to me that he is an great operational asset but at the same time he also constitutes a business risk.

4. Being at local whole sale markets, both when it comes to fish and meat - the conclusion is that food safety is almost non existing, its actually superterrible! However awareness of food safety is growing at great speed in the population of China and so does the demand for products with high standards, like the one SIAF provides.

Food control on imported foods is rigourus, which has lead to a situation where the chinese people increasingly are asking for imported foods since there is hardly any enforcement of the current regulations by the authorities on the domestic market. Knowledge in health and food safety issues is seems low to none amongst the people doing business at the fish- and meatmarkets. This together constitutes a great opportunity for SIAF to capitalize on going for many years to come.

5. SIAF´s meatbusiness is on a totally different level, the whole sale center in Shanghai was very impressive. It will be interesting when they can get the fish going there aswell. I also met and talked to an importer that wanted to buy SIAF´s grown beef since he couldn´t get beef with that quality when it came to how marbled it was. He was not yet a customer but he was very impressed with SIAF´s quality of beef and the operation at the whole sale center. He was at the time importing 30-40 containers per month. We had a long and interesting chat. At the time we were there, they had also invited a lot of customers and showed the facilities to them aswell and gave a very thorough presentation in Chinese translated to english.

6. There is no doubt in my mind that the import business focused on different qualities has got superpotential and its happening now. There is a lot of players out there that is fighting to take a share of the giant market - we need working capital and a lot of it, we have a golden opportunity in a rapidly growing import business both when it comes to beef that we debone, but also when it comes to importing precut meat or quarters for reselling... This business has many angles to explore and we should move ahead at full speed with that segment. Different companies is trying to position themselves right now. At this stage, it seems to be about volume and not margins. SIAF´s margins is surprisingly high right now.

Other importers that I´ve talked to at the whole sale center in Shanghai focused on volume and market share right now. Margins would be something that they aimed to adress after they have secured the customers... Apparently there is a saying in China: Negotiations starts after the contract is signed.....

7. I believe the big fishbusiness going forward for SIAF will be live fish. That is where we will make the big money. I base this on the look of the existing fish markets, food safety issues, the overall increased demand for fresh fish, its where to be since there is little competion and at the same time premium prices. This is also the view of Dr Ostrowski. There is a lot of low quality fish out there, but very little fresh fish that has been brought up in accordance with SIAF´s ecological standards. There is no need what so ever to try to compete on the international market with frozen fish. Low margins and great competion! The Chinese market is more than enough to adress!!

8. The market is there as long as you have the right product, the right timing and you are in the right place when it comes to China, it doesn´t really matter what you are selling the potential market is incredible.

9. In the Guangzhou district alone there is 150 000 prawn farmers that all have to buy most of there fingerlings from CP now, (the only supplier of fingerlings that are free from certain disease patogens) I believe this will be our next superbusiness with Dr Ostrowskis help. And by the way he is also a very friendly and nice person that fortunately has a talent to easily explain the business in great presentations. His presentation at Prawn farm one was by far the best I ever seen in SIAF´s history and I´m sure that all participants would agree with me on that.

I have of course shared my conclusions and thoughts on the business with management and some of the BOD members.

A few reflections so far....

Now I have to rest a little bit. Very tired at the moment!

Jaha, exakt en vecka kvar till tredje kvartalets siffror. Förra rapporten var inte så kul att läsa, vad tror ni vi kan vänta oss nu? Om man får tro kalendern på deras hemsida så vankas det rapport den 16 november.

Kursen har ju legat mer eller mindre still under kvartalet så det hade behövts lite bra bränsle för att få fart på "raketen" (om det nu fortsatt kan räknas som det vill säga). Håller tummarna.

Är det någon som har nån bättre insikt i vad som gjorts sedan sist?

Var det inte snack om notering i Oslo (och tidigare även Stockholm)? Vad hände med detta?

Daniel Ågrens bild

Det börjar röra på sig igen i Sino Agro Food som nu kommer listas i Oslo. Detta öppnar upp för flera institutionella investerare.

The Company is pleased to announce the approval for admission to trading of its common shares on the Oslo Bors' Merkur Market. Trading is expected to commence on January 13, 2016 under the symbol "SIAF-ME," subject to satisfaction of conditions for admission to trading as described below. The Company's common shares will continue to trade on the OTCQB under the symbol "SIAF."

The decision reflects the Company's desire for its shares to be listed on the world's leading aquaculture listing venue and to provide its European shareholder base with a more suitable platform for trading.

No new shares are to be issued in connection with the admission to trading. Current shareholders will be able to convert their shares traded on the OTCQB in the U.S. to shares traded on the Merkur Market through their account operator. Further instructions are available on the Company's website, http://sinoagrofood.com/shares.

The ISIN and CUSIP codes will remain the same. Shares on the Oslo Bors' Merkur Market will be traded and settled in Norwegian Krone ("NOK"). In conjunction with the admission to trading on the Merkur Market, Swedbank Norway acts as the financial advisor to the Company and Wikborg-Rein & Co. Advokatfirma DA as the Norwegian legal advisor.

The approval for admission to trading is subject to the Company, prior to the first day of trading, completing the registration of its share capital in the Norwegian Central Securities Depositary with a minimum of 10% of its common shares so registered distributed among the general public. The Company must also publish an approved admission document before the first day of trading. The admission document will be available on the Company's website http://sinoagrofood.com and on Swedbank's website at http://www.swedbank.no on January 13, 2016.

SIAF CEO Solomon Lee commented, "Our goal is to facilitate access to Sino Agro Food for additional European investors who seek exposure to the growing Chinese seafood and protein food sector. This admission to trading raises Sino Agro Food's profile to European institutions, and provides a more accessible trading venue for our substantial Nordic shareholder base. We also look forward to welcoming many new shareholders, as Norway hosts the world's largest financial seafood cluster.

"In light of our strategic focus to streamline the Company and to list aquaculture assets on Oslo Bors, we believe that the Oslo Bors' Merkur Market is the most suitable venue for Sino Agro Food, Inc."

MrWhites bild

Daniel Ågren skrev 5 jan, 02:01

Det börjar röra på sig igen i Sino Agro Food som nu kommer listas i Oslo. Detta öppnar upp för flera institutionella investerare.

The Company is ple...
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Daniel Ågren skrev 5 jan, 02:01

Det börjar röra på sig igen i Sino Agro Food som nu kommer listas i Oslo. Detta öppnar upp för flera institutionella investerare.

The Company is pleased to announce the approval for admission to trading of its common shares on the Oslo Bors' Merkur Market. Trading is expected to commence on January 13, 2016 under the symbol "SIAF-ME," subject to satisfaction of conditions for admission to trading as described below. The Company's common shares will continue to trade on the OTCQB under the symbol "SIAF."

The decision reflects the Company's desire for its shares to be listed on the world's leading aquaculture listing venue and to provide its European shareholder base with a more suitable platform for trading.

No new shares are to be issued in connection with the admission to trading. Current shareholders will be able to convert their shares traded on the OTCQB in the U.S. to shares traded on the Merkur Market through their account operator. Further instructions are available on the Company's website, http://sinoagrofood.com/shares.

The ISIN and CUSIP codes will remain the same. Shares on the Oslo Bors' Merkur Market will be traded and settled in Norwegian Krone ("NOK"). In conjunction with the admission to trading on the Merkur Market, Swedbank Norway acts as the financial advisor to the Company and Wikborg-Rein & Co. Advokatfirma DA as the Norwegian legal advisor.

The approval for admission to trading is subject to the Company, prior to the first day of trading, completing the registration of its share capital in the Norwegian Central Securities Depositary with a minimum of 10% of its common shares so registered distributed among the general public. The Company must also publish an approved admission document before the first day of trading. The admission document will be available on the Company's website http://sinoagrofood.com and on Swedbank's website at http://www.swedbank.no on January 13, 2016.

SIAF CEO Solomon Lee commented, "Our goal is to facilitate access to Sino Agro Food for additional European investors who seek exposure to the growing Chinese seafood and protein food sector. This admission to trading raises Sino Agro Food's profile to European institutions, and provides a more accessible trading venue for our substantial Nordic shareholder base. We also look forward to welcoming many new shareholders, as Norway hosts the world's largest financial seafood cluster.

"In light of our strategic focus to streamline the Company and to list aquaculture assets on Oslo Bors, we believe that the Oslo Bors' Merkur Market is the most suitable venue for Sino Agro Food, Inc."

Avanza skickade idag ut erbjudande om att konvertera sina aktier till att noteras på den norska Merkur Market helt gratis.

Jag tackade ja till detta efter att inledningsvis förstått det som att det skulle tas ut en kostnad.

Hur gör ni andra?

Vad är Merkur Market? Är det nån liten obskyr sidolista eller nån lite större vedertagen?

Vet ni om det i så fall kommer att gå att trada aktien över nätet istället för som tidigare över telefon?

Nått annat ni tycker man ska tänka på?

Deadline för gratiskonvertering var redan imorgon kl. 15:00 så det blev ingen längre betänketid direkt.

Daniel Ågren skrev 5 jan, 02:01

Det börjar röra på sig igen i Sino Agro Food som nu kommer listas i Oslo. Detta öppnar upp för flera institutionella investerare.

The Company is ple...
Pil nerSe hela citeringen

Daniel Ågren skrev 5 jan, 02:01

Det börjar röra på sig igen i Sino Agro Food som nu kommer listas i Oslo. Detta öppnar upp för flera institutionella investerare.

The Company is pleased to announce the approval for admission to trading of its common shares on the Oslo Bors' Merkur Market. Trading is expected to commence on January 13, 2016 under the symbol "SIAF-ME," subject to satisfaction of conditions for admission to trading as described below. The Company's common shares will continue to trade on the OTCQB under the symbol "SIAF."

The decision reflects the Company's desire for its shares to be listed on the world's leading aquaculture listing venue and to provide its European shareholder base with a more suitable platform for trading.

No new shares are to be issued in connection with the admission to trading. Current shareholders will be able to convert their shares traded on the OTCQB in the U.S. to shares traded on the Merkur Market through their account operator. Further instructions are available on the Company's website, http://sinoagrofood.com/shares.

The ISIN and CUSIP codes will remain the same. Shares on the Oslo Bors' Merkur Market will be traded and settled in Norwegian Krone ("NOK"). In conjunction with the admission to trading on the Merkur Market, Swedbank Norway acts as the financial advisor to the Company and Wikborg-Rein & Co. Advokatfirma DA as the Norwegian legal advisor.

The approval for admission to trading is subject to the Company, prior to the first day of trading, completing the registration of its share capital in the Norwegian Central Securities Depositary with a minimum of 10% of its common shares so registered distributed among the general public. The Company must also publish an approved admission document before the first day of trading. The admission document will be available on the Company's website http://sinoagrofood.com and on Swedbank's website at http://www.swedbank.no on January 13, 2016.

SIAF CEO Solomon Lee commented, "Our goal is to facilitate access to Sino Agro Food for additional European investors who seek exposure to the growing Chinese seafood and protein food sector. This admission to trading raises Sino Agro Food's profile to European institutions, and provides a more accessible trading venue for our substantial Nordic shareholder base. We also look forward to welcoming many new shareholders, as Norway hosts the world's largest financial seafood cluster.

"In light of our strategic focus to streamline the Company and to list aquaculture assets on Oslo Bors, we believe that the Oslo Bors' Merkur Market is the most suitable venue for Sino Agro Food, Inc."

MrWhite skrev 7 jan, 13:01

Avanza skickade idag ut erbjudande om att konvertera sina aktier till att noteras på den norska Merkur Market helt gratis.

Jag tackade ja till detta...
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MrWhite skrev 7 jan, 13:01

Avanza skickade idag ut erbjudande om att konvertera sina aktier till att noteras på den norska Merkur Market helt gratis.

Jag tackade ja till detta efter att inledningsvis förstått det som att det skulle tas ut en kostnad.

Hur gör ni andra?

Vad är Merkur Market? Är det nån liten obskyr sidolista eller nån lite större vedertagen?

Vet ni om det i så fall kommer att gå att trada aktien över nätet istället för som tidigare över telefon?

Nått annat ni tycker man ska tänka på?

Deadline för gratiskonvertering var redan imorgon kl. 15:00 så det blev ingen längre betänketid direkt.

Hej, jag tackade också ja till erbjudandet. olyckligtvis var jag utanför bolaget helt när nyheten om oslo kom så jag köpte till nästan dagshögsta alltså 11 dollar häromdan i hopp om att aktien skulle fortsätta sin resa upp men det gick ju bra..

Daniel Ågrens bild

Swedbank acted as financial advisor to SIAF in conjunction with the admission to trading on Merkur Market
Sino Agro Food has begun stocking the first two nursery tanks in the Zhongshan Aquaculture MegaFarm with giant freshwater prawns. Nursery tanks are the first tanks in a four stage grow-out cycle, with each stage spanning approximately 14 weeks (hence 1 full production cycle from larvae to plate is 8 weeks).
The remaining 36 nursery tanks installed in the Megafarm will be stocked progressively pending the results of the initial trial and upon fine tuning functional performance of associated support facilities such as filters and heat exchangers.
The commencement of stocking of prawns in Q1 2016 is in line with the company's expectation and previous communication. Although we need a few more weeks before we see the first results, this is clearly one step in the right direction for the company, and also in support of the strong long-term potential we have forecast.
We rate SIAF a BUY and our target price is 15 USD or 127 NOK (128), more than 90% upside. TP in NOK is reduced only due to a weaker USD since we initiated coverage.
Below is a recap of our case and pleae find our initiating coverage report attached:
SIAF holds an attractive and profitable growth opportunity in China no one else will have available for many years to come.
If SIAF exercises the option to take control of the Zhongshan Aquaculture Megafarm and spins off the Aquaculture segment we believe it will create large values for shareholders.
In our view, growth and attractive returns on investment could unlock a potential of 400% in the shares. There is a catch however? We believe SIAF needs to raise 80-100m USD.
Here is a link to the press release: http://sinoagrofood.investorroom.com/2016-02-26-Sino-Agro-Food-Begins-St...

MrWhites bild

Daniel Ågren skrev 29 feb, 06:02

Swedbank acted as financial advisor to SIAF in conjunction with the admission to trading on Merkur Market
Sino Agro Food has begun stocking the first...
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Daniel Ågren skrev 29 feb, 06:02

Swedbank acted as financial advisor to SIAF in conjunction with the admission to trading on Merkur Market
Sino Agro Food has begun stocking the first two nursery tanks in the Zhongshan Aquaculture MegaFarm with giant freshwater prawns. Nursery tanks are the first tanks in a four stage grow-out cycle, with each stage spanning approximately 14 weeks (hence 1 full production cycle from larvae to plate is 8 weeks).
The remaining 36 nursery tanks installed in the Megafarm will be stocked progressively pending the results of the initial trial and upon fine tuning functional performance of associated support facilities such as filters and heat exchangers.
The commencement of stocking of prawns in Q1 2016 is in line with the company's expectation and previous communication. Although we need a few more weeks before we see the first results, this is clearly one step in the right direction for the company, and also in support of the strong long-term potential we have forecast.
We rate SIAF a BUY and our target price is 15 USD or 127 NOK (128), more than 90% upside. TP in NOK is reduced only due to a weaker USD since we initiated coverage.
Below is a recap of our case and pleae find our initiating coverage report attached:
SIAF holds an attractive and profitable growth opportunity in China no one else will have available for many years to come.
If SIAF exercises the option to take control of the Zhongshan Aquaculture Megafarm and spins off the Aquaculture segment we believe it will create large values for shareholders.
In our view, growth and attractive returns on investment could unlock a potential of 400% in the shares. There is a catch however? We believe SIAF needs to raise 80-100m USD.
Here is a link to the press release: http://sinoagrofood.investorroom.com/2016-02-26-Sino-Agro-Food-Begins-St...

Vad tror ni om bolagets framtid? Aktien fortsätter i alla fall att rasa utan att jag hittat någon egentlig orsak. Årsrapporten kunde absolut varit bättre...

Köpläge?

MrWhites bild

Daniel Ågren skrev 29 feb, 06:02

Swedbank acted as financial advisor to SIAF in conjunction with the admission to trading on Merkur Market
Sino Agro Food has begun stocking the first...
Pil nerSe hela citeringen

Daniel Ågren skrev 29 feb, 06:02

Swedbank acted as financial advisor to SIAF in conjunction with the admission to trading on Merkur Market
Sino Agro Food has begun stocking the first two nursery tanks in the Zhongshan Aquaculture MegaFarm with giant freshwater prawns. Nursery tanks are the first tanks in a four stage grow-out cycle, with each stage spanning approximately 14 weeks (hence 1 full production cycle from larvae to plate is 8 weeks).
The remaining 36 nursery tanks installed in the Megafarm will be stocked progressively pending the results of the initial trial and upon fine tuning functional performance of associated support facilities such as filters and heat exchangers.
The commencement of stocking of prawns in Q1 2016 is in line with the company's expectation and previous communication. Although we need a few more weeks before we see the first results, this is clearly one step in the right direction for the company, and also in support of the strong long-term potential we have forecast.
We rate SIAF a BUY and our target price is 15 USD or 127 NOK (128), more than 90% upside. TP in NOK is reduced only due to a weaker USD since we initiated coverage.
Below is a recap of our case and pleae find our initiating coverage report attached:
SIAF holds an attractive and profitable growth opportunity in China no one else will have available for many years to come.
If SIAF exercises the option to take control of the Zhongshan Aquaculture Megafarm and spins off the Aquaculture segment we believe it will create large values for shareholders.
In our view, growth and attractive returns on investment could unlock a potential of 400% in the shares. There is a catch however? We believe SIAF needs to raise 80-100m USD.
Here is a link to the press release: http://sinoagrofood.investorroom.com/2016-02-26-Sino-Agro-Food-Begins-St...

MrWhite skrev 12 apr, 10:04

Vad tror ni om bolagets framtid? Aktien fortsätter i alla fall att rasa utan att jag hittat någon egentlig orsak. Årsrapporten kunde absolut varit bät...
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MrWhite skrev 12 apr, 10:04

Vad tror ni om bolagets framtid? Aktien fortsätter i alla fall att rasa utan att jag hittat någon egentlig orsak. Årsrapporten kunde absolut varit bättre...

Köpläge?

Analysen ovan anger riktkursen 127 NOK mot dagens 49 NOK.

Nån som läst något annat som skulle kunnat trigga det ras som skett de senaste veckorna? Känns klart obefogat! Väldigt lågt P/E-tal vid dessa nivåer! Jag får det till ca 1,3 fully diluted (baserat på earnings per share som anges till 4,52 USD i årsrapporten).

Mycket märkligt.

Gramse_Bumbis bild

Mycket märkligt verkligen.
Dock var det ju ingen bra rapport med fallande vinst och marginaler. Antalet aktier ökade också och om man inte är insatt läser man kanske inte vidare och ser att de flesta av dem var aktier utställda som garanti till lån.

SIAF har ju alltid varit en growth aktie och så länge tillväxten är hög så måste aktiekursen förr eller senare följa med, men det som hänt nu är ju att tillväxten ser ut att avta om man bara kollar på omsättning och resultat de senaste 2 åren (och inte räknar in megafarmen).

Min gissning är att det är några som helt enkelt tröttnat på att vänta och säljer ut i ren frustration.

Men hur man kan sälja ett bolag som borde värderas till P/E 15-20 = ca 500 - 800 kr / aktie för endast 50 kr det är en gåta för mig.

MrWhites bild

Gramse_Bumbi skrev 15 apr, 10:04

Mycket märkligt verkligen.
Dock var det ju ingen bra rapport med fallande vinst och marginaler. Antalet aktier ökade också och om man inte är insatt ...
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Gramse_Bumbi skrev 15 apr, 10:04

Mycket märkligt verkligen.
Dock var det ju ingen bra rapport med fallande vinst och marginaler. Antalet aktier ökade också och om man inte är insatt läser man kanske inte vidare och ser att de flesta av dem var aktier utställda som garanti till lån.

SIAF har ju alltid varit en growth aktie och så länge tillväxten är hög så måste aktiekursen förr eller senare följa med, men det som hänt nu är ju att tillväxten ser ut att avta om man bara kollar på omsättning och resultat de senaste 2 åren (och inte räknar in megafarmen).

Min gissning är att det är några som helt enkelt tröttnat på att vänta och säljer ut i ren frustration.

Men hur man kan sälja ett bolag som borde värderas till P/E 15-20 = ca 500 - 800 kr / aktie för endast 50 kr det är en gåta för mig.

I januari lämnade Swedbank en köprek på Sino Agro Food och en tänkbar riktkurs på ca 150 NOK. Dagens kurs 39 NOK. Bolaget har under många år vuxit ordentligt. De har haft en, ur aktieägarsynpunkt, lite märklig finansiering då de ofta valt att betala sina leverantörer i nytryckta aktier vilket hållit kursen väldigt nedtryckt under många år. Det har helt enkelt skett regelbundna utspädningar av aktier.

2015 präglades också av pressade priser inom vissa segment vilket återspeglades i de vinstökningar man varit van med att se. Trots allt detta så ser alltså Swedbank är enorm potential i aktien och bolaget.

http://www.di.se/artiklar/2016/1/19/swedbank-rekommenderar-sino-agro-food/

En omedelbar kursdubbling hade egentligen inte varit obefogad då den senaste kvartalsrapporten påvisade en hel del ljusglimtar efter ett trögare 2015. Det var volymökningar över hela linjen med en positiv utblick för det resterande året. En botten är troligen satt, sett ur ett aktiekursperspektiv. Q2-rapporten blir oerhört intressant att lusläsa.

Vad jag ser som positivt med Sino Agro Food är:

· Ekologisk mat på en ENORM marknad --> framtidens mat på en framtida marknad

· Utbyggnation av mega-farmar som ger stordriftsfördelar

· Etiskt perspektiv på sin verksamhet (till skillnad från många andra aktörer på marknaden – läs ex. http://www.theguardian.com/world/2014/jun/11/slavery-prawn-shoppers-boyc...)

· Nordisk (norsk) notering av aktien – dvs. något av en kvalitetsstämpel för ett kinesiskt bolag – går alltså att handla via svenska internetdepåer såsom Avanza och Nordnet



Minus skulle kunna vara:

· Har tidigare valt att dela ut en del av sin vinst till oss aktieägare – har nu valt att återinvestera vinsterna tillsvidare

· Politisk risk i ett kinesiskt bolag?

· Prisbilden på produkterna? (Där har de dock visat sig kunna vara flexibla – blir priserna för låga på en viss typ av fisk så har de valt att börja odla ex. ål där marginalerna är betydligt bättre)

Jag personligen kan inte se något annat är ett gyllene köpläge. Aktien är för väldigt många helt okänd. Handeln i aktien är därför också relativt blygsam. Kursen har gått ned till löjliga nivåer sedan notering i Norge. Anledning är troligtvis det tröga 2015 som vi nu lämnat bakom oss.

Ett bolag för både hjärta och hjärna vid dagens nivåer!

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