CARS & BUKI - Expecting Good Performance From Oil Palm Plantation Segment

seyon

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Hi Friends

When I just gothrough CARS Group Oil Palm Plantation Segment performance, It gives some indicates about expecting performance from Oil Palm. As we know oil palm is major contributor in terms of revenue and assets base to CARS & BUKI Group. We know the four quoted companies Shalimar (Malay) PLC , Selinsing PLC, Indo-Malay PLC,Good Hope PLC and some unquoted companies as well, these all quoted companies and some other unlisted companies are brought under GoodHope Asia Holding incorporated in Singapore during the current group restructuring program

Look at the group structure..

CARS & BUKI - Expecting Good Performance From Oil Palm Plantation Segment Group_14

CARS & BUKI - Expecting Good Performance From Oil Palm Plantation Segment Group_14

https://i.servimg.com/u/f28/16/28/88/49/group_11.gif

First we look the current Performance with previous year.( Oil Palm Segment Only)

Year ------ 2011 ---------- 2010

Revenue---- 20,634,407 ----- 10,690,356

Operational Results ----8,589,892 ----5,022,689

Net Profit ------- 6,759,890 ----3,698,451

I don't have segment info about assets base to provide. when u see the above comparison Revenue and the bottom line are doubled comparing with previous year. This performance may be due to the impact on the palm oil price and increasing production ( I mean impact due to the maturity of the plantation)

I did further research on GoodHope Asia Holding website about the plantation, Following pricked from the website ( I am not sure about information are latest updates)

1.The Group currently manages more than 75,000 Ha comprising of areas under development and planted both immature and mature.

2.Average oil yield from our mature plantations range between 5 - 6 MT per hectare, with plantation areas with older palms recording an Oil yield between 6.5 - 7 MT.

3.oil extraction rates above 23%, which are considered to be in par with the industry average.

4. Adoption of stringent policies and practices in nursery management, plantation development and immature maintenance has resulted in the early maturing of new plantations with commercial harvesting commencing within 28-30 months from planting, whilst generating high early yields. ( I got some info about group young plants through friend of mine, Next year 60% of the young plants will be ready for the commercial harvesting, I am not sure about this info, will see the annual report operational review that whether company will discuss this info)

http://goodhopeasia.com/Plantations/Plantations_processing.html

I am trying to get information about immature plantation nos from annual report and quarter reports. Very difficult to locate exact details. If 60% young plantation will be ready for the commercial harvesting we can expect good picture from CARS group..

Friends if u have any information pls share with me.

share ur thoughts

Last edited by seyon on Sun Jun 05, 2011 11:48 am; edited 1 time in total

seyon

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Friends

If u have any info about the oil palm prices ( statistics, trend and sources) pls share with me...

seyon

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Financial Review

Carson leads blue chips league with biggest pre- and post-tax profit

Conglomerate Carson Cumberbatch Plc has become the most profitable diversified blue chip on pre- and post-tax basis though lagging behind John Keells Holdings (JKH) on net profit attributable to equity holders.

The diversified blue chip Carson Cumberbatch this week announced for the year ended on 31 March 2011 a mega Rs. 12.3 billion Group pre-tax, up by 79%. This was above the Rs. 10.6 billion posted by premier blue chip JKH. Consolidated after-tax profit of Carson grew by 79% to Rs. 9.72 billion, above the Rs. 9.03 billion of JKH.

Carson’s pre-tax and post tax figure can be considered the best among the listed companies with 31 March as the financial year end.

It is slightly behind its parent and plantation sector classified Bukit Darah which owns 46.4% in it, and had posted Rs. 13 billion pre-tax and Rs. 10.1 b post-tax profit.

FY 2011 profit attributable to equity holders of Carson rose by 41% to Rs. 4.6 billion, which however was far below JKH’s impressive Rs. 8.24 billion.

In their own right both blue chips posted best-ever results.

Non controlling interest profit of Carson was Rs. 5.1 billion up by 136% over 2009/10 financial year.
Carson saw its top line grow by 70% to Rs. 36.34 billion, which was also lower in comparison to JKH’s Rs. 60.5 billion.

Unlike JKH, which had a dip in fourth quarter owing to previous year’s corresponding quarter having exceptional capital gains, Carson had a robust 4Q with net profit attributable to equity holders of Rs. 1.7 billion, up by 324% and post-tax profit of Rs. 3.2 billion, up by 356% over the corresponding quarter of FY2010. Pre-tax profit in 4Q was Rs. 4.1 billion, up by 378%. Group revenue of Carson grew by 102% to Rs. 11.4 billion.

Carson FY2011 performance was also boosted by Rs. 798 million in net realised gain on sales of investments, up by 17% over FY10, Rs. 598 million in mark to market value adjustments (unrealised), up by 98% and Rs. 516 million in foreign exchange gain as opposed to Rs. 39 million in FY10.

Sector wise, Carson’s overseas oil palm plantation operations produced Rs. 20.6 billion in revenue, almost double the figure of FY2010 whilst its pre-tax profit was Rs. 8.7 billion, up from Rs. 5 billion. Beverage business brought in Rs. 11.65 billion in revenue up from Rs. 8.1 billion whilst pre-tax profit crossed the Rs. 1 billion mark to Rs. 1.65 billion, as against Rs. 659 million in FY10.

Investment holdings and financial services pre-tax profit grew from Rs. 1.2 billion to Rs. 1.8 billion whilst its revenue rose from Rs. 2 billion to Rs. 3.5 billion in FY11. Real estate sector business top line was almost static but pre-tax profit was Rs. 13 million as against a loss of Rs. 116 million in FY10.

Hotels business increased profits to Rs. 73 million on a turnover of Rs. 336.7 million, up from Rs. 17 million and Rs. 223 million in FY10. Management services continue to make losses though revenues had increased.
As at 31 March 2011, Carson’s group assets had doubled to Rs. 80.1 billion from Rs. 40 billion in FY10. In comparison JKH Group assets were Rs. 110 billion. Carson’s total equity amounted to Rs. 49.2 billion, up from Rs. 29.7 billion.

Group long-term liabilities rose from Rs. 4.3 billion to Rs. 21.6 billion whilst current liabilities grew from Rs. 5.9 billion to Rs. 9.2 billion. Net assets per share was Rs. 122.40, up from Rs. 102 a year ago and earnings per share grew to Rs. 23.42, up by 42% over FY10.

In interim accounts, on capital commitments Carson said as at 31 March 2011 Goodhope Asia Holdings Ltd. (GAHL) through its subsidiary Company Agro Asia Pacific Ltd. (AAPL) had made commitments with Premium Nutrient Berhad (PNB) to acquire 100% ownership in the subsidiary companies owned by PNB,
namely Premium Vegetables Sdn. Bhd. (PVO) and Premium Fats Sdn. Bhd. (PFSB) in Malaysia and Arani Agro Industries Ltd. (AAO) in India for a total consideration of Rs 4,030 million (approx. US$ 36.5 mn.) subsequent to the signing of the Sales and Purchase agreement with PNB.

During FY 2011 Carson Group restructured its investment business portfolio by identifying Guardian Capital Partners PLC (GCP), formerly known as Watapota Investment PLC to specialise in private equity investments. To execute this strategy, the company sold its rights entitlement in GCP rights issue to Ceylon Guardian Investment Trust PLC (CGITPLC), thereby transferring the direct controlling interest of GCP to CGITPLC. The rights were transacted at Rs. 10.30 per share for a total consideration of Rs. 224.8mn.

During the period, ownership of Carson Group’s investment management company, Guardian Fund Management Ltd. (GFM) was transferred from Rubber Investment Trust Limited to Ceylon Guardian Investment Trust PLC (CGITPLC) for Rs. 28.1 m, both companies being Carson Group subsidiaries, as a part of the investment sector restructuring. CGITPLC now owns 99.99% of GFM.

Carson also invested in 41,600,000 ordinary shares of Expolanka Holdings Limited, which were initially held by Group subsidiary Ceylon Investment PLC (CIPLC), on behalf of another Group subsidiary, Guardian Capital Partners PLC (GCP), and transferred during the year for Rs.250.85 m. GCP paid Rs. 5.72 m as interest to CIPLC against the cost of funds at 8% per annum for the said transaction.

source - www.ft.lk

JennyFunny

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what do u guys think will the share do a run next week?

seyon

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SanjivFund wrote:what do u guys think will the share do a run next week?

If u see the CARS group shares performance trend, time to time it will start to run to match with their performance. The annual report is about to release in next week. With these huge profit announcement, Yes we can expect some upward momentum from group shares.

Soundchips

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SanjivFund wrote:what do u guys think will the share do a run next week?

GUAR has also come out with good results!

seyon

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Soundchips wrote:

SanjivFund wrote:what do u guys think will the share do a run next week?

GUAR has also come out with good results!

Hi Soundchips

U can refer the below link for the analysis about GUAR and CINV, Both has come out with good results and the huge capital gain. But to me CINV is very much attractive at current price.

http://forum.srilankaequity.com/t2710-guar-cinv-comprehensive-portfolio-analysis

Soundchips

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seyon wrote:

Soundchips wrote:

SanjivFund wrote:what do u guys think will the share do a run next week?

GUAR has also come out with good results!

Hi Soundchips

U can refer the below link for the analysis about GUAR and CINV, Both has come out with good results and the huge capital gain. But to me CINV is very much attractive at current price.

http://forum.srilankaequity.com/t2710-guar-cinv-comprehensive-portfolio-analysis

Thanks sayon, now the annual reports are available. CINV is impressive..

http://www.cse.lk/cmt/upload_report_file/608_1307357228681.pdf

GUAR is stronger.! isn't that so.?

seyon

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Soundchips wrote:

seyon wrote:

Soundchips wrote:

SanjivFund wrote:what do u guys think will the share do a run next week?

GUAR has also come out with good results!

Hi Soundchips

U can refer the below link for the analysis about GUAR and CINV, Both has come out with good results and the huge capital gain. But to me CINV is very much attractive at current price.

http://forum.srilankaequity.com/t2710-guar-cinv-comprehensive-portfolio-analysis

Thanks sayon, now the annual reports are available. CINV is impressive..

http://www.cse.lk/cmt/upload_report_file/608_1307357228681.pdf

GUAR is stronger.! isn't that so.?

Yes Soundchips GUAR now is trading at discount, When comparing with total portfolio, the worth of GUAR would Rs.442. There would be a coorection, will see.

seyon

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The fair valuation of Palm oil plantation almost doubled this year. This indicates that major part of the plantation are ready for the commercial harvest in near future.

Look some data From Annual Report ( Page 106)

Mature & Immature Plantation

The Fair value of Mature & Immature Plantation of Indonesian Palm Oil Plantation amounting to Rs 22,224 mn (US $ 201.31 mn) 2010 - Rs 10,282 mn (US $ 90.19 mn)

Further other interesting stuff is Previous year Palm oil biological assets were valued at fair value in accordance with IAS 41 "Agriculture". But to compliance with SLAS, Company has reversed fair value gain on the oil palm plantation assets effective from the previous financial year and report under property, plant and equipment and capitalize the cost in accordance with SLAS 32 – Plantations. As a results the value of the assets has been dropped by Rs.7.6Bn and current earning drops by Rs.1.7Bn. ( Refer Page 107)

Agriculture standard is going top be in practice 01 Jan 2012 in Sri Lanka ( Refer Standard LKAS 41 Page No 16), Hence Next Year CARS and BUKI will show good picture in terms earnings and assets value due to adoption of accounting standard and incremental value of mature plantation.

share ur thoughts

seyon

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Palm Oil demand to rise as an Bio-Diesel input

Watawala Plantaitons PLC Chairman, G. Sathasivam is of the view that future Palm Oil prices would rise as Palm Oil will have higher demand as an input for bio-diesel production.

“Spurred on by the world’s intensified search for alternate sources of energy, the Malaysian government for instance has now renewed focus on developing its palm oil industry for the production of bio-diesel,” Sathasivam outlines in his latest annual financial review adding that building of new bio diesel plants is being encouraged in response to demand for bio diesel from European countries.

While the contributions from the oil palm business of Watawala Plantations Group has been commendable during the year, Sathasivam anticipates that strong demand for bio diesel is also expected from countries such as South Korea, India, Colombia and Turkey.

“As palm oil has the lowest cost of production amongst edible oils, it seems likely to
make up a significant portion of that market,” he says adding that Oil palm planted on anthropogenic grassland could supply this requirement in 2050, thus addressing some of the environmental concerns related to the destruction of forest land.

He further notes that it is encouraging the Ministry of Plantation Industries has proposed to expand Sri Lanka’s Oil Palm cultivated land extent from the current 5,000 hectares to 25,000 hectares. “A public-private partnership would be a vital element to ensure the success of this programme” Sathasivam notes in his review.

He further goes in to explain that any wage revisions during next year, would need to be linked to productivity and continuous unproductive wage revision could be detrimental to the Plantation Industry as a whole. “There is a serious need for all stakeholders to take part in this issue than isolating the Plantation Companies,’ Sathasivam stresses in his review.

Aamiable

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@sayon

True, profits and prospects are good; these are slow moving medium term shares. Many interested in fast recovering shares. Do you expect any new developments?

seyon

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Aamiable wrote:@sayon

True, profits and prospects are good; these are slow moving medium term shares. Many interested in fast recovering shares. Do you expect any new developments?

Group restructuring process seems to be finished. Based on the annual reports Facts and info, my understanding is this Financial year would show good picture in terms of assets value and earnings

First is major part of the immature plantation are ready for the commercial harvesting in this financial year, so we can expect remarkable earnings will be generated from oil palm.

Second is Palm oil assets ( Biological assets) will be valued @ fair value on adopting the SLAS agriculture std in this financial year. this practice will boost the assets value by 8Bn based on the 2010/11 Nos.

Aamiable

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seyon wrote:

Aamiable wrote:@sayon

True, profits and prospects are good; these are slow moving medium term shares. Many interested in fast recovering shares. Do you expect any new developments?

Group restructuring process seems to be finished. Based on the annual reports Facts and info, my understanding is this Financial year would show good picture in terms of assets value and earnings

First is major part of the immature plantation are ready for the commercial harvesting in this financial year, so we can expect remarkable earnings will be generated from oil palm.

Second is Palm oil assets ( Biological assets) will be valued @ fair value on adopting the SLAS agriculture std in this financial year. this practice will boost the assets value by 8Bn based on the 2010/11 Nos.

There is some evidence of recovery these are among green stocks

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Aamiable wrote:

seyon wrote:

Aamiable wrote:@sayon

True, profits and prospects are good; these are slow moving medium term shares. Many interested in fast recovering shares. Do you expect any new developments?

Group restructuring process seems to be finished. Based on the annual reports Facts and info, my understanding is this Financial year would show good picture in terms of assets value and earnings

First is major part of the immature plantation are ready for the commercial harvesting in this financial year, so we can expect remarkable earnings will be generated from oil palm.

Second is Palm oil assets ( Biological assets) will be valued @ fair value on adopting the SLAS agriculture std in this financial year. this practice will boost the assets value by 8Bn based on the 2010/11 Nos.

There is some evidence of recovery these are among green stocks

Even I thought in the morning it's a start of the market recovery. But it's not. It's just a green patch.

Gaja

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well i saw some calculation about how the shareholders valued got appreciated during some period in the BUKI's Annual report, thought of sharing it but forgot it, will do today night

Aamiable

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Institutional buying and larger scale funds also needed for a market to recover fast. All that time they may have been kept away…. Foreigners have to return to a growing market. …There should be some form of momentum initially.

seyon

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Gaja wrote:well i saw some calculation about how the shareholders valued got appreciated during some period in the BUKI's Annual report, thought of sharing it but forgot it, will do today night

This, picked from CARS annual report, comment about share holder value.

A shareholder who invested Rs. 1,000 in the share in 2002 would have accumulated a wealth of Rs. 94,089 as shown in chart 2, with the bulk (99.7%) coming in the form of capital gains. Capital gains in the stock was primarily driven by net profit growth (34.8%), which recorded an average growth of 46.7% over the 10 years and the combined impact of net profit and PE growth (63.2%). The PE ratio recorded a marginal growth of 12.2% over the same period.

This, picked from BUKI annual report, comment about share holder value.

A shareholder who invested Rs.1,000 in the share in 2002 would have accumulated a wealth of Rs.708,599 as shown in chart 2, with the bulk (99.4%) coming in the form of capital gains. As capital gains in the stock were driven both by net profit growth and PE growth which grew by 47.5% and 40.5% respectively, over the 10 years, the combined impact of both PE and net profit growth contributed 93% to the total wealth growth of the shareholders.

what a rich return form cash rich companies... Can we expect at least 50% of this rich return If we hold for 5 Years..

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seyon wrote:

Gaja wrote:well i saw some calculation about how the shareholders valued got appreciated during some period in the BUKI's Annual report, thought of sharing it but forgot it, will do today night

This, picked from CARS annual report, comment about share holder value.

A shareholder who invested Rs. 1,000 in the share in 2002 would have accumulated a wealth of Rs. 94,089 as shown in chart 2, with the bulk (99.7%) coming in the form of capital gains. Capital gains in the stock was primarily driven by net profit growth (34.8%), which recorded an average growth of 46.7% over the 10 years and the combined impact of net profit and PE growth (63.2%). The PE ratio recorded a marginal growth of 12.2% over the same period.

This, picked from BUKI annual report, comment about share holder value.

Thanks friend this is the part i referred exactly

A shareholder who invested Rs.1,000 in the share in 2002 would have accumulated a wealth of Rs.708,599 as shown in chart 2, with the bulk (99.4%) coming in the form of capital gains. As capital gains in the stock were driven both by net profit growth and PE growth which grew by 47.5% and 40.5% respectively, over the 10 years, the combined impact of both PE and net profit growth contributed 93% to the total wealth growth of the shareholders.

what a rich return form cash rich companies... Can we expect at least 50% of this rich return If we hold for 5 Years..

Aamiable

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@sayon
Are there chances of coming out with right issues?

Question

seyon

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Aamiable wrote:

@sayon
Are there chances of coming out with right issues?

I don't think, why any rumors?

Aamiable

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Thanks, If you do not think so, that is reassuring. ...no rumors or announcements about rights. I just wanted to know your opnion. ….COMB went ahead with a rights issue, COMB profits were in several billions…. I was worried whether these conglomerates also ask for funds despite billions worth profits. …..

When the PLCS go for one for one, one for two type of rights issues investors due to lack of funds to pay for the rights... tend to sell them. ….It is OK to go for one for ten rights issues then the investors collect more shares to buy rights at low prices…..

I also think they will not come out with right issues.

confused

seyon

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Aamiable wrote:Thanks, If you do not think so, that is reassuring. ...no rumors or announcements about rights. I just wanted to know your opnion. ….COMB went ahead with a rights issue, COMB profits were in several billions…. I was worried whether these conglomerates also ask for funds despite billions worth profits. …..

When the PLCS go for one for one, one for two type of rights issues investors due to lack of funds to pay for the rights... tend to sell them. ….It is OK to go for one for ten rights issues then the investors collect more shares to buy rights at low prices…..

I also think they will not come out with right issues.

This group is Cash Rich Company.The past history highlights, company (CARS & BUKI) announces Bonus and Split. No right issue, However if u analyze the CINV and GUAR and LION these went on rights issues.

Soundchips

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[quote="seyon"]

Aamiable wrote:Thanks, If you do not think so, that is reassuring. ...no rumors or announcements about rights. I just wanted to know your opnion. ….COMB went ahead with a rights issue, COMB profits were in several billions…. I was worried whether these conglomerates also ask for funds despite billions worth profits. …..

When the PLCS go for one for one, one for two type of rights issues investors due to lack of funds to pay for the rights... tend to sell them. ….It is OK to go for one for ten rights issues then the investors collect more shares to buy rights at low prices…..

I also think they will not come out with right issues.

This group is Cash Rich Company.The past history highlights, company (CARS & BUKI) announces Bonus and Split. No right issue, However if u analyze the CINV and GUAR and LION these went on rights issues.

However , ..CINV share price has come down ? Question

seyon

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[quote="Soundchips"]

seyon wrote:

Aamiable wrote:Thanks, If you do not think so, that is reassuring. ...no rumors or announcements about rights. I just wanted to know your opnion. ….COMB went ahead with a rights issue, COMB profits were in several billions…. I was worried whether these conglomerates also ask for funds despite billions worth profits. …..

When the PLCS go for one for one, one for two type of rights issues investors due to lack of funds to pay for the rights... tend to sell them. ….It is OK to go for one for ten rights issues then the investors collect more shares to buy rights at low prices…..

I also think they will not come out with right issues.

This group is Cash Rich Company.The past history highlights, company (CARS & BUKI) announces Bonus and Split. No right issue, However if u analyze the CINV and GUAR and LION these went on rights issues.

However , ..CINV share price has come down ?

Main reason of price drop is that Blueship and Fundamental shares are not performing well these days.

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CARS & BUKI - Expecting Good Performance From Oil Palm Plantation Segment

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