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|25/10/2016 13:47:35||London Stock Exchange||Appointment of director|
|28/09/2016 09:55:46||London Stock Exchange||Half-year Report - Replacement|
|28/09/2016 07:00:07||London Stock Exchange||Half-year Report|
|25/08/2016 16:40:57||London Stock Exchange||Second Price Monitoring Extn|
|25/08/2016 16:35:42||London Stock Exchange||Price Monitoring Extension|
|16/08/2016 14:41:04||London Stock Exchange||Further re third party investment|
|06/06/2016 14:20:02||London Stock Exchange||Result of AGM|
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VSA Agri Monthly
27 Oct 16
This month saw another large palm oil producer look to take advantage of the persistent value gap between those producers listed in London and those listed in South East Asia, with Kuala Lumpur Kepong (KLK MK) making a 640p bid for London-listed MP Evans (MPE LN), a c50% premium to the prior day’s closing price. The bid was swiftly rejected by the MPE board and the majority of its shareholders.
Within The Top 20 Largest Indonesian Producers
11 Oct 16
April 2012 the price of palm oil was trading at circa $1,200 mt, by 3Q 2015 it had fallen to $480 mt. A recovery within 2016 to circa $680 mt was offset for the Indonesian producers by a domestic levy of $50 mt to support the national biodiesel sector. To compound the pressures on producers, the El Nino weather pattern saw rainfall levels across the region down by more than 20% (June – June) with production declines at a similar level. REA has responded by squeezing costs, tightening efficiencies and accelerating planting rate. It is strongly positioned to benefit from any uptick in operating conditions.
VSA Agri Monthly
30 Sep 16
VSA Agri Thought for the Month Back in June we highlighted some early signs of stabilisation in the global dairy market that we believed might start to feed through into UK dairy prices over the following months. Although farmer-processor contracted milk prices have not increased as fast as some farmers would like, they are increasing, UK spot prices (a very small proportion of the market) are currently being quoted at more than 30ppl and in the past few months a number of ‘B contracts’ (i.e. those dealing with excess milk from farmers) from processors have actually been set above their respective ‘A contracts’. These factors all point towards steadily increasing contracted prices for UK dairy farmers in the coming months. In this issue of the VSA Agri Monthly we take a more in depth look at the UK dairy sector and conclude that the outlook is now much brighter for those dairy farmers that have managed to survive an extremely difficult last two years and for those listed agricultural input businesses that supply them.
VSA Morning Agri Comment
28 Sep 16
Indonesian palm oil producer REA Holdings (RE/ LN) has released its interim results for the period ended 30 June 2016. Revenue: US$39.3m, -14.9% YoY (H1 2015: US$46.2m) Loss Before Tax: US$5.2m (H1 2015: loss of US$5.5m) Own FFB Crop and Third Party Production: 273,420t (225,171t + 48,249t), -20.8% YoY (H1 2015: 345,336t (277,216t + 68,120t)) Total FFB Processed: 217,317t, -36.4% YoY (H1 2015: 341,809t) CPO Produced: 64,618t, -12.1% YoY (H1 2015: 73,536t) Average Achieved CPO Selling Price (FOB Samarinda, net of export duty): US$516/t, -4.8% YoY (H1 2015: US$542/t) Net Debt: US$212.0m as of 30 June (31 December 2015: US$196.6m)
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STABER acquisition strengthens engineering IP
26 Oct 16
Carr’s Group has acquired STABER GmbH for a net consideration of €6.75m (£6.0m). This brings key IP used in the Engineering division’s remote handling products in house. We make minor adjustments to our FY18 PBT and EPS estimates and reiterate our indicative valuation of 161p.
Panmure Morning Note 19-09-2016
19 Sep 16
FIF has delivered FY16 results slightly ahead of expectations. The results attest to FIF’s evolution, over the seven years of the current executive management team’s tenure, into the UK’s leading speciality baked goods manufacturer achieved through a consistent and unrelenting focus around: (1) customer/ consumer needs; (2) new product innovation; and (3) investment in a high quality asset base to drive low cost/efficiency and support operational excellence. The shares have been very strong recently (c.10% in the last month, thereby delivering +20% outperformance relative to the wider stockmarket over the past year) and have pushed beyond our 127p TP. Combining this with the lack of an upgrade to our FY17E PBTA, the shares may therefore pause for breath. We remain however very positive on FIF given: (1) its dominant scale to capture the available long-term growth opportunities; (2) its valuation discount (c.15%) to its small/mid cap peers; and (3) the likely M&A momentum/ optionality as an added investment attraction. We therefore raise our TP to 150p (from 127p), thereby retaining our BUY.
VSA Agri Monthly: July 2015
31 Jul 15
With Australian cattle prices reaching all-time highs and the country agreeing health protocols for the export of live cattle to China, there has been a rash of recent deals in the Australian cattle sector. Has this made it more likely that MP Evans (MPE LN) will finally dispose of its 34.37% stake in the 200,000 head North Australian Pastoral Company (NAPCo)? This month saw Chinese billionaire Xingfa Ma acquire two cattle stations in Australian’s Northern Territory with a combined 40,000 head of cattle in a A$47m deal. This would suggest an adjusted read-across valuation of approximately A$80m for MPE’s NAPCo stake. Although no transaction has yet been announced, the price range for the rumoured acquisition of the 185,000-head S Kidman & Co business, mooted in April, valued MPE’s NAPCo stake on an adjusted read-across basis of up to A$70m.
VSA Agri Monthly
28 Jun 16
VSA Agri Thought for the Month It is hard to forecast the precise impact on UK farming from the recent Brexit vote but we would highlight a few areas: Subsidies: Annual subsides of c£3bn are currently paid to UK farmers. Farming Minister George Eustice has previously said that support would be maintained following a Brexit vote. Farmers will be anxious to see this happen. However, money may be saved through a cap on the maximum payout for the largest farms. Regulation: How will regulations change as we exit the EU Common Agricultural Policy? Farmers will look for regulations to be simplified and more tailored to the UK. Exports: A weaker currency should increase the attractiveness of UK farming exports, offset by any increased cost from raw material imports and any newly imposed trade tariffs. Labour: UK farming is heavily reliant on seasonal agricultural workers, many from other EU states. The UK government has previously looked to encourage the employment of more UK workers on-farm but how will things change for those bringing in workers from abroad?
VSA Agri Monthly
28 Jul 16
VSA Agri Thought for the Month Leading Brexiteer Andrea Leadsom was appointed Secretary of State for the Department of Environment, Food and Rural Affairs (DEFRA) this month. Perhaps one of the most unenviable jobs in the new UK government, given the importance of EU subsidies to the country’s farming sector. Agra Europe estimated last year that up to 90% of UK farms would not survive without them. Given that the EU Common Agricultural Policy has long been criticised by environmentalists and free-market proponents alike, leaving the scheme is likely to be viewed positively by many. But what comes next? We believe we are likely to see some sort of reduction of subsidies (particularly for the largest farms and most uneconomic activities) as well as greater exposure to foreign imports through additional free trade agreements. We feel a focus on technology and a push for “efficiency” will also be high on the agenda, which could provide a boost to AgTech companies developing products in this area.