tag:blogger.com,1999:blog-28021668.post7005597487156226372..comments2023-10-12T21:12:41.408+08:00Comments on Value Investment - Musicwhiz's Journey: Musicwhizhttp://www.blogger.com/profile/10950754156386935254noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-28021668.post-78953388641390913852008-08-29T18:04:00.000+08:002008-08-29T18:04:00.000+08:00Hi John,You have a point, but I invest in PAH and ...Hi John,<BR/><BR/>You have a point, but I invest in PAH and CFG also because I think their separate businesses have potential. Thanks for the comments, though. Very insightful. :)<BR/><BR/>Cheers,<BR/>MusicwhizMusicwhizhttps://www.blogger.com/profile/10950754156386935254noreply@blogger.comtag:blogger.com,1999:blog-28021668.post-12220633024740079432008-08-22T13:14:00.000+08:002008-08-22T13:14:00.000+08:00Hi MusicwhizTks for the reply. PAIH being the con...Hi Musicwhiz<BR/>Tks for the reply. PAIH being the controlling shareholders of CFG and PAH, using them as their upstream and midstream providers of raw materials and SCM, retaining the downstream biz of precessing and distribution to themselves only, appears to me as putting the latter 2 S'pore coys at a disadvantage compared with themselves? Eg, in such a vertical integration, PAIH do the all-important end user biz of processing and distributing fish filet and able to control their up-stream costs. Do CFG and PAH supply their products/service to outside buyers other than PAIH and their associates? Think we sud invest in PAIH instead, although it being a HK coy is not so convenient for Singapreans.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-28021668.post-78358118160403950642008-08-22T01:34:00.000+08:002008-08-22T01:34:00.000+08:00Hi Anonymous,Yes you have a point there. It is deb...Hi Anonymous,<BR/><BR/>Yes you have a point there. It is debatable whether they over-paid for CFG, but then they would not have known the market price would correct so much in the current bear market, so it's more like an observation made on hindsight.<BR/><BR/>Good to know you were also at the AGM. I think Ng Joo Siang explained it pretty well (and patiently) for those who wanted to know more about the ITQ system.<BR/><BR/>Cheers,<BR/>MusicwhizMusicwhizhttps://www.blogger.com/profile/10950754156386935254noreply@blogger.comtag:blogger.com,1999:blog-28021668.post-78415656775622940922008-08-22T01:32:00.001+08:002008-08-22T01:32:00.001+08:00Hi Anonymous,Thanks, I was aware that PAH holds 64...Hi Anonymous,<BR/><BR/>Thanks, I was aware that PAH holds 64.1% of CFG.<BR/><BR/>Regards,<BR/>MusicwhizMusicwhizhttps://www.blogger.com/profile/10950754156386935254noreply@blogger.comtag:blogger.com,1999:blog-28021668.post-64034997958829432382008-08-22T01:32:00.000+08:002008-08-22T01:32:00.000+08:00Hi John,Basically CFG is involved in the upstream ...Hi John,<BR/><BR/>Basically CFG is involved in the upstream fishing operations (they catch the fish) while PAH is doing the SCM portion. I think each company has its own merits and are both growing at a decent pace, thus I invested in both of them. Also note that there are high barriers to entry for this industry which is a plus point for me, and the Ng Family have a track record for growing the companies (including PAIH listed in HK).<BR/><BR/>The full value of CFG and PAH may only be realized from FY 2010 or FY 2011 onwards as they are still consolidating their Peruvian resources and expanding their footprint in South America.<BR/><BR/>Cheers,<BR/>MusicwhizMusicwhizhttps://www.blogger.com/profile/10950754156386935254noreply@blogger.comtag:blogger.com,1999:blog-28021668.post-38471084241403074492008-08-21T13:19:00.000+08:002008-08-21T13:19:00.000+08:00While PacAndes has an NAV of bout 50c per share, d...While PacAndes has an NAV of bout 50c per share, do note the amt of goodwill in the books. that goodwill becomes a function of ChinaFish share price. If its above what they bought for, no problem; but they'll hvta amortize if ChinaFish drops.<BR/><BR/>Whether or not the acquired price is rite will be subject to another discussion, my pt here is do take note of the NTAV or net tangible asset value.<BR/><BR/>Btw, MW, I was there at Pac AGM as well, very interesting to note the change in the Peruvian govt policy. <BR/>:D<BR/><BR/>VincentAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-28021668.post-32752873381882090412008-08-21T00:17:00.000+08:002008-08-21T00:17:00.000+08:00It should be useful to note Pac Andes holds a majo...It should be useful to note Pac Andes holds a majority of shares in CFG.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-28021668.post-86952740770470407122008-08-19T00:21:00.000+08:002008-08-19T00:21:00.000+08:00I'm considering buying PacAndes or ChinaFish. The...I'm considering buying PacAndes or ChinaFish. Their NAV is quite similar, about S$0.54 per share, view they are closely related and pretty much in the same biz. But their market price differed so much, PacAndes last done S$0.395 and ChinaFish's more than doubled this! It thus appears to me that PacAndes is the obvious choice because it's priced below NAV whereas ChinaFish doubled its NAV. I am tfore curious why you later also buy ChinaFish after already vested in PacAndes? Do you still think ChinaFish is still worth holding? Your helpful comments on my above queries will be greatly appreciated.Anonymousnoreply@blogger.com