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721-740 of 867
Reported in BT tonight.
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August 17, 2006, 3.47 pm (Singapore time) 
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GMG says 2006 profit may beat forecasts
SINGAPORE - Singapore-listed GMG Global Ltd, which runs rubber plantations in Africa, said net profit for 2006 may beat analysts' forecasts, and that it is looking at selling convertible bonds to fund its Asian expansion.
SINGAPORE - Singapore-listed GMG Global Ltd, which runs rubber plantations in Africa, said net profit for 2006 may beat analysts' forecasts, and that it is looking at selling convertible bonds to fund its Asian expansion.
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| GMG president and chief executive Elson Ng said the company may issue convertible bonds to finance purchases of a natural rubber processing factory and plantations in Indonesia and in Indochina. |
GMG, an integrated natural rubber producer which owns over 41,000 hectares of plantation in Cameroon and Ivory Coast, made a net profit of $11.8 million (US$7.49 million) in 2005. Net profit this year may almost triple to between $30.4 million and $32.3 million, according to two analysts contacted by Reuters.
'We may beat analysts' forecasts barring unforeseen circumstances and other factors,' Elson Ng, GMG president and chief executive told Reuters in an interview on Thursday.
On Aug 8, GMG reported a net profit of $15.1 million for the first six months, up from $1.9 million a year ago.
While GMG only produces in Africa currently, it wants to expand to Asia, said Mr Ng, a former banker.
He said GMG may issue convertible bonds to finance purchases of a natural rubber processing factory and plantations in Indonesia, which is the world's second-largest rubber producer, and in Indochina. -- REUTERS |
Michelin shares its price pain with car makers!
The price of natural rubber, one of the main components of tires, rose by up to 20% over the first half of this year. The average price over the first half was about 70% above that of the same year-ago period.
Thai rubber prices have fallen over the past week and are expected to drop further in the next few days as supply increases in generally dry weather, traders said.
Thai benchmark unsmoked rubber sheet grade 3, or USS3, the raw material for export-grade rubber, has fallen 5% over the past seven days to 71.29 baht per kg ($1.91). The price was down from a historic high around 102 baht in late May, when unusual wet weather disrupted tapping and cut domestic supply. "The weather has been generally good with most growing areas dry over the past month," a dealer in the southern town of Hat Yai said.
Floods caused by unusually heavy rain on Tuesday hit a few areas in the southern provinces of Prachuap Khirikhan and Chumphon, but had had little impact on rubber supply, traders said.The south is Thailand's largest rubber growing area, producing around 90% of output.
Thailand is the world's largest exporter of rubber and its main buyers are Japan, China and the United States. Indonesia is the world's second largest producer and exporter and sells cheapest rubber.
No wonder GMG's price has fallen.
The ever-increasing demand in China and Japan and the hike in petroleum products would propel the rubber prices in the international market.
As expected, Great result!
GMG half year profit after tax surged to 18.34m up 802.8%!!!
Kottayam , Aug 3
The continuing up trend in spot rubber relaxed the sellers partially on Thursday. Tight supply concerns due to rains helped the prices to firm up, gaining strength from moderate covering purchases.
nevertheless this counter have potential to go abv 16cents in mid to long term.
as stated earlier. Sellthis bugger. come back when it bottom out.
Well, i was given a badpost for warning ppl of losing money. if those who heed my advice and sell, they would have saved some $.
Wonder which idiot gave me a bull run a badpost...
Kottayam , Aug 2
Spot rubber resumed the uptrend on Wednesday. RSS 4 improved on covering purchases reacting to favourable overseas reports.
In summary, Tokyo rubber futures suffered 4 days of heavy falls last week. It rose on Monday on a technical rebound. Prices in Thailand and Indonesia followed suit.
Rain, which had subsided in southern Thailand in the past few
weeks, has returned. This caused rubber prices to rise.
ANALYSIS - Rubber hard to find as China, India devour supply
Wed Aug 2, 2006 10:50 AM IST
Kottayam , July 31
Spot rubber prices bounced back on Monday. The market gained further strength as covering groups and purchase agents turned active observing the bullish international markets. In the domestic scene, sellers stayed back expecting the trend to continue in the succeeding days.
Short and sharp!!
woh, so long.....can help to summarise??? Based on your research, where do you think the NR price is heading in the next 6 months?
Tokyo rubber futures rose on today on technical buying after four days of falls last week, dealers said. At 0702 GMT, the benchmark January 2007 contract on the Tokyo Commodity Exchange, which sets trends for the global rubber price, was up 8.8 yen a kg at 277.4 yen a kg.
"TOCOM is higher today. This is due to a technical rebound after the market came down heavily last week," a Japanese dealer said.
Thai benchmark RSS3 rubber sheet for September shipment was
offered $0.10 higher at $2.35 a kg, free-on-board, on Monday from
Friday's $2.25. Offers for tyre-grade Standard Thai Rubber, or STR20 block, for August shipment were also $0.10 higher at $2.35 a kg.
Thai 60-percent concentrated latex was offered $50 higher at
$1,500 a tonne, free-on-board, in drums for September shipment.
They were at $1,420 a tonne free-on-board in bulk.
Indonesia's tyre grade SIR20 was at $2.20 a kg, free-on-board
for September shipment. Malaysian tyre-grade SMR20 was at $2.31
for September shipment.
Rain, which had subsided in southern Thailand in the past few
weeks, has returned, dealers said. "The weather has not been too good in the last one, two days. The south is affected by rain," a Thai dealer said of Thailand's largest growing area, producing around 90% of its rubber. Thai benchmark unsmoked rubber sheet grade 3, or USS3, the raw material for export-grade rubber, was up 3 baht at 76.40 baht
a kg ($2.02) on Monday from Friday's 73.40 baht. The price of natural field latex, the raw material for Thai 60-percent concentrated latex, was up a sharp 6 baht at 64 baht a kg on Monday from Friday's 58 baht.
"The price is quite a jump. That is because of the weather,"
a dealer in the southern town of Hat Yai said.
"Exporters expect a shortfall in raw materials supply
following the rain, so whatever is available, they want to buy."
Thailand is the world's top exporter of rubber, shipping around 200,000-250,000 tonnes of it a month. Its main overseas buyers are China, Japan and the United States.
Traders said a few small deals had been done since Friday
with Indonesia's tyre-grade SIR20 last traded at 99.75 U.S. cents
a kg, free-on-board ($2.199 a kg) for September shipment.
Thai RSS3 rubber sheet was sold on Friday to tyre makers at
$2.22 a kg, free-on-board for September shipment. "Some overseas buyers still keep on buying. We have a few Chinese buyers who are buying for September shipment," a dealer said. "Some overseas buyers from the U.K. and the United States have been monitoring the market."
China is the world's largest consumer of rubber, taking 4.4m tonnes of both natural and synthetic rubber in 2005. China buys rubber from Thailand, Malaysia and Indonesia, which account for 60% of the world's production.
shplayer,
I don't have the link to the DBS report. My borker sent the report to me. The EPS is 1.6c and target price is 14c. Average NR price used in the forecast is US$2200.
