fabriziof
Forumer storico
non è poi neanche detto che sia vero ,yioula si salverebbe
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
nik.sala
Money Never Sleeps
Ce l'hai vero fabri ?! La glasstank intendonon è poi neanche detto che sia vero ,yioula si salverebbe
seneca
Forumer attivo
se sono emessi sotto la legge inglese (xs.....) penso proprio di no
fabriziof
Forumer storico
certo
fedro10
è la somma che fa il totale...
IT0006527532 Ellenica-99/19 5%
E queste con suffisso IT rimaranno tali ?????
IT0006527532 Ellenica-99/19 5%
E queste con suffisso IT rimaranno tali ?????
IT0006527532 Ellenica-99/19 5%
CEDOLONE
Forumer storico
japfa comfeed indonesia USN21177AA33
per chi ama i tagli piccoli ....
Issuer: PT Japfa Comfeed Indonesia
Coupon: 6.0%
Ratings: BB-/-/BB-
Maturity: 05/02/2018
Pays: Semi-annually
Price: 94.25 (3/9/2015)
Yield to Maturity: ~8.11%
USN21177AA33
Japfa Comfeed Indonesia (JPFA) was established in 1971 by the Santosa family, under the name Java Pelletising Factory, with copra pellets as its main product. Listed in 1989, the company acquired four poultry feed producers in 1990, resulting in a business shift and name change to Japfa Comfeed Indonesia. It has continued to acquire more poultry feed companies and expanded into cattle breeding as well as other poultry-related businesses to become the second-largest poultry company in Indonesia. Today, the company is one of the largest, integrated agro-food companies in Indonesia, with core business activities in animal feed manufacturing, chicken breeding, poultry processing and aquaculture farming. The Santosa family, through its investment company Rangi Management Ltd., continues to be the largest shareholder, controlling 57.5% of the company.
While Japfa has business lines in beef and aquaculture, Japfa’s poultry division is by far the largest contributor to its total revenue, accounting for 83% of its annual net sales. Japfa currently has a 25% domestic market share for breeders of “day old chicks” (DOC), and over 22% market share for Indonesian animal feed manufacturers.
Japfa has excellent growth prospects within its home country. In terms of population, Indonesia is the world’s fourth most populated nation. However, in terms of meat consumption (meat is the most widely consumed animal protein in the world), Indonesia has one of the lowest levels of meat consumption as compared to other neighboring Asian countries such as Vietnam, the Philippines and Malaysia. Indonesia’s current annual per capita meat consumption of 10.4 kilograms (22.9 pounds) is one of lowest in the region: contrast this to Vietnam’s 47 kilograms, Philippines’ 29 kilograms, and Malaysia’s 55 kilograms. Chicken is the mainstay of meat consumption in Indonesia, as it is one of cheapest and most accessible meats and its lead time is shorter than pork or beef. Indonesia’s GNI (gross national income) has increased 43% between 2010 and 2013. Statistically, rising incomes lead to higher meat consumption. With Indonesia’s rising per capita income, demand and consumption for meat will also rise. Japfa is perfectly positioned to benefit from this increased consumption. It is a trusted company, with a 30 year history of providing quality products to consumers and suppliers.
An additional reason for increased chicken consumption in Indonesia is that it is the most populous Muslim country in the world and the largest market for Halal products. (Halal is the term used for food that is permissible under Muslim law. Chicken has been identified as a Halal-compliant product). Over 90% of Indonesia’s population is Muslim, and Indonesia is increasingly recognized for its strict Halal standards.
Finally, another recent positive development for Japfa is the recent news from Japan that it is opening its market to accept processed chicken from Indonesian suppliers after a decade long ban due to avian flu concerns. Japan named only three Indonesian firms to begin exports, and Japfa is among the three. This provides an enormous market opportunity for Indonesian poultry suppliers considering that Japan’s annual poultry imports were worth US 1.3 billion in 2014.
We like companies that are profitable
For FY 2013, Japfa registered USD $1.6 billion in net sales and EBITDA of USD $169 million. The company has had strong historical net sales growth of 18% CAGR from 2007 to 2013, and decreased prices for key raw ingredients such as corn and soy, have decreased its production costs
Below are key financials from 2011 to 2013.
2011
2012
2013
Net Sales (USD)
1.2 M
1.4 M
1.7 M
Gross Profit (US$ thousands)
199
247
281
EBITDA (US$ thousands)
104
152
169
Interest Coverage Ratio
For the nine months ending September 30, 2014, Japfa had operating income of USD $204 M and bond interest expense of USD $19 M, for a healthy interest coverage ratio of 10.7.
We like companies with lower debt to cash ratio
Japfa total bond debt as of September 30, 2014 was USD $324 M, a majority of which is denominated in US dollars, while cash and cash equivalents totaled USD $86 M.
Increasing prices, decreasing costs
In FY 2013, 51% of Japfa gross profit came from its animal feed division. Two key, raw materials for Japfa’s animal feed are corn and soy, much of which is supplied by the United States. Prices for US corn and soy have had recent, significant decreases. Corn now sells for less than US $4 per bushel, half of the $8 per bushel price during the severe 2012 US drought. And US soybean prices dropped 28% last year due to the largest crop produced in US history. This translates to a lower cost of production for Japfa’s animal feeds, while still maintaining healthy profit margins.
Additionally, the price of “day old chicks” (DOC) has risen this year as well. In October 2014, prices were around Rp 1,000. Most recent prices have been set between Rp 3,100 to 5,100.
We like higher yields
With maturity a relatively short 38 months away, this dollar denominated debt was issued with a 6% coupon rate. The current bond price is approximately 94.25 indicating a yield to maturity in May 2018 of about 8.1%. This is a very competitive yield for such an outstanding company with solid financials and excellent growth prospects.
S&P rates this bond BB-, which is only one step removed from S & P’s national rating for Indonesia of BB+. Issuers are constrained by the national rating for their respective countries. Although the BB- rating may indicate additional investment risk, the solid financial history, operational efficiencies and growth prospects of this company would most likely merit a higher rating in a more developed economy.
Risks
The default risk is Japfa’s ability to perform. With its solid sales and EBITDA growth, its dominant market share in Indonesia, its excellent growth prospects both domestically and internationally, its flexible balance sheet, and decreasing costs with stable profit margins, it is our view that the default risk for this short to medium term bond is minimal relative to its more favorable return potential.
As stated earlier, corn and soy are essential ingredients for Japfa’s feed operation. Indeed, raw materials account for approximately 90% of the company’s cost of goods sold (COGS). The prices of these raw materials are determined based on global commodity market conditions. The availability and prices of these raw materials are affected by weather conditions, production levels and global demand for such commodities. A decrease in the supply of these crops could increase costs for the company, which could affect profitability.
The hardest risk for us to identify is the geopolitical risk. Since it is often difficult to understand many of the political changes in our own country, perhaps the uncertainties of changes in a foreign country become less formidable. With that in mind, it is our opinion that diversification into other countries and industries often serves to reduce risk. Our strategy here, as with other Yankee bonds, is to focus on unique or required services that can be seen as adding key economic value to the country or community with which is it associated. Japfa provides an essential element to the Indonesian diet – animal protein, and Japfa’s focus is on the production and distribution of this food protein, a basic and essential need for every society.
This Japfa Comfeed bond appears that it may have similar risks and maturities to other Yankee bonds we have previously reviewed, such as the 9.6% Copeinca Bonds, the 10% Mironivsky HilboProduct (MHP) Bonds, or the 8% Ceagro Agricola Bonds.
Summary and Conclusion
Japfa Comfeed appears to be in a unique position to reap the benefits of Indonesia’s rising standard of living. With demand for meat going up domestically, as well as the prospect for expanding its business into Japan and beyond, Japfa seems to be perfectly positioned for sustained growth. Due to its excellent earnings history, healthy interest coverage and significant market share, it is our opinion that its relatively short, 38 month bonds offer a superior 8% yield relative to the risks we can identify, which is why we have marked them for addition to our high yield global fixed-income1 and fixed-income2 portfolios.
per chi ama i tagli piccoli ....
Issuer: PT Japfa Comfeed Indonesia
Coupon: 6.0%
Ratings: BB-/-/BB-
Maturity: 05/02/2018
Pays: Semi-annually
Price: 94.25 (3/9/2015)
Yield to Maturity: ~8.11%
USN21177AA33
Japfa Comfeed Indonesia (JPFA) was established in 1971 by the Santosa family, under the name Java Pelletising Factory, with copra pellets as its main product. Listed in 1989, the company acquired four poultry feed producers in 1990, resulting in a business shift and name change to Japfa Comfeed Indonesia. It has continued to acquire more poultry feed companies and expanded into cattle breeding as well as other poultry-related businesses to become the second-largest poultry company in Indonesia. Today, the company is one of the largest, integrated agro-food companies in Indonesia, with core business activities in animal feed manufacturing, chicken breeding, poultry processing and aquaculture farming. The Santosa family, through its investment company Rangi Management Ltd., continues to be the largest shareholder, controlling 57.5% of the company.
While Japfa has business lines in beef and aquaculture, Japfa’s poultry division is by far the largest contributor to its total revenue, accounting for 83% of its annual net sales. Japfa currently has a 25% domestic market share for breeders of “day old chicks” (DOC), and over 22% market share for Indonesian animal feed manufacturers.
Japfa has excellent growth prospects within its home country. In terms of population, Indonesia is the world’s fourth most populated nation. However, in terms of meat consumption (meat is the most widely consumed animal protein in the world), Indonesia has one of the lowest levels of meat consumption as compared to other neighboring Asian countries such as Vietnam, the Philippines and Malaysia. Indonesia’s current annual per capita meat consumption of 10.4 kilograms (22.9 pounds) is one of lowest in the region: contrast this to Vietnam’s 47 kilograms, Philippines’ 29 kilograms, and Malaysia’s 55 kilograms. Chicken is the mainstay of meat consumption in Indonesia, as it is one of cheapest and most accessible meats and its lead time is shorter than pork or beef. Indonesia’s GNI (gross national income) has increased 43% between 2010 and 2013. Statistically, rising incomes lead to higher meat consumption. With Indonesia’s rising per capita income, demand and consumption for meat will also rise. Japfa is perfectly positioned to benefit from this increased consumption. It is a trusted company, with a 30 year history of providing quality products to consumers and suppliers.
An additional reason for increased chicken consumption in Indonesia is that it is the most populous Muslim country in the world and the largest market for Halal products. (Halal is the term used for food that is permissible under Muslim law. Chicken has been identified as a Halal-compliant product). Over 90% of Indonesia’s population is Muslim, and Indonesia is increasingly recognized for its strict Halal standards.
Finally, another recent positive development for Japfa is the recent news from Japan that it is opening its market to accept processed chicken from Indonesian suppliers after a decade long ban due to avian flu concerns. Japan named only three Indonesian firms to begin exports, and Japfa is among the three. This provides an enormous market opportunity for Indonesian poultry suppliers considering that Japan’s annual poultry imports were worth US 1.3 billion in 2014.
We like companies that are profitable
For FY 2013, Japfa registered USD $1.6 billion in net sales and EBITDA of USD $169 million. The company has had strong historical net sales growth of 18% CAGR from 2007 to 2013, and decreased prices for key raw ingredients such as corn and soy, have decreased its production costs
Below are key financials from 2011 to 2013.
2011
2012
2013
Net Sales (USD)
1.2 M
1.4 M
1.7 M
Gross Profit (US$ thousands)
199
247
281
EBITDA (US$ thousands)
104
152
169
Interest Coverage Ratio
For the nine months ending September 30, 2014, Japfa had operating income of USD $204 M and bond interest expense of USD $19 M, for a healthy interest coverage ratio of 10.7.
We like companies with lower debt to cash ratio
Japfa total bond debt as of September 30, 2014 was USD $324 M, a majority of which is denominated in US dollars, while cash and cash equivalents totaled USD $86 M.
Increasing prices, decreasing costs
In FY 2013, 51% of Japfa gross profit came from its animal feed division. Two key, raw materials for Japfa’s animal feed are corn and soy, much of which is supplied by the United States. Prices for US corn and soy have had recent, significant decreases. Corn now sells for less than US $4 per bushel, half of the $8 per bushel price during the severe 2012 US drought. And US soybean prices dropped 28% last year due to the largest crop produced in US history. This translates to a lower cost of production for Japfa’s animal feeds, while still maintaining healthy profit margins.
Additionally, the price of “day old chicks” (DOC) has risen this year as well. In October 2014, prices were around Rp 1,000. Most recent prices have been set between Rp 3,100 to 5,100.
We like higher yields
With maturity a relatively short 38 months away, this dollar denominated debt was issued with a 6% coupon rate. The current bond price is approximately 94.25 indicating a yield to maturity in May 2018 of about 8.1%. This is a very competitive yield for such an outstanding company with solid financials and excellent growth prospects.
S&P rates this bond BB-, which is only one step removed from S & P’s national rating for Indonesia of BB+. Issuers are constrained by the national rating for their respective countries. Although the BB- rating may indicate additional investment risk, the solid financial history, operational efficiencies and growth prospects of this company would most likely merit a higher rating in a more developed economy.
Risks
The default risk is Japfa’s ability to perform. With its solid sales and EBITDA growth, its dominant market share in Indonesia, its excellent growth prospects both domestically and internationally, its flexible balance sheet, and decreasing costs with stable profit margins, it is our view that the default risk for this short to medium term bond is minimal relative to its more favorable return potential.
As stated earlier, corn and soy are essential ingredients for Japfa’s feed operation. Indeed, raw materials account for approximately 90% of the company’s cost of goods sold (COGS). The prices of these raw materials are determined based on global commodity market conditions. The availability and prices of these raw materials are affected by weather conditions, production levels and global demand for such commodities. A decrease in the supply of these crops could increase costs for the company, which could affect profitability.
The hardest risk for us to identify is the geopolitical risk. Since it is often difficult to understand many of the political changes in our own country, perhaps the uncertainties of changes in a foreign country become less formidable. With that in mind, it is our opinion that diversification into other countries and industries often serves to reduce risk. Our strategy here, as with other Yankee bonds, is to focus on unique or required services that can be seen as adding key economic value to the country or community with which is it associated. Japfa provides an essential element to the Indonesian diet – animal protein, and Japfa’s focus is on the production and distribution of this food protein, a basic and essential need for every society.
This Japfa Comfeed bond appears that it may have similar risks and maturities to other Yankee bonds we have previously reviewed, such as the 9.6% Copeinca Bonds, the 10% Mironivsky HilboProduct (MHP) Bonds, or the 8% Ceagro Agricola Bonds.
Summary and Conclusion
Japfa Comfeed appears to be in a unique position to reap the benefits of Indonesia’s rising standard of living. With demand for meat going up domestically, as well as the prospect for expanding its business into Japan and beyond, Japfa seems to be perfectly positioned for sustained growth. Due to its excellent earnings history, healthy interest coverage and significant market share, it is our opinion that its relatively short, 38 month bonds offer a superior 8% yield relative to the risks we can identify, which is why we have marked them for addition to our high yield global fixed-income1 and fixed-income2 portfolios.
fedro10
è la somma che fa il totale...
banca kaz...
JSC Kazkommertsbank Anleihe: 6,875% bis 13.02.2017 XS0286431100
questo risulta illiquido.......
JSC Kazkommertsbank Anleihe: 6,875% bis 13.02.2017 XS0286431100
questo risulta illiquido.......
seneca
Forumer attivo
Se la Grecia non farà default penso proprio di si,sona già passate indenni dalla dalla ristrutturazione precedente (2012)
moorecat
Nuovo forumer
Look at Goldman Sachs BDC (GSBD) IPO, Expected to Price Tonight and Open for Trading Tomorrow
Before the market opens tomorrow morning, the Goldman Sachs BDC (business development company) IPO is expected to price, before opening for trading later that morning. Shares, which will be listed on the NYSE, will trade under the ticker symbol "GSBD".
Overview
Goldman Sachs is offering 6.0 million shares, expected to price within a range of $20.00-$21.00. At the mid-point, this would equate to gross proceeds of $123.0 million. The lead underwriters on the deal are BofA Merrill Lynch, Goldman Sachs, Morgan Stanley, Citigroup, Credit Suisse, and Wells Fargo.
GSBD, a closed-end management investment company, was formed in 2012 by Goldman Sachs (GS) and is regulated as a business development company. It's primary objective is to invest in medium-sized companies, with investments ranging from $5-$50 million with a maturity of 3-10 years.
Since its founding, GSBD has originated more than $1.27 billion in debt and equity investments, prior to any subsequent investments. Its goal is to generate income, and secondarily, capital appreciation through originations of secured debt, such as first lien, first lien/last-out unitranche and second debt, and unsecured debt, including mezzanine debt.
GSBD's origination strategy is focused on leading the negotiation and structuring of the loans it which it invests, and then holding the investments to maturity. In most cases, it is the sole investor in the loan or security in the portfolio. In cases where there are other investors, GSBM seeks to control or gain significant influence over the rights of investors in the loan.
Investment Portfolio
As of December 31, 2014, GSBD's portfolio was invested across 23 different industries with the largest industries being diversified telecommunications, electronic equipment, instruments & components, and real estate management. In total, it had 45 investments in 34 portfolio companies with an aggregate fair value of $914 million.
As of December 31, 2014, the weighted average gross yield of its total portfolio at cost and fair value was 10.9% and 11.2%, respectively. The weighted average net debt to EBITDA of its portfolio was 4.1x.
Its portfolio, on a fair value basis, was comprised of approximately 94.3% secured debt investments, 2.7% in investment funds and vehicles, and 0.1% in common stock.
Financials
For the year ended December 31, 2014, GSBD's total investment income surged by 221% year/year to $73.3 million. Its net investment income, after taxes, increased by 229% year/year to $52.9 million.
GSBD intends to pay quarterly distributions to its stockholders out of assets legally available for distribution. Its Board of Directors has declared a distribution of $0.45/share for the quarter ending March 31, 2015. On an annualized basis, this would equate to a yield of 8.8%, based on the mid-point of the proposed price range.
Before the market opens tomorrow morning, the Goldman Sachs BDC (business development company) IPO is expected to price, before opening for trading later that morning. Shares, which will be listed on the NYSE, will trade under the ticker symbol "GSBD".
Overview
Goldman Sachs is offering 6.0 million shares, expected to price within a range of $20.00-$21.00. At the mid-point, this would equate to gross proceeds of $123.0 million. The lead underwriters on the deal are BofA Merrill Lynch, Goldman Sachs, Morgan Stanley, Citigroup, Credit Suisse, and Wells Fargo.
GSBD, a closed-end management investment company, was formed in 2012 by Goldman Sachs (GS) and is regulated as a business development company. It's primary objective is to invest in medium-sized companies, with investments ranging from $5-$50 million with a maturity of 3-10 years.
Since its founding, GSBD has originated more than $1.27 billion in debt and equity investments, prior to any subsequent investments. Its goal is to generate income, and secondarily, capital appreciation through originations of secured debt, such as first lien, first lien/last-out unitranche and second debt, and unsecured debt, including mezzanine debt.
GSBD's origination strategy is focused on leading the negotiation and structuring of the loans it which it invests, and then holding the investments to maturity. In most cases, it is the sole investor in the loan or security in the portfolio. In cases where there are other investors, GSBM seeks to control or gain significant influence over the rights of investors in the loan.
Investment Portfolio
As of December 31, 2014, GSBD's portfolio was invested across 23 different industries with the largest industries being diversified telecommunications, electronic equipment, instruments & components, and real estate management. In total, it had 45 investments in 34 portfolio companies with an aggregate fair value of $914 million.
As of December 31, 2014, the weighted average gross yield of its total portfolio at cost and fair value was 10.9% and 11.2%, respectively. The weighted average net debt to EBITDA of its portfolio was 4.1x.
Its portfolio, on a fair value basis, was comprised of approximately 94.3% secured debt investments, 2.7% in investment funds and vehicles, and 0.1% in common stock.
Financials
For the year ended December 31, 2014, GSBD's total investment income surged by 221% year/year to $73.3 million. Its net investment income, after taxes, increased by 229% year/year to $52.9 million.
GSBD intends to pay quarterly distributions to its stockholders out of assets legally available for distribution. Its Board of Directors has declared a distribution of $0.45/share for the quarter ending March 31, 2015. On an annualized basis, this would equate to a yield of 8.8%, based on the mid-point of the proposed price range.
- Stato
Similar threads
Obbligazioni societarie
HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
