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Crikey, it's finally moving up!
Thanks for this, Pablo. You get a "recommend" from me for it (and from two others). It's pretty much what a number of us have been saying for some time on this bb. I've been quoting 17p cash for about a year but will use CF's valuation based on more recent exchange rates. I'm amazed that they get to such a precise book value as 62.9p; my view, for what it's worth, would be to use >50p. My reasoning is that the book value is too slippery to nail down. The industry practice of continuous revaluation of the "biological assets", dependent on so many variables of a current nature, means that the book value on any given day is a guesstimate. With industries where %age straight line or reducing value depreciation is used it is possible to apply such figures with a degree of certainty. With "biological assets" bigger yields at better prices means upping the valuation while reducing yields at lower prices means lowering the valuation. As such, the valuation when reported simply amplifies the profit or loss on the fruit growing element of the company's operations, relative to the previously reported performance. I'm more bullish than CF on the recovery. The year to end June is as bad as they suggest and only a far better than expected performance by the processing plants can bring any relief. However, we only need one good citrus harvest (winter or summer) to see profits back to historic levels. This could realistically be 2014/5. Indeed, with the third processing plant kicking in and the banana trial to be reported, I hope it will be so. I'm here for the long haul, whatever, so 2015, 2016...... 2020, it's all the same to me. I'm well overweight as I couldn't resist loading up with more and more at 15p, 14p, 13p................it's a great rate of exchange if nothing else............buying free money :-) Thanks again and gla, Orphan
No worries. The gist of the article was a discounted valuation and new management are reasons to look again. Current share of Chinese orange market 2% and CEO has ambitious plans to grow to 5%. Cantor Fitzgerald(CF) upgraded from 'hold' to 'buy' and target up to 26p. CF await for the year to June taxable profits slump to £7m from £39m, but expects a rebound next year to £13m. If sales initiatives gain traction expects £26m in 2016. "Profits recovery offers a powerful catalyst for a re-rating, with unloved Asain trading at a hefty discount to it's 62.9p book value, of which 16p is in cash." -------------------------------------------------- Could do with no acts of God, corruption scandals, or rot and it'll recover. Long process though IMO.
Sorry, Pablo. It was discourteous of me not to have responded. I did not wish to appear sniffy; you're correct, anonymity is important to me and the Widow and we wish only to be known by our pseudonyms. As ever, though, thanks for the info. Best of luck, Orphan
I have offered the article - would you like it? Understand if you wish to maintain anonymity.
Happened look at Aj bell site -should say probably NOT place for overseas shares. Their Q &A says can only deal in CIS shares - which means CREST apparently.I remember I sold my US Eu shares there but I did have to phone up I think. While away I wanted Oz broker so I cud buy more b4 the delisting.. Didn`t matter that I couldn`t..We are same ! my buy of another OZ gold silver share shows I am a believer too. Loads of quiet boards - nothing for 2 years on well known companies ! Pick one ! will look out for you.
Nice one, RB. With your experience you could set yourself up as "Financial Which" ;-) As I think I've said before I'm holding long now, so no need to do anything. I sold four tranches of 5,000 out of my trading a/c @ 92.94; 94.2; 97; and 95.25, and bought two lots of 5,000 into my ISA @93.7 and 94.74. Sounds clever but as I'd bought them (both a/cs) @ between 99 and 138................ The upshot is that I've got 10,000 less than I started with but they're nicely consolidated with my ISA holdings at very little cost, indeed an average down. Last time I looked they were Aud$1.67 which is near 90p but the sp is no longer of any interest to me in the short term. I hope to get a few years of decent divis out of them and long term capital growth always makes me happy. Thanks to all ACHL holders and posters for your patience, tolerance and understanding. Gla ACHL & MML holders and posters, Orphan
£30 was to transfer to their "overseas platform" whatever that meaneth, Quite funny since they didn`t do overseas before. Just for comparison, to sell 10k with them would cost £125. I was in Asia for over a month and did try set up an aussie a/c but proved impossible as didn`t have enuf documentation with me. After I got back CS said too late.This may not be about asian citrus but ought to be of interest to all. I don`t think there is enuf exchange of info about brokers. TDI -I did europe usa shares but they really screw you on the forex-2.5% a time now. It is true after first conversion u can keep in that currency but not always convenient I stopped buying europe after it recovered.. I ditched them for AJbell who are honest about the forex. Ended up going to the FOS about botched transfer. Early this year started with Saxo capital but gave up on it due to a misunderstanding and I could not understand the site. Also at £20 the uk dealing comm`n is a bit high BUT it is less on overseas believe it or not-very strange. On my recent OZ buy it was only AUD 15 about £8, which seems so fantastic. Hope this is of interest? SO do I take it your MML are just as they were ? ie no need to take any action etc ?
Notice 'Liberum' have re-iterated 20p target today - nice. My Shares mag article quotes Cantor Fitzgerald who are our house broker and NOMAD but Liberum are, presumably, independent of us.
I've created a 'clipping' of said article from Thursday - I could email it you? Address?
Good morning Pablo and Barry. As you may be aware I tend to rely on primary source research. I'm always interested to read other inputs, particularly to make sure I've not missed some key element. Would you be kind enough to post a bit more flesh on the bones of "Shares Mag Recommends"? Thanks in anticipation. Gla, Orphan
Good morning, RB and all. Like you, I'm pretty disgusted with the dealing charges on MML with my broker HL. I stuck with them as I intend to hold MML long term as, in my view, it will pay generous dividends into the future. They are not charging for any such "custodian" service so CS seem even worse. I used to trade MML regularly, buying on dips and selling when frothy but that has had to stop. I do the same with ACHL and have built up a decent holding (20%+ of my portfolio) in that way. I can't believe my luck in buying a chunk of a successful company for less than its cash holding per share.. I was advised to go to T D Waterhouse as they are slick for Aussie shares and don't regard them as other than normal. However, I have no personal experience of them. Give them a call or email them and if you don't get a quick answer I'll check with my mate. Would you (or other posters) let me know whether it is correct that TDW are as good for these and similar shares as I believe? If you don't find a reasonably inexpensive brokerage, an alternative is, in my opinion, Centamin (CEY). Same industry, similar profile, similar p/e over the 5+ years I've analysed and, although Egypt based, are developing a regional presence similar to MML. As a FTSE250 overseas registered company they are cheap and easy to trade (narrow spread, big market and no stamp duty). It is the most actively traded company in my portfolio and far and away my most consistently profitable investment. Apologies to other ACHL holders for squatting on this site but the MML bb has closed and, while all is quiet on the ACHL front, we may comment here. I promise to stick to ACHL when we get some excitement such as at the end of this month. Good luck to all ACHL and MML (& CEY) holders and posters, Orphan
I looked for you ORPHAN-funny I found you here a company I have thought about many times. Anyway MML bb now gone, but I would like to share info on that problem with you. Mine are with charles stanley, who are out of their depth and never b4 dealt in overseas securities but are amazingly by coincidence? now starting. like you I am happy for things to stay as they are but they are wanting to charge me a pretty penny by transferring mml to an overseas custodian. I do not believe there is any need or reason to do this but did your brokers come up with this idea also ? CS fees for dealing MML are LUDICROUS, and i don`t want telephone dealing anyway,and they are telling me I have no choice !!! I feel sure I can simply transfer the shares to another and better broker. Trying to find out from Saxo if they can accept them. Since I bought some other aussie mining shares online from them recently -I cannot see why there should be a problem. This is a real pain and with hindsight, selling out on the original news would have been a VERY smart move. Still you live and learn hopefully.
Yes Shares Magazine is a long-term fan but so far the 'buy' recommendations have not paid off. But the growth of middle-class Chinese keen to guzzle prodigious amounts of orange juice reamins compelling
Tipping again today - might post more details later.
Sorry...for 22p read 26p Orphan
Thanks, as ever, for the info, OS. I wouldn't disagree with Cantors over the period for which they are rating. In my opinion >20p is quite realistic in 6-12 months time. As I think you are aware, I've been steadily accumulating a half decent holding of these over the last two years. My expectations go a lot higher than 22p over the next five years. Then again, I've been wrong before.........never foresaw any drop below 17p though I did enjoy loading up at such prices. Best of luck, Orphan
Next key date is on or about 28th June when we will get the update on the summer harvest. It should be broadly as 24th March but will reflect what actually happened rather than being a forecast. On or about 1st August we will get the full year trading update. This will have the fruit/veg processing info as well as harvest. This is almost as good as the finals for real performance as it is the raw year v year data before the accountants and "biological assets" valuers stick their oars in. Full final results should come in the last week of September. Gla, Orphan
Asian Citrus Holdings (LON:ACHL) was upgraded by research analysts at Cantor Fitzgerald Europe to a “buy” rating in a report released on Tuesday. The firm currently has a GBX 26 ($0.44) price target on the stock, up from their previous price target of GBX 22 ($0.37). Cantor Fitzgerald Europe‘s target price would suggest a potential upside of 100.00% from the company’s current price.
Does anyone no when the results are out. not much going on around this share at the moment.
good to see achl share price gradually moving up again as more buy in , for many long term holders this share price has dropped so much , however every rise in share price is good to see
as more seem to want to buy achl shares 5 v1 nice to see that at achl again , will be watching this share to see if share price may be starting to move up again
of 100,000 share tranches today , could some one be building up a position here , personly plan to spend more time watching this share price to see if a rebound may start soon
looking at the buys hoping share price may soon start to recover , it has been a difficult time for long term holders watching this share price drift down so much
good to see more buyers at this share again