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CARS & BUKI - Expecting Good Performance From Oil Palm Plantation Segment

+4
Aamiable
Soundchips
JennyFunny
seyon
8 posters

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Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics

well i saw some calculation about how the shareholders valued got appreciated during some period in the BUKI's Annual report, thought of sharing it but forgot it, will do today night

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics

Institutional buying and larger scale funds also needed for a market to recover fast. All that time they may have been kept away…. Foreigners have to return to a growing market. …There should be some form of momentum initially.

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Gaja wrote:well i saw some calculation about how the shareholders valued got appreciated during some period in the BUKI's Annual report, thought of sharing it but forgot it, will do today night

This, picked from CARS annual report, comment about share holder value.

A shareholder who invested Rs. 1,000 in the share in 2002 would have accumulated a wealth of Rs. 94,089 as shown in chart 2, with the bulk (99.7%) coming in the form of capital gains. Capital gains in the stock was primarily driven by net profit growth (34.8%), which recorded an average growth of 46.7% over the 10 years and the combined impact of net profit and PE growth (63.2%). The PE ratio recorded a marginal growth of 12.2% over the same period.

This, picked from BUKI annual report, comment about share holder value.

A shareholder who invested Rs.1,000 in the share in 2002 would have accumulated a wealth of Rs.708,599 as shown in chart 2, with the bulk (99.4%) coming in the form of capital gains. As capital gains in the stock were driven both by net profit growth and PE growth which grew by 47.5% and 40.5% respectively, over the 10 years, the combined impact of both PE and net profit growth contributed 93% to the total wealth growth of the shareholders.

what a rich return form cash rich companies... Can we expect at least 50% of this rich return If we hold for 5 Years..

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics

seyon wrote:
Gaja wrote:well i saw some calculation about how the shareholders valued got appreciated during some period in the BUKI's Annual report, thought of sharing it but forgot it, will do today night

This, picked from CARS annual report, comment about share holder value.

A shareholder who invested Rs. 1,000 in the share in 2002 would have accumulated a wealth of Rs. 94,089 as shown in chart 2, with the bulk (99.7%) coming in the form of capital gains. Capital gains in the stock was primarily driven by net profit growth (34.8%), which recorded an average growth of 46.7% over the 10 years and the combined impact of net profit and PE growth (63.2%). The PE ratio recorded a marginal growth of 12.2% over the same period.

This, picked from BUKI annual report, comment about share holder value.

Thanks friend this is the part i referred exactly

A shareholder who invested Rs.1,000 in the share in 2002 would have accumulated a wealth of Rs.708,599 as shown in chart 2, with the bulk (99.4%) coming in the form of capital gains. As capital gains in the stock were driven both by net profit growth and PE growth which grew by 47.5% and 40.5% respectively, over the 10 years, the combined impact of both PE and net profit growth contributed 93% to the total wealth growth of the shareholders.

what a rich return form cash rich companies... Can we expect at least 50% of this rich return If we hold for 5 Years..

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics




@sayon
Are there chances of coming out with right issues?



Question

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Aamiable wrote:

@sayon
Are there chances of coming out with right issues?

Question

I don't think, why any rumors?

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics

Thanks, If you do not think so, that is reassuring. ...no rumors or announcements about rights. I just wanted to know your opnion. ….COMB went ahead with a rights issue, COMB profits were in several billions…. I was worried whether these conglomerates also ask for funds despite billions worth profits. …..

When the PLCS go for one for one, one for two type of rights issues investors due to lack of funds to pay for the rights... tend to sell them. ….It is OK to go for one for ten rights issues then the investors collect more shares to buy rights at low prices…..

I also think they will not come out with right issues.


confused confused

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Aamiable wrote:Thanks, If you do not think so, that is reassuring. ...no rumors or announcements about rights. I just wanted to know your opnion. ….COMB went ahead with a rights issue, COMB profits were in several billions…. I was worried whether these conglomerates also ask for funds despite billions worth profits. …..

When the PLCS go for one for one, one for two type of rights issues investors due to lack of funds to pay for the rights... tend to sell them. ….It is OK to go for one for ten rights issues then the investors collect more shares to buy rights at low prices…..

I also think they will not come out with right issues.

confused confused

This group is Cash Rich Company.The past history highlights, company (CARS & BUKI) announces Bonus and Split. No right issue, However if u analyze the CINV and GUAR and LION these went on rights issues.

Soundchips


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

[quote="seyon"]
Aamiable wrote:Thanks, If you do not think so, that is reassuring. ...no rumors or announcements about rights. I just wanted to know your opnion. ….COMB went ahead with a rights issue, COMB profits were in several billions…. I was worried whether these conglomerates also ask for funds despite billions worth profits. …..

When the PLCS go for one for one, one for two type of rights issues investors due to lack of funds to pay for the rights... tend to sell them. ….It is OK to go for one for ten rights issues then the investors collect more shares to buy rights at low prices…..

I also think they will not come out with right issues.





This group is Cash Rich Company.The past history highlights, company (CARS & BUKI) announces Bonus and Split. No right issue, However if u analyze the CINV and GUAR and LION these went on rights issues.


However , ..CINV share price has come down ? Question

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

[quote="Soundchips"]
seyon wrote:
Aamiable wrote:Thanks, If you do not think so, that is reassuring. ...no rumors or announcements about rights. I just wanted to know your opnion. ….COMB went ahead with a rights issue, COMB profits were in several billions…. I was worried whether these conglomerates also ask for funds despite billions worth profits. …..

When the PLCS go for one for one, one for two type of rights issues investors due to lack of funds to pay for the rights... tend to sell them. ….It is OK to go for one for ten rights issues then the investors collect more shares to buy rights at low prices…..

I also think they will not come out with right issues.

This group is Cash Rich Company.The past history highlights, company (CARS & BUKI) announces Bonus and Split. No right issue, However if u analyze the CINV and GUAR and LION these went on rights issues.

However , ..CINV share price has come down ? Question

Main reason of price drop is that Blueship and Fundamental shares are not performing well these days.

econ

econ
Global Moderator

carson group is massively overpriced . trade over 30 PE ratio.
these shares should down to PE below 20.

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

@ seyon,

If their plants are maturing in big ways this year , then this is the time to invest.

Once a share related to this group rose to 22,000 Rupees from 17/- ( seventeen) due to the same factor. (I cannot remember the exact name and time)

Not only by selling the extracted oil, they get huge capital gains and profits from selling the matured plantations to others .

Few years ago, they developed about 5000ha and then sold to a big fund and got big return for that investment. Using that money they bought many thousands of bare lands for further development.


Somehow, their current prices are with very high PER. I do not know people pay these prices considering these factors of future gains or not.

Before paying these prices , I think it is better if we can find the correct extent of new plantation coming into the production stage.


bounce In the middle of this writing , I was interrupted to receive the BUKI annual Report, delivered by a courier man ! . tongue

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Chinwi wrote:@ seyon,

Before paying these prices , I think it is better if we can find the correct extent of new plantation coming into the production stage.

bounce In the middle of this writing , I was interrupted to receive the BUKI annual Report, delivered by a courier man ! . tongue


Extract some data From Annual Report - CARS ( Page 106)

Mature & Immature Plantation
The Fair value of Mature & Immature Plantation of Indonesian Palm Oil Plantation amounting to Rs 22,224 mn (US $ 201.31 mn) 2010 - Rs 10,282 mn (US $ 90.19 mn)

I can not extract mature and immature plantation value separately from the annual report, when u see the above info the value of the plantation ( both mature and immature ) is doubled comparing with previous year. there may be 2 reasons either group acquired some new plantation or stage of maturity ( some of the plantations are ready for the harvesting )

If u see the PPE movement schedule - CARS ( page 104) during the year addition only 942Mn, apart from that 9.4Bn added to the balance on consolidation, this balance has been arrived due to the recent group restructuring ( all plantation companies taken to GAHL)

second if u analyze the graph under plantation sector review ( CARS page 31) , The mature and developed area improving and Gross immature area remains change comparing with last year, this indicates there is no major addition comparing with previous year. Hence increasing value of the plantation is due to stage of maturity, i.e most of the immature plantation are ready for the harvesting

Let's see the 1st quarter results compare with previous year corresponding quarter, this will clear us our all questions

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics

@sayon

http://www.ft.lk/wp-content/uploads/file/DFT-12(9).jpg

as you say Motor sector (MTR) Oil palms sectors perform well.

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics

Chinwi wrote:@ seyon,

If their plants are maturing in big ways this year , then this is the time to invest.

Once a share related to this group rose to 22,000 Rupees from 17/- ( seventeen) due to the same factor. (I cannot remember the exact name and time)

Not only by selling the extracted oil, they get huge capital gains and profits from selling the matured plantations to others .

Few years ago, they developed about 5000ha and then sold to a big fund and got big return for that investment. Using that money they bought many thousands of bare lands for further development.


Somehow, their current prices are with very high PER. I do not know people pay these prices considering these factors of future gains or not.

Before paying these prices , I think it is better if we can find the correct extent of new plantation coming into the production stage.


bounce In the middle of this writing , I was interrupted to receive the BUKI annual Report, delivered by a courier man ! . tongue



@ Chinwi

CINV and BUKI have shown momentum and seem to fast return with an overall green market. Oil palm sector is one of the best performing sectors. ...Motor sector also performed well. With overall recovery what do you expect from these stocks?
Question

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Massive Value addition to CARS & BUKI group through the acquisition of Premium Nutrients Bhd and subsidiaries by Good Hope Asia Holding Ltd

Here are the important picks from announcement

CARS & BUKI - Expecting Good Performance From Oil Palm Plantation Segment  - Page 2 Cars111

CARS & BUKI - Expecting Good Performance From Oil Palm Plantation Segment  - Page 2 Cars211

The announcement http://www.cse.lk/cmt/upload_cse_announcements/511310035194_.pdf











Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics

Thanks Sayon for information,…………. would have easily missed this while concentrating on range of short term stocks these days……….these acquisitions are huge advantages for stocks like CARS, GOOD, BUKI ,GUAR ,CINV in the near future as you have predicted earlier.

Smile

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics

Some observations made today, …..short term stocks went up and down while long term investments consolidating in the CSE. Smile

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics

seyon wrote:
Aamiable wrote:Thanks, If you do not think so, that is reassuring. ...no rumors or announcements about rights. I just wanted to know your opnion. ….COMB went ahead with a rights issue, COMB profits were in several billions…. I was worried whether these conglomerates also ask for funds despite billions worth profits. …..

When the PLCS go for one for one, one for two type of rights issues investors due to lack of funds to pay for the rights... tend to sell them. ….It is OK to go for one for ten rights issues then the investors collect more shares to buy rights at low prices…..

I also think they will not come out with right issues.

confused confused

This group is Cash Rich Company.The past history highlights, company (CARS & BUKI) announces Bonus and Split. No right issue, However if u analyze the CINV and GUAR and LION these went on rights issues.




@sayon

As you have expected entire group seem to perform well.


May have to keep an eye on CARS BUKI GUAR and GOOD.N as well, CARS 9.72 billion profits , Bukit Darah 10.15 profits, GUAR 3.01 billion profits, cumulative over twenty billion profits recorded within a group. Largest in the CSE.... They also recovered ownership of their own shares recently..... and new strategic investments made after registering record levels of profits..... Acquisition and expansion of businesses brings immense value addition to group as well as for the PLC The Good Hope....

http://www.cse.lk/cmt/uploadAnnounceFiles/8421309752365_502.pdf


http://www.cse.lk/cmt/uploadAnnounceFiles/1721310035471_456.pdf

Watch the investment arm GUAR as well. GOOD.N also becomes a larger entity.


It is possible to keep very good hopes.

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Aamiable wrote:

@sayon

As you have expected entire group seem to perform well.

May have to keep an eye on CARS BUKI GUAR and GOOD.N as well, CARS 9.72 billion profits , Bukit Darah 10.15 profits, GUAR 3.01 billion profits, cumulative over twenty billion profits recorded within a group. Largest in the CSE.... They also recovered ownership of their own shares recently..... and new strategic investments made after registering record levels of profits..... Acquisition and expansion of businesses brings immense value addition to group as well as for the PLC The Good Hope....

http://www.cse.lk/cmt/uploadAnnounceFiles/8421309752365_502.pdf


http://www.cse.lk/cmt/uploadAnnounceFiles/1721310035471_456.pdf

Watch the investment arm GUAR as well. GOOD.N also becomes a larger entity.


It is possible to keep very good hopes.


Hi Aamiable

Are there any special reasons for u to have interest on GOOD ( Goodhope Plc), I think u may confuse on the names. as per my understanding Goodhope Plc and GoodHope Asis Holding are the different entity, CARS restructured their plantation companies ( SHAL, INDO ,SELI and GOOD ) under the umbrella of GoodHope Aisa Holding (GHAL), which is incorporated in Singapore. the new acquisition also made through this company (GHAL). I was told that these four companies ( SHAL,INDO,SELI and GOOD) are going to be delisted in CSE and planning to list GHAL stake partly in Singapore and Sri Lanaka. ( I am not sure about this info)

Anyhow CARS,BUKI,GUAR and CINV are good long term investment. I am sure that, oneday CARS would be 1st MarketCap in CSE.

Happy Trading.

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics

I know, I do not collect any SHAL , INDO GOOD SELI shares . Thanks Sayon for reminding..

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Hedge against commodity price volatility - Carson’s thrust into palm oil based manufacture in Malaysia & India


Carson Cumberbatch PLC, a major player in the global palm oil industry, last week announced the acquisition of a Malaysian oils and fats group with a strong presence in India in a Rs. 4.27 billion deal which gives it presence in value added products manufactured from palm oil.

The Sunday Island last week exclusively reported that this deal was in the pipeline and awaiting regulatory clearance.

A senior director of the Carsons Group said that this was the biggest recent acquisition of the group, remarking ``I can’t think of anything bigger we’ve done’’ and said that the investment will be part funded by internally generated cash and part by debt.

The acquisition involves the takeover of 100% of three of the operating entities of Premium Nutrients Bhd., a specialty fats manufacturer with operations in Malaysia and India.

The acquired entities are Premium Vegetable Oils Sdn. Bhd. and Premium Fats Sdn. Bhd., each with manufacturing facilities in Malaysia and Arani Agro Oil Industries Ltd. with a manufacturing plant in Andra Pradesh in India.

Carson’s said that Premium Nutrients is a pioneer in the edible oils and fats industry with a 25-year expertise in the manufacture of specialty fats for the bakery, confectionary, creamers and ice cream industries.

A total of 60,000 ha, of oil palm plantation have been developed by Carson’s in Malaysia and Indonesia with 40,000 ha. now mature. Crude palm oil production last year ran at 170,000 mt. and with expansion of plantations especially in Indonesia now slowing, larger players in the industry are sourcing new locations in other regions for land banks, Carson’s said in its latest annual report.

Entry into the downstream value addition chain will give Carson’s protection against volatile commodity price risks and also enable the company to earn better margins and value addition through specialty products, the company said.

The manufacturing facilities acquired encompass solvent extraction of palm kernel oil, refining of crude palm oil, palm kernel oil and coconut oil in addition to the manufacture of specialty fats, margarines and butter blends as well as servicing the animal feed industry.

The Premium Group exports specialty products to over 55 countries catering directly and indirectly to multinational players as well as regional brand leaders in chocolates, confectionary and bakery industries.

This group’s primary markets cut across the Middle East, CIS, Australia, China, North America India and Europe.

"A majority of the products are tailor made to customer requirements as food ingredients for reputed international brands,’’ Carson’s said.

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics

seyon wrote:Hedge against commodity price volatility - Carson’s thrust into palm oil based manufacture in Malaysia & India


Carson Cumberbatch PLC, a major player in the global palm oil industry, last week announced the acquisition of a Malaysian oils and fats group with a strong presence in India in a Rs. 4.27 billion deal which gives it presence in value added products manufactured from palm oil.

The Sunday Island last week exclusively reported that this deal was in the pipeline and awaiting regulatory clearance.

A senior director of the Carsons Group said that this was the biggest recent acquisition of the group, remarking ``I can’t think of anything bigger we’ve done’’ and said that the investment will be part funded by internally generated cash and part by debt.

The acquisition involves the takeover of 100% of three of the operating entities of Premium Nutrients Bhd., a specialty fats manufacturer with operations in Malaysia and India.

The acquired entities are Premium Vegetable Oils Sdn. Bhd. and Premium Fats Sdn. Bhd., each with manufacturing facilities in Malaysia and Arani Agro Oil Industries Ltd. with a manufacturing plant in Andra Pradesh in India.

Carson’s said that Premium Nutrients is a pioneer in the edible oils and fats industry with a 25-year expertise in the manufacture of specialty fats for the bakery, confectionary, creamers and ice cream industries.

A total of 60,000 ha, of oil palm plantation have been developed by Carson’s in Malaysia and Indonesia with 40,000 ha. now mature. Crude palm oil production last year ran at 170,000 mt. and with expansion of plantations especially in Indonesia now slowing, larger players in the industry are sourcing new locations in other regions for land banks, Carson’s said in its latest annual report.

Entry into the downstream value addition chain will give Carson’s protection against volatile commodity price risks and also enable the company to earn better margins and value addition through specialty products, the company said.

The manufacturing facilities acquired encompass solvent extraction of palm kernel oil, refining of crude palm oil, palm kernel oil and coconut oil in addition to the manufacture of specialty fats, margarines and butter blends as well as servicing the animal feed industry.

The Premium Group exports specialty products to over 55 countries catering directly and indirectly to multinational players as well as regional brand leaders in chocolates, confectionary and bakery industries.

This group’s primary markets cut across the Middle East, CIS, Australia, China, North America India and Europe.

"A majority of the products are tailor made to customer requirements as food ingredients for reputed international brands,’’ Carson’s said.

…observed large volumes of GUAR and CARS traded and stayed green ...while most of the stocks were struggling with funds....

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Some interesting info, i picked about Carsons recent acquisition. ( Premium Nutrition Bhd, which is listed in Malaysia stock exchange trading @ RM 0.245

Find the stock Name as " PREMIUM "
http://www.bursamalaysia.com/website/bm/market_information/prices/index.jsp

Find out Company audited account 31.12.2010

http://announcements.bursamalaysia.com/EDMS/subweb.nsf/all/69710D624CC34B8F4825788E003D0A89/$File/Premium%20Nutrients%20Berhad%20YE31%2012%202010%20dated%2012.5.2011%202.pdf

Annual Report
http://www.bursamalaysia.com/website/bm/listed_companies/company_announcements/annual_reports/index.jsp

Company website

http://www.premiumveg.com/premiumgroup.html




Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics


@sayon

Premium Nutrients Bhd. (PRNB MK), a palm oil processor, advanced 18 percent to 23.5 sen, the most since December 2009, after completing the sale of three of its main businesses to Agro Asia Pacific Ltd. for 118 million ringgit.



http://thingstodoinbostonthisweekend.com/malaysian-stocks-cahya-mata-lpi-premium-nutrients-ytl-power/

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Aamiable wrote:
@sayon

Premium Nutrients Bhd. (PRNB MK), a palm oil processor, advanced 18 percent to 23.5 sen, the most since December 2009, after completing the sale of three of its main businesses to Agro Asia Pacific Ltd. for 118 million ringgit.

http://thingstodoinbostonthisweekend.com/malaysian-stocks-cahya-mata-lpi-premium-nutrients-ytl-power/

Agro Asia Pacific Ltd is wholly owned subsidiary of Goodhope Asia Holding.

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics

seyon wrote:
Aamiable wrote:
@sayon

Premium Nutrients Bhd. (PRNB MK), a palm oil processor, advanced 18 percent to 23.5 sen, the most since December 2009, after completing the sale of three of its main businesses to Agro Asia Pacific Ltd. for 118 million ringgit.

http://thingstodoinbostonthisweekend.com/malaysian-stocks-cahya-mata-lpi-premium-nutrients-ytl-power/

Agro Asia Pacific Ltd is wholly owned subsidiary of Goodhope Asia Holding.


@sayon

Good hope did not move…observed again...large volumes of other stocks traded and stayed green ...while market badly needed new funds.......

Smile

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics

CARS GUAR and BUKI have performed well today after a period of stabilization during the period of clearance. Few stocks survived during that period….waiting for next financials…

Soundchips


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

seyon wrote:Hedge against commodity price volatility - Carson’s thrust into palm oil based manufacture in Malaysia & India


Carson Cumberbatch PLC, a major player in the global palm oil industry, last week announced the acquisition of a Malaysian oils and fats group with a strong presence in India in a Rs. 4.27 billion deal which gives it presence in value added products manufactured from palm oil.

The Sunday Island last week exclusively reported that this deal was in the pipeline and awaiting regulatory clearance.

A senior director of the Carsons Group said that this was the biggest recent acquisition of the group, remarking ``I can’t think of anything bigger we’ve done’’ and said that the investment will be part funded by internally generated cash and part by debt.

The acquisition involves the takeover of 100% of three of the operating entities of Premium Nutrients Bhd., a specialty fats manufacturer with operations in Malaysia and India.

The acquired entities are Premium Vegetable Oils Sdn. Bhd. and Premium Fats Sdn. Bhd., each with manufacturing facilities in Malaysia and Arani Agro Oil Industries Ltd. with a manufacturing plant in Andra Pradesh in India.

Carson’s said that Premium Nutrients is a pioneer in the edible oils and fats industry with a 25-year expertise in the manufacture of specialty fats for the bakery, confectionary, creamers and ice cream industries.

A total of 60,000 ha, of oil palm plantation have been developed by Carson’s in Malaysia and Indonesia with 40,000 ha. now mature. Crude palm oil production last year ran at 170,000 mt. and with expansion of plantations especially in Indonesia now slowing, larger players in the industry are sourcing new locations in other regions for land banks, Carson’s said in its latest annual report.

Entry into the downstream value addition chain will give Carson’s protection against volatile commodity price risks and also enable the company to earn better margins and value addition through specialty products, the company said.

The manufacturing facilities acquired encompass solvent extraction of palm kernel oil, refining of crude palm oil, palm kernel oil and coconut oil in addition to the manufacture of specialty fats, margarines and butter blends as well as servicing the animal feed industry.

The Premium Group exports specialty products to over 55 countries catering directly and indirectly to multinational players as well as regional brand leaders in chocolates, confectionary and bakery industries.

This group’s primary markets cut across the Middle East, CIS, Australia, China, North America India and Europe.

"A majority of the products are tailor made to customer requirements as food ingredients for reputed international brands,’’ Carson’s said.


can these stocks come out with good financials next quarter ? BRWN seem to be good. banks may do well. what about investment trusts...like CINV..

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Yes, CARS and BUKI we can expect good performance from the Group, However the next quarter would be very much impressive as performance from the premium nutrition group ( newly acquired) will be consolidated with CARS.

Further CINV and GUAR look very attractive price level ( at discount ) compare to their NAV . SHL capital gain will be highlighted in next quarter.

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