So, to sum up the good stuff, the not so good stuff, and the unknowns from this report (and earlier info we got). In my view.
In general revenue was exactly in line with expectations.
Good stuff
1) The collateral shares will not affect EPS in a negative way. So we will see significant less dilution in Q2 and Q3 at least.
2) Growth in the fishery division is on track although not reflected in the Q1 report. We were expecting this because they grow eels larger.
3) Abattoir doing nicely now due to imports. We were expecting this also.
4) The new CFO, KPMG, loans etc, you heard all about it.
5) A lot of detail and explanatory notes in the report, less errors, but still a few sloppy ones. It should help with getting a listing or convince the skeptics IMO.
Not so Good
1) Revenue from consultancy will be down later this year. I already accounted for this for the most part. They start getting paid for the next Stage as early as Q1 or Q2 2016 though.
2) I expect more delays for the Mega Farm
3) Fishery import was not so good
4) Margins down a bit. Especially for fertilizer. I didn't expect it to hold up for fertilizer, and it's not the reason why most of us are invested here anyway.
5) SJAP merger won't happen any time soon.
Unknown
1) Hu and weather. I'm optimistic.
2) Acquisitions. Should get PF1 at least, soon.
I think we are on track for EPS $7.50 this year. We will see some more dilution next year but we will also get Mega Farm sales next year, roughly 7,000 MT of it, so we should be safe.
AI
