China Fishery Group

[mrEngineer]

I have to re-write my statement in case people misinterpret that I referring to stock valuation. "9.75% is somewhere decent in the middle of bond valuation range." On your point of ROE, when I have time I will try to do a study on the historical ROIC to see how have the company performed over the capital financing. On your point of competition, I think one of the articles have highlighted that competition has increased since year 2000 in fishing. Also, please do not forget that the industry is fairly protected with a moart via capital intensive (have to buy trawlers to reach good economics of scale), alot of local knowledge on where to fish and regulations with local governments.

Manage to dig up some material news. The website disallows me to copy the article but essentially Pac Andes is looking at a JV with Russian Sea Fishing. You can try to subscribe for a free trial at the website to read this article in detail. http://www.intrafish.com/global/news/article1357840.ece