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SYT vs. ETF Alternatives
Friday, Apr 116:06 PM
Friday, Apr 116:06 PM| 18 Comments
- China’s rejection of genetically modified corn is becoming a big problem for exporters: In the first full tally of the impact, a U.S. grain industry group says the rejected shipments have totaled ~1.45M metric tons, far more than the 545K tons China has reported and the 900K tons that has circulated in news media.
- The rejected shipments have cost grain companies $427M from lost sales and reduced prices for China-bound shipments that must be resold elsewhere, and has affected the price of corn and soybeans, resulting in hundreds of millions of dollars in losses for farmers.
- Big seed companies such as Syngenta (SYT), Monsanto (MON) and DuPont (DD) generally are aligned with traders such as Cargill and ADM in the desire to grow and sell as much grain as possible, but now the two groups are debating who should bear the costs for the rejected shipments.
- ETFs: DBA, CORN, RJA, SOYB, DAG, JJA, RGRA, AGA, AGF, USAG, FUD, UAG, DIRT, TAGS, ADZ
Wednesday, Feb 52:32 AM
Wednesday, Feb 52:32 AM| Comment!
- Syngenta's (SYT) 2013 net profit fell 11% to $1.64B and missed consensus of $1.71B, and while sales rose 3% to $14.69B, the figure undershot forecasts of $14.82B.
- Adjusted EPS -12% to $19.30, EBITDA -7% to $2.9B
- Syngenta's earnings were hurt by reduced trait royalty income, a rise of $175M in seed production expenses following the U.S. drought in 2012, and a seeds inventory write-down of $170M.
- The company intends to intensify its focus on "cost and capital efficiency" and plans to cut $1B a year by 2018.
- Syngenta intends to increase its dividend 5% to 10 Swiss francs ($11.06) per share.
- Syngenta expects 2014 integrated sales to increase at a similar rate to 2013. CEO Mike Mack said the company remains on course to reach its sales target of $25B by 2020. However, the firm forecasts that it will achieve the lower end of its target-margin range in 2015. (PR)
Thursday, Jan 234:59 PM
Thursday, Jan 234:59 PM| Comment!
- Two major U.S. grain groups are asking Syngenta (SYT) to suspend commercial use in the U.S. of two genetically modified strains of corn not currently approved in China.
- The request follows rejection of multiple cargoes of U.S. corn by Chinese authorities since November because they contained SYT's Agrisure Viptera GMO trait (MIR 162).
- SYT's intended launch of its Duracade corn variety this year "risks repeating and extending the damage" caused by its shipments containing Viptera before China had granted regulatory approval, the groups say.
Thursday, Jan 238:43 AM
Thursday, Jan 238:43 AM| Comment!
- Syngenta (SYT) CEO Michael Mack slams a European ban on certain pesticides, which the EU says could harm the health of bee populations.
- Mack says SYT would "do everything we can" to get the decision reversed; he calls the ban - which was driven last year by countries including France, Germany and the Netherlands - "political in its intent."
- SYT and Bayer (BAYRY) are the leading manufacturers of the neonicotinoids linked to bee deaths, and they deny that their products are causing sharply falling honey bee populations around the world.
Tuesday, Jan 711:35 AM
Tuesday, Jan 711:35 AM| 3 Comments
- China reportedly has turned away more U.S. corn cargoes due to the discovery of an unapproved genetically-modified strain, and traders say further rejections are likely.
- A report yesterday said China had rejected 601K metric tons of corn and corn by-products from the U.S. by year-end 2013 and suggested that more corn cargoes had been turned away since Dec. 20, when 545K metric tons had been refused.
- Chicago corn futures (CORN), which have been under pressure from rising global supplies and China's cancellation of U.S. cargoes, climbed another 0.5% Monday; the GMO corn is developed by Syngenta (SYT).
Friday, Dec 202013, 8:21 AM
Friday, Dec 202013, 8:21 AM| 2 Comments
- China's quality watchdog says it has rejected an unprecedented 545K metric tons of U.S. corn YTD in cargoes that contained MIR162, an insect-resistant strain of the grain that is permitted in the U.S., Japan and Europe but not approved by China's agriculture ministry.
- Grain researchers say China's production of corn increased ~5% this year, which makes the decision to turn away corn at ports easier.
- Syngenta (SYT), which makes MIR162, is calling on China to update its laws to allow the strain.
Friday, Dec 62013, 6:42 PM
Friday, Dec 62013, 6:42 PM| Comment!
- Corn futures (CORN) fell amid mounting concerns that export demand will suffer because China has been rejecting U.S. grain containing an unapproved genetically modified strain.
- This week, China rejected more than 120K metric tons in five separate shipments of U.S. corn after inspectors found the genetically engineered insect-resistant MIR 162 strain; regulators had rejected U.S. grain for the same reason last month.
- Traders worry the actions could herald a period of reduced shipments to China from the U.S., the world's biggest corn producer and exporter.
- Biotech company Syngenta (SYT) has resubmitted an application for the GMO strain to be allowed in China.
Monday, Nov 182013, 1:59 PM
Monday, Nov 182013, 1:59 PM| Comment!
- China reportedly rejected a cargo of U.S. corn because it contained a genetically modified variety not approved for import; the shipment was said to contain Syngenta's (SYT -0.4%) Agrisure Viptera corn.
- Earlier this year, Monsanto (MON) ran into trouble when an unapproved GMO strain of wheat it had devloped showed up in a farmer's field in Oregon.
Wednesday, Oct 232013, 8:25 PM
Thursday, Oct 172013, 2:23 AM
Thursday, Oct 172013, 2:23 AM| Comment!
- Syngenta's (SYT) Q3 sales +11% at constant currency rates to $2.9B, almost in line with consensus of $2.93B.
- "Following a good start to the Latin American season, we remain on track to deliver full-year sales growth in line with our longer term target," says CEO Mike Mack.
- Because U.S. corn seed production yields are significantly ahead of expectations, Syngenta will write down the value of those seeds in excess of estimated sales for the coming season.
- Expects improved profitability in 2014 and maintains an EBITDA margin target of 22-24% for 2015.
- Syngenta, the world's largest agrochemicals company, says it's on track to generate $25B in sales of eight key crops in 2020. Overall sales were $14.2B in 2012. (PR)
Tuesday, Aug 272013, 8:20 AM
Tuesday, Aug 272013, 8:20 AM| 1 Comment
- Syngenta (SYT) submits a legal challenge to the European Commission's decision to suspend the use of a pesticide on crops pollinated by bees.
- SYT says the EC made the decision on the basis of a flawed process, an inaccurate and incomplete assessment by the European Food Safety Authority and without the full support of EU member states.
- The European Union announced in April a ban of three widely-used pesticides because of fears they are linked to a plunge in the population of bees critical to the production of crops.
Wednesday, Jul 242013, 3:15 AMSyngenta (SYT): H1 net profit -5% to $1.41B vs consensus of $1.49B, reflecting an absence of royalty income of last year's corn rootworm trait, which was worth $256M. Underlying profit +9%. Sales +2% to $8.4B, underlying sales +7% despite unfavorable weather and late planting in the northern hemisphere. Expects to generate substantial free cash flow in H2, as well as an acceleration of underlying sales growth, "based on the positive outlook for Latin America and Asia Pacific." Shares -3.6% in Zurich. (PR) |Wednesday, Jul 242013, 3:15 AM| Comment!
Tuesday, Jul 22013, 9:38 AMSyngenta (SYT +0.9%) is added to Goldman's Conviction Buy list. Analyst Rakesh Patel says the company's "integrated strategy" should help farmers "increase yield despite lower crop prices." Additionally, Patel thinks SYT's "unlevered balance sheet leaves scope to use US$4B on bolt-on acquisitions [and] shareholder returns." |Tuesday, Jul 22013, 9:38 AM| Comment!
Monday, Apr 222013, 12:02 PMJefferies raises its price target on Syngenta (SYT -0.8%) to $86 from $79 citing a "rolling forward" of the investment bank's models. "We are maintaing our FY13 and FY14 estimates," says analyst Laurence Alexander. Meanwhile, the company remains embroiled in controversy surrounding neonicotinoid pesticides' effects on bee health (I, II). Earlier this month, Corporate Europe Observatory published letters the company sent to members of the European Commission lobbying against a proposed ban of the products. |Monday, Apr 222013, 12:02 PM| Comment!
Thursday, Apr 182013, 10:08 AMSyngenta (SYT +2.9%) moves up nicely after its Q1 sales/trading call. Highlights from the transcript : sales up 8% at constant exchange rates, prices rose on crop protection and seeds, double-digit growth in Latin America/Eastern European/SE Asia, word search turns up only one mention of CRUISER, the hot-button neonicotinoid pesticide (I, II). |Thursday, Apr 182013, 10:08 AM| Comment!
Thursday, Apr 182013, 3:10 AMSyngenta (SYT): Q1 sales +6% to $4.6B vs consensus of $4.56B. Growth was strong in Latin America, particularly in Brazil, as well as in South East Europe and in France, supported by new fungicide launches. However, business in Italy and some northern European countries was weaker, due to to cold wet weather. Aims to boost sales from eight key crops to $25B by 2020. (PR) |Thursday, Apr 182013, 3:10 AM| Comment!