AIRE KGaA, Microsoft and Frosta AG
A few short updates:
Microsoft:
As announced, I sold the shares at USD 25.51 or EUR 19.02. IIncluding the quarterly dividend received, the total gain was around 4%. Almost all of the gain is a result of the USD appreciation, as I bought the shares at USD 25.88 and an exchange rate of 1,41 USD/EUR.
So despite some big gurus like Seth Klarman (and benny_m) being invested, I still think that better opportunities might come up.
Frosta
In order to refinance the EMAK position, I already mentioned that I have to sell one other 2.5% position of the portfolio. I finally decided that I will sell Frosta. Although I think it is a “good and honest” company, at current levels there is not a lot of margin of safety in the stock. The problem is also that a lot of stocks have become much more attractive on a relative basis. So I will exit the position beginning next week.
AIRE KGaA
Since yesterday some pretty strange action is going on with AIRE KGAA. Today, around 20 k shares have been traded, yesterday around 33 k after hibernating for a couple of weeks.
I didn’t find any news, however this reminds me about the trades earlier this year when Grevenkamp built up his stake. The 50 k plus shares represent more than 1% of the company.
“Unter anderem ist neue Konkurrenz aus China ein Problem, heißt es aus dem Unternehmen. Die drängt vor allem mit Tiefkühlfisch in die Supermärkte, so Frosta-Vorstandschef Ahlers. Dies sei vor allem bei den Discountern der Fall.”
http://www.radiobremen.de/politik/nachrichten/politikwirtschaftfrostajobs100.html
Nun ja, ich denke östlich von China gibt es günstigen Fisch, so Richtung Japan…
(Sarkasmus Ende)
Tiefkühl Futter aus China ? wie soll das sich rechnen ?
mmi
FroSTA plans to reduce staff, due to the tough market situation and CHINESE COMPETITORS !
“Der Bremerhavener Tiefkühlkost-Hersteller Frosta will bis zu 40 Arbeitsplätze abbauen. Gründe dafür seien eine verschärfte Wettbewerbssituation und der anhaltende Preiskampf, sagte Vorstandsmitglied Stephan Hinrichs am Donnerstag in Bremerhaven. Durch neue Konkurrenten, die zum Teil auch in China tätig seien, sei der Druck gewachsen.”
http://www.financial.de/news/wirtschaftsnachrichten/tiefkuhlkost-hersteller-frosta-will-bis-zu-40-stellen-streichen/