In 2021, COSCO declared a total dividend of 0.12 per share. COSCO hike the dividend to 0.19 per share in 2022. The dividend increase is about 58%. But despite the dividend increase, COSCO is still heading to the bottom. COSCO’s PE is only at 2.69X while P/BV is only at 0.3725. These make COSCO oneContinue reading “58% dividend increase fails to lift COSCO up”
Category Archives: Uncategorized
186M/1,887M of FCG’s total assets are advances to related parties
On January 24, 2022, Figaro Coffee Group (FCG) launched its initial public offering and listed its shares at the Philippine Stock Exchange. FCG raked in gross proceeds from the exercise of 698Million. After the IPO, as of 31 March 2022, the amount due from related parties ballooned to 293Million from only 68M as of 30Continue reading “186M/1,887M of FCG’s total assets are advances to related parties”
ACEN didn’t rid of coal power, sourced power from GNP Dinginin
In November 2022, ACEN announced the divestment of its subsidiary South Luzon Thermal Energy Corporation (SLTEC). SLTEC is the operator of a 246-MW coal plant. ACEN touted that it exited its coal subsidiary through the world’s first market-based Energy Transition Mechanism (ETM). It said that the ETM will enable the early retirement of the 246-MWContinue reading “ACEN didn’t rid of coal power, sourced power from GNP Dinginin”
RLC share price diverging from its 2022 results
RLC is curently experiencing heavy foreign selling and it is fast approaching oversold territory. RLC is now trading near its 52-week low of 14.50. A tanking RLC share contrasts its 9M2022 results. In the nine-month period of 2022, rental income rose to 11.3 billion from 7.9 billion in 2021. Rental income is expected to growContinue reading “RLC share price diverging from its 2022 results”
Razon building APX into a national champion like ICT
The strong dollar and the surge in gold prices delivered Apex Mining (APX) a windfall. The 20022 nine-month results of APX were an all-time high. Revenue for the nine-month period of 2022 was at 7.6 Billion Pesos as against the 5.0 Billion Pesos revenue for the same period in 2021. The strong revenue translated toContinue reading “Razon building APX into a national champion like ICT”
Capital deficient DITO should tap its faithful for capital through SRO
As of March 31, 2022, DITO CME HOLDINGS (DITO) has a capital deficiency of 9.4 billion. DITO is the parent company of the third telco, Dito Telecommunity (Dito Tel). DITO has an indirect stake of 53.7% of Dito Tel. The 9.4 billion capital deficiency means that DITO’s total liabilities exceed its total assets by 9.4Continue reading “Capital deficient DITO should tap its faithful for capital through SRO”
PXP’s SC 72 wells languish, ACEN/ACEX’s SC 55 most likely to proceed
SC 72 and SC 55 are the two most promising gas fields in the country. The operator of SC 72 is a company controlled by PXP while the operator of SC 55 is a company controlled by ACEX and ACEN. PXP is a unit of the Hong Kong based conglomerate First Pacific Ltd. helmed byContinue reading “PXP’s SC 72 wells languish, ACEN/ACEX’s SC 55 most likely to proceed”
Razon not buying Malampaya for nothing, might be eyeing Ayala’s ACEX SC55
It has been reported that tycoon Enrique Razon will be buying Dennis Uy’s 90% stake in the Malampaya gas-to-power project. But the Malampaya gas reserves are nearing depletion. In fact, FGEN’s natural gas plants were plagued by gas interruptions at the Malampaya field and were forced to run on liquid fuel. With Malampaya gas runningContinue reading “Razon not buying Malampaya for nothing, might be eyeing Ayala’s ACEX SC55”
Valued 328PE, MM had to go down further to be at par with ALLDY’s 16PE
MerryMart Consumer (MM) and AllDay Supermarket (ALLDY) are the two new supermarket and retail business players that recently raised capital from the public stock market. In their IPO, they envisioned delivering a world-class grocery experience to Filipinos. With the capital raised from the public, they vowed to revolutionize the supermarket business and retailing. Legendary businessContinue reading “Valued 328PE, MM had to go down further to be at par with ALLDY’s 16PE”
Write-off of liabilities added 2.8B to Jollibee’s net income in 2021
For the year 2021, Jollibee reported a net income of 5.5 billion. But around half of that came from the write-off of liabilities amounting to 2.8 billion. The income from the write-off of liabilities is buried deep in the other income section of Jollibee’s financial statement. Jollibee had the income from the write-off of liabilitiesContinue reading “Write-off of liabilities added 2.8B to Jollibee’s net income in 2021”
APX Mining’s Q1 2022 operating cash flows is 2.7X last year’s
APX Mining has improved its Q1 2022 cash flows from operating activities to 1.04 billion from just 0.39 billions from last year. This is a significant milestone for APX. The strong cash flow from operations allowed APX to fund expenditures for mine development without borrowing from its banks. It also provides APX with extra fundsContinue reading “APX Mining’s Q1 2022 operating cash flows is 2.7X last year’s”
SCC, DMC’s main profit driver, could be facing an ABS-CBN type dilemma
Q1 2021 delivered the highest ever quarterly profit for DMC. DMC’s reported net income surged by 165% from 4.25 billion last year to 11.26 billion. Driving the profit growth is the coal mining and coal power unit, Semirara Mining & Power (SCC). SCC’s net income jumped 544% from 1.3 billion in Q1 2021 to 8.5Continue reading “SCC, DMC’s main profit driver, could be facing an ABS-CBN type dilemma”
Dividend lift fails to lift FGEN from oversold territory
FGEN raised its dividend to 0.35 a share from 0.3 a year earlier. But the move failed to raise FGEN out of the oversold territory. The reason for worry FGEN’s profit margin dropped to 31% in Q1 2022 from 42% in Q1 2021. Revenue rose for the period as compared to last year because theContinue reading “Dividend lift fails to lift FGEN from oversold territory”
CNVRG now looks like TEL less the dividends
Converge since its IPO has been aggressively expanding. In 2020 it spent 15 billion on capital expenditure and in 2021 19.8 billion. With cash flows from operations just half of the capital expenditures, CNVRG has been aggressively borrowing money from banks to fund capital expenditures. As of the end of Q1 2022, CNVRG had aContinue reading “CNVRG now looks like TEL less the dividends”
ACEN’s gross profit margin turns negative in Q1 2022
ACEN generated revenue from sale of electricity in Q1 2022 of 7.4 billion, an increase of 1.7 billion from last year. But the costs of selling electricity exceed the revenue from the sale of electricity. Costs of sale of electricity were at 7.7 billion pesos. The higher cost of electricity pushed ACEN’s gross profit intoContinue reading “ACEN’s gross profit margin turns negative in Q1 2022”
Divestments, not Acquisitions, power Jollibee’s net income in Q1 2022
Jollibee (JFC) has been touting its overseas expansion and acquisitions over the years. Over the years JFC acquired Milkshop, Tim Ho Wan, Coffee Bean and Tea Leaf, Smashburger among others. These acquisitions were expected to propel the growth of JFC’s bottom line and thus grow shareholder value. But the opposite seems to happen. In 2022Continue reading “Divestments, not Acquisitions, power Jollibee’s net income in Q1 2022”
Sales volume propels URC Q1 net income growth amidst margin squeeze
Inflation took a bite at URC’s profit margin. URC’s gross profit margin decreased by 274 basis points from 30.1% in 2021 Q1 to 27.3% in 2022 Q1. But despite the gross profit margin squeeze, URC is still able to grow its net income from continuing operations from 2.994 billion in 2021 Q1 to 3.578 billionContinue reading “Sales volume propels URC Q1 net income growth amidst margin squeeze”
PSEI to quickly surge past 7,500 if BBM starts with a 2028 election promise
The Philippines has the oldest democracy in Asia. But the country’s democracy was shattered when then-President Ferdinand Marcos declared Martial Law on September 21, 1972. Ferdinand Marcos ruled the Philippines until a People Power Revolution deposed him in February 1986. After Marcos was overthrown, the Filipinos rewrote the Constitution and limited the term of theContinue reading “PSEI to quickly surge past 7,500 if BBM starts with a 2028 election promise”
Surging coal could hurt AP, ACEN
Coal prices continue to surge. The rising coal price raises the fuel cost of coal-fired power plants. Notable publicly listed companies operating base-load coal plants are Aboitiz Power Corporation (AP) and AC Energy Corporation (ACEN). Semirara Mining and Power Corporation (SCC) is predominantly a coal miner with coal-fired power plants. ACEN operates the base loadContinue reading “Surging coal could hurt AP, ACEN”
Razon vs. Lopezes: diverging governance practices, diverging fortunes
Razon’s international Container Terminal Services (ICT) bought back 5,970,990 ICT shares at 191 per share from subsidiary IWI Container Terminal Holdings. The transaction valued at 1.1 Billion Pesos was crossed at the Philippine Stock Exchange on 17 September 2021. The transaction was brought about by the desire of the Razon controlled ICT to adopt theContinue reading “Razon vs. Lopezes: diverging governance practices, diverging fortunes”