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ASEAN STOCK WATCH Asean Affairs   31  March 2011

Asean Equity Watch

Shayne Heffernan

www.livetradingnews.com

Asean Equities will head to record highs today. Strong local earnings and a brighter outlook for many sectors combined with a new optimism on Wall St will see ASEAN at 2011 highs.

ASEAN Currencies will continue their rally as well and that my temper local gains to some extent.

Overnight in the USA,

The DJIA .DJI rose 71.60 pts, or 0.58 percent, to end unofficially at 12,350.61.

The Standard & Poor’s 500 Index .SPX gained 8.82 pts, or 0.67 percent, to finish unofficially at 1,328.26.

The NAS Composite Index .IXIC climbed 19.90 pts, or 0.72 percent, to close unofficially at 2,776.79.

The Russell 2000 Index .RUT closed at the highest level since October 2007.

Bursa Malaysia has had some good gains and a better day in Palm Oil trading is expected to lift the exchange further.

Shayne Heffernan Best Buys are IOICORP, MAXIS

IOI Corporation Berhad is engaged in investment holding and the cultivation of oil palm and processing of palm oil.

The company operates in five segments: plantation, which is engaged in the cultivation of oil palm and rubber and processing of palm oil; property development, which is engaged in the development of properties; property investment, which is engaged in the investment in shopping mall, office complex and other properties; resource-based manufacturing, which is engaged in the manufacturing of oleochemicals, specialty oils and fats, palm oil refinery and palm kernel crushing, and other operations, which is engaged in the management and operation of hotels and resorts, landscape services and other operations.

During the fiscal year ended June 30, 2010, the Company produced 3,405,090 tons, 732,275 tons and 170,876 tons of fresh fruit bunches, crude palm oils and palm kernels, respectively. In 2010, the Company disposed its entire shareholdings in IOI Pelita Kanowit Sdn Bhd.

Maxis Berhad (Maxis) is a mobile communications service provider in Malaysia. The Company operates in three segments: mobile services, fixed line services and international gateway services.

The Company operates its postpaid mobile service under the maxis brand and its prepaid mobile service under the HOTLiNK brand. The Company’s fixed line services comprise a suite of voice services, data services, Internet protocol (IP) and managed services to consumers and business customers.

Its international gateway services comprise services to international telecommunications carriers for termination of traffic into Malaysia, services to send its own international traffic abroad and bandwidth leasing services.

In Kuala Lumpur yesterday the index gained 11.54 points or 0.76 percent to 1531.

Most Active were SAAG, PERISAI, KBUNAI, MPAY, LEWEKO, TANCO, DBE, TIGER, MUIIND and OLYMPIA. Trading volume increased to 2338.48 mil shares worth RM2481.65 mil as compared to Tuesday's 1756.42 mil shares worth RM2182.09 mil.

The Winners were MAYBANK (+15 sen to RM8.93), TM (+14 sen to RM4.04), GENTING (+12 sen to RM10.62), DIGI (+54 sen to RM28.46) and TENAGA (+7 sen to RM6.06).

The Losers were IOICORP (-1 sen to RM5.69) and MAXIS (-1 sen to RM5.37).

Market breadth was negative with 229 gainers as compared to 287 losers.

The Finance Index increased 1.04% to 13930.74 points, the Properties Index up 1.22% to 1094.23 points and the Plantation Index rose 0.11% to 7760.08 points.

The market traded within a range of 10.32 points between an intra-day high of 1532.68 and a low of 1522.36 during the session.

Bangkok can expect another good days trading today, Shayne Heffernan best buys are:

Thailand listed real estate firms are extremely undervalued at the moment Sansiri, Supalai, Asian Property, Apex are quality companies with strong balance sheets and a very positive outlook.

Sansiri Public Company Limited (Sansiri) is a Thailand-based company engaged in real estate business. The Company is principally engaged in property development with its properties consisting of land and housing projects, residential condominium projects, serviced apartments for rent, and office buildings for rent. Other activities include the provision of building management service and real estate brokerage and provision of other services, such as hotel, medical spa and education business. In addition, Sansiri operates a school under the name Satit Pattana School. As of December 31, 2009, the Company operates a 46-key hotel named Casa del Mare, locating on the area of 3 Rai 2 Ngan and 51 Square Wah in Hua Hin District of Prachuap Kiri Khan province. It also operates medical spa business through its subsidiary, Papanan Limited under the brand S Medical Spa. It has 18 subsidiaries.

 

Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 4.54 26.36 18.56 17.85
P/E High – Last 5 Yrs. 11.67 66.62 140.99 88.85
P/E Low – Last 5 Yrs. 2.77 14.05 106.55 12.28
Beta 1.13 1.41 1.21 1.31
Price to Sales (TTM) 0.46 5.15 10.57 2.20
Price to Book (MRQ) 0.90 0.93 1.17 3.05
Price to Tangible Book (MRQ) 0.93 1.09 1.41 5.42
Price to Cash Flow (TTM) 4.01 12.14 16.14 64.97
Price to Free Cash Flow (TTM) 10.75 4.14 59.63
% Owned Institutions - - - -

 

Dividends

Company Industry Sector S&P 500
Dividend Yield 2.07 1.29 1.85 1.69
Dividend Yield – 5 Year Avg. 7.63 0.75 1.63 2.48
Dividend 5 Year Growth Rate 26.58 10.18 8.30 -5.00
Payout Ratio(TTM) 40.38 35.61 19.52 42.82

 

Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago 39.61 31.25 17.33 10.10
Sales (TTM) vs TTM 1 Yr. Ago 17.52 24.94 12.38 10.40
Sales – 5 Yr. Growth Rate 13.41 25.82 19.26 7.38
EPS (MRQ) vs Qtr. 1 Yr. Ago 2,784.93 301.43 83.02 77.89
EPS (TTM) vs TTM 1 Yr. Ago 90.82 - - -
EPS – 5 Yr. Growth Rate 15.70 28.52 10.14 4.57
Capital Spending – 5 Yr. Growth Rate 51.79 26.59 10.53 3.52

 

Supalai Public Company Limited operates property development business. The Company develops single houses, condominiums and apartment buildings for sale and rental. Additionally, the Company owns and operates the Supalai Pasak Resort Hotel.

 

Earnings Fundamentals
Earnings 1.490 Shares (Millions) 1,716.553
Price/Earnings (Trailing) 7.651 Market Cap (Millions) 19,568.710
Relative P/E 0.551 ROE 30.977
p pp Last Dividend Reported 0.270 Final
p pp Dividend Yield (ttm) 5.702
p pp Relative Dividend Yield 1.547
p pp Dffividend Yield 39.61
p pp 90-Day Volatility 39.148
pp pp Beta vs. SET 0.946

Asian Property Development Public Company Limited is a Thailand-based company engaged in the property development business. The Company focuses on the development and sales of residential projects that serve the needs of middle to high income markets, including townhouses, single detached houses and condominiums. It operates residential projects under the brands Baan Klang Krung, Baan Klang Muang, The City, THE ADDRESS, Life, Rhythm and others, which all are located in the Bangkok metropolitan areas and its surroundings.

As of December 31, 2010, the Company had 10 subsidiaries: Asian Property (Bangkok) Company Limited, Asian Property Company Limited, The Value Property Development Company Limited, Signatures Advisory Partners Company Limited, Trillion Development Company Limited, Bangkok Smart City Company Limited, Asian Property (Sukhumvit) Company Limited, Smart Service & Management Company Limited, AP (Ratchada) Company Limited and AP (Sathorn) Company Limited.

Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 6.37 26.36 18.56 17.85
P/E High – Last 5 Yrs. 16.49 66.62 140.99 88.85
P/E Low – Last 5 Yrs. 3.39 14.05 106.55 12.28
Beta 1.63 1.41 1.21 1.31
Price to Sales (TTM) 1.02 5.15 10.57 2.20
Price to Book (MRQ) 1.49 0.93 1.17 3.05
Price to Tangible Book (MRQ) 1.56 1.09 1.41 5.42
Price to Cash Flow (TTM) 5.89 12.14 16.14 64.97
Price to Free Cash Flow (TTM) 10.75 4.14 59.63
% Owned Institutions - - - -

 

Dividends

Company Industry Sector S&P 500
Dividend Yield 2.98 1.29 1.85 1.69
Dividend Yield – 5 Year Avg. 4.36 0.75 1.63 2.48
Dividend 5 Year Growth Rate 9.86 10.18 8.30 -5.00
Payout Ratio(TTM) 33.54 35.61 19.52 42.82

 

Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago -11.99 31.25 17.33 10.10
Sales (TTM) vs TTM 1 Yr. Ago 9.60 24.94 12.38 10.40
Sales – 5 Yr. Growth Rate 21.36 25.82 19.26 7.38
EPS (MRQ) vs Qtr. 1 Yr. Ago -24.36 301.43 83.02 77.89
EPS (TTM) vs TTM 1 Yr. Ago 14.95 - - -
EPS – 5 Yr. Growth Rate 22.94 28.52 10.14 4.57
Capital Spending – 5 Yr. Growth Rate 18.80 26.59 10.53 3.52

 

Apex Development Public Company Limited, is headquartered at 10/53 2nd Floor, The Trendy Building, Sukhumvit 13, Sukhumvit Road, Wattana District, Bangkok. The former name was Suntech Group Public Company Limited which the court authorized on April 30, 2007 to be released from its rehabilitation plan and to return to normal commercial business.

In August of 2007, the company increased its registered capital via a new group of investors led by Mr. Pongphan Sampawakoop, who bought 836,000,000 shares or 78 % of the outstanding shares. The new group changed the company name to “Apex Development Public Company Limited” and changed the business category to the “property development” sector with its SET symbol as APX. Apex’s new executive management team is led by Mr. Pongphan Sampawakoop who has more than 30 years experience in property development whose its goal is to maximize growth and profit for stock holders. The company has now started several property development projects according to its new objective.

In late 2007, Apex undertook three new projects in its new resort, White Sand Beach in a new five-star location at Jomtien Beach, Pattaya, (at Sukhumwit Road km. 156.5). Covering an area of 30 rai, this luxury complex has direct access to Sukhumwit Road and a beautiful white sandy beach. The resort comprises three main projects:

Mövenpick Spinnaker Residences – Beachfront High-rise Condominium with Utmost Privacy and Panoramic Ocean View

Mövenpick Resort & Spa – True Excellence In Swiss Hospitality

Mövenpick Pool Villas - Absolute Modern & Convenient Living

In Bangkok yesterday the Stock Exchange of Thailand main index went up 14.31 points or 1.38 percent to close at 1,050.67 points at the end of trading session on Wednesday Afternoon. The trade value was 37.97 billion baht.

Top five most active values were as follows;

BBL stood at 177.00 baht, up 10.00 baht (5.99 percent)

SCB stood at 108.00 baht, up 3.00 baht (2.86 percent)

PTT stood at 352.00 baht, up 6.00 baht (1.73 percent)

KBANK stood at 129.50 baht, up 3.50 baht (2.78 percent)

JAS stood at 2.74 baht, down 0.12 baht (4.20 percent)

Singapore will break the 3,100 level today and Shayne Heffernan Best Buys are Singapore banks.

The Best three Singapore banks are Development Bank of Singapore (’AA-’), United Overseas Bank (’AA-’) and Overseas-Chinese Banking Corp (’AA-’).

After a strong 14% GDP growth in 2010, Fitch forecasts Singapore’s GDP to expand 5% in 2011. Hong Kong, Indonesia, Malaysia and Thailand, where Singapore banks also have sizable operations, are also poised to post favorable GDP growth of 4 percent-6 percent.

While the local banks’ profitability in 2011 could moderate due to pressures on margin and trading gains, Fitch expects their earnings profiles to be satisfactory amid the favorable operating backdrop, which supports increases in fee income and keeps credit costs low.

Singapore’s property prices, which have appreciated sharply with the domestic economic recovery since mid-2009 and are at record highs. In the event of a modest price correction, however, the quality of the local banks’ property-related loans (about half their total loans) wil remain intact due to conservative risk management, pre-emptive regulatory measures to encourage borrowers’ financial prudence and a modest threat of widespread unemployment.

A key historical rating strength of Singapore banks has been their strong, high-quality capital base, with a core Tier 1 capital adequacy ratio (excluding hybrids and preference shares) of more than 11% at end-December 2010. Fitch believes that the banks are likely to keep their capital at around current levels, giving them a strong buffer to cope with losses in a worst case scenario. The agency also does not expect Basel III to be onerous for Singapore banks, given their strong core capital levels.

Finally, Singapore banks have robust funding and liquidity profiles, due to their solid deposit franchises in Singapore and ample liquidity in the financial system. Their loans/deposits ratio was at an average 83 percent at end-December 2010, further supporting their financial profiles.

United Overseas Bank Limited (UOB or the Bank) is principally engaged in the business of banking in all its aspects, including the operation of an Asian Currency Unit under the terms and conditions specified by the Monetary Authority of Singapore (MAS). The principal activities of its major subsidiaries include commercial banking, merchant banking, leasing, insurance, investment, investment management, gold/futures dealing, property, property management and travel.

The Bank provides a range of financial services through its global network of branches, offices, subsidiaries and associates, personal financial services, private banking, commercial and corporate banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management, insurance and stockbroking services. In August 2009, the Bank announced that its subsidiaries, UOB.Com Pte. Ltd. and FEB Realty Company Pte Ltd commenced voluntary liquidation.

 

Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 10.60 15.01 18.97 18.04
P/E High – Last 5 Yrs. 16.60 30.53 141.34 88.95
P/E Low – Last 5 Yrs. 10.38 9.62 106.89 12.28
Beta 1.03 1.26 1.22 1.31
Price to Sales (TTM) 4.99 3.34 10.71 2.22
Price to Book (MRQ) 1.33 1.00 1.18 3.07
Price to Tangible Book (MRQ) 1.68 1.30 1.42 5.49
Price to Cash Flow (TTM) 10.10 18.80 16.25 64.61
Price to Free Cash Flow (TTM) 2.90 0.88 4.10 59.78
% Owned Institutions - - - -

 

Dividends

Company Industry Sector S&P 500
Dividend Yield 3.24 1.84 1.86 1.68
Dividend Yield – 5 Year Avg. 3.72 1.81 1.63 2.48
Dividend 5 Year Growth Rate -3.26 8.70 8.30 -4.93
Payout Ratio(TTM) 34.25 11.58 20.65 42.94

 

Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago 6.48 7.55 17.51 10.13
Sales (TTM) vs TTM 1 Yr. Ago -3.20 8.17 12.51 10.42
Sales – 5 Yr. Growth Rate 0.46 15.80 19.42 7.40
EPS (MRQ) vs Qtr. 1 Yr. Ago 63.20 54.46 83.18 77.77
EPS (TTM) vs TTM 1 Yr. Ago 47.36 - - -
EPS – 5 Yr. Growth Rate 8.74 5.73 10.36 4.59
Capital Spending – 5 Yr. Growth Rate 10.05 10.10 10.45 3.55

 

DBS Group Holdings Ltd is an investment holding company that operates through its main subsidiary, DBS Bank Ltd (the Bank). The Bank is engaged in the provision of retail, small and medium-sized enterprise, corporate, and investment banking services. The Company's financial businesses are organized into five sectors: Consumer Banking, Institutional Banking, Global Financial Markets, Central Treasury Unit, and Central Operations.

 

 

Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 21.90 15.01 18.97 18.04
P/E High – Last 5 Yrs. 21.01 30.53 141.34 88.95
P/E Low – Last 5 Yrs. 8.02 9.62 106.89 12.28
Beta 1.14 1.26 1.22 1.31
Price to Sales (TTM) 4.67 3.34 10.71 2.22
Price to Book (MRQ) 1.27 1.00 1.18 3.07
Price to Tangible Book (MRQ) 1.54 1.30 1.42 5.49
Price to Cash Flow (TTM) 16.31 18.80 16.25 64.61
Price to Free Cash Flow (TTM) 9.09 0.88 4.10 59.78
% Owned Institutions - - - -

 

Dividends

Company Industry Sector S&P 500
Dividend Yield 2.90 1.84 1.86 1.68
Dividend Yield – 5 Year Avg. 3.85 1.81 1.63 2.48
Dividend 5 Year Growth Rate 6.96 8.70 8.30 -4.93
Payout Ratio(TTM) 78.68 11.58 20.65 42.94

 

Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago 1.67 7.55 17.51 10.13
Sales (TTM) vs TTM 1 Yr. Ago -6.79 8.17 12.51 10.42
Sales – 5 Yr. Growth Rate 0.56 15.80 19.42 7.40
EPS (MRQ) vs Qtr. 1 Yr. Ago 42.63 54.46 83.18 77.77
EPS (TTM) vs TTM 1 Yr. Ago -24.01 - - -
EPS – 5 Yr. Growth Rate 8.38 5.73 10.36 4.59
Capital Spending – 5 Yr. Growth Rate -4.79 10.10 10.45 3.55

 

Oversea-Chinese Banking Corporation Limited is a Singapore-based bank. It operates in five segments: Global Consumer Financial Services, which comprises a range of products and services offered to individuals, including deposit products, consumer loans, credit cards and wealth management products; Global Corporate Banking, which provides financial services to business customers; Global Treasury, which engages in foreign exchange activities, money market operations and derivatives trading; Insurance, which includes its fund management activities, and Others, which comprises P.T. Bank OCBC NISP Tbk, PacificMas Berhad, corporate finance, capital markets, property holding, stock brokerage and investment holding. On January 29, 2010, it acquired ING Asia Private Bank Limited and its subsidiaries. In July 2010, the Company’s subsidiary, PT Bank OCBC NISP Tbk, sold its 45% stake in PT NISP Sekuritas. In September 2010, it dissolved its subsidiary, Walden Malaysia II Co. Ltd.

 

Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 14.19 15.01 18.97 18.04
P/E High – Last 5 Yrs. 15.35 30.53 141.34 88.95
P/E Low – Last 5 Yrs. 9.16 9.62 106.89 12.28
Beta 1.07 1.26 1.22 1.31
Price to Sales (TTM) 2.93 3.34 10.71 2.22
Price to Book (MRQ) 1.50 1.00 1.18 3.07
Price to Tangible Book (MRQ) 1.86 1.30 1.42 5.49
Price to Cash Flow (TTM) 11.97 18.80 16.25 64.61
Price to Free Cash Flow (TTM) 12.26 0.88 4.10 59.78
% Owned Institutions - - - -

 

Dividends

Company Industry Sector S&P 500
Dividend Yield 3.21 1.84 1.86 1.68
Dividend Yield – 5 Year Avg. 3.43 1.81 1.63 2.48
Dividend 5 Year Growth Rate 10.27 8.70 8.30 -4.93
Payout Ratio(TTM) 44.08 11.58 20.65 42.94

 

Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago 17.26 7.55 17.51 10.13
Sales (TTM) vs TTM 1 Yr. Ago 4.28 8.17 12.51 10.42
Sales – 5 Yr. Growth Rate 4.68 15.80 19.42 7.40
EPS (MRQ) vs Qtr. 1 Yr. Ago -2.13 54.46 83.18 77.77
EPS (TTM) vs TTM 1 Yr. Ago 11.13 - - -
EPS – 5 Yr. Growth Rate 10.54 5.73 10.36 4.59
Capital Spending – 5 Yr. Growth Rate 4.48 10.10 10.45 3.55

 

In Singapore yesterday the Straits Times Index rallied 38.37 points or 1.3 per cent to end at 3,095.32.

Volume rose to 1.57 billion shares worth S$1.85 billion, compared to 1.05 billion shares worth S$1.07 billion on Tuesday.

Bank and property stocks finished firmer. DBS edged up 2 cents to S$14.52, OCBC gained 11 cents to S$9.46, and UOB added 28 cents to S$18.82.

City Developments rose 10 cents to S$11.42, CapitaLand was up 1 cent to S$3.27, while Keppel Land advanced 6 cents to S$4.45.

SingTel gained 5 cents to S$2.99, Fraser & Neave closed 13 cents higher at S$5.93, but Venture Manufacturing fell 4 cents to S$9.56.

Philippines Stock Exchange is now over the 4000 barrier and looking to consolidate gains, Shayne Heffernan best buys are First Philippine and Ayala First Philippine Holdings Corporation (FPHC) is a holding company.

The Company, along with its subsidiaries, is engaged in investments in real and personal properties including, but not limited to, shares of stocks, notes, securities and entities in the power generation, manufacturing and construction, and other service industries.

FPHC is 42.79 percent owned by Benpres Holdings Corporation of the Lopez family. Its subsidiaries include First Gen Corporation, First Gas Holdings Corporation, First Gen Renewables, Inc., FG Bukidnon Power Corporation, First Philippine Realty Development Corporation and First Philec Solar Corporation, among others.

 

Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 1.22 7.10 8.36 17.27
P/E High – Last 5 Yrs. 59.83 90.07 78.13 88.95
P/E Low – Last 5 Yrs. 4.79 16.48 15.62 12.27
Beta 1.28 0.49 0.51 1.32
Price to Sales (TTM) 0.54 2.16 2.11 2.15
Price to Book (MRQ) 0.52 0.41 0.50 2.91
Price to Tangible Book (MRQ) 0.55 0.45 0.58 5.22
Price to Cash Flow (TTM) 1.09 5.18 6.19 71.05
Price to Free Cash Flow (TTM) 3.96 9.38 9.21 56.55
% Owned Institutions - - - -

 

Dividends

Company Industry Sector S&P 500
Dividend Yield 5.69 2.44 2.40 1.70
Dividend Yield – 5 Year Avg. 2.42 1.46 1.61 2.51
Dividend 5 Year Growth Rate 4.85 6.70 -5.52
Payout Ratio(TTM) 4.60 37.08 35.05 42.58

 

Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago 24.13 12.98 16.28 10.05
Sales (TTM) vs TTM 1 Yr. Ago 15.04 10.10 10.68 10.14
Sales – 5 Yr. Growth Rate 8.07 10.09 10.14 7.33
EPS (MRQ) vs Qtr. 1 Yr. Ago -92.06 101.91 138.11 78.04
EPS (TTM) vs TTM 1 Yr. Ago 382.16 - - -
EPS – 5 Yr. Growth Rate 8.17 6.74 6.66 4.43
Capital Spending – 5 Yr. Growth Rate -24.78 24.39 26.68 3.42

 

Ayala Corp. is into property (Ayala Land, Inc.), banking (Bank of the Philippine Islands), telecommunications (Globe Telecom, Inc.), utilities (Manila Water Co., Inc.), power generation exploration (Michigan Power, Inc. under a joint venture with Diamond Generating Asia Ltd. of Mitsubishi Corp.), electronics (Integrated Microelectronics, Inc.), car dealership (Ayala Automotive Holdings Corp.), business process outsourcing (LiveIt Solutions, Inc.) and international investments (AG Holdings, Ltd.).

In Manila Ayala Corp.,the Philippines oldest conglomerate, has approved a 20% stock dividend and an increase in authorized capital by more than half to P56.2 billion to ensure flexibility in fund-raising.

Ayala’s new funding will allow expansion into power and infrastructure, the listed company said in a disclosure yesterday.

Following a special meeting of Ayala Corp, the board of directors approved the declaration of a 20 percent stock dividend to holders of its common shares.

It also approved an increase of the authorized capital stock from P37 billion to P56.2 billion.

The Ayala board approved the increase in the number of its common shares to 900 million from 596 million at a par value of P50 per share.

The firm plans to create “40 million Series C preferred shares, with a par value of P100 per share and the same basic features as our Series A and B preferred shares.”

Ayala Corp., in an e-mail, said Series A and B preferred shares are redeemable, cumulative and non-participating, non-convertible, non-voting, and do not have pre-emptive rights.

Meanwhile, the Securities and Exchange Commission will finalize the record date for the stock dividend.

The stock dividend will increase the company’s outstanding common shares to 583 million from 485 million, or an additional P33.418 billion based on the closing price of P341.00 per share yesterday.

The company last declared a 20 percent stock dividend in 2008 and has consistently paid regular cash dividends of P4.00 per share.

 

Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 39.07 29.46 24.20 18.46
P/E High – Last 5 Yrs. 42.89 69.33 137.94 84.86
P/E Low – Last 5 Yrs. 17.58 14.35 104.01 12.38
Beta 1.23 1.38 1.20 1.33
Price to Sales (TTM) 5.46 4.62 5.61 2.27
Price to Book (MRQ) 3.50 1.22 1.21 2.84
Price to Tangible Book (MRQ) 3.49 1.37 1.44 4.80
Price to Cash Flow (TTM) 25.78 12.44 6.23 8.13
Price to Free Cash Flow (TTM) -- 9.05 4.61 35.89
% Owned Institutions - - - -

 

Dividends

Company Industry Sector S&P 500
Dividend Yield 0.62 1.12 1.72 1.53
Dividend Yield – 5 Year Avg. 1.08 0.78 1.60 2.26
Dividend 5 Year Growth Rate 3.71 10.63 7.94 -5.73
Payout Ratio(TTM) 19.54 6.83 15.31 32.94

 

Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago 15.51 24.52 15.02 10.17
Sales (TTM) vs TTM 1 Yr. Ago 10.73 20.75 13.70 13.80
Sales – 5 Yr. Growth Rate 11.84 22.89 18.36 7.49
EPS (MRQ) vs Qtr. 1 Yr. Ago 35.25 266.19 64.89 59.95
EPS (TTM) vs TTM 1 Yr. Ago 30.79 - - -
EPS – 5 Yr. Growth Rate 5.82 24.16 9.39 4.88
Capital Spending – 5 Yr. Growth Rate 22.97 23.28 10.46 4.16

 

In Manila yesterday Philippine Stock Exchange index jumped 116.51 points or 2.98 percent to finish at 4,023.74.

The rally was led by PLDT, PLDT shares surged by 15.72 percent to P2,356 per share as the company cemented its position as the largest player in the telecommunications industry by buying up third player Digitel, which over the years has prompted rivals to match its unlimited SMS and voice call offerings.

PLDT has a 15 percent weight on the main index while rival Globe Telecom accounts for 1.72 percent.

Despite facing a much bigger competitor in a duopoly that's heavily skewed in favor of PLDT, shares of Globe Telecom also gained by 12.89 percent to P842 per share on prospects of better overall pricing for the remaining leading players in the industry.

Jakarta will see a modest rally at the open with banking and coal miners in focus, Shayne Heffernan best buys are, Bumi, Adaro

PT Bumi Resources Tbk is an Indonesia-based company engaged exploration and exploitation of coal deposits, including coal mining, and oil exploration activities.

It has four core business segments: coal mining, which comprises exploration and exploitation of coal deposits, including mining and selling coal; services, which represent marketing and management services; oil and gas, which covers the exploration of oil and gas, and gold, which covers the exploration of gold.

Adaro Energy , Indonesia's No.2 coal miner, on Wednesday said its fourth quarter 2010 net profit fell 43 percent after heavy rainfall hurt production and as costs rose, this should not continue and the sell off should end and that makes Adaro great buying.

The firm's fourth quarter net profit was 0.5 trillion rupiah ($57.3 million), compared with 0.87 trillion rupiah in the same period a year earlier, Reuters calculations based on published full-year and nine month results showed.

Unprecedented heavy rainfall affected operations last year but the firm sees a better performance ahead as the outlook for coal remains robust, said Garibaldi Thohir, Adaro's chief executive officer, in a statement.

Adaro, which has a market capitalisation of $8.4 billion, posted full year 2010 net profit of 2.2 trillion rupiah.

That compared with a net profit of 4.4 trillion rupiah in the year-ago period, and analysts' forecasts for 2010 net profit of 2.6 trillion rupiah, according to Thomson Reuters' Starmine SmartEstimate.

The coal miner's finance costs climbed 14 percent on interest expenses for its $800 million bonds issued in 2009. The firm's net debt nearly doubled to 8.9 trillion rupiah in 2010 from 4.48 trillion rupiah in 2009.

Adaro shares fell 2.2 percent on Wednesday to 2,225 rupiah before the results, and have fallen 12.7 percent this year to underperform the Jakarta index's 1.7 percent drop.

The Company and its subsidiaries are operating in Indonesia, the United Kingdom, Japan and Australia.

In Jakarta yesterday the JCI advanced 49.46 points to close at 3,640.98. About 4.1 billion shares worth Rp 4.8 trillion ($552 million) changed hands.

The rupiah was little changed at 8,715 against the US dollar from 8,712 the previous day. Analysts said the currency would remain stable and continue to strengthen after the central bank said it would allow appreciation to temper imported inflation.

Gudang Garam, a cigarette maker, gained 2.5 percent to Rp 42,700. The company reported that its 2010 net income rose 18.8 percent to Rp 4.1 trillion from the year before.

Sinar Mas Agro Resources & Technology, a unit of Sinar Mas Group, jumped 7.1 percent to Rp 5,250. Its shares rose after the Indonesian palm oil producer said it plans to invest Rp 9 trillion through 2015 to expand its downstream business.

State toll-road operator Jasa Marga rose 1.5 percent to Rp 3,425. Its net income last year rose about 20 percent to Rp 1.19 trillion, it said in a statement published in Bisnis Indonesia on Wednesday.

Shayne Heffernan strong buy Bank Mandiri, Indonesia’s biggest bank by assets, advanced 1.6 percent to Rp 6,500. Mandiri’s 2010 net income rose 29 percent from a year earlier to Rp 9.22 trillion.

 

Shayne Heffernan brings more than 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over US$500m and 1 that reach a peak market cap of US$15billion. He has managed and overseen start-ups in Mining, Shipping, Technology and Financial Services.


 


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ASEAN  ANALYSIS

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AseanAffairs   04 January 2011
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It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

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