Stock News 2012: Robinsons shifts focus to commercial projects

English: Newly opened Robinsons Place Mall, Tacloban City, Philippines (Opened 2009-06-11) (Photo credit: Wikipedia)
After slowing down on residential construction, Gokongwei-led property firm Robinsons Land Corp. is recalibrating its growth strategy and beefing up its landbank to build a strong pipeline of work in the commercial segment.

“We’re more aggressive now. We’re embarking on landbanking to ensure sufficient land capacity for development,” said Frederick D. Go, president of RLC.

Go said the company remains in talks with Japanese billionaire Kazuo Okada for the latter’s $2-billion casino project in the Philippine Amusement & Gaming Corp.’s Entertainment City along Roxas Blvd. RLC is considering running the retail and hotel operations for Okada’s project.

In April, RLC said it was inherently cautious about the short-term outlook for the residential real estate market and would rather focus on expanding its shopping mall, office building and hotel operations, which account for more than 65 percent of the group’s total revenues.

RLC is building seven new shopping malls and expanding three of its existing malls to capitalize on strong consumer spending and a growing business process outsourcing industry. Of the seven, three will be built this year while the other four will rise in 2013.

The expansion of the retail portfolio will increase the group’s total mall leasable area to a little over a million square meters (sqm) in two years.

RLC recently completed two mall expansion projects in Tacloban and Bacolod.

Together with the two expansion projects, RLC’s total gross leasable area (GLA) is seen to reach 911,000 sqm at end-September this year. In 2013, RLC will add another 100,000 sqm to bring the total GLA to 1.01 million sqm.

For the office segment, RLC is completing Cyberscape Alpha and Cyberspace Beta in Ortigas by mid-2013.

As for its Go Hotel chain, the company is looking to build four this year in line with plans to hit a 30-branch network over the next five years.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=840420

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Stock News 2012: Eton posts P21-M profit

Makati (Photo credit: Puck777)
Eton Properties Philippines Inc., the real estate arm of the Lucio Tan Group of Companies, posted first semester earnings of P31 million on revenues of P995 million.

In a financial report filed with the Securities and Exchange Commission (SEC), Eton said its first half revenues fell 60 percent from P2.56 billion in the same period last year partly due to non-recognition of sales of projects that have yet to commence construction. The company uses the percentage-of-completion method in recognizing residential project revenues.

While construction of Eton’s ongoing residential and commercial projects continued full-blast in the first half, construction activities in Aurora Heights Residences, First Homes Makati and West Wing Villas were moved back to give way to design improvements and enhancements.

Despite construction delays, however, the company said it still expects to post a net income of about P300 million this year.

“We moved back construction timetables of some projects for much-needed design improvements. These range from road widths to building façade. The enhancements would definitely add value to these projects in terms of quality and functionality. This is no different from what we did in 2007 for The Eton Residences Greenbelt, when we commissioned a Hong Kong-based architectural firm, Palmer and Turner, to redesign the building facade. This was done even when we have already fully-sold the project,” said Michael Tan, officer-in-charge of Eton.

Tan said he expects the recognition of income for these projects once construction begins. For the fully-sold West Wing Villas, construction is expected to start in September this year and the first quarter of 2013 for high-rises First Homes Makati and Aurora Heights Residences. First Homes Makati is a 34-story condominium project along Pasong Tamo, Makati, just steps away from Ayala Ave.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=839102

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Stock News 2010: Eton to put up another BPO building in QC

Image via Wikipedia

MANILA, Philippines - Eton Properties Philippines Inc. will start the construction of another office building in Quezon City in October to cater to strong market demand.

Danilo Ignacio, president and chief operating officer of the Lucio Tan-led property developer, said the 12-storey project within Eton Centris will have 18,000 square meters of leasable space. It will be completed by the fourth quarter of 2011.

"We have a very strong BPO (business process outsourcing) market this year," said Ignacio.

"Our existing tenants have expressed interest to expand in the new building," he added.

Eton currently has two office buildings, one in Eton Centris and another in Eton Cyberpod Corinthian in Ortigas, which are already leased out.

http://www.abs-cbnnews.com/business/09/22/10/eton-put-another-bpo-building-qc

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Stock Analysis 2010: EEI Corporation

INDUSTRIALS SECTOR | CONSTRUCTION & ENGINEERING INDUSTRY
EEI CORPORATION
(EEI:Philippines)

As of 12:01 AM 08/19/10 All times are local (Market data is delayed by at least 15 minutes).

SNAPSHOT OF EEI CORPORATION (EEI)

OPEN $3.90		PREVIOUS CLOSE $3.89
DAY HIGH $3.94		DAY LOW $3.88
52 WEEK HIGH 06/21/10 - $4.15		52 WEEK LOW 08/19/09 - $2.20
MARKET CAP 4.0B		AVERAGE VOLUME 10 D 1.5M
EPS TTM $0.54		SHARES OUTSTANDING 1.0B
EX-DATE 09/1/10		P/E TTM 7.2x
DIVIDEND $0.10		DIVIDEND YIELD 2.57%
K = Thousands  M = Millions  B = Billions

INDUSTRY ANALYSIS

Valuation	EEI	Industry Range
Price/Earnings	7.0x
Price/Sales	0.7x
Price/Book	1.2x
Price/Cash Flow	6.5x
TEV/Sales	0.2x
EEI

EEI DETAILS

EEI Corporation, together with its subsidiaries, operates as a construction company that provides general contracting and specialty construction services in the Philippines and internationally. The company engages in the installation, construction, and erection of power generating and transmission facilities; oil refineries; chemical production plants; cement plants; food and beverage manufacturing facilities; semiconductor assembly plants; road, rail, and bridge infrastructures; and high rise landmarks. It also engages in the trading of construction materials and equipment; maintenance and operations of industrial facilities; rental, repair, and maintenance of construction equipment; and fabrication and production of equipment systems for building. In addition, the company offers marine vessel building and repair services; light steel and other structural marine-related fabrication works services, as well as builds, rehabilitates, and operates diesel, gas turbine, steam power plants, and other power generating power plants. Further, EEI Corporation engages in property investment and development; trading industrial equipment and supplies; providing manpower supply and recruitment, service contracting and outsourcing, consultancy, and management services; and selling supplies and materials. It serves building and property development, infrastructure, mining and cement, communications, food processing, packaging products, and other manufacturing industries. The company was founded in 1931 and is based in Quezon City, the Philippines. EEI Corporation is a subsidiary of House of Investments, Inc.

Detailed EEI:PM Company Description...
www.eei.com.ph
16,557 Employees
Founded in 1931

EEI TOP COMPENSATED OFFICERS

No compensation data is available at this time for the top officers at this company.
Executives, Board Directors

KEY DEVELOPMENTS FOR EEI CORPORATION (EEI)

EEI Corp. expected to report Q2 2010 results on August 21, 2010. This event was calculated by Capital IQ (Created on August 14, 2010).
08/14/2010
EEI Corp. expected to report Q2 2010 results on August 21, 2010. This event was calculated by Capital IQ (Created on August 14, 2010).

EEI Corp. expected to report Fiscal Year 2010 results on March 19, 2011. This event was calculated by Capital IQ (Created on June 27, 2010).
06/27/2010
EEI Corp. expected to report Fiscal Year 2010 results on March 19, 2011. This event was calculated by Capital IQ (Created on June 27, 2010).

EEI Corp., Annual General Meetings, Jun 18, 2010
04/30/2010
EEI Corp., Annual General Meetings, Jun 18, 2010., at 02:06 GMT Time. Location: RCBC Plaza.

http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=EEI:PM

Stock News 2010: EEI income up 6% in 1st half

Image by Getty Images via @daylifeMANILA, Philippines - Construction giant EEI Corp. said its net income went up six percent in the first half this year largely due to cost-containment measures and the significant decrease in interest expense.
In a financial report submitted to securities regulators, EEI said its net earnings rose to P308.56 million even as consolidated revenues fell six percent to P3.12 billion. Revenues from services also dropped 53 percent from P1.19 billion to P560 million.
Equity in earnings of associate and joint venture likewise plunged 61 percent to P120.62 million, contributing to the decline in revenues.
However, the lower contribution was tempered by the increase in revenue from construction contracts, rising 19 percent to P2.35 billion. Merchandise sales improved 13 percent to P143.06 million while real estate sales more than doubled to P71.9 million.
Interest income amounted to P30.7 million, down 16 percent from P36.42 million, owing to lower interest rate on dollar money market placements.
The company was able to contain its expenses, declining 12 percent to P2.94 billion. However, costs related to construction contracts increased nine percent to P1.89 billion.
During the period under review, EEI won a manpower supply contract for the Singapore Parallel Train Olefins Recovery Project for Shaw Stone & Webster Asia Inc., additional contract for NAIA Expressway and its related road project, package 4C Phase I for Department of Public Works and Highways (DPWH), the construction of the RCBC Savings Bank and Corporate Center in Fort Bonifacio, the construction of the Sun Residences of SM Development Corp. in Quezon City, the construction of the Phoenix semiconductor plant in Clark, Pampanga, and the atmospheric storage facilities for Petron Corp.
In addition, under a joint venture with Korea’s Hanjin Heavy Industries & Construction Co. Ltd., EEI is currently undertaking the P2.84-billion construction of Berth 6 of the Manila International Container Terminal for global port operator International Container Terminal Services Inc. EEI has a 30 percent stake in the joint venture.
Among the company’s overseas projects are the Inco Goro nickel mining project in New Caledonia, involving the commissioning and additional works for the nickel mining plant, and the $12-million pipe erection works of the inlet facilities covering electro-mechanical works for utilities, offsite and off-plot areas for the Qatargas 3 and 4 Onshore project for GAMA Qatar Co. WLL under the Chiyoda-Technip joint venture. These are expected to be completed towards the end of the current year.
Meanwhile, orders backlog from projects represents the value of workable production from ongoing contracts. As of end-June this year, EEI’s total domestic backlog had a net selling price of P6.42 billion, including the backlog of subsidiaries worth P412.42 million.
The backlog provided by the company’s overseas joint venture company, Al Rushaid Construction Co. (ARCC), as of the end of the first semester stood at P12.54 billion.
EEI had total consolidated assets of P8.95 billion as of June 30, 2010, registering a nine-percent growth from the end-2009 level of P8.18 billion.
The company remains optimistic about its prospects for the rest of the year as it continues to pursue new prospects for both local and foreign-based projects.
Zinnia B. Dela Peña
August 19, 2010 12:00AM
http://www.philstar.com/Article.aspx?articleId=603943&publicationSubCategoryId=66

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Stock News 2010: EEI posts P136-million profit

Image by mindfrieze via FlickrLISTED construction firm EEI Corp. has posted relatively flat profit in the second quarter as a decline in service revenues tempered the double-digit growth of its main construction business.
In a filing, the Yuchengco-led firm said net income grew 1.3 percent to P136.32 million. The company said first-half net income grew 5.8 percent to P308.56 million.
Based on its financial statement, EEI’s revenues grew at a slower pace to P1.64 billion, from 1.69 billion the second quarter of 2009. First-half revenues likewise declined 5.71 percent to P3.12 billion from its year-ago level as the service income fell almost 53 percent.
Construction contracts, which accounted for 75 percent of revenues during the first semester, rose 19 percent to P2.35 billion. Costs were also contained as service revenues dropped EEI said.
EEI said it remains “confident” on its year-end targets. “The company continues to pursue new prospects for both local and foreign-based projects as there appears to be renewed opportunities in mining, power, and other industrial construction,” EEI said. The company expects growth will continue to come from projects in the Middle East.  
During the first semester, the company won contracts for an additional  project in Naia Expressway and its related road project, package 4C Phase I for Department of Public Works and Highways and the construction of the RCBC Savings Bank and Corporate Center in Fort Bonifacio.
It was also awarded the contract to build the Sun Residences of SM Development Corp. in Quezon City, the construction of the Phoenix Semiconductor Plant in Clark, Pampanga, and the atmospheric storage facilities for Petron Corp.
Miguel R. Camus

August 18, 2010 19:36

http://businessmirror.com.ph/index.php?option=com_content&view=article&id=29111:eei-posts-p136-million-profit&catid=24:companies&Itemid=59

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Stock News 2008: EEI Corp. secures Qatar contract

Image by webzer via FlickrMANILA, Philippines - EEI Corp., one of the Philippines’ largest construction companies, secured a contract in Qatar.
The company, subsumed under the Yunchengco Group, won a bid for the $12 million Qatargas 3 and 4 Onshore Project for GAMA Qatar Company under the Chiyoda-Technip joint venture, EEI said in its disclosure to the Philippine Stock Exchange (PSE). It is expected to undertake pipe erection work of inlet facilities.
Since construction is expected to begin by January, the company will deploy an estimated 1,500 workers in the next few months.
Currently, more than half of its 18,000 workforce is deployed abroad. An estimated 1,400 are assigned in a New Caledonia nickel mining project while 8,000 are in Saudi Arabia, engaged in various projects under the Al Rushaid Construction Co.
The company’s foreign project order backlogs is estimated at $391 million.
Earnings of EEI reached P363 million for the first nine months, 76 percent higher than profits reported during the same period last year.
Consolidated revenues for the nine-month period hit P5.52 billion, 41 percent higher than last year’s P4.6 billion owing to its overseas business.
Shares of EEI fell P0.02 to P0.72 during Thursday’s trading at the PSE.
12/04/2008 | 06:02 PM
http://www.gmanews.tv/story/137521/EEI-Corp-secures-Qatar-contract

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