Investing Stocks in Philippines: jg summit holdings

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Tuesday, February 26, 2013

Stock News 2013: MVP, Gokongwei ink deal to bid for P17.5-B Mactan airport project

Photo of Manny (Photo credit: Wikipedia)

After their game-changing partnership in the telecommunications business, businessman Manuel V. Pangilinan and tycoon John Gokongwei have formed a new alliance to jointly bid for the P17.5-billion Mactan Cebu International Airport passenger terminal redevelopment project.

Pangilinan-led infrastructure holding firm Metro Pacific Investments Corp. and the Gokongwei-led JG Summit Holdings disclosed to the Philippine Stock Exchange on Monday the signing of an agreement to create a joint venture firm called MPIC-JGS Airport Consortium, Inc. This firm will be majority-owned by MPIC while JG Summit will own 33 percent. An airport operator partner will be given a 10 percent stake.

The consortium formed by two of the country’s largest conglomerates will bid for the rehabilitation and expansion of the Mactan-Cebu International Airport and will also explore other airport projects that may be rolled out by the government in the future.

MPIC and JG Summit, with a combined market capitalization of P398 billion, are pooling resources in what is expected to be stiff bidding to redevelop the Mactan-Cebu airport, the country’s second largest international gateway, under a public-private partnership (PPP) framework. The Ayala and Aboitiz conglomerates earlier teamed up for the project while another strong contender is San Miguel Corp., the lead operator of the Caticlan airport which is a gateway to Boracay Island.

“We are pleased to be partnering with JG Summit, one of the country’s diversified conglomerates pioneering in products and services that have become household names. The strong ties of the Gokongwei family in Cebu, through its ancestral roots and economic contribution in various real estate developments and retail businesses account for a deep sense of commitment to further improve Cebu’s business links to the rest of the world,” said MPIC chair Pangilinan.

MPIC’s experience as the leading infrastructure investment company transforming regulated businesses in water utilities, electricity distribution, toll roads and other public infrastructure projects combined with the expertise of JG Summit in the fields of commercial real estate, hotel and property development, and air transportation is seen creating a strong alliance in the government’s airport rehabilitation project.

Pangilinan added: “Integrating both our management expertise, corporate governance adherence and solid track record in developing large-scale infrastructure projects will strengthen the capabilities of the airport in responding to the needs of both passenger and airline customers. Achieving world-class status and modernization for our fast growing air transport sector will be better served as we join hands in the reforms that will contribute to the growth of the country’s economy.”

http://business.inquirer.net/109331/mvp-gokongwei-ink-deal-to-bid-for-p17-5-b-mactan-airport-project

Saturday, February 23, 2013

Stock News 2013: Gokongwei plans more power, ethanol projects in Negros

Official seal of City of Bacolod (Photo credit: Wikipedia)

Tycoon John Gokongwei Jr. has announced plans to put up power and ethanol plants on Negros Island.

Gokongwei said on Thursday that the Gokongwei group would put up an ethanol plant at the Universal Robina Sugar Milling Corp. (Ursumco) compound in Manjuyod, Negros Oriental.

He said the ethanol plant would be operational by the end of the year.

The Ursumco ethanol plant will use molasses, a byproduct from the processing of sugar cane into sugar, to produce ethanol.

Meanwhile, other byproducts from the sugar mills would be used to fuel power plants.

One proposed power plant would be located at the Southern Negros Development Corp. (Sonedco) property in Kabankalan City in Negros Occidental, Gokongwei said.

The power plant will generate electricity using bagasse, a renewable biomass residue from the sugar mill, as feedstock, according to the investor presentation of United Robina Corp. (URC).

The power plant would supply Sonedco’s electricity requirement while the surplus power would be fed to the power grid in the area.

The URC company officials disclosed that the power plant would have a capacity of 40 megawatts and would cost around $60 million.

If the ventures into ethanol and power production would turn out to be economically viable and competitive, Gokongwei said the group would consider putting up more ethanol and power plants.

Gokongwei, chairman of JG Summit Holdings, was in Bacolod to receive a plaque declaring him an adopted son of Bacolod as well as a copy of an executive order that named him the honorary mayor.

http://business.inquirer.net/108043/rcbc-posts-24-profit-growth

Friday, February 15, 2013

Stock News 2013: HSBC named “Best Debt House”

HK HSBC Main Building 香港滙豐總行大廈 (Photo credit: Wikipedia)

British bank Hongkong and Shanghai Banking Corp. Ltd. was named “Best Debt House in the Philippines 2012” by Hong Kong-based financial magazine The Asset, winning this citation for the fifth consecutive year.

HSBC has been winning the award from this magazine as best arranger of debt deals in the Philippines since 2008 which the bank said was a “testament to the number of landmark transactions it has executed throughout the years.”

The foreign bank has pioneered some of the largest corporate transactions in the Philippines, including San Miguel Brewery’s P38.8-billion retail bond issue and San Miguel Corp.’s P80-billion preferred shares issue, the largest capital market transaction in the country so far.

HSBC also arranged a number of successful deals for the Philippines, launching its first Global Peso Note, and all of its three liability management exercises. These exercises have tempered foreign exchange risk for the country and pared down interest expense. The Philippines’ most recent P30.8-billion 10-year GPN and $1.2 billion tender offer also won Euromoney’s “Deals of the Year 2012.”

Last January, HSBC executed ICTSI’s $300-million 10-year offshore bonds, JG Summit’s $750-million 10-year offshore bonds and Petron Corp.’s $500-million perpetual bond issue.

http://business.inquirer.net/107063/hsbc-named-best-debt-house-in-ph

Monday, January 21, 2013

Stock News 2013: JG Summit raises $750M

English: The old logo of Credit Suisse. (Photo credit: Wikipedia)

A unit of Gokongwei-led conglomerate JG Summit Holdings has raised $750 million from the sale of long-term offshore debt, making history for executing the largest overseas corporate debt deal out of the Philippines.

Wholly-owned subsidiary JGSH Philippines Ltd. issued 10-year senior debt at 4.375 percent per annum.

The debt issue was upsized from original offer size of $500 million due to strong demand. The order book reached $6.6 billion, said Wick Veloso, chief executive officer of HSBC Philippines which is one of the issue arrangers.

“JG Summit is a credit that the market wants an exposure to and this is best shown by the overwhelming demand and tight pricing,” Veloso said.

“This is the largest Philippine corporate offshore issuance so far,” he said.

The JG group last week mandated HSBC, Citigroup Global Markets Ltd. and Credit Suisse Securities (Europe) Ltd. as joint bookrunners and joint lead managers for this issue.

http://business.inquirer.net/103055/jg-summit-raises-750m-from-offshore-debt-deal

Monday, October 29, 2012

Stock News 2012: JG Summit eyes more overseas acquisitions

The Paragon, a high-end shopping mall, along Orchard Road, Singapore. (3mp version) (Photo credit: Wikipedia)

Taipan John Gokongwei’s investment vehicle JG Summit Holdings Inc. is seeking to expand its presence overseas with plans to acquire food and beverage firms within ASEAN as well as real estate properties across the globe.

BJ Sebastian, senior vice-president at JG Summit, said the conglomerate is on the lookout for real estate assets elsewhere in the world which it can develop as part of efforts to shore up its land bank to ensure a steady stream of projects.

The Gokongwei Group, through its 36.1 percent controlling interest in United Industrial Corp. Ltd., has a presence in the improving real estate sector in Singapore and China, particularly in Chengdu, Tianjin, Shanghai and Beijing.

UIC has a portfolio of 2.2 million square feet of office space and one million square feet of retail space in Singapore.

Among UIC’s best known commercial landmarks include the UIC Building, Singapore Land Tower, SGX Centre, The Gateway, Stamford Court, Marina Square (a massive shopping and hotel complex in the Marina Bay) and West Mall (a suburban shopping complex).

UIC also has major residential projects such as The Belleforte, The Paterson, and Stevens Loft in Orchard Road, as well as One Amber and Grand Duchess at St. Patrick’s in the popular East Coast area.

Sebastian said demand in the Singapore retail and hospitality sectors is seen to be resilient due to the influx of international retailers and buoyant visitor arrivals. He also sees the office rental market to continue to be competitive amid a tough global business environment.

On the homefront, the group’s property arm Robinsons Land Corp. will continue its expansion program, targeting to open four new malls, two office buildings and at least three new Gohotels for its fiscal year ending September 2013.

Sebastian said RLC has increased its landbank by 111 hectares year-on-year to 534 hectares as of end-June this year, good for four to five years of development. “The higher landbank will give each business unit a medium-term project pipeline visibility,” he said.

The group’s food and beverage unit Univesal Robina Corp. is scouring Asia for possible acquisition targets. “We’re looking at firms with strong brands and a wide distribution network, Sebastian said.

He noted that URC’s international revenues increased five-fold in nine years from $84 million in 2003 to $443 million in 2011. In the nine months of its fiscal year ending September this year, revenues rose six percent as most countries posted growth except for Thailand.

From 29 percent contribution to total branded consumer foods group sales in 2003, URC overseas operations’ share increased to 39 percent last year.

URC’s products are available in China, Vietnam, Indonesia, Malaysia and Thailand. Plans are now underway to set up shop in Burma as it expects international operations to grow as big as its domestic business in five years.

URC is also the dominant market leader in candies, chocolates, biscuits, cup noodles and tea beverage. It grew the local non-carbonated beverage market with the successful launch of C2 Cool & Clean Green Tea, building on the global trend towards health and wellness.

URC later forayed into other areas of the non-carbonated beverage market, such as juices, energy drinks and ready-to-drink coffee, among others.

Meanwhile, the group is on track to complete the construction of its $800 million naptha cracker plant - the first in the country – by late 2013. Located in Batangas, the plant will produce 320,000 metric tons of ethylene annually when it starts commercial operations by early 2014.

The naptha facility is estimated to generate annual sales of around $1 billion on full production and at current prices.

http://www.philstar.com/Article.aspx?articleId=864442&publicationSubCategoryId=66

Monday, August 6, 2012

Stock News 2012: Robinsons in talks with Okada

A row of "Wheel of Fortune" slot machines in a casino in Las Vegas. This specific slot machine is themed to the TV game show Wheel of Fortune. (Photo credit: Wikipedia)Robinsons Land Corp. (RLC), the real estate development arm of Gokongwei flagship firm JG Summit Holdings Inc., remains in discussions with Japanese billionaire Kazuo Okada for his $2 billion casino project in Philippine Amusement and Gaming Corp. (Pagcor)’s Entertainment City in Manila.

“We’re still in talks. It’s really gonna be a long discussion,” said RLC president Frederick D. Go when asked for an update on a possible collaboration with the Japanese tycoon.

The company earlier said it was looking at a number of opportunities which include running the retail, hotel and gaming operations for Okada’s project.

Okada, who made his riches in a game that mixes slot machine style gambling with pinball, holds one of four licenses to operate integrated casino resorts worth at least $1 billion each in the 110-hectare Entertainment City.

After hogging headlines a few months ago with his feud with erstwhile business partner Steve Wynn, Okada faces another setback with the Pagcor’s decision to withhold the casino license of Tiger Resorts Leisure and Entertainment Inc. until it complies with the country’s 40-percent foreign ownership limit.

Tiger Entertainment is the local unit of Okada’s Japan-based gaming device maker Universal Entertainment Corp.

Pagcor chairman Cristino Naguiat earlier said the state-run gaming agency has yet to issue a permanent license to Okada which will allow him to commence operations when his casino complex is completed next year.

Okada has reportedly invited several local property firms to join him in the project to meet the constitutional provision limiting foreign ownership of Philippine companies to 40 percent.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=835031

Friday, June 15, 2012

Stock News 2012: Robinsons Land to build 2nd mall in Bulacan

View of shopping small front from an angle. (Photo credit: Wikipedia)
Robinsons Land Corp. (RLC), the property development arm of JG Summit Holdings Inc., is further expanding its presence in the northern part of the country with the construction of a shopping mall in Malolos, Bulacan.

RLC Commercial Centers Division general manager Arlene Magtibay said the four-level Malolos mall, which will rise on a 2.6-hectare lot along MacArthur Highway, will be the group’s 33rd mall and its second in the province of Bulacan.

The planned commercial center will have a gross leasable space of 44,562 square meters and parking area totaling 22,776 sqm or 535 slots.

This will be in addition to the group’s six existing malls in northern Luzon, namely Robinsons Starmills Pampanga, Robinsons Place Angeles, Robinsons Luisita, Robinsons Pulilan, Robinsons Cabanatuan and Robinsons Place Calasiao.

Aside from its rich historical and cultural heritage, the city of Malolos is rapidly becoming industrialized due to its proximity to Metro Manila. Many corporations have put up production facilities as well as commercial outlets in key places in the city.

The Malolos mall will be home to 200 tenants and four cinemas with a seating capacity of 276.

RLC is aggressively expanding its retail portfolio over the next two years to boost its total mall leasable area to a little over one million square meters.

The group is building seven new shopping malls and expanding three of 29 existing malls in 2012-2013 to take advantage of the expected surge in consumer spending and a booming business process outsourcing industry. Of the seven, three will be built this year while the other four will rise in 2013.

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

http://www.philstar.com/Article.aspx?articleId=817220&publicationSubCategoryId=66

Wednesday, May 16, 2012

Stock News 2012: JG Summit profit soars 77% to P4.91 billion

Universal Robina (Photo credit: Wikipedia)
JG Summit Holdings Inc., the investment vehicle of taipan John Gokongwei, said its net earnings grew 76.7 percent in the first quarter to P4.91 billion, boosted by a dividend income from its investment in Philippine Long Distance Telephone Co. (PLDT) as well as higher mark-to-market gains.

Consolidated revenues went up 13.9 percent to P33.48 billion, mainly driven by the strong performance across all business units, the company said in a statement.

The food business contributed P18.2 billion to total revenues, up from P16.74 billion. The airline business, through Cebu Pacific, chipped in P9.34 billion while property pumped in P3.35 billion. Petrochemicals contributed P1.38 billion while banking pitched in P709.96 million.

Dividend income from its PLDT investment amounted to P1.9 billion.

Core earnings before tax increased 49.9 percent to P5.89 billion while the group’s EBITDA (earnings before interest, taxes, depreciation and amortization) was flat at P6.48 billion.

Equity in net earnings of associates amounted to P499.76 million, down 5.6 percent from the previous level due to reduced income from the group’s investment in UIC Ltd.

Consolidated cost of sales and services climbed 17 percent P23.77 billion due to higher aviation fuel expenses incurred by its airline business.

However, the company booked P680.28 million in gains from its investment in the capital market, 51.9 percent higher than the previous level.

Food manufacturing arm Universal Robina Corp. reported a 36.5 percent growth in net income for the first half of its fiscal year ending September to P4.48 billion. Net sales improved 6.6 percent to P35.487 billion.

URC’s branded consumer foods (BCF) segment, including the packaging division, registered sales of P28.029 billion, up 13.1 percent. Of the total, the domestic foods business grew faster at 13.7 percent to P16.59 billion, largely driven by the be-verage division which jumped 41.5 percent on account of strong sales acceptance for its new product, Great Taste White Coffee.

For the snack foods division, snacks and biscuits exhibited double-digit growth.

http://www.philstar.com/Article.aspx?articleId=807650&publicationSubCategoryId=66

Tuesday, February 14, 2012

Stock News 2012: Universal Robina goes into ethanol

Universal Robina (Photo credit: Wikipedia)
Universal Robina Corp. (URC), the food manufacturing unit of tycoon John Gokongwei’s JG Summit Holdings Inc., is diversifying into fuel ethanol development.

In a disclosure to the stock exchange yesterday, URC said its board approved to “amend the secondary purpose in its articles of incorporation in order to include the production of fuel ethanol and engage in such activity.”

Bioethanol is a form of renewable energy intended to provide a more environmentally and economically friendly alternative fossil fuels such as diesel and gasoline. It can be made from very common crops such as sugar cane, potato and corn.

URC is reportedly looking at putting up a bioethanol plant, using sugar molasses as feedstock from its sugar mills in Negros Occidental.

URC engages in sugar milling and refining through Universal Robina Sugar Milling Corp. (the flagship sugar refinery of the JG Summit Group), Cagayan Robina Sugar Milling Co. and Southern Negros Development Corp.

The government is promoting the use of ethanol as an alternative source of energy to reduce the country’s dependence on imported fuel.

Aside from sugar milling, URC also produces a diverse mix of snack food, chocolate, candy, biscuit, bakery, beverage, noodles and tomato based products.

http://www.philstar.com/Article.aspx?articleId=777200&publicationSubCategoryId=66

Monday, January 9, 2012

Stock News 2012: Robinsons Land retains high rating

Robinsons Galleria, Robinsons' Flagship Mall. (Photo credit: Wikipedia)
Robinsons Land Corp. retained its highest rating of PRS Aaa from local credit rating agency PhilRatings for its outstanding P10 billion bonds maturing in 2014.

Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligations is extremely strong.

RLC, the property arm of Gokongwei listed flagship firm JG Summit Holdings Inc., is engaged in the development and operation of shopping malls and hotels, and the development of mixed-use properties, office and residential buildings, as well as land and residential housing projects located in key cities and urban areas nationwide.

“Considering current market developments and conditions both globally and locally, RLC is now investing more in malls, office buildings and hotels, while taking a more conservative stance in relation to the development of residential real estate projects. This move signifies that RLC is expected to have a more stable and strong recurring rental and lease revenue base from investment properties while at the same time, pursuing opportunities through its residential development businesses,” PhilRatings said.

Sustained robust OFW remittances, the increase in consumer spending, as well as an expanding BPO business are expected to boost demand for residential space going forward and will continue to support growth in the commercial centers business, PhilRatings said.

http://www.philstar.com/Article.aspx?articleId=766072&publicationSubCategoryId=66

Sunday, January 8, 2012

Stock News 2012: EEI eyes 2nd phase of Petron

Kingdom Center , Riyadh , Saudi Arabia . (Photo credit: Wikipedia)
Yuchengco-led construction firm EEI Corp. is eyeing the second phase construction of Petron Corp.’s Fluidized Catalytic Cracker, which alone could double its domestic backlog and boost its overall revenues in the next two years.

EEI is hoping to secure a $200-million to $300-million contract for the Petron project, which is estimated to cost around $1 billion.

The project is seen to increase EEI’s backlog by P8.6 billion to P12.9 billion. Total construction backlog from domestic projects amounted to P11.62 billion as of the end of September 2011.

One of the notable projects bagged in the third quarter last year was JG Summit’s P2 billion naphtha cracker project.

To ensure sustained growth, EEI is seen to bid for road and expressway projects under the government’s public-private partnership (PPP) program.

The Aquino administration is targeting to bid out eight to 16 PPP projects worth around P80 billion to P142 billion. Among these projects include the P20.18-billion North Luzon Expressway-South Luzon Expressway Connector Road; P19.69-billion CALA (Cavite and Laguna Side) Expressway; P11.3-billion Light Rail Transit 2 East Extension; P10.15-billion Mactan Terminal 2 Airport Development; and P8-billion New Bohol Airport.

EEI is expected to book strong revenue growth in 2011 and this year on the back of a growing backlog and improving performance of its Middle East-based subsidiary.

In the nine months ending September 2011, EEI reported a 28 percent growth in net profit to P581.53 million. Revenues likewise grew 25 percent to P6.69 billion.

Revenues from the company’s overseas operations, most of which comes from Al Rushaid Construction Company (ARCC), EEI’s 49 percent owned entity in the Kingdom of Saudi Arabia (KSA), surged 67 percent to P243.52 million in 2011.

http://www.philstar.com/Article.aspx?articleId=766068&publicationSubCategoryId=66

Tuesday, January 18, 2011

Stock News 2011: RLC posts P3.6-B FY net income, up 10%

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Robinsons Land Corporation (RLC), the property development arm of JG Summit Holdings, reported a 10 percent growth in net income for the fiscal year ending September 2010 to P3.59 billion.

In a disclosure to the Philippine Stock Exchange, RLC said net profit growth would have been higher at 13 percent if the P103 Million gain from interest rate swap transaction in 2009 was excluded.

RLC generated total gross revenues of P11.30 billion for fiscal year 2010, an increase of 5 percent from P10.73 billion of total gross revenues for fiscal year 2009. EBITDA amounted to P6.41 billion in 2010, up by 8 percent from 2009.

The firm said its Commercial Centers Division accounted for P5.74 billion of the real estate revenues for the year versus P4.21 billion in 2009.

The 36 percent increase was principally due to newly opened malls particularly Robinsons Place General Santos, Robinsons Ilocos Norte, Robinsons Place Dumaguete, and Cybergate Cebu.

http://www.mb.com.ph/node/299195/rlc-po

Tuesday, November 30, 2010

Stock News 2010: Gokongwei Group set to start construction

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Finally, the Gokongwei Group is going to start construction of its long-overdue $500-million naphtha cracker project in Batangas, Board of Investments managing head Cristino L. Panlilio said.

Panlilio told reporters that Lance Gokongwei, president of JG Summit Holdings Inc., who paid him a courtesy call last week and informed him of the project’s development.

“He said that project construction will start in January this year. It is rough half a billion dollar project,” Panlilio said.

The naphtha cracker plant was originally registered with the BoI in 2005 at a project cost of P25.6 billion under the JG Summit Petrochemical Corp. Based on that original registration, the plant was supposed was supposed to start commercial in 2008.

In May 2008, however, the company revised the project with a new commercial operation target of January 2012. At that time, the project cost already ballooned to P34.38 billion, P8.7 billion more than its original P25.6 billion because of the foreign exchange depreciation at that time. It was placed under an entirely new unit – JG Summit Olefins Corp.

This time, however, Panlilio said the project cost is roughly half a billion dollars or back to its original cost of P25 billion. The reduced cost could largely be attributed to the strong peso against the US greenback.

http://www.mb.com.ph/node/290286/gokongwei-group-

Thursday, October 28, 2010

Stock News 2010: PSE Revamps Index, 3 Firms to Be Replaced

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MANILA, Philippines – The Philippine Stock Exchange (PSE) said Thursday that its latest revision of the composite Philippine Stock Exchange Index (PSEi) will see three stocks - diversified San Miguel Corp. (SMC), Security Bank Corp. (SECB) and broadcast company GMA Network Inc. (GMA7) – dropped from the roster of 30 companies comprising the bellwether index.

The three stocks will be replaced by construction, mining and property group DMCI Holdings Inc. (DMC), power generation company First Gen Corp. (FGEN) and conglomerate JG Summit Holdings Inc. (JGS), the bourse said.

The revisions to the PSEi and other sectoral indices will be implemented on Nov. 8.

The PSE's corporate services division said San Miguel was dropped from the PSEi as its free float level declined to 8.6 percent, below the minimum requirement of 10 percent. GMA Network and Security Bank failed to make it to the exchange's list of top 30 companies in terms of market capitalization, the division added.

The other requirements for inclusion on the PSEi is liquidity or average daily trading value of at least P5 million, tradability of at least 95 percent of total trading days and volume turnover ratio of at least 10 percent.

http://www.mb.com.ph/articles/284742/pse-revamps-index-3-firms-be-replaced

Tuesday, October 26, 2010

Stock News 2010: Cebu Air Jumps 6.8% on Listing Debut, Raises Total of $611 Million from IPO

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MANILA, Philippines – Budget airline Cebu Air Inc. jumped as much as 6.8 percent on its debut Tuesday, as the country's largest public offering rode on the back of a broader market that hit a fresh record high.

The airline, a unit of conglomerate JG Summit Holdings Corp and the second biggest Asian budget carrier by market value, raised $611 million in its IPO including a greenshoe option, making it a record amount in dollar terms for a Philippine listing.

Cebu Air's debut takes place amid a boom in IPOs in Asia as well as strong foreign demand for high-yielding emerging markets such as the Philippines.

Upbeat sentiment following presidential elections in May have helped lift the index about 40 percent this year and it is the second best performer in Southeast Asia after Indonesia.

This backdrop bodes well for upcoming listings in the Philippines, analysts said. Philippine miner Nickel Asia plans to raise $162 million in an IPO next month.

''Having launched successfully, the ones apprehensive on the sidelines are now emboldened to come in,'' said Alejandro Yu, president of R.S. Lim and Company, a local stock brokerage.

Cebu Air's shares opened at 132 pesos after a ceremony that included flight attendants dancing the flight safety routine to a Lady Gaga pop song on the stock exchange trading floor, peppered with tube balloons carrying the airline's yellow orange colours. The safety routine dance was a big hit on YouTube earlier this month.

The stock rose as high as 133.5 pesos, before closing at 133 pesos. The airline had sold about 215 million shares at its IPO at 125 pesos each, Cebu Air's parent said late on Monday.

At Tuesday's close, Cebu Pacific was valued at nearly 97 billion pesos or $2.2 billion, larger than rival Tiger Airways at about $723 million but smaller than Malaysia's AirAsia, valued at about $2.3 billion.

Cebu Air CEO and President Lance Gokongwei said he expects the company's international business to overtake its domestic operations in four to five years as it seeks to increase its international capacity by 25 percent yearly via new foreign routes and flight frequencies.

http://www.mb.com.ph/node/284378/cebu-air-jump

Tuesday, May 18, 2010

Stock News 2010: Digitel turns around with P334-million profit

Image via WikipediaMANILA, Philippines - Gokongwei-owned Digital Telecommunications Phils. Inc.(Digitel) posted a complete turnaround in its operations as it registered a net income of P334 million in the first quarter this year, recovering from a P286.6-million loss in the same period last year.
Revenues (service and non-service) totaled P3.9 billion, a 21.5-percent increase from the P3.2 billion generated in the first quarter last year, driven mainly by the growth in the wireless segment under the Sun Cellular brand.
Consolidated earnings before interests, taxes, depreciation and amortization (EBITDA) reached P1.2 billion, a 16.7-percent growth from the P1.06 billion registered during the first quarter last year, due primarily to the higher service and non-service revenues generated by the wireless business.
While the wireless communication services business posted a net income of P531 million as against P118.5 million in the same period last year, the wireline voice business reduced its losses to P235.7 million from a loss of P429.8 million last year. The wireline data services posted a higher net income of P38.7 million from P24.7 million last year.
The wireless communication services business posted a 35.7-percent growth in operating revenues, from P2.2 billion to P3.05 billion. Net service revenues, 67 percent of which came from unlimited services, improved 35 percent, attributable mainly to the continued success of the unlimited service portfolio and increase in subscriber count.
Company officials said upgrading their services by continuously expanding network coverage through aggressive network rollouts directly contributed to the increase in subscriber base, adding that the introduction of new products was also a major factor in increasing net service revenue.
Meanwhile, the wireline voice communication services group posted a 14.6-percent decline in revenues to P742 million from P868.5 million, mainly due to lower revenues from international and domestic tolls and local exchange.
The company also reported that revenues for wireline data services for the first three months of 2010 grew 15.1 percent to P114.9 million from P99.8 million mainly due to higher revenues from new connections on domestic data and Internet, and increased IP-VPN services subscription.
Digitel is 47.45 percent-owned by conglomerate JG Summit Holdings. Its wireline services are provided through over 400,000 lines throughout Luzon while its wirelss services are provided by wholly-owned subsidiary Digitel Mobile Phils. Inc. under the Sun Cellular brand.
Mary Ann Ll. Reyes
May 18, 2010
http://www.philstar.com/Article.aspx?articleid=576066

Thursday, February 11, 2010

Stock News 2010: RLC rolling out 11 new residential projects

Image via WikipediaMANILA, Philippines - Robinsons Land Corp. (RLC), the property development arm of Gokongwei holding firm JG Summit Holdings Inc., is rolling out 11 new residential projects to fill in the strong demand for low-to middle-income housing.
In a filing with securities regulators, RLC said it is awaiting the issuance of a license to sell a total of 5,008 housing units covering 11 new projects.
These projects are Monte Del Sol, Costa Verde, Forest Parkhomes North, Hanalei Heights , Brighton Parkplace North, Montclair Highlands , Sitio Andalucia, St. Bernice Estates, Nizanta Gardens , Vimana Verde Residences and Grand Tierra.
RLC said it plans to develop at least three new housing projects a year. To further expand its landbank and geographic base, the company is in various stages of negotiations for the acquisition of approximately 203 hectares in key regional cities throughout the country.
For its residential buildings division, RLC said it plans to build at least three new projects annually. As of end-September 2009, RLC had a portfolio of 29 residential condominium projects located in Metro Manila and Cebu, of which 16 had been completed and 13 projects under various stages of development.
“The company’s business plan for its residential buildings division is to develop new projects in response to actual and anticipated market demand.
The company believes that the potential for growth is in the affordable to middle-cost high-rise condominium developments and in the middle-cost to high-end horizontal residential segments of the market,” RLC said.
For its commercial center division, RLC had 10 new shopping malls in the planning and development stage for completion in the next two to three years to sustain its growth momentum.
For its fiscal year ending September 2009, RLC had opened five malls: Pulilan, Bulacan; Tagaytay; Davao; Tacloban and Gen. Santos City and a redeveloped mall in Tarlac City. It currently operates 26 shopping malls, comprising six malls in Metro Manila and 20 malls in other urban areas throughout the Philippines, with a gross floor area of approximately 1.43 million square meters.
The commercial centers division’s main revenue stream is derived from the lease of commercial spaces. Historically, revenues from lease rentals have been a steady source of operating cash flow for the company.
RLC expects that the revenues and operating cash flow generated by the commercial centers business shall continue to be the driver for the company’s growth in the future.
Zinnia B. Dela Peña
February 11, 2010
http://208.184.76.175/Article.aspx?articleid=548410

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