Stock News 2010: Anchor Land Posts Income Hike for 11th Consecutive Quarter

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Listed high-end developer Anchor Land Holdings, Inc. has reported that its net income for the first half of 2010 has reached P250.5 million, up 35 percent compared to the P185.7 million earned during the same period last year.

Officials said it was the 11th quarter of consecutive income and revenue growth for the company, dating back to its listing in the Philippine Stock Exchange in August of 2007.

In a disclosure, the company said second quarter revenues also jumped 15 percent to P1.12 billion, higher by P147.2 million compared to the P973.43 million in revenues from January to June 2009. ALHI Chairman Stephen Lee Keng said higher real estate revenues contributed to the company’s sustained growth, mainly from the increase in the number of condominium units sold and the increase in the recognition of the percentages of completion of its ongoing projects.

He said recognition of revenues from its best-selling SoleMare Parksuites project at the ASEANA Business Park in Parañaque City started in the 3rd quarter of 2009, while recognition of revenues from its Wharton Parksuites project in Binondo started in March of 2010.

“Clearly, we have established traction and momentum in the market as evidenced by our strong second quarter results,” Lee Keng said. “With more projects in the pipeline, we are very confident of sustaining this trend of increasing profitability and creating value for our shareholders.”

Lee Keng said that since the company went public in 2007, Anchor Land has been able to sustain its upward financial performance due to the strong niche market it has carved in the Filipino-Chinese community, and lately in the overseas Filipino market.

The company reported consolidated revenues of P1.63 billion for 2009, surpassing the P1.36 billion revenue in 2008.

Earlier, the company also reported a first quarter net income of P138 million for 2010 from revenues of P546 million.

Anchor Land has completed three luxury condominium projects to date: The 33-storey Lee Tower along Gandara Street in Binondo, the 33-storey Mayfair Tower along UN Avenue in Manila, and the 39-storey Mandarin Square (under its subsidiary Manila Towers Development Corporation) along Ongpin Street, also in Binondo.

The company broke ground and started selling Solemare Parksuites in December 2008. SoleMare is a pioneer residential condominium in the Bay City, an emerging leisure and entertainment destination off Manila Bay, which has been warmly received particularly by Filipinos based overseas.

Anchor Land started construction of the 56-storey Anchor Skysuites along Ongpin Street, projected to become the tallest building in the City of Manila, and the 39-storey Wharton Parksuites along Masangkay Street, which caters mainly to those who send their children to prominent Chinese learning institutions in the district.

In July of 2009, the company acquired the historic Admiral Hotel along Roxas Boulevard in Manila which it plans to redevelop into a boutique hotel. Two high-rise residential condominiums are likewise planned within the sprawling property. The company targets to launch the project by the last quarter of this year.

ANCHOR LAND HOLDINGS, INC.

Registrant

By:

CHRISTINE P. BASE

Corporate Secretary


http://www.pse.org.ph/html/disclosure/pdf/2010/pdf/dc2010-5701_ALHI.pdf

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Stocks News 2010: Philippines ALI's Amaia Land posts P595M in sales

Image via WikipediaAYALA Land Inc.’s (ALI) initial foray into the low-cost housing sector is showing better-than-expected results.
This, after a top ALI official disclosed that the first Amaia Land project in Laguna has generated about P595 million in sales since its launch in March.  
Rex Mendoza, ALI senior vice president and head for corporate sales and marketing, said 604 units—or almost half the total 1,309 units launched—in Amaia Scapes Laguna have been sold by end-July. 
“What we intended to sell in two years, we sold in a few months,” Mendoza told reporters in a chance interview.
“This is something that we should have done earlier.  There is a very strong take-up [for Amaia Scapes ].  In fact we are studying several new locations now for Amaia,” he added.
The traditionally high-end developer is considered a latecomer in the economic housing segment, which has been long dominated by companies such as Villar-led Vista Land & Lifescapes Inc.
Amaia Scapes sells homes valued at P1.25 million and below, targeting families with P20,000 to P50,000 in monthly income, the company said. Citing statistics, ALI said this represents a third of all households in the country.
Mendoza added that while Amaia Scapes is only selling house and lot packages, the developer is already studying walk up-type units.
Plans for the brand include expanding into new geographic areas outside Luzon. “The sky is the limit for Visayas and Mindanao. We are going to be using it for a market that, obviously, Ayala Land Premier, Alveo and Avida cannot be part of,” the company executive added.
ALI currently serves the high-end market through Ayala Land Premier, while it is also tapping the middle-income and affordable segments through Alveo Land and Avida Land, respectively.
Amaia Land president Leo Montenegro said earlier that possible locations for new projects include Cavite, Laguna, Batangas, Rizal, Quezon, Pampanga and Tarlac. The company has budgeted P1.08 billion for its three-year capital spending plan.
Meanwhile,  Amaia Scapes Laguna is expected to offer  a total of 1,800 units spread over 20 hectares.  ALI expects to generate P1.6 billion in sales until 2014.
Located in Calamba, Laguna, the development presently offers homes with living areas ranging from 25 square meters (sqm) to 56 sqm on lots measuring 40 sqm to 75 sqm.
Miguel R. Camus

August 17, 2010 20:44

http://businessmirror.com.ph/index.php?option=com_content&view=article&id=29059:amaia-land-posts-p595m-in-sales&catid=24:companies&Itemid=59

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Stocks News 2010: Philippines AP in supply deal with CASURECO IV

Image via WikipediaA provisional approval of the Energy Regulatory Commission (ERC) is being sought for the power supply agreement (PSA) inked by AP Renewables Inc. (APRI) of the Aboitiz group with that of Camarines Sur Electric Cooperative Inc. (CASURECO IV).
The supply pact requires the power generator to deliver power to CASURECO IV until January 25, 2013 within the prescribed contract energy.
It was stipulated in the deal that “the total minimum contract energy to be supplied by APRI to CASURECO IV for each month of the contract period will range from a low of 2,496,702.55 kilowatt hours to 3,314,899.13 kWh.”
Power supply will come from the Tiwi geothermal plant in Albay, which forms part of the 747-megawatt geothermal facility acquisition of APRI that included the Makiling-Banahaw plants in Laguna.
“APRI shall supply the contract energy at the Tiwi geothermal power plant. Line rental charges and transmission fees for delivery and transmission of the contract energy shall be for the account of CASURECO IV,” the PSA stated.
It has been emphasized that the transmission service agreement (TSA) between CASURECO IV and the National Grid Corporation of the Philippines (NGCP) as well as the TSA between APRI and NGCP are currently being negotiated.
The electric cooperative noted that it selected APRI because of its capacity to supply its power requirements. Three parties have made offers, but the two are reportedly aggregators, hence, they do not own or operate power plants which could have been the ultimate assurance that they can meet the electric coop’s demand.
The PSA further provides that should CASURECO IV decides to reduce its contract energy, “it shall pay APRI a buy-out charge equivalent to P2.00 per kWh multiplied by the foregone contract energy for the remainder of the term of the PSA.”
Based on calculations provided to the ERC, the proposed rates to be charged by APRI to the electric cooperative would be P4.4758 per kWh during Mondays to Saturdays and P2.7284 per kWh on Sundays and holidays.
A comparative analysis also emphasized that if compared to the rates that should have been charged by state-run National Power Corporation (NPC) at P4.8309 per kWh, the APRI charge employing the same formula would be lower at P4.3655 per kWh.

MYRNA M. VELASCO

June 8, 2010, 3:48pm

http://www.mb.com.ph/node/261099/

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Stock Analysis 2010: Long-term Buy recommendation on EEI Corp.

Image via WikipediaEEI Corp.
Recommendation: LONG-TERM BUY
ANALYSTS tagged Yuchengco-led EEI Corp a "long-term buy" as it is considered one of the second-liner stocks that is likely to boom this year given its diversified business operations.
For one, Wealth Securities, Inc. analyst Bernard C. Aviñante said consumers’ continuous demand for properties would keep EEI’s local business buoyant.
Angping & Associates, Inc. analyst Elizabeth S. Abadillo concurred and said that despite investors’ cautious stance amid the upcoming May elections, EEI Corp. remains a "good" stock to watch out for given its growth potential.
"The property sector remains in demand so I think it could create an upside bias on EEI’s stock price although the movement would only be limited." Ms. Abadillo said. "But apart from its local business, the company continues to be liquid due to its overseas operations," she added.
Mr. Aviñante said EEI’s projects abroad would reflect positively on its financial health.
Since 1974, the company has ventured into petroleum, power plants and industrial installations in the United Arab Emirates and Saudi Arabia.
"Through its 49%-owned joint venture firm Al Rushaid Construction Co., [EEI] has an orders book backlog totaling $338 million (or P15.12 billion) as of February (this year). Completion of these projects is spread until 2012," Mr. Aviñante said in a research paper.
"These engineering works are mainly in vital industries such as oil and gas and power generation, which are pillars of growth for (Saudia Arabia)," he added.
With Saudi Arabia ’s projected budget of about $300 billion in the aforementioned industries, this would likely present opportunities for EEI. "Capturing even a small fraction of that pie would significantly push its bottom line," Mr. Aviñante said.
He forecasts EEI’s income to surge by 38% to P777 million this year from the unaudited amount of P563 million last year, while revenues are expected to jump by 34% to P8.442 billion by the end of the year from P6.3 billion in 2009. The figure, however, is 8.14% short from the company’s 2008 revenues of P9.19 billion.
But analysts noted a possible growth in the company’s revenues and income in the coming years by the time its business operations here and abroad are reflected into EEI’s financial report.
"At least its first quarter report would give a glimpse of the company’s performance this year. I think it would be released by the first week of May so investors will have to watch [out for] that," Ms. Abadillo said. Meanwhile, in terms of valuation, EEI is currently trading at a 4.5x price-to-earnings ratio.
Mr. Aviñante said EEI is targeted to reach the 7x multiple by the end of the year, with a P5.25 apiece fair value estimate. It closed at P3.30 per share. Ms. Abadillo said the best price to accumulate the stock is between P3.10 to P3.15 per share.
Ma. Aizl Camille B. Cabarles
http://www.bworldonline.com/Research/stockpicks.php?id=0610

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Stocks News 2008: Cityland seeks SEC approval to sell P1B in short-term debt

Image via WikipediaMANILA, Philippines - Listed property developer Cityland, Inc. sought regulatory approval Tuesday to sell short-term commercial paper to the public worth P1.15 billion, a bulk of which will be used to pay off maturing debts.
The firm told the Securities and Exchange Commission it planned to use P770 million of the proceeds to settle loans worth P1.03 billion as of June 30.
Of the debts, about 86% are composed of commercial paper issued on Dec. 17. The rest is owed to Amalgamated Bancorporation and Security Bank Corp., the company said.
Cityland said it also intends to use over a quarter of the proceeds to finance its 39-storey mixed-use condominium project called The Manila Residences.
It said it would spend the money on the project over 12 months. The balance will be used to pay for interest on the notes.
Cityland said it would offer almost three-fourths of the commercial debt paper to general public, while the balance would be made available to big investors.
The company said the debt paper would be offered in four equal tranches, the first to start as soon as gets approval from the commission.
Cityland said the notes would mature in a year and would have a rate of 6.88%. It said the proceeds of the sale would not be used to acquire property within the next twelve months.
Cityland also sought an exemption from getting an underwriter for the offer, saying it was capable of selling the debt paper on its own.
The real estate developer said that it would renew the maturing debts to financial institutions if it does not raise the money from the offering.
The company, formerly known as Statehouse Development Corp., acquires and develops land for mixed-use medium- and high-rise buildings in Makati City and Mandaluyong City.
It also sells affordable houses in Pasig City and residential subdivisions and farm lots in Bulacan and Cavite.
Cityland is the developer of the Pasig Royale Mansion, Oxford Mansion, Windsor Mansion and Brentwood Mansion. Launched on Aug. 21, the newest Brentwood Mansion will rise along Evangelista St., New Santolan in Pasig City.
It is a 12-storey commercial and residential building with features and amenities such as a clubhouse and swimming pool, and 24-hour security.
11/05/2008 | 01:14 AM

http://www.gmanews.tv/story/131378/Cityland-seeks-SEC-approval-to-sell-P1B-in-short-term-debt

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