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Aboitiz Power Corporation - Printable Version

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RE: Aboitiz Power Corporation - Dio - 09-24-2013

update...
http://www.pse.com.ph/resource/disclosures/2013/pdf/dc2013-7314_AP.pdf


RE: Aboitiz Power Corporation - BASURERO - 10-05-2013

AP - ABOITIZ POWER CORP.


SECTOR: INDUSTRIAL
SUBSECTOR: ELECTRICITY, ENERGY, POWER & WATER


LAST TRADE PRICE = PHP 33.9000
LAST TRADE DATE: 10/04/13


P/E RATIO TEST:

2010 Earnings-per-share = PHP 3.4000
2011 Earnings-per-share = PHP 2.9400
2012 Earnings-per-share = PHP 3.3200
2013 Interim Earnings-per-share (6 months ending June 2013) = PHP 1.2900

Average earnings-per-share (based on the past 3 years and 2 quarters) = PHP 3.0600
Average price earnings ratio (based on the past 3 years and 2 quarters) = 11.08

Result of Graham's price-earnings ratio test: PASSED
Benjamin Graham recommends current price no more than 15 times average earnings.
However, P/E <15 should be taken as an arbitrary value. Ratios do not tell us the whole story by itself. It is more useful to compare the ratios of one company to other companies in the same industry.


PRICE-TO-BOOK RATIO TEST:

Total Equity = PHP 80,036,731,000
Outstanding Shares = 7,358,604,307
Book-Value per Share = 10.88
Price-to-Book ratio (PB) = 3.12

Result of Graham's price-to-book ratio test: FAILED
Graham recommends that current price should not be more than 1.5 times the book value last reported.
However, P/B <1.5 should be taken as an arbitrary value. Ratios do not tell us the whole story by itself. It is more useful to compare the ratios of one company to other companies in the same industry.

Moreover, average earnings to book ratio (similar to return on equity) = 28.13%


NET-WORKING-CAPITAL OR "RARE BARGAIN" TEST:

Current Asset = PHP 26,558,668,000
Total Liabilities = PHP 71,954,050,000
Net Working Capital = PHP (45,395,382,000)
Current Asset to Total Liabilities ratio = 0.37

* By "net-working-capital", Graham means current assets (such as cash, marketable securities, and inventories) minus total liabilities (including preferred stock and long-term debt).

Result of Graham's net-working-capital or "RARE BARGAIN" test: FAILED
Total liabilities is greater than current asset.
Graham recommends issues with positive net-working-capital.

Moreover, equity is greater than total liabilities.
Total liabilities to equity ratio = 0.90
This company is relatively low leveraged.


GRAHAM'S "BLENDED MULTIPLIER" TEST:

P/E = 11.08
P/B = 3.12
P/E*P/B = 34.53

Result of Graham's "blended multiplier" test: FAILED
Graham suggests that the product of P/E and P/B should not exceed 22.5.
However, P/E*P/B <22.5 should be taken as an arbitrary value. Ratios do not tell us the whole story by itself. It is more useful to compare the ratios of one company to other companies in the same industry.


LIMITATION OF ANALYSIS:

1. EPS calculation does not isolate "extra-ordinary income".
2. Analysis does not cover earnings stability, dividend records, earnings growth and futures earnings (or forward P/E ratio).
3. For future plans and prospects, read below reference.


REFERENCE:

http://www.psmdcf.com/fundamental-analysis-f15.html
http://www.pse.com.ph/resource/corpt/2013/AP_17Q_Jun2013.pdf
http://www.pse.com.ph/resource/corpt/2013/AP_17A_Dec2012.pdf


DISCLAIMER:

The content of this material is for informational, educational and discussion purposes only.

The author/ writer is not a professional or registered investment adviser and as such nothing in this material should be considered as investment advice or a recommendation to buy, sell or hold an equity.

The opinions/ analysis expressed in this material are written in good faith, but absolutely no representation or warranty, expressed or implied, is made as to their accuracy or completeness.

This material may contain significant errors or significant omissions. The author's/ writer's investment thesis could be significantly flawed or his/ her assumptions could be significantly inaccurate or maybe disregarding certain significant risks. The author/ writer hereby expressly disclaims any responsibility for error, omission or inaccuracy in the information, misinterpretation and any all loss, disappointment, negligence or damage caused by reliance on this information.

All information should be independently verified. Investors should always perform their own due diligence when investing. The author/ writer shall not be responsible or liable for any trading or investment decisions made based on this information. Readers are solely responsible for their own investment decisions.



RE: Aboitiz Power Corporation - syoryuken - 03-04-2014

Magat plant repairs done by mid-2014

SN Aboitiz Power-Magat, Inc. (SNAP-Magat) is set to complete the rehabilitation of the 360-megawatt Magat hydro power plant for optimal performance.

This is seen to boost power resources in Luzon ahead of 2015, a period of tight power supply as new large-scale power plants have yet to be built.

“We put it down the middle of January of this year and we expect that to be running early June or earlier than that,” SNAP president Emmanuel Rubio told reporters, referring to the last unit of Magat to be overhauled...

http://business.inquirer.net/165268/magat-plant-repairs-done-by-mid-2014


RE: Aboitiz Power Corporation - kingdom23 - 03-09-2014

Wow lakas ni AP 41 na.. Sana di muna kita pinakawalan..


RE: Aboitiz Power Corporation - renc - 03-20-2014

(03-04-2014, 06:45 AM)syoryuken Wrote: Magat plant repairs done by mid-2014

SN Aboitiz Power-Magat, Inc. (SNAP-Magat) is set to complete the rehabilitation of the 360-megawatt Magat hydro power plant for optimal performance.

This is seen to boost power resources in Luzon ahead of 2015, a period of tight power supply as new large-scale power plants have yet to be built.

“We put it down the middle of January of this year and we expect that to be running early June or earlier than that,” SNAP president Emmanuel Rubio told reporters, referring to the last unit of Magat to be overhauled...

http://business.inquirer.net/165268/magat-plant-repairs-done-by-mid-2014

time to position na, nag - gap down...




RE: Aboitiz Power Corporation - Theodore312 - 03-25-2014

Case study on AP Smile

http://www.stockquotient.com/articles/2014/03/21/aboitiz-power-case-analysis



RE: Aboitiz Power Corporation - turmukesh - 03-25-2014

bumabagsak talaga ito pagkatapos mamigay ng dibidendo. sa 34-35 ulit ako papasok... bantay rin kay AEV.


RE: Aboitiz Power Corporation - ippfx - 04-17-2014

AP Renewables studies Mt. Apo steam potential
http://business.inquirer.net/168584/ap-renewables-studies-mt-apo-steam-potential

AP Renewables Inc., a subsidiary of Aboitiz Power Corp., is now studying the geothermal energy potential of two areas around Mt. Apo in power-starved Mindanao.

The Department of Energy (DOE) said that AP Renewables was issued two geothermal renewable energy service contracts in the vicinity of Mt. Apo on Nov. 29, 2013. The contracts are initially good for two years, but may be extended to a maximum of five years.

Geological, geochemical and pre-feasibility studies, plus local permitting, may be undertaken in the first two years of the service contracts. Drilling is not part of the work program, the DOE pointed out.

AP Renewables has “to determine and validate first the resource potential before drilling. Of course, it will need DOE’s approval,” said Mario C. Marasigan, director of the Energy department’s Renewable Energy Management Bureau.

Aboitiz Power earlier said in a statement that the group already started with the “first phase” of a work program for two areas around Mt. Apo, spanning North Cotabato, Davao del Sur and Davao City in Mindanao.

“This phase includes project introduction to relevant local government units and stakeholders,” said Artemio Magnayon, Aboitiz Power vice president for business development. “We will just conduct surface exploration and there will be no construction of any kind.”

Magnayon said the project would be aligned with Aboitiz Power’s “right-mix strategy” in its power generation business. The company hopes to maximize the potential of renewable energy for as long as it is available and affordable, while utilizing fossil-based power generation to ensure reliability, he explained.

Aboitiz Power is one of the biggest renewable energy firms in the country, producing 1,146 megawatts. It operates the 400-megawatt Tiwi-Makban geothermal complex in Laguna and Albay.




RE: Aboitiz Power Corporation - Ollie - 04-24-2014

...news lang


AboitizPower extends operations of 2 power barges in Mindanao


MANILA - Aboitiz Power Corp has extended the operations of its power barges in Mindanao, which continues to suffer from a shortage.

In a statement, AboitizPower said subsidiary Therma Marine Inc (TMI) reported that its power barges have been running close to 24 hours on a daily basis.

"We are ensuring our customers we have enough fuel supply to meet the power supply requirements of our customers especially this summer," Therma Marine president and chief operating officer Jovy P. Batiquin said. "We want to be able to respond to our customers when they are in need of additional power supply."

Some 22 electric cooperatives and distribution utilities have power supply contracts with the AboitizPower subsidiary and have called on Therma Marine to fill in the supply gap created by a combination of power plant repairs and precarious water levels in Lake Lanao because of the summer heat.

Although the extended running hours will pull closer the scheduled maintenance schedule of the barges, Batiquin assured customers that the preventive maintenance work will not be scheduled until the Steag State Power coal plant, which is under repair, comes online as announced next month.

Therma Marine's maintenance schedule is based on its operating hours and is a critical activity to prevent the power plant from more damaging unscheduled interruptions.

Therma Marine operates two floating power barges in Maco, Compostela Valley and in Nasipit, Agusan del Norte. The two barges have a combined 200 megawatts.

Used as peaking plants, Therma Marine's barges have been operating lately as more of baseload plants to mitigate Mindanao's power shortage.

source http://www.interaksyon.com/business/85316/aboitizpower-extends-operations-of-2-power-barges-in-mindanao


RE: Aboitiz Power Corporation - doji - 04-28-2014

up ko lng to