Alerts
Justin Richmond Cheng, CFASCC rating changed to BUY
George Ching
we reduced our FV estimate for SCC by 18.3% to Php25.5/sh, although we are maintaining our BUY rating on the stock. Despite the very poor earnings outlook of the company, we believe that much of the negative news is already priced-in. The stock is the cheapest among all power companies, trading at only 5.6X 20E P/E based on our revised earnings forecast. Capital appreciation is also the most significant at 140% based on our more conservative revised fair value estimate.
SCC Rating 5 years ago