Alerts
SSI rating changed to BUY
Justin Richmond Cheng, CFA
December 1, 2021 - BUY rating
SSI Rating 3 years ago
PIZZA rating changed to BUY
Justin Richmond Cheng, CFA
December 1, 2021- BUY rating
PIZZA Rating 3 years ago
MRSGI rating changed to BUY
Justin Richmond Cheng, CFA
December 1, 2021 - BUY
MRSGI Rating 3 years ago
FLI rating changed to BUY
Richard Lañeda, CFA
December 01, 2021. BUY with FV estimate of Php1.39. We currently have a BUY rating on FLI with a fair value estimate of Php1.39. While the weaker-than-expected rental revenue will have a negative impact on our forecast, we still believe shares of FLI are undervalued even after the adjustment. The successful listing of FLI’s REIT has unlocked a significant portion of its NAV and the market price for the assets under the REIT are significantly higher than our estimate. There is also a huge disparity in the valuation of FLI and its REIT FILRT. FLI’s stake in FILRT alone is worth Php24.5 Bil compared to FLI’s current market capitalization of Php27.16 Bil.
FLI Rating 3 years ago
ACEN rating changed to HOLD
George Ching
November 26, 2021- Reiterate HOLD rating We are raising our FV estimate for ACEN by 1.1% to Php5.63/sh after factoring-in the higher capacity of the San Marcelino Solar into our forecast. We are maintaining our HOLD rating on ACEN. We continue to like ACEN given the rapid growth of its power generation portfolio and its focus on renewable energy. From ~2,900MW currently, the company plans to grow its attributable capacity to 5,000MW by FY25, and the capital raised from the recent FOO should help the company achieve this goal. However, valuations are no longer attractive as the positives are priced in. At Php11.90/sh, ACEN is trading at 47X FY22E P/E, which is significantly above the 17X average 22E P/E of local power companies.
ACEN Rating 3 years ago
TEL rating changed to BUY
Kerwin Malcolm Chan
November 26, 2021- Reiterate BUY rating on TEL amid its undervalued home segment We reiterate our BUY rating on TEL with an FV estimate of Php2,030/sh. At its current price of Php1,745/sh, capital appreciation potential is attractive at 16.3%. The stock is also trading at only 5.4x 2022E EV/EBITDA, much lower than GLO’s multiple of 8.6x and CNVRG’s multiple of 13.1x.
TEL Rating 3 years ago