Panasonic Manufacturing Philippines Corporation
#51
(09-18-2014, 10:30 PM)manilaoperator Wrote: Grabe this stock is really cheap!

Relative to it's book value of 8 php and retained earnings, yes it is cheap. This stock is not a basura, it's a sound 2nd liner company with poor market exposure and a lack of liquidity. However, that is changing because some market participants like Wealth Sec are jockeying said stock. This is the rare combination of having a low public float and sound fundamentals. Madaling tulakin pero may kwento na hindi pang barbero.

A true basura is both illiquid and without any kind of operating business. Panasonic has consistently made upwards of 80 to 150 million php in net income for the past 3 years. 2/3rds of their gross sales surprisingly is attributable to the domestic market.

And a man, a man provides. And he does it even when he's not appreciated, or respected, or even loved. He simply bears up and he does it. Because he's a man.

- Gus Fring
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#52
Actually Mr. RM, after looking at the 3 year AFS, the core business of PMPC has only started generating income the past 2 years. What is driving revenues for now is other income, in particular service income (rendering general advice to affiliates) which has significantly picked up in the past 2 years.

The company is undergoing expansion for new manufacturing plants (refrigerator and plastic injection plant). This will be a big help for future revenue and income growth.

I want to look at more historical figures to see past performance but for now it is cheap. Can you imagine the market cap at 377M when Cash minus Total liabilities are at 1.2B? That's insane.
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#53
(09-19-2014, 09:00 AM)manilaoperator Wrote: Actually Mr. RM, after looking at the 3 year AFS, the core business of PMPC has only started generating income the past 2 years. What is driving revenues for now is other income, in particular service income (rendering general advice to affiliates) which has significantly picked up in the past 2 years.

The company is undergoing expansion for new manufacturing plants (refrigerator and plastic injection plant). This will be a big help for future revenue and income growth.

I want to look at more historical figures to see past performance but for now it is cheap. Can you imagine the market cap at 377M when Cash minus Total liabilities are at 1.2B? That's insane.

Thanks for the clarification regarding their income.

I think their market capitalization is much more than 377 m because there are 300 million outstanding, issued and subscribed but unlisted Class B shares owned by Panasonic Corporation. Kindly refer to this disclosure if you want to double check. http://edge.pse.com.ph/openDiscViewer.do...rdoZe.dpbs
And a man, a man provides. And he does it even when he's not appreciated, or respected, or even loved. He simply bears up and he does it. Because he's a man.

- Gus Fring
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#54
Yup i've seen that! If we include unlisted shares market cap is 1.6B already.
Share the love!
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#55
PMPC Star Awards.

Magnininingning nga ba?
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#56
STOCK VALUATION <GRAHAMIAN>


PMPC - PANASONIC MANUFACTURING PHILIPPINES CORPORATION

SECTOR: INDUSTRIAL
SUBSECTOR: ELECTRICAL COMPONENTS & EQUIPMENT

LAST TRADE PRICE: PhP4.43
LAST TRADE DATE: 09/23/14


PRICE-TO-EARNINGS (P/E) RATIO TEST:

Earnings per share (EPS):
2009: PhP0.19
2010: PhP0.01
2011: PhP0.11
2012: PhP0.14
2013: PhP0.19
EPS (5-year average): PhP0.13
Cyclically Adjusted P/E Ratio (5-year) 34.82
Non-negativity: TRUE

where:
EPS = (Net income after tax - Preferred stock dividends)/ Average number of common shares outstanding
P/E (average) = Current Price/ EPS (5-year average)

Result of Graham's price-earnings ratio test: FAILED
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 (P/B) RATIO TEST:

BVPS (2013): PhP8.58
P/B: PhP0.52

where:
Book Value Per Share (BVPS) = Total Common Stockholder's Equity/ Number of Common Shares
P/B = BVPS/ Current price

Result of Graham's price-to-book ratio test: PASSED
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.


GRAHAM'S "BLENDED MULTIPLIER" TEST:

P/E = 34.82
P/B = 0.52
P/E*P/B = 17.98

Result of Graham's "blended multiplier" test: PASSED
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:

EPS calculation does not isolate "extra-ordinary income".
Analysis does not cover earnings stability, earnings growth and dividend records


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.


http://psmdcf.com/forum/viewforum.php?f=...4e233f0a4d
If You're So Smart, Why Aren't You Rich? - BATMAN The Animated Series: Season 1, Episode 41
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#57
STOCK VALUATION <BUFFETT-ESQUE>


PMPC - PANASONIC MANUFACTURING PHILIPPINES CORPORATION

SECTOR: INDUSTRIAL
SUBSECTOR: ELECTRICAL COMPONENTS & EQUIPMENT

LAST TRADE PRICE: PhP4.43
LAST TRADE DATE: 09/23/14


EARNINGS PER SHARE (EPS*)

2009: PhP0.19
2010: PhP0.01
2011: PhP0.11
2012: PhP0.14
2013: PhP0.19
Non-negativity: TRUE
*EPS = (Net income after tax - Preferred stock dividends)/ Average number of common shares outstanding


EPS GROWTH RATE

2010: -94%
2011: 824%
2012: 27%
2013: 39%
EPS Growth Rate (5-year YoY* Average): 199%
EPS Growth Rate (5-year CAGR**): 0%
EPS Growth Rate (lower of YoY average or CAGR): 0%

where:
EPS Growth Rate (YoY) = ((current year's EPS - previous year's EPS) / AbsoluteValue(previous year's EPS)) * 100
EPS Growth Rate (CAGR) =((EPS this period/EPS t periods ago)^(1/t)) - 1

*Year-over-year
**Compounded annual growth rate


BOOK VALUE PER SHARE (BVPS*)

2009: PhP8.59
2010: PhP8.50
2011: PhP8.51
2012: PhP8.59
2013: PhP8.58
*Book Value Per Share (BVPS) = Total Common Stockholder's Equity/ Number of Common Shares


EQUITY OR BOOK VALUE PER SHARE (EQUITY OR BVPS) GROWTH RATE

2010: -1%
2011: 0%
2012: 1%
2013: 0%
BVPS Growth Rate (5-year YoY* Average): 0%
BVPS Growth Rate (5-year CAGR**): 0%
BVPS Growth Rate (lower of YoY average or CAGR): 0%

where:
BVPS Growth Rate (YoY) = ((current year's BVPS - previous year's BVPS) / AbsoluteValue(previous year's BVPS)) * 100
BVPS Growth Rate (CAGR) =((BVPS this period/BVPS t periods ago)^(1/t)) - 1

*Year-over-year
**Compounded annual growth rate


PRICE-TO-EARNINGS (P/E) RATIO

2009: 36.38
2010: 561.35
2011: 55.97
2012: 47.92
2013: 34.34
Historical P/E (Low): 34.34
Historical P/E (Moderate): 46.18
Historical P/E (High): 55.97
*P/E = Stock Price / EPS

where:
Historical P/E (Low) = smallest value in a data set
Historical P/E (Moderate) = midpoint between the 2nd smallest and 2nd largest value in the data set (excludes outlying data in the analysis)
Historical P/E (High) = 2nd largest value in the data set (excludes outlying data in the analysis)

FUTURE PRICE

Pessimistic projection:
2014: PhP6.47
2015: PhP6.45
2016: PhP6.42
2017: PhP6.40
2018: PhP6.37

Moderate projection:
2014: PhP8.71
2015: PhP8.67
2016: PhP8.64
2017: PhP8.60
2018: PhP8.57

Optimistic projection:
2014: PhP10.55
2015: PhP10.51
2016: PhP10.47
2017: PhP10.42
2018: PhP10.38

Future Price = Future P/E x Future EPS

where:
Future P/E = Historical P/E (Low) for pessimistic projection
Future P/E = Historical P/E (Moderate) for moderate projection
Future P/E = Historical P/E (High) for optimistic projection
and:
Future EPS = (Current EPS)*((1+EPS Growth Rate)^t)
EPS Growth Rate = The lesser of historical EPS growth rate and historical BVPS growth rate
t = number of periods


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.


http://psmdcf.com/forum/viewforum.php?f=...4e233f0a4d
If You're So Smart, Why Aren't You Rich? - BATMAN The Animated Series: Season 1, Episode 41
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#58
Ayos mag hype yung COL financial sa valuation ng PMPC ah. I got the information posted below from the Valuation portion of PMPC via the COL Financial platform for COL users.

2014 Figures based on current market price per share of approximately 4 php.

Earnings Per Share: 1.93 php

Sales Per Share: 77.86

Book Value Per Share: 43.45 php!!!! (compared to 8.38 php during 2013)

Cash Per Share: 33.77 php

Cash Flow Per Share: 3.69 php

Free Cash Flow Per Share: .57 php

And a man, a man provides. And he does it even when he's not appreciated, or respected, or even loved. He simply bears up and he does it. Because he's a man.

- Gus Fring
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#59
May nakapansin na ata na COL boys sa 2014-adjusted book value of 43.45 php. Smile
And a man, a man provides. And he does it even when he's not appreciated, or respected, or even loved. He simply bears up and he does it. Because he's a man.

- Gus Fring
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#60
PMPC lapit na sa 5 php. Since basura season na, it's only a matter of time before this becomes the new plaything.
And a man, a man provides. And he does it even when he's not appreciated, or respected, or even loved. He simply bears up and he does it. Because he's a man.

- Gus Fring
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