MARKET HEADLINE: SHORT SELLING BY OCTOBER

San Miguel Food and Beverage, Inc.
#81
ganda pa rin ng galaw ng $PF

#SlowButSure
Trading stocks is never a sure thing. Please do your own homework before pressing the button.

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#82
Ayaw pa rin bumagsak despite the down market.
Trading stocks is never a sure thing. Please do your own homework before pressing the button.

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#83
SMPF to open Laguna facility in 2019

SAN MIGUEL Pure Foods Company, Inc. (SMPF) is on track to complete a new manufacturing facility that will produce ready-to-eat products in Laguna by the first quarter of 2019.

In a statement issued over the weekend, SMPF said the Sta. Rosa, Laguna facility will produce products that  address the demand for convenience as well as capture a larger chunk of the consumer market.

“Once operational, it will produce fully cooked viands and heat-and-serve meals that will serve growing consumer demand for convenient, nutritious meals differentiated by home-cooked taste, rich quality, and the highest levels of food safety,” the company said.

The new facility also looks to serve the operational needs of food service clients, alongside the export of products that will be ready for consumption.

SMPF has already secured incentives from the Board of Investments for the 20,000-square meter facility. The company will be employing local businesses, farmers, and animal growers, in line with the Department of Trade and Industry’s inclusive business program, that will create an integrated supply chain.

Last year, the company said it is setting aside P56 billion in capital expenditures over the next three years for the construction of six feed mills, grain terminals, poultry processing plants, processed meat plant, and chicken processing facilities, among others.

The company is merging with beverage businesses of its parent, San Miguel Corp. (SMC).

In November 2017, SMC announced it will consolidate its traditional businesses under one unit through a P336.35-billion share swap deal. The resulting entity would be called San Miguel Food and Beverage, Inc. (SMFBI), which will then have a market capitalization of $12 billion.

The company was able to secure shareholder approval for the merger in January.

SMFBI is slated to conduct a $1.5-billion follow-on offering later this year in order to increase its public float to the minimum requirement of 15%. After the merger of SMPF with San Miguel Brewery, Inc. and Ginebra San Miguel, Inc., SMFBI will have a public float of only 4.3%, the company said. 

SMC recorded a net income attributable to the parent of P20.9 billion in the January to September 2017 period, 19% lower than the same period in 2016, despite a 19% uptick in revenues to P596.9 billion.

On the other hand, SMPF’s attributable profit rose 25% to P4.5 billion in the first three quarters of 2017, after a 4% increase in revenues to P84.5 billion for the period.


source: http://bworldonline.com/smpf-open-laguna-facility-2019/
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#84
3-27

SEC approves Pure Foods merger with affiliates

SAN Miguel Pure Foods Co. Inc. has secured the go-signal of the Securities and Exchange Commission (SEC) for its planned merger with its beer and liquor affiliates.

In a disclosure on Tuesday, Pure Foods said the SEC approved last Friday its planned consolidation with Ginebra San Miguel, Inc. and San Miguel Brewery, Inc. (SMB).

Parent firm San Miguel Corp. (SMC) announced plans last year to combine subsidiaries Ginebra and SMB into Pure Foods, with the latter the surviving entity. Upon execution, Pure Foods will change its corporate name to San Miguel Food and Beverage, Inc., with the production of alcoholic and non-alcoholic beverages included in its primary purpose.

The merger will be done via a share-swap deal worth over P336 billion.

Under the transaction, SMC will subscribe to 4.24 billion additional common shares in Pure Foods out of new shares coming from an increase in authorized capital stock and 10:1 ratio split. The new shares shall be issued through a follow-on offering, which was originally scheduled for the second quarter of the year.

In return, SMC will pay Pure Foods through the transfer of its 7.86 billion common shares in SMB and 216.97 million shares in Ginebra.

“The food and beverage company will be very attractive to many investors because many investors are clamoring for a pure plate food and beverage company in the Philippines because … it may be a good proxy for the Philippine economic environment,” SMC Chief Finance Officer Ferdie Constantino told a news conference in January.

Upon consolidation, the amount of Pure Foods’ capital stock is estimated to increase from P2.46 billion to P12 billion, divided into 11.6 billion common shares at a par value of P1 apiece, and 40 million preferred shares with a par value of P10 per share.

On the sidelines of SMC’s listing of P30 billion fixed-rate bonds last week, an industry source said Pure Foods is likely to defer its planned $3 billion (P150 billion) share sale by way of a follow-on offering (FOO) to the third quarter of the year, given the number of successful listing and raising activities from other listed firms.

“We need to give the market time to rest,” the source said.

SMC will need to undertake an FOO in compliance with the minimum public float requirement of 20 percent as imposed by the Securities and Exchange Commission in November last year.


source: http://www.manilatimes.net/sec-approves-...es/389017/
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#85
3-31

Trading symbol change next week for Pure Foods

THE trading symbol of Ramon Ang-led San Miguel Pure Foods Co., Inc. for its common shares will be changed from “PF” to “FB” effective Thursday, April 5, 2018.

This follows the Securities and Exchange Commission’s March 23 approval for the company to change its corporate name to San Miguel Food and Beverage, Inc. in line with the group’s plan to unify its food, liquor, and beverage units.

“Please be advised that the change in corporate name and stock symbol … “PF” to … “FB” will be reflected on the Exchange’s trading system effective on Thursday, April 5, 2018,” Pure Foods said on Wednesday.

Similarly, preferred shares currently trading under the ticker symbol “PFP” will be traded under “FBP” on the same day.

“For those stockholders who will not be able to have their old stock certificates replaced, management has determined that all previously issued stock certificates shall remain valid, subsisting, and will continue to be honored by the company,” Pure Foods said.

Parent firm San Miguel Corp. (SMC) is embarking on a unification of its traditional businesses Ginebra San Miguel, Inc. and San Miguel Brewery, Inc. into Pure Foods with the latter the surviving entity, alongside its primary purpose to include the production of alcoholic and non-alcoholic beverages.

This is being done via a share-swap deal worth over P336 billion.

Under the transaction, SMC will subscribe to 4.24 billion additional common shares in Pure Foods out of new shares coming from an increase in authorized capital stock and a 10:1 ratio split. The new shares will be issued through a follow-on offering.

SMC in turn will pay Pure Foods through the transfer of 7.86 billion common shares in SMB and 216.97 million shares in Ginebra.

Upon consolidation, Pure Foods’ capital stock is expected to increase from P2.46 billion to P12 billion, divided into 11.6 billion common shares at a par value of P1 apiece and 40 million preferred shares with a par value of P10 per share.

In line with efforts to comply with the 20 percent minimum public ownership requirement imposed by the SEC in November last year, Pure Foods is set to conduct a $1.5 billion follow-on offering in the third quarter of this year.


source: http://www.manilatimes.net/trading-symbo...ds/389510/
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#86
5-23

San Miguel raising P10B via sale of debt notes

Conglomerate San Miguel Corp. has completed a P10-billion fresh fundraising through the sale of two-year debt notes to selected institutional investors.

In a disclosure to the Philippine Stock Exchange on yesterday, SMC said it had agreed to issue the two-year fixed rate corporate notes at an interest rate of 5.25 percent a year.

Proceeds will be used to refinance debt and expand businesses.

As opposed to retail bonds which require registration in the Securities and Exchange Commission because they are offered to the public, corporate notes are an easier way for corporations to raise funds as these are sold to no more than 19 qualified investors.

This debt transaction is pursuant to the authority given by SMC’s board to issue peso-denominated fixed-rate corporate notes worth of up to P20 billion, the disclosure noted.

The fixed-rate notes will be enrolled in the Philippine Dealing & Exchange Corp. on the issue date, May 25, 2018.

The group is transforming San Miguel Food and Beverage Inc. (SMFB), formerly San Miguel Pure Foods Co. Inc., into a new consumer powerhouse with the infusion of P336.35 billion worth of shares in beer and liquor businesses held by SMC.

Upon approval by the Securities and Exchange Commission of the increase in its authorized capital, SMFB will issue 4.24 million in new shares to parent conglomerate San Miguel Corp. at P79.82 per share. These shares are in exchange for SMC’s 7.86 billion common shares in San Miguel Brewery and 216.97 million common shares in Ginebra San Miguel Inc.

After the consolidation of all traditional businesses into SMFB, this unit plans to undertake a follow-on offering worth at least $1.5 billion. The upcoming equity offering is projected to bring SMFB’s market capitalization to $12 billion, SMC president Ramon S. Ang had said.


source: http://business.inquirer.net/251266/san-...debt-notes
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#87
7-6

PSE suspends share trading of San Miguel Food

The Philippine Stock Exchange suspended the trading of San Miguel Food and Beverage Inc. after its public float fell below 10 percent following the completion of a share swap agreement with parent San Miguel Corp.

SMFB said in a disclosure to the stock exchange the Securities and Exchange Commission approved the increase in the company’s authorized capital stock to P12 billon from P2.46 billion.

The increase in the capital base enabled SMFB to implement the share swap agreement with San Miguel.

San Miguel earlier agreed to transfer 7.86 billion shares in San Miguel Brewery Inc. and 216.97 million shares or Ginebra San Miguel Inc. to SMFB as part of a move to consolidate the food and beverage business under one subsidiary.

SMFB in exchange will issue 4.24 billion shares to San Miguel.

“In view of the approval of the amendment of the articles of incorporation to increase the capital stock for SMFB, the share swap has been effected as of June 29, 2018 the same date of effective of the capital increase of SMFB,” San Miguel said.

The share swap agreement, however, caused SMFB’s public float to drop below the 10-percent minimum public ownership requirement on listed companies.

The PSE said the suspension of SMFB shares was temporary, citing that the non-compliance with the MPO requirement was a result of an ongoing restructuring plan.

SMFB also had a defined program to comply with the MPO requirement within the next six months, the local bourse said.

The PSE said the lifting of the temporary trading suspension was dependent on the company securing a favorable ruling from the Bureau of Internal Revenue on the appropriate taxes to be imposed on the trades of SMFB securities.

“Once a favorable BIR ruling/opinion is secured by the company, the exchange will lift the trading suspension. The exchange will apprise the investing public of further developments on the matter,” the PSE said.


source: http://manilastandard.net/business/corpo...-food.html
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#88
8-9

...ito na yung sagot sa minimum public ownership issue ni FB

SMFB plans to conduct follow-on offering

SAN MIGUEL Food and Beverage, Inc. (SMFB) is planning a follow-on offering in a bid to comply with the minimum public ownership rule, after the consolidation of parent San Miguel Corp.’s (SMC) food and beverage units brought down its public float to around four percent.

In a disclosure to the stock exchange on Wednesday, SMFB said its board of directors has approved the offering of 1.2 billion shares owned by SMC, equivalent to around 20% of the company’s outstanding common shares.

Based on SMFB’s closing share price on Wednesday, the offering will allow the company to raise as much as P87.4 billion.

However, it noted the issue price will depend on the terms determined by the management and as agreed upon with SMC.

The listed firm’s board has likewise approved the submission of a registration statement and prospectus for the offer to the Securities and Exchange Commission.

SMC President Ramon S. Ang earlier said the planned share sale would happen in February this year, with the initial size pegged at around $3 billion from the sale of 30% of SMFB’s shareholdings. The company however delayed the issuance due to volatility in the market, pushing it back instead to the fourth quarter.

EARNINGS UP
In a separate statement, SMFB said its earnings jumped by a fifth to P15.4 billion in the first six months of 2018, boosted by the double-digit growth across its portfolio. Consolidated revenues went up 15% to P137.4 billion.

The comparative figures were derived from the consolidated financials of San Miguel Brewery, Inc. (SMB), Ginebra San Miguel, Inc., and San Miguel Pure Foods Company, Inc., following the completion of the businesses’ consolidation last June 29.

The food group generated P62.9 billion in consolidated revenues, 12% higher in the same period a year ago due to the performance of the feeds, poultry and meats, and branded value-added units. Operating income accordingly went up by six percent to P4.7 billion.

SMB benefited from the higher consumption of beer products nationwide, expanding its consolidated revenues by 18% to P62.5 billion for the first semester. The unit delivered P17.3 billion in operating income, 23% higher year-on-year.

Meanwhile, GSMI’s operating income surged by 57% to P862 million during the period, thanks to core brands Ginebra San Miguel and Vino Kulafu. Revenues advanced by 19% to P12 billion.


source: http://www.bworldonline.com/smfb-plans-t...-offering/
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#89
8-24

...lakas nito kahapon, along with the other SMC stocks

Appetite for San Miguel food subsidiary’s follow-on offering will depend on pricing

APPETITE FOR San Miguel Food and Beverage, Inc. (SMFB)’s P142-billion follow-on offering will depend on its pricing, as the company undertakes the largest fund-raising activity in the country before the end of the year.

In a regulatory filing at the Securities and Exchange Commission (SEC), SMFB applied to sell up to 1.02 billion common shares, consisting of 887 million common shares with an over-allotment option of up to 133.05 million common shares, priced at up to P140 apiece. The shares to be offered are currently owned by parent, San Miguel Corp. (SMC).

The shares comprise 17.26% of the company’s issued and outstanding capital stock. The offering will allow SMFB to comply with the minimum public ownership rule of 10%, as its current public float stands at 4.12%.

Once it secures approval from the SEC and Philippine Stock Exchange, the listed food and beverage company looks to price the offering by Oct. 19. The offering is scheduled to run from Oct. 23 to 29. Crossing of the offer shares is slated for Nov. 6.

The company engaged J.P. Morgan Securities, Plc, Morgan Stanley Asia (Singapore) Pte., and UBS AG Singapore Branch as the offer’s joint global coordinators. Deutsche Bank AG, Hong Kong branch and Goldman Sachs (Singapore) Pte., will act as joint book runners, while BDO Capital & Investment Corp. and BPI Capital Corp. will act as local lead underwriters.

SMFB also tapped Standard Chartered Bank to be its financial adviser.

Funds raised from the offering will be used to finance SMC’s projects, according to the company’s prospectus.

Philstocks Financial, Inc. Research Associate Piper Chaucer Tan said the company disclosed in a briefing last Aug. 9 that the proceeds will be used for its infrastructure projects.

Should it push through, this will be the largest equities offering in the country since LT Group, Inc.’s P37.7-billion fund-raising activity back in 2013.

Analysts keeping track of the SMFB said investors will be looking at the final offer price to determine its performance. Shares in SMFB ended at P92.10 each on Thursday, 15.12% or P12.10 higher from its price in the previous session. However, this is still 52% lower than the offer’s maximum price of P140.

“The offering is a significant premium to the market price, which may put off many investors, particularly those with short horizons,” PNB Securities, Inc. President Manuel Antonio G. Lisbona said in a text message.

“To make the company’s follow-on offering attractive, the current market price must be above follow-on offering,” Philstocks’ Mr. Tan said in a separate message.

Despite the premium pricing, UPCC Securities Corp. Trader Aristotle D. Reyes, Jr. noted SMFB’s positive performance.

“Nonetheless (SMFB) is performing very well despite the very challenging climate in the consumer sector. They posted positive earnings for the second quarter, outperforming its peers. There’s still a gap in supply for its beer business and they continue to expand its plants. Beer business continues to be a cash cow in the group,” Mr. Reyes said via text.

“It’s a consumer play. I can see SMFB to enter the PSEi and other indices considering its market value post offer,” he added.

SMFB generated a net income of P15.4 billion in the first half of 2018, 20% higher than the same period a year ago, as consolidated revenues also went up 15% to P137.4 billion.


source: http://www.bworldonline.com/appetite-for...n-pricing/
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#90
8-30

...October 19 pa sasabihin ang final offer price? tagal...puro pa-hype si Ang  Big Grin

SMFB sets global roadshows for P142.8-billion share sale

MANILA, Philippines — San Miguel Food and Beverage Inc. (SMFB), the newly consolidated food and beverage subsidiary of San Miguel Corp. has embarked on a global roadshow for its share sale which is expected to raise up to P142.8 billion.

Informed sources said there would be roadshows in three continents, US, Europe and Asia to help investors better understand the prospects of the company.

There will also be domestic roadshows which will run until the end of the offer period.

The share sale is scheduled to run from Oct. 23 to 29.

This early, several investors have already expressed interest in participating in the deal, touted as the largest equity offering in the country in recent years.

It may surpass the P38-billion share offer of taipan Lucio Tan’s LT Group Inc. in 2013.

SMFB set an offer price of up to P140 per share and officials are optimistic the final price that would be set on the upper end given the company’s  rosy prospects.

According to the registration statement filed with the Securities and Exchange Commission (SEC), SMFB’s follow-on offering involves the sale of 887 million secondary shares owned by parent firm San Miguel and an over-allotment option covering 133 million shares.

The final pricing and allocation of the offer shares  will be known on Oct. 19.

SMFB tapped BPI Capital Corp. and BDO Capital & Investment Corp. as local lead underwriters; J.P. Morgan Securities, Morgan Stanley Asia, UBS AG Singapore Branch as joint global coordinators; Deutsche Bank and Goldman Sachs as joint bookrunners; and Standard Chartered Bank as financial adviser.

Part of the proceeds will be used for investments by the San Miguel Group, including capital and funding requirements of future projects.


source: https://www.philstar.com/business/2018/0...share-sale
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