*on buyback* Megawide Construction Corp.

...buyback na din sila

Megawide approves P2-B share buyback program

MEGAWIDE Construction Corp. on Monday said it will be buying back P2 billion worth of shares from the stock exchange in the next two years.

In a disclosure to the stock exchange, the diversified engineering conglomerate said its board of directors approved the share buyback program as it believes the shares have been “grossly undervalued.”

“Amid the volatility in the stock market, the Company’s management and board believe it is an opportune time to repurchase its own shares, which have been grossly undervalued following the overall market weakness,” Megawide Chairman and Chief Executive Officer Edgar B. Saavedra was quoted as saying.

He noted the share buyback program is a “sign of confidence in the company’s long-term growth prospects and a means to enhance shareholder value.”

Shares in Megawide closed at P15.94 each on Monday, 2.84% or 44 centavos higher from the previous session. The company’s stocks recorded a 52-week high of P25 apiece, and a 52-week low of P15.30 each.

The Megawide board also approved the declaration of cash dividends, equivalent to 20% of the company’s net income in 2017, totalling P247 million or P0.12 each.

The cash dividends will be payable to shareholders on record as of Oct. 15, 2018, and payable on Nov. 12, 2018.

Meanwhile, the company is set to open the Parañaque Integrated Terminal Exchange (PITX) in the fourth quarter of 2018.

“This will be the country’s first landport, which will have numerous transport connections serving passengers from the southwest of Metro Manila while helping to address the worsening problem of traffic congestion,” Mr. Saavedra said.

He said the company will undertake new private sector engineering, procurement and construction (EPC) contracts in the fourth quarter.

“We have a strong balance sheet and robust cash generation to support these programs while sustaining its immediate and future capital expenditure plans,” Mr. Saavedra said.

source: https://www.bworldonline.com/megawide-ap...k-program/
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...tama lang na magkaroon nito para unti unting magkadisiplina mga tao

Megawide poised to launch Parañaque transport terminal in November

MEGAWIDE CONSTRUCTION Corp. is launching next month the Parañaque Integrated Terminal Exchange (PITX), a “landport” for passengers from the south going to Metro Manila.

“We will be on soft opening this October with full operations scheduled this November. We are working closely with the DoTr and affiliated agencies such as the LTFRB to ensure that we are ready,” Megawide subsidiary MWM Terminals, Inc. President Manuel Louie B. Ferrer said in a statement over the weekend.

MWM Terminals, a consortium of Megawide and WM Property Management, Inc., won the 35-year concession period to build and operate the PITX in 2015.

The P2.5-billion terminal located beside the old Coastal Mall in Parañaque City is expected to improve passenger movement by connecting buses, taxis, jeepneys, and in the future, the Light Rail Transit Line 1 (LRT-1) South Extension, in one portal.

“Our goal is to deliver hassle-free transfers between multiple modes of transportation in PITX. Many of our technologies are being used for the first time in a bus terminal setting in the country,” Mr. Ferrer added.

Once fully operational, the PITX is expected to receive an average foot traffic of 100,000 a day, but total capacity is at 200,000 passengers daily.

Megawide said the PITX has approximately 12,000-square meter (sq.m.) leasable space inside the building, which will be available to tenants by December. It will also lease four 17,900-sq.m. towers for interested tenants starting next year.

The PITX is a three-storey building that will feature departure bays for buses, jeepneys and taxis on the first floor, an arrival bay for buses on the second floor, and private car parking facilities, action utility vehicles (AUV) bays, and a link to the future LRT-1 South Extension on the third floor. 

source: https://www.bworldonline.com/megawide-po...-november/
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...undervalued stock ito, STRONG BUY dapat dito Tongue

MCIA ranked one of Southeast Asia’s top airports

THE operator of the Mactan Cebu International Airport (MCIA) vowed to further improve its services, following a recognition from London-based air travel intelligence group OAG, which ranked the air hub as the one of Southeast Asia’s top airports in terms of on-time performance (OTP).

Cebu’s premier air hub was ranked by the British company as the ninth airport in the Asean with the best OTP, which is measured by departures and arrivals that take place “strictly less than 15 minutes after scheduled departure and arrival time, including cancellations.”

It only includes airports with more than 4,000 flights a month.

Topping the OAG’s list is Juanda Surabaya Airport in Indonesia, followed by Don Muang Airport in Bangkok, Thailand. Ranking third was Singapore Changi Airport, followed by Phuket International Airport in Thailand and Noi Bai Interantional Terminal in Hanoi, Vietnam.

In the sixth place was Suvarnabhumi Airport in Bangkok, Thailand, followed by the Kuala Lumpur International Airport in Malaysia. Trailing behind at the eighth spot is Tan So Nhat Airport in Ho Chi Minh, Vietnam. The 10th spot went to Ngurah Rai Airport in Bali, Indonesia.

GMR-Megawide Cebu Airport Corp. Preisdent Louie B. Ferrer said his group has been “working hard to ensure the on-time arrival and departure of Cebu flights.”

“This ranking is a testament to our commitment,” he said. “It’s also a challenge for us to continue finding ways to deliver better, friendlier service to our stakeholders. We intend to keep doing better.”

The airport connects 24 international and 35 domestic destinations through 25 partner carriers.

Ferrer said the company aims to further grow the operations of the airport through aggressive airline partnerships, targeting both existing and untapped markets.

“Mactan-Cebu’s central location is the ideal jump-off point to other domestic and international destinations. We will continue to maximize this location and position Cebu as a central hub in Southeast Asia,” he said.

source: https://businessmirror.com.ph/mcia-ranke...-airports/
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Megawide Construction Corp.

SHARES of Megawide Construction Corp. continued seeing demand last week as the company carries out its P2-billion buyback program, which according to traders, boosted investor confidence on the stock.

A total of 27.43 million Megawide shares worth P477.62 million were traded at the exchange last week from Oct. 22-26, data from the Philippine Stock Exchange showed.

Megawide shares closed at P17.58 apiece on Friday, up 3.5% week on week. Year to date, they were down by 1.8% from the Jan. 3 closing price of P17.90.

“The company is accumulating its shares. If you notice, the price of MWIDE (Megawide’s ticker symbol) shares came from a low of P14.02 each early this month to where it is now, at the P17-level,” said Jeng T. Calma, trader at A&A Securities, Inc., as she attributed the rise in the company’s stock price to the buyback.

“From an investor’s point of view, the buyback means the company is supporting its stock. That gives confidence to the investor,” Ms. Calma added.

“The buyback is a huge boost to investor confidence,” UPCC Securities Corp. equities trader Aristotle D. Reyes, Jr. said in agreement.

“The primary reason for the buyback is that the price is already cheap and the company wants to make the most out of it, but it also shows the company’s concern for investors and its stock price,” he said, noting the buyback helps stabilize the price of Megawide shares amid a sell-off sentiment in the listed market.

In its latest disclosure, Megawide said it bought back 20.39 million shares at P16.76 apiece on Oct. 23. The company has appropriated P2 billion for its buyback program.

Fundamentally, Mr. Reyes noted that apart from the usual construction business, new recurring revenue streams were added to Megawide’s portfolio such the operations and maintenance of government projects.

“This gives MWIDE steady income along the way, unlike construction business income which is volatile and cyclical,” he said.

Last July, GMR-Megawide Cebu Airport Corp. — a joint-venture between Bangalore-based GMR Infrastructure Ltd. and Megawide — opened a second terminal at the Mactan Cebu International Airport, which caters solely to international flight carriers.

Meanwhile, the Parañaque Integrated Terminal Exchange (PITX) — operated by MWM Terminals, Inc., a consortium between Megawide and WM Property Management, Inc. — is scheduled for inauguration on Nov. 5.

The country’s first “landport” is expected to improve passenger movement between Metro Manila and Cavite by connecting buses, taxis, jeepneys, and in the future, the Light Rail Transit Line 1 (LRT-1) South Extension, in one portal.

“Right now investors are thinking what’s next for MWIDE… [Although] we need to see first the performance of PITX,” said UPCC Securities’ Mr. Reyes. “But since it’s a government project, most likely it will give huge income.”

He also said trading volume at the exchange was weak due to lack of catalysts. Still, there’s demand for Megawide, Mr. Reyes said.

“For MWIDE, it’s quite healthy. There’s net foreign buying for [four] consecutive days. Maybe because of the PITX opening, they’re speculating it’s a very good addition to the company.”

Mr. Reyes pegged Megawide’s support and resistance at P17 and P18, respectively.

A&A Securities Ms. Calma gave Megawide’s support at P16 and resistance, at P18.

source: https://www.bworldonline.com/megawide-co...tion-corp/
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...earnings report...negative

Megawide sees Q3 earnings decline

MEGAWIDE Construction Corp. posted a 9% decline in attributable net income to P415 million during the third quarter, as higher revenues from its airport business failed to offset the drop in construction operation revenues.

In a regulatory filing, the diversified engineering and infrastructure conglomerate said its revenues fell 17% year-on-year to P3.936 billion during the July to September period.

Megawide reported a 28% fall in contract revenues to P2.98 billion, while airport operations revenues rose 51% to P857.35 million and airport merchandising revenues surged 88% to P89.8 million.

The Mactan-Cebu International Airport (MCIA) Terminal 2, which is operated by Megawide’s joint venture with Indian company GMR Infrastructure Ltd., started operations in July.

Megawide’s nine-month attributable net income slipped 4% to P1.321 billion versus last year’s P1.383 billion.

Revenues declined by 11% to P12.746 billion, “as a result of the cyclical nature of the construction business segment.” The bulk or 81% of revenues came from the construction business, while the airport business contributed the rest.

Revenues from its construction operations stood at P10.4 billion as of end-September, 17% lower than the same period last year “due to the varying stages of construction of projects in the order book and scheduled start of construction of the new projects booked towards the end of 2017.”

Megawide said it booked P16.8 billion worth of new contracts as of end-September. “This brought the total outstanding order book to P39.7 billion by the end of third quarter, providing revenue visibility for the next two years,” it said.

Airport operations increased its 9-month revenues by 26% to P2.180 billion, as the MCIA saw double-digit growth in passenger volume. As of end-September, MCIA handled 8.6 million passengers.

“Non-aero or commercial revenues, which contributed 32% to the total, grew by 30% to P698.4 million. Passenger service charge, representing 55% of airport revenues, increased by 25% to P1.207 billion driven by the double-digit growth in passenger throughput. The remaining 13% is accounted for Aero-related revenues, which increased by 24% to P273.7 million,” it said.

“Megawide’s prospects remain promising with the continued strong growth of the airport business with the opening of the MCIA Terminal 2. This is combined with our solid prospects in the construction business as we continue to expand the order book levels, ensuring revenue visibility for the next two to three years, at least,” Megawide Chairman and Chief Executive Officer Edgar B. Saavedra was quoted as saying in a statement. 

source: https://www.bworldonline.com/megawide-se...s-decline/
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...dami talagang project ni MWIDE Smile

Megawide secures P10-billion contract for Mandani Bay Quay project

MEGAWIDE Construction Corp. secured a P10.1-billion contract to construct Mandani Bay Quay Phase 2 in Mandaue City, Cebu, allowing it to breach its target for new contracts this year.

In a disclosure to the stock exchange on Wednesday, the engineering and infrastructure conglomerate said it was awarded the engineering, procurement, and construction (EPC) contract for the project by HTLand, Inc., a joint venture between Hongkong Land and Taft Property Venture Development Corp.

The project covers a floor area of 328,000 sq.m., where three 40-storey residential towers, one 30-storey office building, and commercial spaces are set to stand.

Megawide will start building the first tower this year, including the amenities area, commercial spaces, and parking level. This is scheduled to be completed by 2021.

The second and third towers will be completed within the first half of 2022 and first quarter of 2023, respectively. The office tower is scheduled for completion by the fourth quarter of 2022.

“With this large-scale, mixed-use development, we are solidifying Megawide’s engineering footprint in Cebu. It is truly a first-world project and we are committed to delivering the highest standards of engineering and construction,” Megawide Chairman, President, and Chief Executive Officer Edgar B. Saavedra said in a statement.

This allows the company to further expand its footprint in Cebu, where it also operates the Mactan-Cebu International Airport in a consortium with Indian firm GMR Infrastructure Ltd.

“We are further strengthening our operational efficiency in the region. It will be a good complement to our airport operations and our other ongoing EPC projects in the area,” Mr. Saavedra said. In March, Megawide was tapped by the Gaisano group to develop Taft East Gate Phase 1 in Cebu City under a P2.5-billion contract.

The HTLand deal is the largest Megawide has signed under its construction segment this year, allowing the company to hit its P24-billion target in new contracts in 2018.

Megawide bagged P16.8 billion worth of new contracts in the first nine months of 2018, 55% higher than the new contracts it had for full year 2017.

“Our prospects in the EPC business remain very bullish as we continue to expand our order book levels and ensure revenue visibility for the next two to three years,” Mr. Saavedra said.

Revenues from Megawide’s construction segment went down by 17% in the nine months ending September, which the company attributed to the cyclical nature of the business. With this, Megawide’s attributable profit fell by four percent to P1.32 billion in the first nine months of 2018.

source: https://www.bworldonline.com/megawide-se...y-project/
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