PMT Forum
How do you want to make money today?

TSO's Desk

TSO · 398 · 86872

TSO

  • PMT Idol 1500
  • ****
    • Posts: 1,641
    • Likes Received: +1/-0
on: Jan 03, 2011, 05:35 PM
STATUS: CLOSED
Updated: 21 Feb 2013
Notes: DS = Deep Scan; SN = Screen

Currently working on:
1. DS: FLIR Systems Corp., US (employer)
2. DS: Beckton, Dickinson, and Company, US (myself)
3. SN: GMA7, Philippines (Freefront)

21 Feb 2013 update: I have decided to scrap the wait list as I cannot analyze it at a speed fast enough to really deplete it.

Complete:
1. LOTO, PSE (myself) -- started 8 Nov 2010; ended 31 Dec 2010; covered '04 - '09; deep scan (found in Value Investors' thread, 38th page)
2. Safeway, US (myself) -- started 1 Jan 2011; ended 7 Jan 2011; covered '03 - '09; screening only
3. Air T, US (myself) -- started 14 Jan 2011; ended 17 Feb 2011; covered '03 - '10; deep scan
4. Tanduay Holdings, Inc., PSE (GoodSteward) -- started 17 Feb 2011; ended 19 Feb 2011; covered '06 - '09; screening only
5. Mabuhay Vinyl Corporation, PSE (myself) -- started 1 Mar 2011; ended 5 Mar 2011; covered '02 - '09; screening only
6. Nintendo Co. Ltd., US Pink Sheets (myself) -- started 25 Mar 2011; ended 28 Mar 2011; covered '03 - '10; screening only
7. Cityland Development Corporation, PSE (myself) -- started 31 Mar 2011; paused 2 Apr 2011; covered '06 - '09; screening only. scrapped due to other projects
8. Alaska Milk Corporation, PSE (boy_kolokoy, GoodSteward) -- started 1 Apr 2011; ended 7 Apr 2011; covered '03 - '09; screening only
9. EEI Corporation, PSE (panitanfc) -- started 17 Apr 2011; ended 7 May 2011; covered '04 - '10; deep scan
10. Megawide Construction Corporation, PSE (c_lmc) -- started 14 Jun 2011; ended 14 Jun 2011; covered '08 - '10; screening only; note: not in usual reporting format
11. Manila Water Company, PSE (cimic, akira0422) -- started 10 May 2011; ended 6 Jun 2011; covered '04 - '10; deep scan
12. Autoliv Inc., US (myself) -- started 20 Jun 2011; ended 25 Jul 2011; covered '01 - '10; deep scan
13. ProAssurance Corporation, US (myself) -- started 10 Sep 2011; ended 19 Oct 2011; covered '04 - '10; deep scan; full report uploaded to GuruFocus
14. Energy Development Corporation, PSE (robot_sonic, novice, akira0422, brokerbackgirl) -- started 27 Oct 2011; ended 29 Oct 2011; covered '05 - '10; screening.
15. Hillenbrand Inc., US (myself) -- started 28 Dec 2011; ended 29 Feb 2012; deep scan; full report unfinished until now
16. GameStop Corporation, US (myself, supervisor at internship) -- started 7 Mar 2012; ended 17 Mar 2012; deep scan; summary report written but cannot be uploaded without permission
17. Diamond Offshore, US (myself, supervisor at internship) -- started 17 Mar 2012; ended 12 Apr 2012; deep scan; will write report after finishing Hillenbrand (permission obtained); 21 Feb 2013 update -- will no longer write report as research is a bit outdated for it
18. Liberty Global, US (myself, coworker at internship) -- started 25 Apr 2012; ended 26 Apr 2012; screening; summary report written but cannot be uploaded without permission
19. Iridium Communications, US (myself) -- started 18 Apr 2012; ended 23 Jun 2012; deep scan; will write report after finishing Diamond Offshore
20. Holcim Ltd., US (myself) -- started 13 Sep 2012; ended 7 Oct 2012; deep scan; 21 Feb 2013 update -- will write report for resume purposes, either this or Iridium
21. Pacific Online Systems Corporation, PSE (myself) -- revisited 18 Oct 2012; simultaneous with SAIA; ended 21 Feb 2013; deep scan; full report completed for self
22. SAIA, Inc., US (employer) -- started 18 Oct 2012; simultaneous with Pacific Online Systems Corporation; ended 31 Jan 2013; did not do valuation due to probable difficulty in improving gross profit margins (which is critical to unlocking its value); no report written but notes have been made



I am putting this thread up for one reason: to sharpen my analytical aptitude. Basically, I will be taking requests to analyze companies that are publicly-listed on both the US and Philippine Stock Exchange. You won't be paying anything. I will invest time and effort into the analysis, and rest assured, I always do my due diligence. I think this is a perfect service for people who want to invest but neither have time to study nor ability to discern opportunities from traps.

Here's how it works:
1. Post a reply here. If it's not a bank or a financial institution, I will be performing a quick skim of its most recent SEC filing to see if the company is worth pursuing for a deep scan or a quick screen. PLEASE INCLUDE THE COUNTRY IT IS IN, as I cover both US and Philippine listed corporations.

2. If I like the company, I will perform a deep scan, a process which can take a very long time. Those who request projects from me will be updated from time to time, via email or PM (if your inbox isn't full!). Once the research is completed or is stopped, I will publish the results in this thread within two weeks of completion. I highly doubt this will lead to coat-tailing as there are, at time of original posting: one, less than 20,000 users in PMT; two, only an average of 151 people are online in a given day.



Key issues to address.

1. How do I analyze companies?

I use what I now call the "V Framework", the letter referring to "five" (as in the Roman numeral) and "value". It is a comprehensive analytical system I personally formulated through personal experience. It is continuously evolving, improving as I keep on analyzing companies. The V Framework ascertains the investment worthiness of a security through its perceived risk and valuation.

Risk is determined as the confluence of five different elements characterizing the underlying enterprise's business character. I personally believe that risk cannot be quantified into a single number (e.g. beta, a "risk index"). The perceived risk assigns an arbitrary figure that will be the centerpiece of the valuation process. It goes without saying that intrinsic value estimation is crucial as there can be a point where one can overpay for a good company.

James Montier mentions in his book Value Investing: Tools and Techniques for Intelligent Investment that Benjamin Graham, the father of the discipline and the professional idol of the legendary Warren Buffett, prescribes 16 as the highest Price-Earnings ratio any investor should pay. Consequentially I adhere to this principle and have also algebraically manipulated the equation to arrive at the maximum premium that should be paid for growth depending on perceived risk.

The five elements are highly comprehensive, comprising both quantitative and qualitative factors. Tedious encoding, ritualistic data processing, and the compilation and study of the results form a bulk of the analytical process. I employ a brutal combination of recasts (and/or adjustments) along with vertical, horizontal, ratio, valuation, and stability analyses.

Just remember, I am a Value Investor. I don't do trading and all that crap.

Please note that I find a firm's inability to service debt without the perpetuation of more debt highly egregious and would, as a force of habit, raise the perceived risk level more than I probably should. Admittedly, my own portfolio has missed profitable opportunities (such as Semirara Mining Corporation) because of the higher demand for safety. Still, I am of the opinion that opportunities can be found anywhere and anytime. There is no penalty other than opportunity costs for missing a sure winner.

4 MAY 2011 EDIT: The computation method for the discount rates utilized in the valuation process has been changed from a user-defined percentage defined by perceived fundamental risks to the concept of Weighted Average Cost of Capital. Allow me to explain why. When you look at WACC through the lens of common sense, it is simply the minimum rate of return the company must make on its operations to merely offset its cost of capital--sourced from debt, equity, or both.

Computing the cost of debt financing is straightforward and will be based on historical interest rates on interest-bearing liabilities, further adjusted upwards if necessary. Acquiring the cost of equity, however, is a bit more complicated. I will be employing the Capital Asset Pricing Model, simply because the concept behind it makes a lot of sense.

CAPM, from analysis of its equation, simply asserts the cost of sourcing money from investors -- individual market participants, angel investors, or friends/family/colleagues (for the world of entrepreneurship) -- must be equivalent to the rate of return provided by a virtually risk-free investment (like a treasury bond from the government) they would've put their money in otherwise, plus a premium to compensate for the increased probability of incurring capital losses characterized by the investment vehicle being invested in. This risk premium is further adjusted by a multiplier that corresponds to the risk applicable to the individual vehicle being used.

The unadjusted risk premium applicable to the entire market is computed as the difference between the return provided by benchmarks (e.g., the Philippine All-Share Index and the S&P 500) and the risk-free return. Rest assured, I still despise beta (the academicians' proxy for this "individual vehicle adjustment") with every fiber of my professional beliefs as an analyst and a value investor. I've tried so many ways to develop a risk index that makes sense, but as time passed, I concluded that absolute precision isn't really necessary, and perceived risk is, though subjective, still the way to go.

Please note that I now derive my USA equity risk premiums from Aswath Damodaran's website.
     

2. What is the difference between "screening" and "deep scans"?

Screening. Vertical and horizontal analyses are not performed. The ratios I look at to ascertain the five elements are far less, and I am more concerned with the "umbrella" accounts such as "Current Assets", "Current Liabilities", "Retained Earnings", "Net PP&E", and the like. The only valuation techniques utilized are Reverse DCF and a very crude version of EPV. Discount rates, though tied to perceived risk, are practically user-defined.

Adjustments to the umbrella items of the financial statements are also made, but if I notice something that may be of interest (like an Off-Balance-Sheet item), then I would simply take note of it, as that's for the deep scan.

Deep Scan. More extensive than Screening and should be on par with what is done professionally. The financial statements are encoded in their original format, followed by recasts, as well as adjustments if necessary. Vertical and horizontal analysis are performed, along with segment analysis. I dive into depreciable assets and debt obligations. The ratios being studied are numerous, yet relevant enough to the analysis.

In other words, more information is processed to determine the inherent risk of the company. It is also done to increase the precision of the valuation process, which estimates the intrinsic value of the company's assets (NAV: liquidation or reproduction), sustainable earnings (Greenwald's EPV), and growth (the ever-so-popular DCF).

18 May 2011 EDIT: My valuation methods for the deep scan has evolved to incorporate Mauboussin and Johnson's concept of the Competitive Advantage Period into its DCF models. I am also currently reviewing the practicality of adjusting for inflation the earnings estimates I use for EPV and DCF. Furthermore, some correspondence between Motley Fool writer and financial analyst James Early and myself shed light on some gaps in my methods of estimating intrinsic value. This conversation, of course, contributed to their overall improvement, and it shall be first seen in the full analysis of the Manila Water Company... once I get past the whole "encoding" process, of course.

3. Do you have to understand financial analyst crap to know what I'm talking about?

Fortunately, no. After screening (or meticulous analysis), I summarize my findings into a laconic compendium that's easy to read and straight to the point. I don't have to show you the core details unless you request them. I mean, I'm not making an academic paper. Do you have any idea how long it'll take for me to give you a professional-standard report? ALONE?

4. What's my criteria for early rejections, i.e. for stopping the analysis at the screening level?

Easy. So long as it fulfills one of the following:

A. Annual reports prevent comprehensive elucidation. FACTSET and Weis Markets, both USA-listed companies, are two examples. I hate it when annual reports don't disaggregate all revenue and expense items, *especially* items that are directly related to operations. Structures like that prevent me from fully comprehending the business behind the security you're fancying. It stops me from performing adjustments, or from recasting the financial statements in such a way that it is more illumining.

19 Feb 2011 EDIT: Apparently, most US companies are like this, thanks to the differences between IFRS and GAAP reporting. I have adapted my personal system to it, but since the items aren't disassembled, the analysis will never really be as comprehensive as it is for Philippine companies -- that is, if anybody ever asks for the in-depth information.

B. Can't find enough data for at least 5 years. The V Framework demands at least 5 years' worth of data (preferably 7 or more). I look at a company this way because I am more interested in its inherent stability than its future growth prospects. As far as I'm concerned, TOEI Animation (US-listed) is currently my only example -- I couldn't find the annual reports, period!

I don't do well with processed information like those found in MSN Money or Bloomberg. They're good for screening and quick computations made on an iPhone, but not for intensive analysis. It is prudent to work with raw data the way the pros do.

C. I don't like the industry. Financials come to mind, like banks. I also avoid holding companies because they're difficult to analyze, as I firmly adhere to a bottom-up approach when selecting opportunities in equities.

D. It just doesn't pass. Here's a sample of my own notes from 2 Jan 2011's screening of Weis Markets. However, please note that this was made before I adapted my system for companies ascribing to GAAP.

Quote
DO NOT PURSUE FURTHER ANALYSIS! Though Weis is consistently stable, has strong credit, and good efficiency indicators, the lack of competitive advantages aside from self-supply (which I definitely know Wal-Mart, Sam's Club, & Safeway already has) and the high but grossly unrealistic growth expectations placed by the investors on its expansionary initiatives (made out of desperation for success) undermine Weis' investment worthiness.
   
Further tracking of the stock should be done, since the ideal purchase price for the company is $20 or less, considering Weis is a bastion of consistency as far as the numbers are concerned. Monitor its potential of future bankruptcy, its growth in revenues, and more importantly, its asset turnovers as the company pursues its expansion.

5. How long does the analytical process take?

Screening, three days, give or take. The analysis itself, about a month or two. I tend to take my time. Value opportunities normally last long enough for me to exploit them by the time I'm done. Take for example, Gokongwei's RLC. I did a screen on it based on its 2009 17A, which was released on 17 Jan 2009, when RLC was trading for P16 a share.

Its rise to P44 a share by Oct 2010 began in mid-2009, building up momentum starting around early March. I would've bought the company had I screened it, although I may have had to endure countless nightmares of lost capital --- debt situation and three-year back-to-back negative free cash flows were terribly unsettling (and also a reason why looking at "past 5 or 7 years" equates to good discipline.)

4 MAY 2011 EDIT: Since I'm now employed by my aunt in her business, this tremendously cuts down my free time, as I have to juggle this with studies for my CFA I Exam on December this year.

6. Will this lead to coat-tailing?

While I DO publish the results here for the PMT users' reference, at the time of this post's original posting (January 3, 2011), there were less than 20,000 users in PMT. An average of 151 people are online in a given day. As for the pyramid network that MLM companies love toting to gullible idiots who don't know how to sell, there are plenty of sources of "more credible" research in both the Philippines and the US market. Locally, for example, we have the Citisec Online research pool, whose chartered analysts regularly provide reports of covered companies' activities and potential earnings.

However, since I'm pretty much studying for my own charter, I am obligated to disclose any potential conflicts of interest. I am also managing my own investments in the Philippine market (and a paper one for the US), and consequently, analyzing companies upon your request would definitely expose me to the same information you will definitely be given. What I'm saying is, I might just eat what I cooked up for you. If you have problems with that, then approach someone else!

19 May 2011 EDIT: I did not say this in the original post, but the fact remains that the people who requested the analysis and myself (i.e. the "clients") will have at least a 2-week head start over the general public (meaning: whoever even looks at this thread) as I will not disseminate the report, screening or deep scan, to the public until after two weeks since its completion.

7. What if you want to do your own analysis?

I could care less. Go right ahead. At least, I'll have someone else I can talk to about this company.

8. What if I'm not the one you're looking for?

I'm not the only one providing analyses of companies here in PMT. Like me, Cliffhanger looks at companies either on his own initiative or on request. This entire subforum, furthermore, is dedicated to the stock market, so it is very easy to find respondents for your concerns. Seek out the other "gurus", such as ThriftyPinoy, Bauer, and GIG. That these three have more experience than I do lends credence to the saying "there's always something better".

9. So if there are people here already, why should I still request help from you?

Again, I am offering in-depth research into companies you are eyeing, provided the restraints given in #2 and #4. Cliffhanger prefers to screen through his companies lightly (it adds to his speed), though I have noticed some developments in his own analytical process. The other "gurus" here hasn't even started what I'm doing at the moment.

There are also people who try to evaluate companies on their own blogs, but again, I try to differentiate myself from them as a value investor with his own analytical framework and standards, covering both Philippine and American companies. ^^

10. How'd you come up with this?

Ever heard of Deviantart? It's a website where artists, writers, and animators upload the works they do on their own time. They also accept requests from people who have absolutely no talent with drawing (like me >.<), though some of the more experienced ones take commissions instead.

You should visit if you have time. It's actually entertaining, even though you may find some of the stuff posted up there weird.
« Last Edit: Oct 11, 2018, 08:02 PM by TSO »


GoodSteward

  • VIP 3500
  • *****
    • Posts: 3,991
    • Likes Received: +4/-0
FPH, TDY, AMC- arranged according to priority, but any one of these is ok.. I  listed 3 in case there are stocks which you cant do the analysis on Thanks :)
« Last Edit: Jan 03, 2011, 06:07 PM by GoodSteward »


thriftyPinoy

  • Forum Master 300
  • ***
    • Posts: 326
    • Likes Received: +0/-0
@TSO: this kinda reminds me of www.sumzero.com =D keep it up buddy, i'd certainly be interested on what you have to say about Cityland. By the way, any "legal" updates? ;-) Message me, please.


robot.sonic

  • Forum Tambay 150
  • ***
    • Posts: 163
    • Likes Received: +0/-0
HLCM baka pwede. :D

robot.sonic



swami

  • Newbie
  • *
    • Posts: 7
    • Likes Received: +0/-0


Thanks sir for this thread. I shall soon post here.

just to clarify, sir. Are you also investing in the US stock market? NASDAQ, NYSE?


There's a guy in PEX, a Filipino, who is a full-time trader in the US market.  his handle is knightrider.


TSO

  • PMT Idol 1500
  • ****
    • Posts: 1,641
    • Likes Received: +1/-0
I just started a virtual portfolio in the US market. Which exchange I'm using doesnt exacty matter since you should be able to trade in both.

I cant manage a real portfolio there yet because I dont have income. Lack of work.

Btw, everyone, I haven't edited the post above yet ('cause i got some personal biz to do) but I can't cover holding companies in-depth. Due diligence requires comprehensive analysis but since I neither represent nor am supported by institutions I am restricted to top-down analyses of holding companies.


dinaren

  • Forum Master 400
  • ***
    • Posts: 428
    • Likes Received: +0/-0
wow galing talaga ni TSO. kudos.

i was about to ask about SecB or ChiB but you mentioned you dont really like the industry so wag na lang haha.. any speculations about this stock na lang will do..lol..


cimic

  • Newbie
  • *
    • Posts: 7
    • Likes Received: +0/-0
manila water company (mwc -pse) & Aboitiz Power (ap - pse)

Thanks.    :cool2:
 


freefront

  • VIP 4500
  • *****
    • Posts: 4,888
    • Likes Received: +9/-0
^Broadcasting cos. like GMA and AbS? These are always on in my household and I thought' "what about those?"



GIG

  • PMT Idol 1000
  • ****
    • Posts: 1,359
    • Likes Received: +7/-0
Its about time you had your own thread man. Goodluck and happy analyzing. Will definitely be supporting this thread.


jogitz

  • Probie
  • **
    • Posts: 23
    • Likes Received: +0/-0
DGTL pls.... curious lang po ako


boy_kolokoy

  • Junior Member
  • **
    • Posts: 27
    • Likes Received: +0/-0
AMC - PSE ...:)... tnx


TSO

  • PMT Idol 1500
  • ****
    • Posts: 1,641
    • Likes Received: +1/-0
SAFEWAY
I. Demographics
Country: USA
Stock Ticker: SWY
Industry: Groceries
Profile:

Safeway Inc. is one of the largest food and drug retailers in North America. As of September 11, 2010, the company operated 1,702 stores in the Western, Southwestern, Rocky Mountain, Midwestern and Mid-Atlantic regions of the United States and in Western Canada. In support of its stores, Safeway has an extensive network of distribution, manufacturing and food processing facilities. Safeway also holds a 49% interest in Casa Ley, S.A. de C.V., which operates 161 food and general merchandise stores in Western Mexico.

The brands GENUARDI'S FAMILY MARKETS, RANDALL'S FOOD MARKETS, CARR-GOTTSTEIN FOODS CO., DOMINICK'S SUPERMARKETS, and VONS COMPANIES have been acquired under Safeway. These brands are all acquired supermarket and retailer chains that are prominent on the state level.

Safeway focuses on both upscale and niche markets, as seen in its stores' earth-toned decor, special lighting, and custom flooring.

II. Risk Assessment
Quantitative and qualitative analysis on the screening level leaves me with the impression that SWY has moderate risk.

Justifications:
a. SWY has been over 60% debt-funded for the past seven years. Unfortunately, its creditworthiness fails on both asset liquidity and earnings coverage.

b. While the number of company stores are dropping, the fact that its revenues continued to rise above the rate of inflation implies growing efficiency in SWY's use of its properties. This, of course, is explicitly seen in its revenue per square footage, its fixed number of manufacturing, processing, and distribution facilities, and in its turnover ratios.

c. SWY's profitability is inadequate. Though operating margins normally hit 5% and above, these profits are subsequently killed off by nonoperating items (especially in 2003 and 2009), interest, and taxes. What remains, yes, is enough income to generate a 5% return on assets (and over 10% ROE, thanks to its debt). In spite of this uplifting figure, SWY's income is, in my opinion, horribly lacking in light of its precarious financial condition.

d. The industry is highly competitive, and the battlefield is slowly being dominated by Wal-Mart, whose economies of scale are so vast they are driving prices to the floor towards margins that are unprofitable for the rest of the competition. Safeway's control over the West Coast through multiple brands, each one adhering to its market differentiator as a high-end supermarket, alleviate this effect and give the company flexibility in terms of answering the needs of the market. Its probabilities of long-term survival is further buttressed by Safeway's 32 manufacturing and processing plants and 17 distribution and warehouse centers.

However, Wal-Mart is starting to creep onto the West Coast, experimenting with high-end marketing like SWY before it. The ramifications can go either way. Safeway's horrendous credit puts the company in a precarious situation. Whatever profits it earns, whether accrual OR cash, is wiped out by principal payments. Combined with dividend distributions since 2005 averaging 12% of net income, you can bet on the perpetuation of its creditworthlessness.

Flawed counterattacks or bad luck in general could bring SWY down.

III. Valuation
Initial Impressions
My initial impression was that of a value company. SWY is one of the largest retail networks in the United States trading below 2.0x book value, heading downward in the short-term. Its 2009 net loss also secured my attention, knowing that the market's loss aversion and action bias is sure to floor the stock price further downward. Zero-growth DCF valuations on its median operating income gave me at least 10% margin of safety, but using free cash flows implied a stellar undervaluation, providing a margin of safety of over 40%, one that was certain to increase as the market continues rerating the price down.

The 40% M.O.S. turned out to be an illusion later on, as this was based on overstated free cash flows arising from an error in the data entry. Correcting this brought down all FCF values to the point it is at least 60% overvalued, the most optimistic outlook being 25% overvalued. Consequently, all FCF values fell below debt payments, revealing threats to its sustainability.

Valuation Analysis
Disclaimer: all valuation analyses was done on the screening level.

Net reproduction cost of Safeway would result to an 89% margin of safety over its current market price. As its zero-growth DCF valuation implies, the overvaluation reveals either competitive disadvantages or poor management, or simply both. Evidence of the latter can be seen in the perpetuation of its egregious credit, while evidence of the former is visible through the immense competition. Growing efficiency and market differentiation are not enough, so it seems.

Personal Choice of Action
As an investment, I would stay away from this company. While it is practically guaranteed to survive the next few years, and is sure to grow during the same period (revenues, operating cash flows, and free cash flows grew above inflation rate of 1.6% annually for 5 years), its terrible credit is too unsettling to do away with.

Profits are too inadequate to cover it, yet it must secure money to counter the expansionary conqueror from the East (Wal-Mart) and its persistent neighbor, Kroger (both Kroger's and Safeway's stores have a 70% area overlap).

Obviously it is better to consider Wal-Mart (WMT) as an investment (as it is *cheaper* than Safeway in terms of P/E, has better debt, and definitely better cash flow positions). Other companies--niche businesses--like WFMI or Dollar stores would also be worth studying after Safeway. 

Of course, there's always the option of exploiting the unsustainable position of Safeway through time arbitrage by shorting it over the medium-term.



Personal Notes:
Aside from its apparent failure as an investment (which does not necessarily mean it's a bad business), my analysis of Safeway was stopped at the screening level for the following reasons:
- the company does not breakdown its operating expenses. I emphasize a breakdown for recasting and adjusting purposes, and to learn more about the business. It could've helped me identify recurring and nonrecurring portions of what the company considers operating and nonoperating expenses, which would've aided in identifying the drivers of its value.
- the company does not breakdown PPE into its movements, preventing me from conducting a thorough analysis of its capital expenditures vis-a-vis the growth of its PPE (as PPE can grow through reclassifications and business acquisitions).

.

After going through Weis Markets, FACTSET, and Safeway, I am beginning to observe an impediment common to US companies' 10K's. Looks like I will be acclimating the V Framework accordingly in the near future as to stop myself from halting the analysis process at the screening level due to this limitation.
« Last Edit: Jan 08, 2011, 05:48 AM by TSO »


Zach

  • Newbie
  • *
    • Posts: 1
    • Likes Received: +0/-0
Hi TSO, what's your insight on MBT - PH

Thanks!


tomtom

  • Newbie
  • *
    • Posts: 3
    • Likes Received: +0/-0
MBT, SMPH and ALI pls. TIA


 


PMT Shoutbox

Refresh History
  • Post only questions or comments here. Advertisements NOT ALLOWED.
  • miakashidou31: hi , meron po ba ditong nagta transfer sa paypal?
    Nov 05, 2019, 01:46 PM
  • whennedy: good noon po
    Oct 18, 2019, 12:04 PM
  • edzlpdac: goood day po sa lahat!
    Oct 12, 2019, 03:37 PM
  • bpc85: ask lng sana ako kung may makukuha ba kami ng Mama ko at ako or mga kapatid ko sa benepisyo ng aming Ama bilang membro ng AFPSLAI. thank you po.
    Sep 27, 2019, 12:52 PM
  • bpc85: Hi guys, im new here,.
    Sep 27, 2019, 12:52 PM
  • Anaperdi: Hi just want to know if meron dito who is into boundary hulog ng motorcycle? For mga riders ng courier. Pwede ba magpashare how it works? Naisip ko lang baka pwede ko ibusiness, meron na pala mga posts online pero di pa clear ang system sa akin. thank  you sa makakapansin
    Sep 21, 2019, 11:32 AM
  • Anaperdi: Hi newbie here..
    Sep 21, 2019, 11:19 AM
  • jprios: May contact ba kayo kung sakali?
    Sep 18, 2019, 06:11 PM
  • jprios: Sino pwedeng mahiraman dito?
    Sep 18, 2019, 06:09 PM
  • kfg52: Present!
    Sep 15, 2019, 07:26 PM
  • juju31: san po ba may nag papahiram dito
    Sep 14, 2019, 07:18 PM
  • juju31: hello
    Sep 14, 2019, 07:18 PM
  • FutureGizmo: Thanks julz! Medyo ganun nga trabaho namin ngayon, to monitor spam posts kasi ang daming spam bots. But thanks for reporting. Auto-ban agad ang spammers sa amin haha
    Sep 07, 2019, 12:17 PM
  • julz: @FutureGizmo si @nikkikv18 just posted more than 10 posts about porn sites. hay, spam.
    Sep 03, 2019, 01:05 PM
  • Cid_brent: sino po dyan pwede magbigay send ng paypal funds and I will pay you using gcash?
    Aug 25, 2019, 08:58 PM
  • Meghan91811: Sino po may alam about Rice Farming...
    Aug 25, 2019, 07:44 AM
  • roselove: hello po sa inyo... newbie here
    Aug 06, 2019, 03:31 PM
  • Niel Jhacoubs: Sino palaging active dito?
    Jul 30, 2019, 04:15 PM
  • dagocjasonrey: Anong update dito?
    Jul 22, 2019, 08:49 PM
  • mark_Lee: anong bago dito
    Jun 28, 2019, 01:03 AM
  • mark_Lee: balita
    Jun 28, 2019, 01:03 AM
  • Lovelyprincess72: hi everyone , I'm newbie here
    Jun 27, 2019, 02:36 PM
  • Niel Jhacoubs: Musta?
    Jun 26, 2019, 01:43 PM
  • Forexanalysis: Hello
    Jun 25, 2019, 06:33 PM
  • Niel Jhacoubs: Hello sa mga online jan! :)
    Jun 15, 2019, 02:58 PM
  • oragon: :applause:
    May 20, 2019, 03:53 PM
  • FutureGizmo: Thank you for reporting those spam posts, oragon! Spam posts now deleted.
    May 20, 2019, 01:59 PM
  • oragon: Admin kindly monitor some peps! posting and sharing inappropriate nude photos and website links
    May 20, 2019, 01:52 PM
  • @culinary10: Hello I am new here! Regarding sa bdo life insurance for 8 years, pwede pa kaya ma refund yung binayad ko na 50k last year? Gusto ko sana icancel kasi lack of financial na, last may 15 2018 po un nag start ako ng life insurance, pinili ko annually kaso etong may 15 2019 wala nako ma ipay so gusto ko sana icash out, may alam ba kayo kung pano marerefund?
    May 17, 2019, 07:56 PM
  • FutureGizmo: Hi Sonny, the posting issue is now resolved. Thanks for informing us! We're currently testing a new, mobile-ready theme so let us us know kung may problema pa sa Forum. :)
    Apr 04, 2019, 10:40 AM
  • sonny.wapak: Nakaka receive din ba kayo nito pag gawa ng new post? "Please try again. If you come back to this error screen, report the error to an administrator."
    Apr 03, 2019, 10:56 PM
  • leonine_zafiro: what product nun?
    Apr 01, 2019, 10:25 PM
  • dhondiex27: hi
    Mar 30, 2019, 10:55 PM
  • lusart: jayrob i agree 200%. hulog ng langit organico. legit na legit
    Mar 29, 2019, 09:08 AM
  • palemelch: Hi
    Mar 28, 2019, 04:08 PM
  • O.C.W._AK: Magandang Araw sa Lahat! Blessings! (",)
    Mar 28, 2019, 08:42 AM
  • thor15: hello everyone, newbie here
    Mar 25, 2019, 01:47 AM
  • captjaylo: present newbie here
    Mar 22, 2019, 10:06 AM
  • balboagilbert26: hello Guys .. Newbie here
    Mar 21, 2019, 10:55 PM
  • businesswoman2019: @jefsanity nag inquire na po ako pero di sila nagdidisclose. Yung branch po kasi na target ko, currently building pa.
    Mar 21, 2019, 04:27 PM
  • jefsanity: @businesswoman2019, much better inquire ka na lang sa admin nila.
    Mar 21, 2019, 01:51 PM
  • businesswoman2019: Hello! Any idea how much ang stall sa waltermart. 2m x 2m
    Mar 21, 2019, 08:28 AM
  • John Neil: Looking for an accredited iron foundry
    Mar 17, 2019, 03:19 PM
  • jayrob: Mark_Lee ung organico legit po yan..  Member din AQ..
    Mar 17, 2019, 12:57 AM
  • perlymelad: Hello po! Need advice, why my new MLM leaders failing?
    Mar 14, 2019, 08:51 PM
  • perlymelad: Present
    Mar 12, 2019, 07:53 PM
  • kennethmauricio: Hi saan po dito pwede mag post ng for sale properties?
    Mar 11, 2019, 07:58 PM
  • jefsanity: @mark_lee isipin mo anu passion mo at skills mo...
    Mar 11, 2019, 06:52 PM
  • sniperaj09: BAGO LANG
    Mar 10, 2019, 11:16 AM
  • mark_Lee: magandang investnent ngayon sa 30k suggest naman keo mga boss
    Mar 10, 2019, 03:07 AM