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PSE Stock: ABOITIZ POWER (AP)

arnel · 37 · 12011

ferrariEverest

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Sir,
na-check ko dun sa PSE yung chart nya.
d ako sanay gamitin yung chart dun sa PSE website :D, mukhang rangebound yung AP (looking at its 1-yr chart), at cautiously bullish above 30.0
dko masyado makalikot yung chart so limited lang yung masasabi ko :D

basta kung papasok kayo, minimal amount lang. lalo na pag dkayo sigurado :)


Ping

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vgal0579

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SN-Aboitiz bags permit for Binga plant

SN-ABOITIZ Power yesterday said it had bagged a permit for its Binga hydroelectric power plant in Benguet which is slated to come online next year after rehabilitation work is completed.

The certificate of compliance will from the Energy Regulatory Commission will allow the firm to sell power from the 100-megawatt (MW) power plant, SN-Aboitiz said.

SN-Aboitiz said the certificate of compliance was granted for one of the turbines which the firm upgraded to 31.45 MW from 25 MW.

“By 2013, we will have a practically brand new Binga hydroelectric power plant providing 130 MW of renewable energy to Luzon,” said SN-Aboitiz President and Chief Executive Emmanuel V. Rubio in the statement.

He added the rehabilitation of the power plant “is on track.”

Rehabilitation works on one of the units in the Binga hydropower facility was completed in the fourth quarter of 2011.

The total capacity of the plant has been increased by 5 MW due to the rehabilitation.

The company earlier said “works on the second unit have commenced and are expected to be completed in June 2012.”

Rehabilitation of the Binga power plant began in 2010.

SN-Aboitiz is rehabilitating Binga to upgrade the plant from 100 MW to 130 MW.

Binga was already the recipient of a certificate of compliance but a new one was issued in light of the higher technical standards of the refurbished plant.

The company successfully bought Ambuklao and the Binga hydroelectric power plants in November 2007 for $280 million from the Power Sector Assets and Liabilities Management Corp.

Rehabilitation of the Ambuklao power plant was completed last year. It now provides ancillary power to the Luzon grid.

The firm earlier said the total cost for the rehabilitation and refurbishment of the Ambuklao-Binga facilities is $290 million.

SN-Aboitiz is a joint venture between Aboitiz Power and Norwegian power firm SN Power. Aboitiz Power’s core net income for 2011 fell 14% to P21.1 billion from P24.4 billion in 2010. Its consolidated net income dropped 14% to P21.6 billion from P25 billion. -- Emilia Narni J. David


vgal0579

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ABOITIZ POWER Corp. has approved the early redemption of its five-year peso fixed rate bonds, the company said in a disclosure yesterday. Aboitiz Power will redeem its five-year bonds dated April 13, 2009 by April 30. The bonds were supposed to mature in 2014. The firm will redeem the bonds “at the redemption price of 102% of the principal amount and the accrued interest of 8.7% per annum.” Aboitiz Power’s bond has an aggregate amount of P3 billion. Aboitiz Power’s core net income for 2011 fell 14% to P21.1 billion from P24.4 billion in 2010. Its consolidated net income dropped 14% to P21.6 billion from P25 billion. Shares of Aboitiz Power remained at P33.30, up 1.06% from its previous close of P32.95 apiece.


vgal0579

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Coal plant expansion readied

POWER FIRM TeaM Energy yesterday said it was finally pushing through with the long-planned expansion of the Pagbilao coal plant after it reportedly secured a partnership with Aboitiz Power Corp.

“We are now preparing for the project. We have agreed on a 50-50 joint venture with Aboitiz [Power Corp.] for the expansion of the Pagbilao plant. It will be a pulverized coal boiler similar to the technology of the first two units,” TeaM Energy President Federico E. Puno said in a press briefing.

Expansion work, seen to be completed by 2015, is seen to add another 400 megawatts (MW) of capacity to the 700-MW plant.

Mr. Puno said the new unit will be designed to burn low-quality coal since the first two units were only capable of burning only Australian coal.

The expansion is estimated to cost around $600 million to $700 million.

“Our target is to finish all the documentary requirements and talks with engineering contractors this year so groundbreaking will be in the first quarter next year and have the plant completed in December 2015,” said Mr. Puno.

He added the financing for the expansion will be partly bankrolled by internally generated funds.

The firm is already in talks with Mitsubishi to be its engineering contractor.

TeaM Energy -- a joint venture between Tokyo Electric Power Co. and another Japanese firm, Marubeni Corp. -- is the operator of the coal power plant in Quezon. It also operates the 1,200-MW Sual coal-fired power plant in Pangasinan.

The Pagbilao power plant is owned by Aboitiz Power Corp. while the Sual plant is owned by San Miguel Corp.

Mr. Puno said the decision to expand the Sual power plant “is still dependent on the results of the feasibility study.” -- Emilia Narni J. David


vgal0579

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Recommendation: Hold

FIRST Metro Securities Brokerage Corp. has advised investors to hold shares in Aboitiz Power Corp. (AP), as the stock is moving towards its “fair value.”

“Upside is minimal as we see it nearing its fair value,” trader Ghia Paula L. Yuson said, noting the stock has been on a six-week uptrend.

She pegged the stock’s fair value at P36 to P37 per share. The stock closed at P33.90 apiece last Friday, up by 2.88% from Thursday.

Aboitiz Power shares are selling at a price-to-earnings ratio of 11.2 times, below the market index’s 18 times. “[AP’s] cheaper compared with the index,” Ms. Yuson said.

The trader pegged the stock’s support at P32 per share and resistance at P34.

Aboitiz Power’s 2011 core net income fell by 14% to P21.1 billion from the previous year’s P24.4 billion. Consolidated net income also dropped by 14% to P21.6 billion from 2010’s P25 billion. — Luis Nonito Q. Pasuelo


vgal0579

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Recommendation: Wait to buy

AN ANALYST from A&A Securities, Inc. has advised investors to wait for a major correction before buying shares in Aboitiz Power Corp., as the stock is nearing its resistance level.

Shares in the firm closed at a four-day high of P34.75 last Friday, P0.15 higher than the previous close. “[The stock’s] price is near its previous high of P35, which is also its resistance,” said analyst Jeng T. Calma. He placed the stock’s support at P30.

Ms. Calma said investors should wait as the stock still has momentum and is expected to breach its resistance before heading for a correction.“A good entry-point is at P33. Investors may start accumulating at that level,” she said.

Comparing Aboitiz Power against its peers, the analyst noted the energy firm’s stock is considered cheaper at a price-to-earnings (P/E) ratio of 11.52 times. Ms. Calma placed Manila Electric Co.’s P/E ratio at 17.53 times and Energy Development Corp.’s at 13.06 times. — Karen Joyce Q. Ang


vgal0579

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Aboitiz Power plans to spend P170B for generation projects

DAVAO CITY -- Aboitiz Power Corp. plans to spend up to P170 billion in the next five years to rehabilitate old plants as well as establish new facilities across the country.

In a statement yesterday, the company said the planned expenditure will likely go to hydroelectric and clean coal projects to take advantage of a shortage in the market.

In Mindanao, P35 billion will be invested for an additional 354 megawatts (MW) that would come on stream by 2015, the company said. Part of this amount would be for the initial operation of the 300-MW, coal-fired power plant to be constructed in this city, while the remaining amount would be for small hydroelectric plants that would have a combined capacity of 54 MW.

The company said it has also started identifying some smaller hydroelectric plants that might be included in the investments portfolio some in the Davao region.

Earlier, Gregorio P. Jabonillo, vice-president of Hedcor, Inc., a subsidiary of Aboitiz Power, told BusinessWorld the company wants to put up smaller hydroelectric plants in Compostela Valley and Bukidnon.

Mr. Jabonillo said the company is still determining the capacities of the planned hydroelectric plants. The latest Aboitiz Power statement said it would “rehabilitate the existing plants to maximize capacity and improve reliability.”

Mindanao has been facing a power crunch again these past months as hydroelectric power plants run by the state-owned National Power Corp. saw their capacities slashed as preventive maintenance started two months ago.

Aboitiz Power recorded lower earnings of P16.5 billion in 2011 versus P19.1 billion two years ago.

This was reportedly a result of a 7% drop in the average selling price of electricity, as well as a decline in net power generation to 9,422 gigawatts per hour (GWH) from 9,762 GWH in 2010.

Aboitiz Power shares fell by 0.86% to P35.10 apiece on Friday. -- Carmelito Q. Francisco


vgal0579

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Recommendation: Buy

AB CAPITAL Securities, Inc. has placed a “buy” tag on shares in Aboitiz Power Corp., pointing to the firm’s strong profitability and hydropower plants’ increased capacity to supply power.

“AP has a better-than-expected EBIT (earnings before interest and taxes) margin and the company’s ancillary revenues are also strong,” analyst Gregg Adrian R. Ilag said. “Water levels are also high right now so the company has the capacity to easily provide hydropower for its customers.”

Aboitiz Power reported P5.6 billion in profits in the first quarter, up by nearly a tenth from the same period last year. “As far as fundamentals are concerned, [AP] is a good stock,” Mr. Ilag said.

AP shares closed 2.3% lower at P31.80 apiece last Friday. It was lower than the “target price” of P37.21, he said.

Mr. Ilag placed the stock’s support at P30.66 and resistance at P31.93 per share. AP is selling at a price-to-earnings ratio of 11.08 times, he said. — Luis Nonito Q. Pasuelo


vgal0579

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Aboitiz unit hires contractors

ABOITIZ POWER Corp. has moved forward with its planned 300-megawatt coal-fired power plant in Davao yesterday, announcing its subsidiary had already inked deals with contractors.

Therma South, Inc., the Aboitiz Power unit, entered into construction, supply and coordination deals “with local and foreign contractors” for the power plant, a disclosure released yesterday showed.

“The aggregate value of the construction, supply and coordination contracts for the Davao coal project is around $546 million,” the firm said.

Aboitiz Power’s power plant is estimated to cost about P25 billion and was supposed to begin construction in July last year before it ran into problems with environmental groups.

It is now expected to come online by the second quarter of 2015.

Aboitiz Power has already been granted the environmental compliance certificate by the Environment department. The project has also been approved by the Davao City Council.

The power plant is seen to help address the power supply shortage being experienced in Mindanao.

Aboitiz Power said on April 26 that it plans to step up its presence in Mindanao with its long term projects.

It said it will be investing about P35 billion for new capacities in the region including the Davao coal power plant and three hydroelectric power plants.

Aboitiz Power’s net income has so far grown by 10% to P5.6 billion in the first quarter from year-ago levels. Shares rose by 0.44% to P34.30 each yesterday. -- ENJD


lemreyes

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Stock fell by 7.27% today due to heavy institutional selling. (But overall volume is less)

But I always saw AP as having good fundamentals.  From initial 2012 disclosure, the only thing I saw that requires caution was their decreasing current ratio.

Buying opportunity or do those institutional investors know something we don't?


Quiz

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lemreyes

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anayre sa AP? Buying time ba bukas ???
Ex-div date last March 14.  After that, buyers cancelled their orders.


pmtmember

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From the low of 31.75 to the high of 37.10,  AP has retraced and bounced at 50% Fibonacci Retracement level. The candlestick formation yesterday provided us with the information that the bulls are in control. Today's price movement has been a confirmation to that. Current resistance is at 35.84 while newly found support is at 35.06 If the resistance will be broken then we might see AP to hit 37.10 again and beyond.

Ichimoku system is telling us that AP is still in an upward trend with all elements in green light. RSI or Relative Strength Index is telling us that the stock is way below overbought level so this is also a good sign.

Caveat!

Bulls on AP may bring the price back to its recent high


 


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