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PSE Stock: iREMIT (I)

vgal0579 · 2 · 1269


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iRemit earnings more than double in 2011

MANILA, Philippines - iRemit, the country’s largest Filipino-owned money transfer company, said its net earnings more than doubled to P136.06 million last year from P65.91 million in 2010 on increased remittance volume and new branch openings across the globe.

In a briefing yesterday, iRemit president Harris Jacildo said money sent home by overseas Filipino workers through the company rose 16 percent to $1.4 billion, accounting for seven percent of the total $20.1 billion OFW remittance inflows last year.

Jacildo said iRemit outpaced the seven percent growth rate reported by the central bank for remittances coursed through banks.

He said last year’s net earnings included a P26-million gain on the sale of assets overseas.

Revenues rose three percent to P787.86 million as the company was able to contain its costs. Expenses went up by only 2.6 percent to P447.32 million.

Jacildo said the strength of the OFW market has allowed the company and the Philippine economy to weather the effects of the economic turmoil in Europe and the political turbulence in the Middle East.

Bansan C. Choa, chairman and chief executive officer of iRemit, said the company’s growth will continue this year as they aggressively venture into other remittance corridors such as Ireland, Germany, Netherlands, Indonesia and Myanmar.

There are 55,000 Filipinos living and working in Germany, 20,000 in Netherlands, and 13,000 in Ireland, Jacildo said.

Just last month, the firm opened branch offices in Tokyo and Nagoya in Japan where there are an estimated 290,000 Filipinos as of end-2010.

Choa said iRemit is currently setting up shop in Ireland to serve the Filipino community, targeted to be operational in the second quarter.

iRemit Global Remittance Ltd., a wholly-owned unit of iRemit, obtained authority from the Financial Services Authority of the United Kingdom to operate as a payment institution in the European Economic Area. Under the European Payment Services Directive, iRemit may avail of its passporting rights and carry on its business activities in other EEA states by establishing branches, engaging agents or providing cross-border services.-Zinnia B. Dela Peña
« Last Edit: Nov 08, 2012, 01:55 AM by FutureGizmo »


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November 6, 2012 Tuesday

I-remit or I now @ PHP 2.90 Take Profit @ PHP 6.00
How much should be an I share?
Consider the following
1. The company is buying back its shares and had bought roughly 19M shares at an average of 3.0
2. Now how does this figure impact the price of I?
3. Consider data below
Issued Shares
Listed Shares
Outstanding Shares
Free Float Level
Market Capitalization
We will be focusing on the Free Float. The lower the float is, the better the opportunity for the price to go higher . This is because of share scarcity factor.
By computation, if the free float is 23.0%, then the corresponding shares circulating is
23.04% x 617M shares = 142M shares
If the company had bought back already roughly 19M shares, the free float had been reduced to 123M shares or
(123M /142M ) x 23.04% = 19.96%
and the company is not yet done buying back.
In time the float will be greatly reduced as the company draws the shares out from the free float and Campers and other market participants also buy.
4. Anyway, what comes to your mind if a company buys back it shares? It could only mean good value, right?
5. Remittances by OFW in particular, can be at its peak towards Christmas and New year
6. The coming election will entail monetary transfer around the country particularly the candidates running for provincial and national positions.
7. The possibility of good Earnings Per Share for I will be good come 2013.
8. Probably the reason of the buyback
9. In the interest of time, I will skip the tedious task of posting the Chart. But try looking at it your self. Try to see the 5 year period. The psychological resistance is 3.0. After that, its 3.20, then the climb to 6.0 could be easy.
10. Again it is easier said than done. Try to make up your own target.


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