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PSE Stock: ASIA UNITED BANK (AUB)

mikoangelo · 1 · 1210

mikoangelo

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on: May 17, 2013, 03:37 PM
AUB shares up on market debut amid high investor demand

Quote
MANILA - Asia United Bank (AUB) debuted in the market on a high note as its shares opened 7 percent higher than its initial public offering price (IPO).

At the Philippine Stock Exchange, AUB opened at P102.5, up from its maiden share offering of P95 per share. It closed the morning trade at P103.6 apiece, bucking the general movement of the market, which saw the composite index dip by 53 points to 7,257.87.

According to bank officials, investor appetite was high, as the offering to foreign investors was five times oversubscribed. Similar level of interest was also seen from the local investor side, judging from the brokers' take up, AUB officials said.

Because of this, the bank had to upsize its offer to local investors by 10 percent to accomodate the demand.

AUB raised P8.36 billion would be pasked in the meantime with the central bank's special deposit accounts and other investment instruments since it does not have short-term liquidity requirements. Its long-term purpose, however, would be financing branch expansion.

Abraham Co, AUB president, said they still have 50 unopened branch licenses in Metro Manila. The pace of branch expansion---currently at two branches a month---may be accelerated further. Earlier, AUB said it plans to open 45 new branches in Metro Manila and 43 in the provinces this year until 2014.

It plans to double its branch network, currently 114, by 2015.

Co also said acquisition of a bank would definitely take place this year, which would ideally add to AUB's customer base and branch network.

The target bank may operates in the Luzon area, Co said.

For this year, AUB intends to grow is loan portfolio by 30 percent from last year, with emphasis on growing its lending business to "more attractive areas".

Yap said their exposure to industries such as utilities is only about 2 percent and it is good to have a broad spectrum of customers.

"Thirty perecent is a good target for us," Yap said.

The bank officials said the fresh capital raised from the IPO will last them 5 years to grow AUB's balance sheet to be a "meaningful" player in the industry.

In the first quarter, the banking unit of Republic Biscuit Corp owner Jacinto Ng earned P523 million, 62 percent up from P323 million during the same period last year.

Its assets at end-March reached P69 billion, 38 percent more than in the first quarter last year, with return on equity rising to 18.3 percent from 15.5 percent previously.

AUB's capital adequacy ratio buy 2014 is 25 percent, way above the minimum requirement of 10 percent.

http://www.interaksyon.com/business/61996/aub-shares-up-on-market-debut-amid-high-investor-demand

Opening Price: 101.5

Closing Price: 104 (up 9.47%)

High:105.1



 


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