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PSE Stock: Top Frontier Investment Holdings (TFHI)

bauer · 36 · 7235

bauer

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SEC approved top frontier's stock offer.  Our government sucks!

PSE approved top frontier's stock listing by Introduction.  Our private sector market regulator sucks as well.

No wonder the PSE cannot get its feet OFF the ground.  We lack quality, high growth, value stocks to list.

Who is top frontier?  66.09% owner of SMC (it's twin) and owner (unclear how big % of ownership) of Clariden holdings (who?) mining rights development.

What is the current value?  Based on SMC disclosure, top frontier issued 237,634,969 common shares to SMC as property dividends with a value of 44,430,610,153 pesos.

In short, Binili ni top frontier ang shares of stocks ni SMC and then binili ni SMC ang 49% of top frontier shares pagkatapos binalik uli ni top frontier ang shares kay SMC in the form of property dividends.

Simpleng tanong, Noon ba nang binili ni top frontier ang SMC shares, nagbayad ba siya ng CASH?  magkano rin ba ang talagang halaga ng pagkabili sa common shares ng SMC?  public info, if I remember it right, it is about 70 to 75 pesos per shares.

Pagkatapos, nang si SMC naman ang bumili ng shares ni top frontier, magkano niya ito binili per share?  Cash rin ba ang pagkabili?

Kung nagbayad si SMC ng cash kay top frontier para mabili ang almost 49% of top frontier shares, Bakit ngayon property dividends lang ang ibabalik ni top frontier in the form of shares of stock?  Pera kapalit nang papel?

According to top frontier website information,

assets held for sale as of end 2012 is 117.982 B (Does it refer to SMC shares controlled by top frontier?)

Total assets - from 195 Billion in 2010 DOWN to 130 plus Billion in 2012.

Total liabilities - from 25 Billion in 2010 INCREASED to 57.9 Billion and a huge 42.6 Billion classified  as current liabilities! Whew!  Kaya pala palautang ang anak (SMC) kasi nagmana sa magulang (Top frontier).

Revenues - from 12B in 2010 DOWN to 1.1 B (8 months of 2013)

Net income - from 64B in 2010 DOWN to a huge loss of 3.968 B in first 8 months of 2013

Now, why do you list a company with such a bad financial record? 

Pera pera na lang ba ito?  Wala bang malasakit sa mga investors ang ating mahal na gobyerno (SEC) at ang ating guardians (PSE)?

Gipit na ba ang Top frontier at gusto nang mag unload sa SMC ang mga owners nito?

Listing by introduction - what a great way to 'play' the market to the great detriment of gullible investors.
« Last Edit: Jan 20, 2014, 01:16 AM by FutureGizmo »


freefront

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Reply #1 on: Dec 27, 2013, 07:40 PM
Just so everybody understands where bauer is coming from....just saying....

http://www.pinoymoneytalk.com/property-dividends-philippines/

http://www.pinoymoneytalk.com/top-frontier-investment-pse-listing/

Top Frontier is co-owned by Ang, Ongpin, Zobel and Campos.

b.-what's your point? There should be a regulation that says companies to be listed must first show a healthy financial statement for a period of time before they get listed?

Another question, dun sa 4 na companies na ginawang property dividends tapos na-list by way of introduction (one of them yata is backdoor listing)---all of them had to be listed in PSE as per SEC regulation? Parang, bits and pieces of those companies are owned by the public after the distribution of shares, therefore, they should change their status from a private to a publicly held company already?


chinito77

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Reply #2 on: Dec 27, 2013, 10:56 PM
Kahit ako po alam ko wala ito kwenta.. pero please sir/ma'am... need ko makabawi sa losses ko din on SMC..  :'(


wilch23

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Reply #3 on: Dec 28, 2013, 10:38 AM
Sir Chinito, may good news pa yata, Power subsidiaries of SMC to do IPO soon.


bauer

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Reply #4 on: Dec 28, 2013, 11:07 AM
b.-what's your point? There should be a regulation that says companies to be listed must first show a healthy financial statement for a period of time before they get listed?

 

Last time I remember it, if you want to list in the PSE, you need to show a history of good financial health, a good story to share about your future plans, and a good management team.

Usually ang backdoor listing at listing by way of introduction ay mga "short cuts" initiated by PSE.  Only one reason prevails --- pera pera lang talaga, ang madenggoy ay malas.


bauer

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Reply #5 on: Dec 28, 2013, 11:15 AM
Another question, dun sa 4 na companies na ginawang property dividends tapos na-list by way of introduction (one of them yata is backdoor listing)---all of them had to be listed in PSE as per SEC regulation? Parang, bits and pieces of those companies are owned by the public after the distribution of shares, therefore, they should change their status from a private to a publicly held company already?

Backdoor listing - a private company BUYS control of a publicly listed company so the private company becomes a public company as well.

Listing by way of introduction -  a private company who does not want to offer an IPO but wanted to be listed in the stock market gains entry.  In an IPO, certain requirements must be met in order to establish a PRICE of the stock, while through the introduction route, they will let the market determine the price of the stock.

In both cases (backdoor and introduction), the rules are bended, distorted and made vague so companies can easily passed the criteria of being listed in the exchange. 

Noong nag-aaral palang ako sa school at may exam, diyan nagbabantay ang mga teachers --- sa mga cheaters!  Siguro baliktad na ang mundo natin, ang ating teachers (PSE) ay siya pa ang gumawa ng paraan para maging legal ang C-------


ferrariEverest

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Reply #6 on: Dec 29, 2013, 11:13 AM
Kahit ako po alam ko wala ito kwenta.. pero please sir/ma'am... need ko makabawi sa losses ko din on SMC..  :'(
magkano ba loss mo? Ano ba entry mo? Malamang mas maganda dump mo na yan. Malabo mabawi mo loss mo dun sa stock na nagpapahirap sa iyo, lalo na kung matagal na. Kung mabawi mo man, baka matagalan. So tanungin mo sarili mo kung willing ka maghintay with no guarantees.


chinito77

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Reply #7 on: Dec 29, 2013, 02:00 PM
magkano ba loss mo? Ano ba entry mo? Malamang mas maganda dump mo na yan. Malabo mabawi mo loss mo dun sa stock na nagpapahirap sa iyo, lalo na kung matagal na. Kung mabawi mo man, baka matagalan. So tanungin mo sarili mo kung willing ka maghintay with no guarantees.

Iniicip ko na nga din po mag cut loss.. then buy other stock na.. pero masakit eh.. 74k losses.. 109 average price ko..


rodeo

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Reply #8 on: Dec 31, 2013, 10:45 PM
Iniicip ko na nga din po mag cut loss.. then buy other stock na.. pero masakit eh.. 74k losses.. 109 average price ko..
that's around 1600 shares, malaki na rin....  just about 4 months ago, I was also holding 6650 smc shares and decided to let it go....


chinito77

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Reply #9 on: Jan 01, 2014, 12:29 AM
that's around 1600 shares, malaki na rin....  just about 4 months ago, I was also holding 6650 smc shares and decided to let it go....

how much did you sell it at that time sir? Yes exactly 1600 shares..


rodeo

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Reply #10 on: Jan 01, 2014, 08:58 PM
how much did you sell it at that time sir? Yes exactly 1600 shares..
at that time, it was still 83.60


finance123

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Reply #11 on: Jan 13, 2014, 07:01 AM
There is always an element of risk in investing. What is important is they have to comply with whatever rules the government is imposing including transparency and disclosures. Kaya siguro they call it backdoor, kasi too bad for front door.

Sa kababasa ko ng finance text, i haven't read articles about swapping of stocks to make ownership so complicated. Anyway it's not a value-generating activity. But there is a story behind these things - more likely they are trying to take advantage of tax loopholes.

Ganito lang yan: If I can't understand their business, I won't bother investing in them.


mokongboy

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Reply #12 on: Jan 15, 2014, 10:14 AM
@bauer, with TFHI's poor value...anong presyo ka comfortable bilhin ang stuck na ito? thanks thanks.


bauer

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Reply #13 on: Jan 15, 2014, 12:29 PM
^ Kung walang kwenta, dapat huwag bilhin para hindi masayang ang pinaghirapang savings.


mokongboy

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Reply #14 on: Jan 15, 2014, 01:09 PM
@bauer, ngunit... datapwat... subalit... share ko nlng itong post ni shogun para alam ntn ung possible price range if TFHI pushes through with their FOO...

FOO PRICE RANGE: from its Par Value of 1.0 to its Listing/Indicative price of 178  :hihi:

From the post of shogun (aka Miner) of Finance Manila...

Quote
by shogun » Tue Jan 14, 2014 8:37 am

San Miguel’s Top Frontier May Sell Stock This Year, Ang Says (1)
2014-01-13 08:54:52.872 GMT


(Updates share price in second, seventh paragraph.)

By Joel Guinto and Cecilia Yap
Jan. 13 (Bloomberg) -- Top Frontier Investment Holdings
Inc., the controlling shareholder of San Miguel Corp. that began
trading in a separate listing in Manila today, may sell shares
this year to help fund expansion and cut debt.
Top Frontier, which holds 66 percent of San Miguel, listed
its 490.2 million shares today without making an initial public
offering. It closed at 98.95 pesos a share, compared to its
indicative price of 178 pesos.
The listing comes after San Miguel on Jan. 2 distributed
240.2 million Top Frontier shares as a dividend. After the
listing, San Miguel’s stake in Top Frontier is 0.8 percent, from
49 percent before the distribution.
The shares “need a little time to stabilize first before
we move onto the second stage,” San Miguel President Ramon Ang,
who also heads Top Frontier, told reporters in Manila.
“Investors need to understand a bit more” the relationship
between Top Frontier and San Miguel.
Top Frontier may sell shares as early as this year “if the
market is good,” Ang said.
“Some investors are treating the shares they got as free,
so the listing is like an opportunity for them to take profit,”
Allan Yu, who helps manage $8 billion as chief investment
officer at Metropolitan Bank & Trust Co., said by phone. “Some
looked at it as a good arbitrage opportunity for San Miguel
shares.”
San Miguel, the Philippines’ largest company, fell 3.3
percent to 58.05 pesos, the lowest close since July 2009.

Independent Valuation

Top Frontier said in November its value is about 87.4
billion pesos ($1.96 billion), citing a valuation by an
independent financial adviser. It has current liabilities of
42.6 billion pesos, of which 28.7 billion pesos are loans,
according to the company’s prospectus posted on its website.
The company may invest in three coal mines overseas and is
doing due diligence on the assets, Ang said, without
elaborating.
San Miguel’s profit may reach 57 billion pesos in 2013,
compared to an earlier estimate of 39 billion pesos, boosted by
gains from the sale of its stake in Manila Electric Co., Ang
said. It earned 27 billion pesos in 2012.
Profit in the nine months through September fell 60 percent
to 7.5 billion pesos, after a foreign exchange loss of 12.3
billion pesos, San Miguel said on Nov. 11. The peso fell 7.6
percent against the dollar in 2013, after a 7 percent gain in
2012.
San Miguel isn’t planning on raising or trimming its 49
percent stake in Philippine Airlines Inc., Ang said. Its power
subsidiary, SMC Global Power Holdings Corp., will push ahead
with an initial public offering this year, he added.
San Miguel, which began as a brewer more than 100 years
ago, plans to raise about $4 billion selling power assets, Ang
said in July, helping fund a $35 billion investment plan that
will complete its transformation into an investor in airlines,
energy, mining and railways. The company has made more than $5.6
billion worth of acquisitions since 2008.
« Last Edit: Jan 15, 2014, 01:15 PM by mokongboy »


 


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