DOCSLIB.ORG

Manila Electric

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Manila Electric Utilities / Philippines MER PM Utilities / Philippines 27 March 2015 Manila Electric Manila Electric Target (PHP): 324.00 Upside: 19.9% MER PM 26 Mar price (PHP): 270.20 Initiation: powering through 1 Buy (initiation) • New power-generation investment underappreciated by the 2 Outperform market, overshadowed by worries of a lower distribution tariff 3 Hold • However, we factor this into our forecasts; we expect 12% YoY 4 Underperform declines in electricity distribution rates for 2016/17E 5 Sell • Initiating coverage with a Buy (1) rating and DCF-based 12- month target price of PHP324 How do we justify our view? its expansion projects. We estimate as distribution recovers and new it has a 2015E dividend yield of power projects become operational. 4.9%, one of the highest among PSEi index constituents. ■ Risks The main risks to our call would be Bianca Solema ■ Catalysts an adverse decision by the regulator (63) 2 737 3023 Progress on tariff reset. This on the tariff and delays/issues in the [email protected] could be a welcome development for execution of generation projects. investors, as we believe the market has already priced in a lower tariff ■ Investment case scenario relative to the current tariff. We initiate coverage on Manila In addition, our forecasts factor in Share price performance Electric Co (Meralco), the lower distribution rates and a 1-year (PHP) (%) Philippines’ largest electricity- delay in the implementation of a 295 105 284 98 distribution utility company, with a tariff change. We forecast Meralco’s Buy (1) rating. 273 90 average distribution rate to fall by 261 83 12% each for 2016 and 2017. 250 75 Power-generation assets not Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 fully valued. In 2013, Meralco re- Manila Ele (LHS) New power plant. The 500MW Relative to PCOMP Index (RHS) entered the power-generating San Buenaventura coal plant is business. It now has an attributable Meralco’s first power-generation capacity of 379MW, with several 12-month range 251.20-292.40 project in which it has a majority Market cap (USDbn) 6.79 projects due to come on line in interest. Construction will start 3m avg daily turnover (USDm) 2.37 2017/18. However, we believe the when it receives regulatory approval Shares outstanding (m) 1,127 Major shareholder Beacon Electric Asset Hldgs (45.0%) market does not yet appreciate the for its power supply agreement. The potential value of the power- company expects the regulator’s Financial summary (PHP) generating business. Despite decision within 1Q15 or early 2Q15. Meralco’s new ventures in power Year to 31 Dec 14E 15E 16E Revenue (m) 266,336 306,392 314,003 generation, the stock has traded ■ Valuation Operating profit (m) 26,146 25,554 22,943 sideways since 2013, likely due to an We have a DCF-based 12-month Net profit (m) 18,053 18,198 16,637 anticipated reduction in the Core EPS (fully-diluted) 16.017 16.146 14.761 target price of PHP324, within which EPS change (%) 6.1 0.8 (8.6) electricity tariffs under its 4th our PHP293/share valuation for regulatory period, which we assume Daiwa vs Cons. EPS (%) 0.6 1.0 (8.8) electricity distribution already PER (x) 16.9 16.7 18.3 to start in June 2016. exceeds the current share price. Dividend yield (%) 4.8 4.9 4.6 Although the stock’s 2015E PER of DPS 12.870 13.334 12.501 High yield. Meralco’s strong cash- PBR (x) 3.8 3.7 3.6 16.7x exceeds the 15.1x average of its EV/EBITDA (x) 7.9 8.0 9.4 flow generation enables it to pay out regional peers (Bloomberg forecasts), healthy cash dividends and supports ROE (%) 23.4 22.5 19.9 we believe its valuations will increase Source: FactSet, Daiwa forecasts See important disclosures, including any required research certifications, beginning on page 38 Utilities / Philippines MER PM 27 March 2015 Contents Investment thesis ........................................................................................................................... 6 Powering through ........................................................................................................................ 6 Key near-term catalysts ............................................................................................................... 7 Distribution business: unparalleled power .................................................................................... 9 Poised to benefit directly from economic growth....................................................................... 9 Regulatory headwinds factored in .............................................................................................. 9 Forecasts: distribution business ................................................................................................ 11 Generation: new source of power.................................................................................................. 13 Need for new capacity ................................................................................................................ 13 Re-entry into power generation ................................................................................................. 13 Partnering with established generation players ........................................................................ 14 Growing contribution from power generation .......................................................................... 17 Valuation: power-generation assets ascribed zero value .............................................................. 18 SOTP-based TP of PHP324 ........................................................................................................ 18 Earnings multiples at the high end in the near term ................................................................ 19 Steady and healthy dividends ................................................................................................... 20 Key risks ......................................................................................................................................... 21 Regulatory and political risks .................................................................................................... 21 Operational and execution risks ................................................................................................ 21 Market risk ................................................................................................................................. 21 Appendix I: company profile ........................................................................................................ 22 Largest electricity distributor ................................................................................................... 22 Ownership history ..................................................................................................................... 23 World-class operations ............................................................................................................. 24 Other projects leveraging the strength of the distribution platform ....................................... 25 Appendix II: performance-based regulation (PBR) .................................................................... 28 Appendix III: positive macroeconomic drivers ............................................................................ 31 Appendix IV: power supply-demand scenario............................................................................. 34 - 2 - Utilities / Philippines MER PM 27 March 2015 1 Buy (initiation) How do we justify our view? 2 Outperform 3 Hold Growth outlook 4 Underperform Valuation 5 Sell Earnings revisions Meralco: breakdown of Daiwa’s net income forecasts (PHPm) Growth outlook Meralco posted a 6% YoY rise in its core net income for 20,581 19,417 2014. Growth should be more modest for 2015, as 18,053 18,198 16,637 16,914 distribution is likely to be dragged down by the full-year 14,793 impact of the lower distribution rate implemented in 2H14. For 2016 and 2017, we see earnings declining by 9% YoY and 11% YoY, respectively, due to our lower 18,070 17,660 15,858 16,451 17,367 tariff estimates for the fourth regulatory period 13,862 15,031 (assumed to begin July 2016). We should start to see a recovery in 2018, with 2019 being the banner year, driven by improvements in distribution, coupled with rising contributions from its new generation projects. 2014E 2015E 2016E 2017E 2018E 2019E 2020E We forecast earnings to reach PHP16.91bn (+14% YoY) MER parent (distribution) and others Pacific Light San Buenaventura Power GBP for 2018 and PHP19.42bn for 2019 (+15% YoY). Source: Daiwa forecasts Note Meralco: 12-month forward PER bands Valuation We value each of Meralco’s distribution and generation (PHP/sh) businesses using a DCF methodology to arrive at our 500 SOTP target price of PHP324. Our target price implies 450 28.8x 400 potential upside of 20% and is equivalent to a 2015E 23.0x PER of 20.2x. 350 300 17.1x We apply varying WACCs, ranging from 6.08% to 250 200 9.66%, and a terminal growth rate of 3% for the 11.3x 150 domestic units and 2% for the company’s Singapore- 100 5.4x based affiliate. In our valuation of the generation 50 business, we include the company’s 3 ventures: 0 PacificLight (28% stake), Global Business Power (22% Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 stake) and San Buenaventura Power (51% stake). Source: Daiwa Meralco: Bloomberg consensus 2015 EPS forecast Earnings revisions The Bloomberg consensus cut its 2014 EPS forecast for (PHP/sh) (PHP/sh) Meralco
Load more

Recommended publications
  • BINONDO FOOD TRIP (4 Hours)
    BINONDO FOOD TRIP (4 hours) Eat your way around Binondo, the Philippines’ Chinatown. Located across the Pasig River from the walled city of Intramuros, Binondo was formally established in 1594, and is believed to be the oldest Chinatown in the world. It is the center of commerce and trade for all types of businesses run by Filipino-Chinese merchants, and given the historic reach of Chinese trading in the Pacific, it has been a hub of Chinese commerce in the Philippines since before the first Spanish colonizers arrived in the Philippines in 1521. Before World War II, Binondo was the center of the banking and financial community in the Philippines, housing insurance companies, commercial banks and other financial institutions from Britain and the United States. These banks were located mostly along Escólta, which used to be called the "Wall Street of the Philippines". Binondo remains a center of commerce and trade for all types of businesses run by Filipino- Chinese merchants and is famous for its diverse offerings of Chinese cuisine. Enjoy walking around the streets of Binondo, taking in Tsinoy (Chinese-Filipino) history through various Chinese specialties from its small and cozy restaurants. Have a taste of fried Chinese Lumpia, Kuchay Empanada and Misua Guisado at Quick Snack located along Carvajal Street; Kiampong Rice and Peanut Balls at Café Mezzanine; Kuchay Dumplings at Dong Bei Dumplings and the growing famous Beef Kan Pan of Lan Zhou La Mien. References: http://en.wikipedia.org/wiki/Binondo,_Manila TIME ITINERARY 0800H Pick-up
    [Show full text]
  • 2015 SMPHI Annual Report
    SUSTAINING GROWTH, DELIVERING VALUE 10th Floor, OneE-com Center Harbor Drive, Mall of Asia Complex Pasay City 1300, Philippines Email: [email protected] www.sminvestments.com 2 IFC Our Business Philosophy 2 Business Highlights & Impact 6 Financial Highlights 7 Shareholder Value SM INVESTMENTS CORPORATION SM INVESTMENTS OUR BUSINESS PHILOSOPHY 8 Ten-Year Performance Overview 10 Our Business Footprint 12 Message to Shareholders SM Investments Corporation is the Philippines’ largest 14 President’s Report publicly-listed holding company that holds a group of sustainable businesses in retail, property and financial services. The Group thrives on leadership, innovation 18 RETAIL OPERATIONS and highly synergistic operations. • THE SM STORE Our Vision is to build world-class businesses that are • SM Markets catalysts for development in the communities we serve. Our long history of sustained growth is an indication of our ability to deliver value for all our stakeholders through sound financial management, leadership, innovation, long-term sustainability efforts and a comprehensive development program for all our host communities. Through our interests and activities, Our Mission is to strive to be a good corporate citizen by partnering with our host communities in providing consistently high standards of service to our customers, look after the welfare of our employees, and deliver sustainable returns to our shareholders at all times, upholding the highest standards of corporate governance in all our businesses. 28 PROPERTY Over the years, we have been committed to sustaining • Malls our growth, in creating value and delivering quality • Residences products and services that our millions of customers aspire for. We are here to serve.
    [Show full text]
  • Lrt Line 2 East Extension Project
    Roadmap for Transport Infrastructure Development for Metro Manila and Its Surrounding Areas (Region III and Region IV-A) Main Points of the Roadmap Technical Assistance from the Japan International Cooperation Agency (JICA) Roadmap Study Objective Study Period To formulate “Transportation March 2013 – March 2014 Infrastructure Roadmap” for sustainable development of Metro Manila and its surrounding areas Stakeholders Consulted (Region III and IV-A) NEDA DPWH Outputs DOTC MMDA Dream plan towards 2030 Others (donors, private sectors, etc.) Roadmap towards 2016 and 2020 Priority projects 2 Significance of the study area: How to ensure sustainable growth of Metro Manila and surrounding regions. Study Area Nueva Ecija Aurora Tarlac GCR: MManila, Region III, Region IV-A Region III 100km Mega Manila: MManila, Bulacan, Rizal, Laguna, Cavite Metro Manila : 17 cities/municipality Pampanga Metro Manila shares 36% of GDP GCR shares 62% of GDP (Population :37%) Bulacan 50km Popuation Population growth rate (%/year) GRDP Metro (000) (Php billion) Rizal (1) GRDP by sector; growth rate (%/year), Manila 25,000 (2) 4,000 (3) sector share (%) 6.3% 2.0% 20,000 1 18 1.5% 3,000 15,000 Cavite 1.8% 3.1% Laguna 2,000 2.4% 6.1% 10,000 6 2.6% 81 2.1% 32 4.6% 63 17 1,000 Batangas 5,000 17 31 28 41 42 31 51 41 Region IV-A 0 0 MetroMetro Region IIIIII RegionRegion IV-A IV Visayas Mindanao ManilaManila Growth rate of population & GRDP is between 2000 and 2010 3 Rapid growth of Metro Manila, 1980 - 2010 1980 2010 2010/’80 Population (000) 5,923 11,856 2.0 Roads (km) 675 1,032 1.5 GRDP @ 2010 price (Php billion) 1,233 3,226 2.6 GRDP per Capita (Php 000) 208 272 1.3 No.
    [Show full text]
  • Diversification Strategies of Large Business Groups in the Philippines
    Philippine Management Review 2013, Vol. 20, 65‐82. Diversification Strategies of Large Business Groups in the Philippines Ben Paul B. Gutierrez and Rafael A. Rodriguez* University of the Philippines, College of Business Administration, Diliman, Quezon City 1101, Philippines This paper describes the diversification strategies of 11 major Philippine business groups. First, it reviews the benefits and drawbacks of related and unrelated diversification from the literature. Then, it describes the forms of diversification being pursued by some of the large Philippine business groups. The paper ends with possible explanations for the patterns of diversification observed in these Philippine business groups and identifies directions for future research. Keywords: related diversification, unrelated diversification, Philippine business groups 1 Introduction This paper will describe the recent diversification strategies of 11 business groups in the Philippines. There are various definitions of business groups but in this paper, these are clusters of legally distinct firms with a managerial relationship, usually by virtue of common ownership. The focus on business groups rather than on individual firms has to do with the way that business firms in the Philippines are organized and managed. Businesses that are controlled and managed by essentially the same set of principal owners are often organized as separate corporations, not as separate divisions within the same firm, as is often the case in American corporations like General Electric, Procter and Gamble, or General Motors (Echanis, 2009). Moreover, studies on emerging markets have pointed out that business groups often occupy dominant positions in the business landscape in markets like India, Korea, Indonesia, Thailand, and the Philippines (Khanna & Palepu, 1997; Khanna & Yafeh, 2007).
    [Show full text]
  • Download Rate 82 Sessions Conducted 526 Childcare Leaves Credited 81% Access Rate 42% Activated Accounts Vs
    Integrated Report 2020 1 Our Story Inspiring Resilience Integrated Report 2020 2 Integrated Report 2020 Our Story About this Report (102-46, 102-47, 102-49, 102-50, 102-51, 102-54) SM Prime Holdings, Inc. presents the first annual Integrated Report and the ninth edition following the Global Reporting Initiative (GRI) Framework. This Integrated Report features the International Integrated Reporting Council (IIRC) framework that uses the economic, environment, social and governance pillars of sustainability in combination with the six capitals: Financial, Manufactured, Intellectual, Environment, Human and Social and Relationship. The financial and non-financial information contained herein covers reporting from January to December 2020 and discusses SM Prime’s assets where the business has an organizational boundary. The report shares the performance and consolidated data of its malls, residences, leisure resorts, offices, hotels and convention centers. This report has been prepared in accordance with the GRI Standards: Core Option and the Task Force on Climate-related Financial Disclosures alongside multiple internationally recognized frameworks such as the UN Sustainable Development Goals, UN Global Compact and the Sendai Framework for Disaster Risk Reduction (2015-2030). This report is entitled Inspiring Resilience to describe the year in terms of the Company’s strength, dedication and response to Cover Photo: any challenge. SM Mall of Asia’s iconic globe reflects a public health and safety message in line with #SafeMallingatSM. The online version of the 2020 SM Prime Integrated Report is Next Page: available at the SM Prime website (www.smprime.com). Part of the Bike-Friendly SM program, commuters ply the new bike lane at the Feedback on the report may be sent to [email protected].
    [Show full text]
  • The Business Case for Disaster Risk Reduction
    The business case for disaster risk reduction From Shared Risk to Shared Value Manila, Philippines, 16-17 June 2014 FINAL REPORT "Economic losses from disasters are out of control and can only be reduced in partnership with the private sector which is responsible for 70% to 85% of all investment worldwide in new buildings, industry and small to medium sized enterprises. The principles of disaster risk reduction must be taught at business schools and become part of the investor's mind-set." • UN Secretary -General Ban Ki -moon “We need to bridge the gap in understanding and convince business owners of the need to move beyond basic continuity planning, and to consider the opportunity to create value in markets with products that address disaster risk and the important role of public-private sector partnership in disaster recovery.” • President of SM Prime Mr Hans Sy 1 Making the case: The President of SM Prime, Mr Han Sy, tells the Philippines’ private sector that disaster risk management is both good business and good for business. Rationale: the private sector and disaster risk reduction In future, trillions of dollars of new business investment will pour into hazard-exposed regions, determining whether disaster risk continues to accumulate and underlying risk drivers remain unaddressed. The Philippines is one of the most exposed and vulnerable countries in the world in terms of disaster risk. The November 2013 Typhoon Haiyan (known as Yolanda locally) is the most recent – and tragic – illustration of this fact. A post-disaster needs assessment from the 2009 Typhoon Ketsana (known as Ondoy locally) revealed that 90% of losses were sustained by the private sector.
    [Show full text]
  • The Family Business: Statistics, Profiles and Peculiarities by Sheelah E
    The Family Business: Statistics, Profiles and Peculiarities By Sheelah E. Johnston The family business is the world’s dominant form of business organization. Based on figures compiled by the Family Firm Institute (FFI), family firms comprise 80 to 90% of all businesses in North America. In the United Kingdom 75% of all businesses are family businesses. Contrary to most expectations, family businesses are not limited to small, “mom and pop” operations. Some of the world’s biggest and best-known companies are actually family-owned. In the United States, some 37% of Fortune 500 companies are family-owned while 60% of publicly-listed companies are family-controlled (FFI figures). Wal-Mart, Ford, Mars Corporation, J.P. Morgan, Firestone, DuPont and Levi Strauss are some examples of big family businesses in the U.S. Other family-owned or family-controlled multinational companies with popular brands include: L’Oreal (France), Benetton (Italy), Siemens (Germany), Ikea (Sweden), Lego (Denmark) and Kikkoman (Japan). In the Philippines, it is estimated that at least 80% of businesses are family-owned. In fact, most big corporations are family-owned or family-controlled. These companies, whose ownership may be already dispersed, are still identified with the founding family. They would include Ayala Corporation (Ayala family), Metrobank (George Sy Family), ABS-CBN and Meralco (Lopez family), J.G. Summit Holdings (Gokongwei family) and SM Prime Holdings (Henry Sy family). Although these companies are publicly listed and hence, ownership may include non-family shareholders, each family’s influence on these companies is still far-reaching: the top position is occupied by a family member.
    [Show full text]
  • A Product of Wealth Securities, Inc
    A Product of Wealth Securities, Inc. Index Value Change % Chg PSEi 4,943.84 63.13 1.2935 All Shares 3,316.40 32.09 0.9771 Financials 1,191.05 29.48 2.5379 Industrial 7,262.42 12.93 0.1784 Holding Firms 3,925.41 38.24 0.9837 Property 1,896.52 79.90 4.3983 Services 1,789.17 16.32 0.9039 Mining & Oil 25,836.87 677.18 2.6915 20 Feb 2012: 4,943.84 + 63.13 Value T/O, net Php 5,203 million 52-week High 4,966.94 Low 3,705.18 Foreign Buying: Php 5,179 million Foreign Selling: Php 2,492 million Dow Jones 12,949.90 +45.79 FTSE 100 5,945.25 +40.18 NIKKEI 225 9,485.09 +100.92 Index Movers Points Ayala Land Inc. +16.33 SM Prime Holdings +15.27 TEL, MER, MPI hit profit guidance for 2011 Aboitiz Equity Ventures +12.01 Manuel V. Pangilinan, chairman of PLDT, Meralco and Metro Pacific Investments, told Banco De Oro +10.05 reporters yesterday that all three companies were able to hit their respective profit PLDT -8.86 guidance for 2011. This means that for Meralco, the company hit a projected P14.50B in Index Out- net profits for 2011. Meralco reported earlier that its nine months net profits reached Up performers P11.66B, 27.4% higher than on the same period in 2010. For MPIC, the company projected SM Prime Holdings 8.02% Banco De Oro 5.37% P5B in net profits for the full year of 2011.
    [Show full text]
  • Railway Transport Planning and Implementation in Metropolitan Manila, 1879 to 2014
    Journal of the Eastern Asia Society for Transportation Studies, Vol.12, 2017 Railway Transport Planning and Implementation in Metropolitan Manila, 1879 to 2014 Jose Regin F. REGIDOR a, Dominic S. ALOC b a,b Institute of Civil Engineering, College of Engineering, University of the Philippines, Diliman, Quezon City, 1101, Philippines a E-mail: [email protected] b E-mail: [email protected] Abstract: This paper presents a history of rail-based transportation in Metropolitan Manila. This history focuses on urban transport including rail-based streetcars or trams that started operations in the 1880’s but were destroyed during the Second World War and never to be revived. Several plans are discussed. Among these plans are proposals for a monorail network, a heavy rail system, and the more current rail transit plans from recent studies like MMUTIS. An assessment of public transportation in Metro Manila is presented with emphasis on the counterfactual scenario of what could have been a very different metropolis if people could commute using an extensive rail transit system compared to what has been realized so far for the metropolis. Recommendations for the way forward for rail transportation in Metro Manila and further studies are stated in conclusion. Keywords: Transport Planning, Rail Transit, History 1. INTRODUCTION 1.1 Background Rail-based urban transport has had a relatively long history in Metro Manila despite what now seems to be a backlog of rail transportation in the capital city of the Philippines. In fact, the dominant mode of public transportation used to be rail-based with Manila and its adjoining areas served by a network of electric tranvias (i.e., streetcars) and heavy rail lines.
    [Show full text]
  • Urban Guidance: Detailed Coverage for Supported Transit Systems
    Urban Guidance: Detailed coverage for supported transit systems Andorra .................................................................................................................................................. 3 Argentina ............................................................................................................................................... 4 Australia ................................................................................................................................................. 5 Austria .................................................................................................................................................... 7 Belgium .................................................................................................................................................. 8 Brazil ...................................................................................................................................................... 9 Canada ................................................................................................................................................ 10 Chile ..................................................................................................................................................... 11 Colombia .............................................................................................................................................. 12 Croatia .................................................................................................................................................
    [Show full text]
  • Intramuros During the American Colonization
    Intramuros during the American Colonization Irene G. BORRAS1 University of Santo Tomas MANILA ABSTRACT Intramuros, located in the capital city of the Philppines, became a symbolic siting that represents one’s social status and importance in society during the Spanish colonization. Also known as the “Walled City,” Intramuros is home to the oldest churches, schools, and government offices in the Philippines. When the Americans decided to colonized the Philippines, they did not have to conquer all the islands of the archipelago. They just have to secure Intramuros and the entire country fell to another colonizer. The goal of this paper is to identify the effects of creating a “center” or a city––from the way it is planned and structured––on one’s way of thinking and later on the attitude of the people towards the city. Specifically, the paper will focus on the important and symbolic structures near and inside the “walled city” and its effects on the mindset of the people towards the institutions that they represent. The paper will focus on the transition of Intramuros from a prestigious and prominent place during the Spanish colonization to an ordinary and decaying “Walled City” during the American period. Significantly, the paper will discuss the development of “Extramuros” or those settlements outside the walled city. It will give focus on the planning of Manila by Daniel Burnham during the American period which was basically focused on the development of the suburbs outside Intramuros. The paper will also discuss the important establishments built outside the Walled City during the American period.
    [Show full text]
  • SM Prime Holdings Inc. Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis
    +44 20 8123 2220 [email protected] SM Prime Holdings Inc. Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis https://marketpublishers.com/r/S408F92FB67BEN.html Date: September 2021 Pages: 66 Price: US$ 499.00 (Single User License) ID: S408F92FB67BEN Abstracts SM Prime Holdings Inc. Fundamental Company Report provides a complete overview of the company’s affairs. All available data is presented in a comprehensive and easily accessed format. The report includes financial and SWOT information, industry analysis, opinions, estimates, plus annual and quarterly forecasts made by stock market experts. The report also enables direct comparison to be made between SM Prime Holdings Inc. and its competitors. This provides our Clients with a clear understanding of SM Prime Holdings Inc. position in the Real Estate Industry. The report contains detailed information about SM Prime Holdings Inc. that gives an unrivalled in-depth knowledge about internal business-environment of the company: data about the owners, senior executives, locations, subsidiaries, markets, products, and company history. Another part of the report is a SWOT-analysis carried out for SM Prime Holdings Inc.. It involves specifying the objective of the company's business and identifies the different factors that are favorable and unfavorable to achieving that objective. SWOT-analysis helps to understand company’s strengths, weaknesses, opportunities, and possible threats against it. The SM Prime Holdings Inc. financial analysis covers the income statement and ratio trend-charts with balance sheets and cash flows presented on an annual and quarterly basis. The report outlines the main financial ratios pertaining to profitability, margin analysis, asset turnover, credit ratios, and company’s long- SM Prime Holdings Inc.
    [Show full text]