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Bryan Gomez
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Bryan S. Gomez is from Manila and has been a student of the markets for 10 years. He started working for Citisecurities upon graduating from Ateneo de Manila University with a bachelor's degree in Management Engineering. Because of the internet, the investing landscape has been put in a level... More
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  • Stocks in the Philippines: EEI Corporation 0 comments
    Nov 10, 2009 1:57 AM
    Strong presence overseas. EEI has been present in the overseas construction scene since thelate 90’s and this will allow it to profit from the strong demand for construction services abroad,especially the Middle East. EEI currently has several projects in Saudi amounting to Php20.4 Bil, of which Php10 BIl is attributable to EEI. EEI will continue to win more projects in Saudi as its Jubail Industrial City 2 is expected to attract US$35 Bil oflocal and foreign investments by the time it is completed in 2022. EEI has bid on two major prjects this year and expects to beawarded at least one.
    Huge backlog gives earnings visibility. Based on our estimates, EEI has an attributablebacklog of around Php10 Bil Saudi, which will translate to Php900 Mil in net earnings from associates. This means that around 80% of EEI’s earnings for FY09 and FY10 are already secured.
    Cheap valuation. At the current price of Php2.36/sh, EEI is trading at 4.37X 09 P/E. We believethe market is not taking into account the earnings potential of EEI coming from ARCC. We also consider our fair value estimate of Php3.10/sh is still conservative as this translate to just 5.2X FY10 P/E. This is a discount to the average 9.4X FY10 P/E of regional peers.
    (Taken from CitisecOnline.com Philippine Equity Research available if you open a CitisecOnline account.)
    For the full CitisecOnline.com Research report on EEI Corp., click on this link: EEI Corporation)
    Themes: Philippine Stocks, EEI Corporation
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