Ayala Corp Firing On All Four Cylinders: Maybank
Ayala Corp Firing On All Four Cylinders: Maybank
Maybank IB is reducing its TP on Philippines conglomerate Ayala Corp by 4% with changes coming from a lower DCF valuation for AC Energy supported by a minor increase in TP for BPI . The SOTP-based TP is now PHP1,010 from PHP1,050. A possible catalyst for the company is the continued net income growth of the four main subsidiaries currently posting significant earnings growth. The house maintains its BUY rating due to AC's cheap valuation supported by its four main companies: BPI, ALI, GLO, and AC Energy.
大華銀行Ib將菲律賓綜合企業Ayala Corp的目標價下調4%，原因是對AC能源的DCF估值降低，同時BPI的目標價略有上升。基於SOTP的目標價現爲PHP1,010，之前爲PHP1,050。公司可能的催化劑是四個主要子公司當前顯著的盈利增長，淨利潤持續增長。該公司維持對AC的買入評級，因爲其四大主要公司：BPI、ALI、GLO和AC能源的估值便宜。
Changes to AC Energy forecasts
The house is revising its forecasts for AC Energy to incorporate updated project timelines and capacity additions. AC Energy's revenue for FY24/FY25 is reduced by 22%/23%. Net income for FY24 increased by 4% due to lower cost assumptions. Maybank IB has a more conservative approach to our valuation to only include projects with estimated commercial operation dates in the visible pipeline. ACEN's valuation was lowered to PHP5.93 from PHP8.0 (-26%). ACEN makes up 13% of AC's NAV and 9% of its 9M24 earnings.
對AC能源預測的變更
該公司正在修訂AC能源的預測，以納入更新的項目時間表和產能增加。AC能源在FY24/FY25的營業收入減少了22%/23%。由於成本假設降低，FY24的淨利潤增加了4%。大華銀行Ib對我們的估值採取了更爲謹慎的方法，僅納入預計商業運營日期在可見管道中的項目。ACEN的估值從PHP5.93下調至PHP8.0（-26%）。ACEN佔AC淨資產值的13%和其9M24盈利的9%。
Traction for ACMobility
Maybank IB said it continues to look at AC's portfolio companies. ACMobility in particular may be the most exciting due to its recent partnership with BYD. The auto company is the official distributor of BYD, Kia, and Volkswagen as well as carrying Honda and Isuzu. It recorded a net loss of PHP176m due to forex impact, increased opex at Kia, and start-up costs for BYD. As of 9M24, unit sales rose 21% YoY to 14,982 units from 12,423, driven by BYD. Kia was also a driver of auto sales with 4,381 units sold (+12% YoY). With BYD's current line-up of 8 vehicles, including 2 hybrids introduced in the past 12 months, it is possible that the brand will be able to capture more market share as BYD becomes more recognisable to Philippine consumers.
ACMobility的進展
大華銀行Ib表示，它繼續關注AC的投資組合公司。特別是ACMobility由於與比亞迪的最近合作可能是最令人興奮的。該汽車公司是比亞迪、起亞和大衆的官方分銷商，同時還經營本田和五十鈴。由於外匯影響、起亞的運營支出增加以及比亞迪的啓動成本，其淨虧損達到PHP17600萬。截至2024年第三季度，單位銷量同比增長21%，達到14,982輛，來自12,423輛，主要受比亞迪推動。起亞也是汽車銷售的驅動因素，售出4,381輛（同比增長12%）。考慮到比亞迪目前的8款車型，包括過去12個月內推出的2款混合動力車，該品牌可能能夠在菲律賓消費者中贏得更多市場份額。
Trading at a 32% discount to real time NAV
AC is trading at a 32% discount to its real time NAV, greater than its 5-year average of 25%. Note that GLO and ALI are Top Picks in the telco and property sectors, respectively, and account for 46% of AC's gross NAV.
以實時淨資產值的32%折扣交易
AC的交易價格比實時淨資產價值低32%，高於其5年平均的25%。請注意，GLO和ALI分別是電信和房地產行業的首選，佔AC總淨資產的46%。
譯文內容由第三人軟體翻譯。
