Sunday, December 30, 2012

LTG Q3 2012

LT Group (LTG) Q3 2012

assets: 70.096 billion pesos
liabilities: 22.705 billion pesos
equity attributable to parent company: 31.589 billion pesos
paid-up capital: 8.981 billion pesos
cash and cash equivalent: 5.754 million pesos
retained earnings: 18.034 billion pesos

net sales 9 months 2012: 18.899 billion pesos
net sales 9 months 2011: 19.279 billion pesos
% change: -1.97%

net income 9 months 2012 attributable to parent company: 2.503 billion pesos
net income 9 months 2011 attributable to parent company: 3.086 million pesos
% change: -18.90%

last closing price (28 dec 2012): 13.38 pesos
earnings per share (annualized): 37.16 centavos
price-earnings ratio: 36.01 x
book value per share: 3.52 pesos
price/book value: 3.80
return on equity: 10.57%
return on assets: 4.76%
net income margin: 13.25%

current ratio: 2.15
debt-to-equity: 0.72

1. the Q3 2012 net income of LTG only includes the incomes from 3 subsidiaries/affiliates:
a. tanduay: 470 million pesos (10.95%)
b: asia brewery: 465 million pesos (10.83%)
c. fortune tobacco: 3.36 billion pesos (78.22%)
2. It does not include yet ETON, PAL, PNB/Allied Bank
3. p/e at present looks pricey to me
4. LTG at present looks like the local version of ALTRIA and DIAGEO ... cash cows altho fortune tobacco seems to contribute the bulk to ltg's net income (78.22%)
5. how much an impact on ltg will be the implementation of the sin tax law .. i have no idea yet .. in trading ltg then i will just have to play it by ear

source of basic data:
Q3 2012 Financial Report 2012

other references
Additional information re: placing and subscription transaction of and issuance of shares to Tangent Holdings Corporation, investment in 
several companies