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Raising FV estimate to Php1,094, maintain BUY. We are raising our FV estimate on AC after factoring in the higher valuation of AC Energy’s power assets. We raised our estimate for AC Energy from Php66.25 Bil to Php90.8 Bil (which includes the expected proceeds of Php31 Bil from the sale of AA Thermal). This raised our NAV estimate on AC from Php1,107 per share to Php1,146 per share, and our fair value estimate from Php1,055 per share to Php1,094 per share. We maintain our BUY rating on AC as capital appreciation potential to our fair value estimate remains attractive at 17%.
COL FINANCIAL DAILY NOTES (15 MAY 2018)
"Maintain HOLD with FV estimate of Php1,090. We maintain a positive view on AC given its positive earnings trajectory that is driven by ALI and AC Energy. However, given the current price of Php970, the capital appreciation potential is not compelling, and so we are maintaining our HOLD rating for AC. Upside risk to our fair value would come from AC Energy as more of their project come on line in 2018-2020."
AB CAPITAL SECURITIES MORNING DAILY REPORT (13 MARCH 2018)
AB Capital Securities in its Morning Daily Report on 13 March 2018 projects a target price of 1120 with a hold rating ...
while Macquarie Research has a 12-month target of 1172 for AC ....
