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Rosete, Gherlen Clare A.

Lopez

ManAcct

Prof.

Comparative Analysis:
Ratios
DMCI
Aboitiz
Return on Sales
0.21
0.22
Gross Profit Rate
31%
23%
Profitabili
Return on Equity
0.1977
0.1460
ty
Return on Assets
0.072
0.071
Earnings per Share
2.84
2.58
Current Ratio
1.89
2.82
Liquidity
Quick Ratio
1.13
2.51
Price Per Earnings
5.42
22.25
Growth
Dividend Payout Ratio
0.85
0.70
Dividend Yield Ratio
0.16
0.03
Debt Ratio
0.53
0.5256
Leverage
Equity Ratio
0.4677
0.4744
Times Interest Earned
21.43
5.54
Price-to-Book Ratio
0.63
3.08
Price-toBook Value
24.47
18.58
Book
Market Value
15.40
57.30
The two companies are competitively comparable against each other, as
shown by the table above, but DMCI Holdings Inc. turned out to be a better
company to venture in, after thorough analysis of its financial ratios, stock trend, as
well as its market performance.
In terms of Profitability, it can be undoubtedly inferable that DMCI
outperforms the other, because all the ratios in profitability section are in favour of
the said company, hence, it is a goos indicator for a stockholder to invest in a
company that performs well and generates profits well, Thus having the assurance
of returns on an investment. In the Liquidity section, AEV is better than the other,
the ratios imply that the company can meet its maturing obligations. For the
Growth ratios, AEV has the better P/E ratio, which is competently comparable with
the latter, but DMCI is a promising company for stockholders who are after dividend
payments, because it has higher dividend payout and yield ratios. Lastly, in terms of
Leverage, the two companies are incomparable, because their debt ratios and
equity ratios are just similar, and rounding off was just the determining factor,
whereas AEV has the higher equity ratio that implies a company finances its
operations through its equity, but still, the two ratios are incomparable. When the
two companies stock trend was analyzed, DMCI has a volatile trend, and AEV has
an upward trend, thereby implying an expected drag down in the future.
Another determining factor is the so-called, Price-to-Book ratio, the
relationship between the companys stock market value to its accounting or book
value. This is a relationship wherein a stock is determined to be undervalued or
overvalued. When a stock is undervalued, analysts say that the stock is expected to
rise, whereas when the same is overvalued, it is more likely to drag down. Hence,
investors prefer lower Price-to-Book ratio. DMCI has a lower PTB ratio than AEV,

thereby indicating a good signal of stock price to rise. Aside from the financial ratios
and stock trends, DMCI reported favourable market performance in the recent year,
and continues to perform well in the market through expansions and associations
with the market giants and international companies.

DMCI Holdings Inc.


Market Performance

DMCI Holdings, Inc. posted P7.5 billion in consolidated core income for the
first nine months of 2014, a 6% decline from the P8.0 billion reported in
the same period last year. The drop in core income was attributable to the
weakened operating results of the power and construction
businesses.
DMCI Project Developers Inc. Real Estate continued to expand, with net
income increasing by 29% to reach P2.6 billion this year compared to
P2.0 billion last year, mostly coming from gain realized on sale of lots.
Total gross generation in Power dropped 36% YoY at 1,748 GWh from
2,731 GWh last year as a result of the prolonged shutdown of Unit 2 in H1.
Total exports of Coal increased 145% YoY at 3.72 million MTs from 1.51
million MTs in last year.
MERALCO remained to be the single biggest customer, comprising
89% share of the total energy sales of the bilateral contracts; BATELEC I
and Trans-Asia comprised 5% and 4%, respectively.
Consolidated Revenues, net of eliminating entries, increased 18%
YoY at PHP20.56 billion in Q3 YTD 2014 from PHP17.42 billion in the same
period last year.
The USD strengthened against the PHP, resulting to decreased
consolidated Forex Losses of PHP100.37 million as against losses of
PHP379.60 million last year.
Higher investible funds, partially offset by lower placement interest
rates, resulted to 40% increase YoY on consolidated Finance Income at
PHP28.96 million from PHP20.76 million last year.
Operating efficiencies continue to improve as Maynilad, which operates
Metro Pacific Investments Corp. (MPIC), wherein the company holds equity
investment, reported higher income from operations of P7.7 billion for
the first nine months of 2014, up 1.8% from P7.5 billion in the same
period last year.

Aboitiz Equity Ventures Inc.


Market Performance

For the three quarters ended September 2014, AEV and its subsidiaries
posted a consolidated net income of P14.26 billion (bn), a 14% yearon-year (YoY) decrease.
Operating profit for the current period amounted to P19.36 bn, an 11%
increase YoY, as the P23.44 bn increase in revenues surpassed the
P21.47 bn rise in costs and expenses. This increase was mainly
attributed to the performance of power and real estate groups
and the full contribution of VECO which was consolidated towards the
end of the second quarter of 2013.
AEV disclosed a couple of initiatives which it hopes will serve as new
avenues of growth in the years to come, such as:
o Production of Liquid Biomethane, In June 2012, AEV
partnered with British company GazAsia Ltd. to build a plant that
produces liquid bio-methane fuel from organic waste.
o Davao Bulk Water Supply Project, AEV has agreed to enter
into a joint venture with J.V. Angeles Construction Corp. (JVACC)
to jointly construct both a raw water treatment facility with RE
component and conveyance system which will deliver 300 MLD
of treated bulk water to Davao City, the third largest city in the
Philippines.
o Power Generation, such as Ancillary services, Conversion of AP
Renewables, Inc.s (APRI) existing steam contract to a
Geothermal Resource Sales Contract, and Magat, Binga and
Ambuklao Reservoir Elevations.
o Increase in Attributable Generating Capacity, 600 MW (net)
Coal-Fired Power Plant in Subic. This is a project by Redondo
Peninsula Energy, Inc. (RP Energy), a joint venture among
Meralco PowerGen Corporation (MPGC), other coal fired project in

Quezon and Cebu, as well as Hydropower in Mt. Province and


Bukidnon, and AboitizPowers photovoltaic solar projects.
o Real Estate Expansion, The 50-50 JV with Ayala Land, Inc. took
into effect in February 2014 with the signing of the agreement
and incorporation of the JV company, Cebu District Property
Enterprise, Inc. (CDPEI). In 2015, CDPEI will start to develop the
15-hectare Mandaue Cebu property into a city center with
residential, commercial, retail and office components.
Executives:
Jon Ramon M. Aboitiz, Chairman
President/CEO
Stephen G Paradies, Senior VP/CFO

Erramon I Aboitiz,
Mikel A Aboitiz, Senior VP/CIO

DMCI Holdings, Inc. Financial Data

References:
https://www.dmciholdings.com/investor_relations/financial_reports
http://www.pds.com.ph/wp-content/uploads/2014/11/Disclosure-No.-1410-2014-QuarterlyReport-for-Period-Ended-September-30-2014%C2%A0SEC-FORM-17-Q.pdf
https://bloomberg.com

Aboitiz Equity Ventures Inc. Financial Data

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