Stock thoughts: COAT, PNB

COAT

Possible catalyst for COAT? 🙂

http://www.bworldonline.com/content.php?section=TopStory&title=5%-biodiesel-blend-targeted-this-year&id=64582

More on COAT here:

https://fundamentalenthusiast.wordpress.com/2012/09/05/chemrez-technologies-inc-pse-coat/

 

PNB

PNB-ABC merger is done with this disclosure! 🙂

http://www.pse.com.ph/resource/disclosures/2013/pdf/dc2013-0630_ABC.pdf

Details are in this disclosure:

http://www.pse.com.ph/resource/disclosures/2013/pdf/dc2013-0651_PNB.pdf

Merger will be effective on February 1 or such date as may be agreed by PNB and ABC. (Article 1.2 of Amended Plan of Merger)

Understand the financial impact of the merger in the books of PNB here:

https://fundamentalenthusiast.wordpress.com/2012/09/24/making-sense-on-pnb-abc-merger/

In my opinion, the best way to value PNB is through a liquidation-concern or book value multiple.

 

Read this article:

http://www.bworldonline.com/content.php?section=Finance&title=PNB-targets-15%-RoE&id=64540

They are planning to close the branches that are near with each other which means we can expect sale of assets by PNB to contribute in generating the 15% ROE for 2013. PNB’s ROE target is very achievable.

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