19 Dec 2021 / by AP Securities (formerly Angping & Associates Securities)
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Summary of Broker’s Recommendation
| BROKER | RECOMMENDATION | TARGET PRICE | ISSUED ON |
|---|---|---|---|
| AP Securities | HOLD | 0.99 | 20 Dec 2021 |
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Stock Rankings: All Stocks
Our Partner Broker’s Recommendation
We reiterate that at P1.00/share, the offer price is at par with our estimated fair value Target Price for Solar Philippines Nueva Ecija Corp. (SPNEC) at P0.99/share under the under-construction assumption for its 225-MW Phase 1.
Higher valuation of up to P1.29/share could be justified assuming completion of Phase 1A by 2022. And if we assume timely completion of Phase 1B by early 2023, it may warrant higher valuation of up to P2.37/share.
However, at this moment it would be more prudent to only consider Phase 1A as progress on Phase 1B will fully depend on debt financing which SPNEC has yet to secure post-IPO.
Our Partner Broker’s Analysis
The company was able to receive P5.3 Billion in orders for its P2.7 Billion worth of offering (2x oversubscribed). However, with this potential retail play, degree of price volatility could be high in the next few trading days, particularly given SPNEC’s lack of stabilization fund. For this reason, we therefore, advise investors to take advantage of price strengths to lock in profit.
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AP Securities (formerly Angping & Associates Securities)
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