Bank PHB - Page 3

vicky · #41 (**permalink**) 9th April 2008, 10:41 AM

please what is the EPS/PE for PHB i need your help on this
thanks

hispy99 · #42 (**permalink**) 9th April 2008, 01:09 PM

Quote:

Originally Posted by vicky

please what is the EPS/PE for PHB i need your help on this
thanks

I have a forward PE of around 20x

zainabusman · #43 (**permalink**) 10th April 2008, 02:49 PM

Quote:

Originally Posted by nazzyon

Proshare News

When are they going to start trading on the last PO?

The 3rd quarter results of Bank PHB are good but the market does not think so. I think this is a good time to buy it. I believe also with a June year end they mind end of having to close the year with 18 months in December 2008. This will surely boost the price later in the year.

If the current trend continues, Bank PHB will close the year in June with N20 billion PAT. This does not even take into account the impact of the new funds from the public offer. Currently the shares outstanding is 8 billion, if we assume full subscription plus 200% oversubscription as speculated, the total outstanding will be about 15.5 billion (8+5+2.5). The EPS will be about N1.3 but this is for 12 months. It will be roughly N2 for 18 months. At the current N29 price that will be a PE of 14.5 which is great.

I will definetely buy PHB now. I wont wait until the new shares are listed. It is extremely difficult to predict the short term direction of stock prices. So now that the price is still below N30 it is time to buy. I dont see it going below N28. So why wait?

I will definetely take a position on PHB by exiting GTB once the results of GTB are released.

nazzyon · #44 (**permalink**) 10th April 2008, 07:28 PM

Quote:

Originally Posted by zainabusman

The 3rd quarter results of Bank PHB are good but the market does not think so. I think this is a good time to buy it. I believe also with a June year end they mind end of having to close the year with 18 months in December 2008. This will surely boost the price later in the year.

If the current trend continues, Bank PHB will close the year in June with N20 billion PAT. This does not even take into account the impact of the new funds from the public offer. Currently the shares outstanding is 8 billion, if we assume full subscription plus 200% oversubscription as speculated, the total outstanding will be about 15.5 billion (8+5+2.5). The EPS will be about N1.3 but this is for 12 months. It will be roughly N2 for 18 months. At the current N29 price that will be a PE of 14.5 which is great.

I will definetely buy PHB now. I wont wait until the new shares are listed. It is extremely difficult to predict the short term direction of stock prices. So now that the price is still below N30 it is time to buy. I dont see it going below N28. So why wait?

I will definetely take a position on PHB by exiting GTB once the results of GTB are released.

Thanks Zainab

Although, I have some of the PO. I will buy more on the building.

hispy99 · #45 (**permalink**) 11th April 2008, 01:55 AM

Quote:

Originally Posted by zainabusman

The 3rd quarter results of Bank PHB are good but the market does not think so. I think this is a good time to buy it. I believe also with a June year end they mind end of having to close the year with 18 months in December 2008. This will surely boost the price later in the year.

If the current trend continues, Bank PHB will close the year in June with N20 billion PAT. This does not even take into account the impact of the new funds from the public offer. Currently the shares outstanding is 8 billion, if we assume full subscription plus 200% oversubscription as speculated, the total outstanding will be about 15.5 billion (8+5+2.5). The EPS will be about N1.3 but this is for 12 months. It will be roughly N2 for 18 months. At the current N29 price that will be a PE of 14.5 which is great.

I will definetely buy PHB now. I wont wait until the new shares are listed. It is extremely difficult to predict the short term direction of stock prices. So now that the price is still below N30 it is time to buy. I dont see it going below N28. So why wait?

I will definetely take a position on PHB by exiting GTB once the results of GTB are released.

they can't absorb more than 25% oversubscription by law, so using your example 8+5+1.25=14.2

zainabusman · #46 (**permalink**) 11th April 2008, 09:31 AM

Quote:

Originally Posted by hispy99

they can't absorb more than 25% oversubscription by law, so using your example 8+5+1.25=14.2

The law is 25% of the extra u get not of the initial amount. So if the extra is 8 billion, u can keep 2 billion.

Anyway, please see today's business day for the latest on Bank PHB offer oversubscription. They have issued extra 2.11 billion shares to accomodate the extra request of 8.444 billion shares (25% is 2.11). The total shares issued in the offer is reported as 7.11 billion (5+2.11).

timothywill · #47 (**permalink**) 11th April 2008, 10:08 AM

Quote:

Originally Posted by zainabusman

The law is 25% of the extra u get not of the initial amount. So if the extra is 8 billion, u can keep 2 billion.

Anyway, please see today's business day for the latest on Bank PHB offer oversubscription. They have issued extra 2.11 billion shares to accomodate the extra request of 8.444 billion shares (25% is 2.11). The total shares issued in the offer is reported as 7.11 billion (5+2.11).

what a relief, thats good news

tonidol · #48 (**permalink**) 11th April 2008, 10:12 AM

Has anyone an update on the allotment, issuance of certificates of the last BankPHB offer?

whatsup · #49 (**permalink**) 11th April 2008, 10:58 AM

What is the likely maximum units an investor will receive per application. is it still 8000 as was mentioned previously here?

Murphy · #50 (**permalink**) 11th April 2008, 10:58 AM

Quote:

Originally Posted by zainabusman

The law is 25% of the extra u get not of the initial amount. So if the extra is 8 billion, u can keep 2 billion.

Anyway, please see today's business day for the latest on Bank PHB offer oversubscription. They have issued extra 2.11 billion shares to accomodate the extra request of 8.444 billion shares (25% is 2.11). The total shares issued in the offer is reported as 7.11 billion (5+2.11).

@Zainabusman,
Do you have other information from the advert in Businessday apart from the above that can be shared? I mean something about allotment and return monies and publication of offer result date.
Thanks for what you have shared so far, an attachment will also gives us more light.
Cheers

zainabusman · #51 (**permalink**) 11th April 2008, 11:48 AM

Quote:

Originally Posted by Murphy

@Zainabusman,
Do you have other information from the advert in Businessday apart from the above that can be shared? I mean something about allotment and return monies and publication of offer result date.
Thanks for what you have shared so far, an attachment will also gives us more light.
Cheers

Unfortunately, the details of the individual allotment were not in the paper. It was not the advert of the allotment it was just a story that SEC has approved the allotment. The advert should be out any time from now.

hispy99 · #52 (**permalink**) 11th April 2008, 02:22 PM

Quote:

Originally Posted by zainabusman

The law is 25% of the extra u get not of the initial amount. So if the extra is 8 billion, u can keep 2 billion.

Anyway, please see today's business day for the latest on Bank PHB offer oversubscription. They have issued extra 2.11 billion shares to accomodate the extra request of 8.444 billion shares (25% is 2.11). The total shares issued in the offer is reported as 7.11 billion (5+2.11).

If the law is 25% of the extra, then it does not make sense. So if I do a PO for N5B and I get N100B, i will be allowed to keep 25% of N95B? I do not have access to Business Day, but I was always under the impression that it was 25% of the intial amount (that makes more sense to me than 25% of the extra you got)

riskreturn · #53 (**permalink**) 11th April 2008, 02:33 PM

Quote:

Originally Posted by hispy99

If the law is 25% of the extra, then it does not make sense. So if I do a PO for N5B and I get N100B, i will be allowed to keep 25% of N95B? I do not have access to Business Day, but I was always under the impression that it was 25% of the intial amount (that makes more sense to me than 25% of the extra you got)

In that case, the application of the rule is that you keep the first N5B plus 25% of N95B, making almost N30B altogether.

zainabusman · #54 (**permalink**) 11th April 2008, 02:36 PM

Quote:

Originally Posted by riskreturn

In that case, the application of the rule is that you keep the first N5B plus 25% of N95B, making almost N30B altogether.

Your analysis is correct.

In the case of PHB the total application was for 13.844 billion. If u take out the 5 billion that leaves 8.444. Now 25% of 8.444 is 2.111 which is exactly the suplementary allotment of PHB.

hispy99 · #55 (**permalink**) 11th April 2008, 02:47 PM

Quote:

Originally Posted by riskreturn

In that case, the application of the rule is that you keep the first N5B plus 25% of N95B, making almost N30B altogether.

yeah, that is what I was implying, the first N5B + 25% of N95B.

Gengen · #56 (**permalink**) 11th April 2008, 07:18 PM

All,

I'm becoming confused. SEC came out with limiting oversubscription to 25% of an offer. However, I'm getting confused as per its interpretation.

Interpretation 1
If a company offers for sale 100 million units, the maximum it can allot due to oversubcription is 100 + (0.25 x 100) = 125 million units irrespective of the oversubcription level

Interpretation 2
If a company offers for sale 100 million units, and investors apply for 500 million units, the maximum it can allot is 100 + 0.25(500 - 100) = 200 million units.

My initial belief is that Interpretation 1 is the right one. Or am I wrong? Has the regulation been modified?