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4-Traders Homepage  >  Equities  >  PHILIPPINE STOCK EXCHANGE, INC.  >  Ayala Corporation    AC   PHY0486V1154

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Ayala : debuts as major manufacturing player

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08/18/2016 | 03:45pm CEST

AC Industrials of the Ayala Group is seeking to bolster the country's manufacturing capacity, as it is slated to begin producing motorcycles early next year. AC Industrial now serves as Ayala Corp.'s core industrial unit, combining its automotive interest with that of electronics manufacturing.

The company will now house the existing and prospective assets of Ayala automotive and semiconductor manufacturing business, Integrated Micro-electronics Inc. (IMI).

Ayala inked earlier this year a deal with Austrian motorcycle maker, KTM AG, the world's fourth-largest motorcycle company, to produce at least 20,000 units of the vehicle.

This led to the creation of a joint venture, the KTM Asia Motorcycle Manufacturing Inc. Adventure Cycle Philippines Inc., a wholly owned unit by AC Industrials, will buy the output and coordinate with dealerships around the country for distribution.

Seventy percent of the first production batch will be exported to China, with the rest to be sold either in the domestic market or other Asean nations.

AC Industrials CEO Arthur Tan said this is the conglomerate's strategy to contribute to the gradually rising manufacturing sector in the country. 'The Philippines needs to address the absence of a strong manufacturing base. We depend on a lot of multinationals to come and invest in hardcore manufacturing. If that's the formula, we're not doing very well, because, compared to our neighbors, our foreign direct investments has been very low,' he reasoned.

Tan said AC Industrial's motorcycle production can be the catalyst to full product manufacturing that utilizes Filipino-made components and uses local work force.

The executive said it is very keen on automotive assembly, but thumbed down participation in the government's manufacturing stimulus program, the Comprehensive Automotive Resurgence program.

Ayala Automotive has 1,900 employees nationwide and 22 dealerships. IMI employs 4,340 people in the country.

(c) 2016 Business Mirror Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( PHP)
Sales 2016 210 736 M
EBIT 2016 40 151 M
Net income 2016 23 506 M
Debt 2016 227 893 M
Yield 2016 0,58%
P/E ratio 2016 23,77
P/E ratio 2017 21,01
EV / Sales 2016 3,74x
EV / Sales 2017 3,44x
Capitalization 560 034 M
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Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Average target price 877  PHP
Spread / Average Target -2,9%
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Managers
NameTitle
Jaime Augusto Zobel de Ayala Executive Chairman & Chief Executive Officer
Fernando Zobel de Ayala Vice Chairman, President & Chief Operating Officer
Jose Teodoro K. Limcaoco CFO, Chief Risk Officer, Group Head-Finance & MD
Delfin Lapus Lazaro Non-Executive Director
Xavier Pardo de Tavera Loinaz Independent Director
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Sector and Competitors
1st jan.Capitalization (M$)
AYALA CORPORATION12 031
GENERAL ELECTRIC COMPA..0.26%279 859
3M CO19.34%108 653
SIEMENS AG17.88%102 673
HONEYWELL INTERNATIONA..12.98%89 030
E I DU PONT DE NEMOURS..5.77%61 587
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