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

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02/23 Ayala group boosts 2017 spending budget to P185B
02/23 AYALA : enters e-commerce
02/23DJAYALA : Buys 43.3% Stake in Zalora Philippines
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Ayala : enters e-commerce

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02/23/2017 | 07:47pm CET

Feb. 24--Acquires 49% of Zalora PH

THE Ayala group is now in the e-commerce business after acquiring a 49 percent stake in online fashion platform Zalora Philippines.

In several statements on Thursday, parent conglomerate Ayala Corp. (AC) said the group signed a partnership agreement with Global Fashion Group (GFG) to own 49 percent stake in Zalora PH operator BF Jade E-Service Philippines Inc.

AC acquired 43.3 percent of Zalora while Ayala Land Inc. subscribed to 1.9 percent, with another 3.8 percent acquired by other Ayala group companies including investment bank BPI Capital Corp. and Kickstart Ventures Inc., a business incubator of Globe Telecom Inc.

AC said the acquisition is part of the group's strategy to invest in new disruptive businesses that provide solutions in the evolving Philippine market. Last February 9, AC's healthcare unit Ayala Healthcare Holdings Inc. (AC Health) also bought a minority stake in the operator of an e-pharmacy called MedGrocer.

The company said e-commerce is a unique growth channel to complement its existing businesses.

"This investment demonstrates how we, at Ayala, look at innovation and growth opportunities. We see the potential of e-commerce in the country, and believe that the Ayala group can benefit and add tremendous value to Zalora," AC Chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala said.

"The investment presents new opportunities for Ayala to generate synergies throughout the ecommerce value chain," he said, adding that new business models such as Zalora's "can provide alternative solutions and services that are complementary to our traditional brick and mortar operations."

Established in 2012, Zalora PH is a part of the Zalora Group under GFG. The online platform offers over 120,000 products across more than 1,000 brands in accessories, beauty, clothing, shoes, and sports.

"Through the partnership with Ayala Corp.--one of the country's longest standing and well diversified business corporations--Zalora Philippines will now not only be able to benefit from the support and expertise of GFG and Zalora but also from the synergies and support of the Ayala companies," GFG CEO Romain Voog said.

The transaction is still subject to the approval of the Philippine Competition Commission.

___

(c)2017 The Manila Times (Manila, Philippines)

Visit The Manila Times (Manila, Philippines) at www.manilatimes.net

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ( PHP)
Sales 2016 199 688 M
EBIT 2016 39 114 M
Net income 2016 24 574 M
Debt 2016 211 330 M
Yield 2016 0,64%
P/E ratio 2016 21,04
P/E ratio 2017 19,47
EV / Sales 2016 3,60x
EV / Sales 2017 3,28x
Capitalization 506 704 M
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Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 902  PHP
Spread / Average Target 10%
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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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