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4-Traders Homepage  >  Equities  >  PHILIPPINE STOCK EXCHANGE, INC.  >  JG Summit Holdings, Inc.    JGS   PHY444251177

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JG Summit Holdings, Inc. : JG Summit : Expect Naptha Cracker to Generate $1 Billion in Annual Sales

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06/28/2012 | 12:30pm CEST
   By Rhea Sandique-Carlos 
 

MANILA--Philippine conglomerate JG Summit Holdings Inc. (JGS.PH) said Thursday that it expects to generate up to $1 billion in annual sales from its naphtha cracker plant project, which is due for completion in the last quarter of 2013.

"We believe we are on schedule and on budget," JG Summit president and chief operating officer Lance Gokongwei told reporters on the sidelines of the company's annual meeting.

The project, once completed, is expected to supply two-thirds of the Philippines's total demand for polypropylene and polyethylene resins--raw materials in the production of plastics.

Some of the plant's output will be exported to China and Vietnam, Mr. Gokongwei said.

The plant will have an annual capacity of 320,000 metric tons of polypropylene and will add 110,000 tons to JG Summit's 200,000-ton-a-year polyethylene output capacity .

The project is expected to expected to cost between $800 million and $900 million. The conglomerate has invested around $300 million so far, Mr. Gokongwei said.

To sustain the project's financing requirement, the company is planning to refinance $300 million worth of bonds that are due to mature next January, he added.

"We will look for a window sometime in the third or fourth quarter," he said, noting that the timing will be opportune, as the bond carries an interest rate of 8%, while current borrowing costs are much lower.

Write to Rhea Sandique-Carlos at rhea.sandique-carlos@dowjones.com and Cris Larano at cris.larano@dowjones.com

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Financials ( PHP)
Sales 2016 233 556 M
EBIT 2016 51 134 M
Net income 2016 31 011 M
Debt 2016 170 061 M
Yield 2016 0,31%
P/E ratio 2016 19,78
P/E ratio 2017 18,51
EV / Sales 2016 3,21x
EV / Sales 2017 2,84x
Capitalization 580 190 M
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Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 3
Average target price 73,2  PHP
Spread / Average Target -9,6%
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Managers
NameTitle
James L. Go Executive Chairman & Chief Executive Officer
Lance Yu Gokongwei President, COO & Executive Director
Johnson Robert G. Go Non-Executive Director
Lily G. Ngochua Director
Patrick Henry C. Go Executive Director
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