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Manila Bulletin devider Business devider The Stock Market devider Bargain hunter: Gokongwei chairman snaps up undervalued RRHI, URC stock

Bargain hunter: Gokongwei chairman snaps up undervalued RRHI, URC stock

Published Feb 14, 2025 05:00 am

James L. Go, Chairman of the Gokongwei Group’s flagship JG Summit Holdings Inc., has been bargain-hunting and scooped up ₱48.13 million worth of shares of subsidiaries Robinsons Retail Holdings Inc. (RRHI) and Universal Robina Corporation (URC) this week.

As stock analysts are optimistic about the prospects of RRHI, Go acquired a total of 640,200 shares of the company, where he is a director and the vice chairman.

RRHI disclosed to the Philippine Stock Exchange (PSE) that Go bought the shares from Feb. 11 to 13, at prices ranging from ₱35.80 to ₱36 per share, with the biggest purchase of 500,000 shares at ₱35.05 apiece on Feb. 11, when the market dropped below the 6,000 level.

With this, Go now owns directly and indirectly 32.57 million RRHI shares, equivalent to about 2.3 percent of the company’s 1.42 billion outstanding shares.

Meanwhile, URC disclosed to the PSE that Go, its chairman emeritus, acquired from Feb. 10 to 13 a total of 423,720 common shares worth ₱25.11 million from the market, at prices ranging from ₱60.80 to ₱63 per share. After these purchases, Go now owns a total of 1.82 million URC shares.

Abacus Securities Corporation noted that, “after mostly disappointing results over the past one to two years, the retailer posted much stronger than expected fourth quarter and fiscal year 2024 numbers.”

“We expect consensus earnings per share to improve 10 percent to 15 percent over the course of the year. If we are correct, the stock is trading at 7.0 times to 7.5 times forward earnings which is a record low,” it added.

COL Financial said, “we view RRHI as a potential value play with an anticipated turnaround in earnings should private consumption recovery and wage hikes boost discretionary consumer spending. Valuations remain deeply discounted.”

It also likes URC, noting that “despite the challenging near-term outlook for the company, we believe that many of its challenges (e.g. weak sugar prices, prolonged downtrading among consumers) are cyclical in nature and should ease as household consumption normalizes. With valuations also compelling.”

“In our view, the stock’s upcoming removal (from the MSCI) will reduce the overhang on share price and provides a potential opportunity to buy at more attractive levels,” COL added.

Related Tags

universal Robina Corporation JG Summit Holdings Inc. James L. Go COL Financial Abacus Securities Corporation Robinsons Retail Holdings Inc.
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