Malacca Research

Relative Valuation of Upstream, Philippine Oil and Gas Companies

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The following assessment provides (1) an overview of oil and gas reserves in the Philippines; (2) a thesis for investing in the upstream, Philippine oil and gas industry; (3) an overview of the four oil and gas companies listed on the Philippine Stock Exchange (PSE); and (4) a relative valuation of these companies. This analysis does not consider global factors associated with the upstream oil and gas sector, such as the price of oil.

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Relative Valuation of Philippine Logistic Firms

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The following analysis is a relative valuation of five logistics companies listed on the Philippine Stock Exchange (PSE) and categorized under the “transportation services” subsector. We do not hold any individual positions in these or any other companies that trade on the PSE, but we do hold a position in the iShares MSCI Philippines ETF (EPHE), which we intend to hold for more than one year.

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Harbor Star Shipping Services Valuation

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*The following analysis is based on a review of Harbor Star’s annual reports and press reports.  We have not previously analyzed this company and do not hold any positions in its stock.  This assessment does not consider any information provided in Harbor Star’s most recent quarterly report, which was released on 15 May 2017.  Readers should not make any [Read more…] about Harbor Star Shipping Services Valuation

Philippine IPO Market Gaining Momentum, Underscoring Strong Growth Prospects

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The Philippine Securities and Exchange Commission on 20 April approved the launch of two initial public offerings (IPO) on the Philippine Stock Exchange (PSE)—a property developer and cement producer—underscoring the Philippines’ strong economic growth and the incremental progression of its financial markets.  [Read more…] about Philippine IPO Market Gaining Momentum, Underscoring Strong Growth Prospects

Recent Statements Suggest Philippine Officials Looking To Advance Economic Agenda

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Recent statement from senior Philippine government officials suggest elements of President Rodrigo Duterte’s administration are attempting to advance its economic agenda, particularly its ambitious infrastructure plan, and have identified and secured funding. [Read more…] about Recent Statements Suggest Philippine Officials Looking To Advance Economic Agenda