I was lying in bed, watching an episode of How I Met Your Mother on the iPhone, when Jeanne walk to the edge of the bed chewing something. I asked her “What are you eating? Come on, show daddy.” She looked at me, walked back to Michelle at the living room, and came back with a peanut which she gave to me.
Month: April 2011
I read that the upcoming SMC offering has a new price range of P110 to P140 per share. Lower than the P150 per share before the trade suspension and much lower than its peak of about P180 per share. Comparing it with some back-of-napkin figures to similar diversified/diversifying conglomerates:
| Price | EPS | P/E | Return (E/P) | |
| SMC | 110 | 6.14 | 17.92 | 5.58% |
| SMC | 140 | 6.14 | 22.80 | 4.39% |
| SMC | 153 | 6.14 | 24.92 | 4.01% |
| SMC | 180 | 6.14 | 29.32 | 3.41% |
| AC | 17.01 | 5.88% | ||
| JGS (’09) | 19.28 | 5.19% | ||
| AGI (’09) | 23.77 | 4.21% | ||
| AEV (’09) | 26.97 | 3.71% | ||
| MPI | 27.03 | 3.70% |
JGS, AGI, and AEV will probably have a lower P/E and higher return for 2010 due to higher earnings. While MPI is just expensive at this point. In any case, this seems to show that the quoted price range imputes a significant risk premium. I can think of the ongoing SMC ownership issue. I guess if the government gets ownership, they can screw up profitability :P Anyway, it seems to me the premium is too high and results in a comparatively low/cheap price. Hmmmm, should I buy up?
UPDATE: Looks like everyone bought up. Shares got gobbled up before you can say “gook”. What do you expect? SMC is a well-established company with good management, profitable existing businesses, and forays into promising new businesses as part of its expansion and diversification. Wishing for a piece of that pie.
Jeanne is a late sleeper. Maybe it’s because of her afternoon nap. Often, we hand her the iPhone and she would browse through the photos and videos. Last night, she was doing just that, going forward and backward and playing the videos. As it was already a bit late, when she temporarily let go, I hid the the iPhone under the pillow. When she realized that it was missing, she peeked under the pillow, found it, retrieved it, and unlocked it. When Michelle said, “You’re so smart!”, she immediately pointed at her head and repeated “Smart!” She then proceeded to launch the Photos app and browse through the photos and videos again. After a while, she got tired and lay down. And then she held up the iPhone and continued browsing while lying down. She never ceases to amaze!
I hate it when good food goes to waste. So I prefer to prepare just the right amount (or even less) for meals. And if it can’t be helped, then have the leftover food for the next meal. When I notice some food in the refrigerator that’s been there for more than a day, I usually get it, heat it, and eat it. This goes whether it’s tinola, nilaga, sinigang, pinakbet, roast beef, pasta, or pizza. Leftovers anyone? Guess not. It’s been in the refrigerator for a while already after all. But if nobody else wanted it, then I’ll have it, thank you.
