Bought PNB @ ₱57.20

Bought some PNB today, even though the dividend policy is a less than stellar around 1.7% p.a. (IF the same dividend from last year applies to this year). However, P/E is around 10.4x (2017 forecasted) @ ₱57.20/share, which is lower than RCB (@11.3x), BDO (@17.7) MBT (@13.4) and BPI (@16.9). Price/Book is even better at 0.6. Profits have also been steadily heading back up in the last few years.

To paraphrase Philip Fisher, it’s easier to know what will happen to a stock’s price, than when exactly it will happen. I’m hoping that the investing public sees the value of this stock sooner than later.

As I said in previous posts, I wanted to get some CPG @ ₱0.50, however it went up to ₱0.52 today (up 4%) so I was unable to, ditto for getting some more EMP.

SMC’s preferred shares are going to ex-date on March 16, so looking into getting some of that if prices don’t go up too high tomorrow and on Wednesday.


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