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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  First Pacific Company Limited    0142   BMG348041077

FIRST PACIFIC COMPANY LIMITED

(0142)
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Temasek, KKR competing to buy stake in Philippine hospitals group - sources

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09/11/2019 | 04:21am EDT
FILE PHOTO: A Temasek logo is seen at the annual Temasek Review in Singapore

SINGAPORE (Reuters) - Singapore state investor Temasek Holdings and buyout firm KKR are among the suitors who have advanced to the second round of an auction to buy into the hospital unit of Metro Pacific Investments Corp , sources told Reuters.

The unit, which operates 14 hospitals, many of which are among the largest and most modern in the Philippines, had attracted interest from more than a dozen investors.

The sale comes as global investors scout for targets after raising billions of dollars in the last few years.

Southeast Asia - home to a large number of fast-growing companies - is viewed by investors as an attractive prospect, due to strong healthcare spending.

Last month, Metro Pacific announced plans to sell a minority stake in its unit at a valuation of up to $2.5 billion (2.02 billion pounds), which could make it the country's biggest healthcare deal.

Buyout firm CVC and strategic investors figure among the bidders, said the sources, who have knowledge of the matter.

The bidders are valuing the hospital unit at up to $2 billion, pegging its valuation at just over 20 times next year's estimated core profit, as they seek a majority economic stake in it, the sources added on condition of anonymity as the talks are private.

Sources said the Philippine conglomerate's primary plan is to bring external institutional investors into the hospital chain despite an IPO application filed last week.

"Metro Pacific wants to get a transaction done before the end of the year and a M&A remains the basic assumption," said one source. "If the bids don't come in as expected, the IPO gives the company a second option," the source said.

The group, which owns an 85.6% stake in the hospital unit, says the funds will be used to cut debt and support the hospital group's expansion.

Sources expect the foreign bidders to team up with local companies.

CVC, KKR and Temasek declined comment, while Metro Pacific did not immediately respond to requests for comment.

Singapore sovereign wealth fund GIC, which bought a 14.4% stake in the hospital unit in 2014, and has an option to boost its holding via an exchangeable bond, is open to paring its stake, the sources said. GIC declined comment.

Metro Pacific Investments is a unit of First Pacific Co Ltd, that is owned by Indonesian tycoon Anthoni Salim.

(Reporting by Anshuman Daga; Additional reporting by Neil Jerome Morales in MANILA; Editing by Himani Sarkar and Louise Heavens)

By Anshuman Daga

Stocks mentioned in the article
ChangeLast1st jan.
FIRST PACIFIC COMPANY LIMITED -1.27% 3.1 End-of-day quote.1.97%
KKR & CO INC 1.07% 29.15 Delayed Quote.48.50%
METRO PACIFIC INVESTMENTS CORP. End-of-day quote.
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Financials (USD)
Sales 2019 7 854 M
EBIT 2019 1 201 M
Net income 2019 292 M
Debt 2019 6 999 M
Yield 2019 4,30%
P/E ratio 2019 5,90x
P/E ratio 2020 5,34x
EV / Sales2019 1,11x
EV / Sales2020 1,06x
Capitalization 1 718 M
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Mean consensus BUY
Number of Analysts 1
Average target price 0,51  $
Last Close Price 0,40  $
Spread / Highest target 28,9%
Spread / Average Target 28,9%
Spread / Lowest Target 28,9%
EPS Revisions
Managers
NameTitle
Manuel Velez Pangilinan Chief Executive Officer, Executive Director & MD
Anthoni Salim Chairman
Christopher H. Young Chief Financial Officer & Executive Director
Tedy Djuhar Non-Executive Director
Kwan Yiu Chen Independent Non-Executive Director
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