June 24, 2018, 10:55 pm
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1 Philippine Peso = 0.06901 UAE Dirham
1 Philippine Peso = 2.02912 Albanian Lek
1 Philippine Peso = 0.03401 Neth Antilles Guilder
1 Philippine Peso = 0.5072 Argentine Peso
1 Philippine Peso = 0.02524 Australian Dollar
1 Philippine Peso = 0.03345 Aruba Florin
1 Philippine Peso = 0.03758 Barbados Dollar
1 Philippine Peso = 1.57159 Bangladesh Taka
1 Philippine Peso = 0.03155 Bulgarian Lev
1 Philippine Peso = 0.00712 Bahraini Dinar
1 Philippine Peso = 32.90079 Burundi Franc
1 Philippine Peso = 0.01879 Bermuda Dollar
1 Philippine Peso = 0.02526 Brunei Dollar
1 Philippine Peso = 0.1289 Bolivian Boliviano
1 Philippine Peso = 0.07111 Brazilian Real
1 Philippine Peso = 0.01879 Bahamian Dollar
1 Philippine Peso = 1.28053 Bhutan Ngultrum
1 Philippine Peso = 0.19402 Botswana Pula
1 Philippine Peso = 376.17437 Belarus Ruble
1 Philippine Peso = 0.03754 Belize Dollar
1 Philippine Peso = 0.02493 Canadian Dollar
1 Philippine Peso = 0.01856 Swiss Franc
1 Philippine Peso = 11.99061 Chilean Peso
1 Philippine Peso = 0.12218 Chinese Yuan
1 Philippine Peso = 54.75385 Colombian Peso
1 Philippine Peso = 10.57591 Costa Rica Colon
1 Philippine Peso = 0.01879 Cuban Peso
1 Philippine Peso = 1.77772 Cape Verde Escudo
1 Philippine Peso = 0.41526 Czech Koruna
1 Philippine Peso = 3.33615 Djibouti Franc
1 Philippine Peso = 0.12016 Danish Krone
1 Philippine Peso = 0.92728 Dominican Peso
1 Philippine Peso = 2.1963 Algerian Dinar
1 Philippine Peso = 0.25225 Estonian Kroon
1 Philippine Peso = 0.33484 Egyptian Pound
1 Philippine Peso = 0.51146 Ethiopian Birr
1 Philippine Peso = 0.01612 Euro
1 Philippine Peso = 0.03918 Fiji Dollar
1 Philippine Peso = 0.01416 Falkland Islands Pound
1 Philippine Peso = 0.01417 British Pound
1 Philippine Peso = 0.08979 Ghanaian Cedi
1 Philippine Peso = 0.87956 Gambian Dalasi
1 Philippine Peso = 169.07178 Guinea Franc
1 Philippine Peso = 0.14072 Guatemala Quetzal
1 Philippine Peso = 3.87599 Guyana Dollar
1 Philippine Peso = 0.14741 Hong Kong Dollar
1 Philippine Peso = 0.44878 Honduras Lempira
1 Philippine Peso = 0.11882 Croatian Kuna
1 Philippine Peso = 1.24803 Haiti Gourde
1 Philippine Peso = 5.23224 Hungarian Forint
1 Philippine Peso = 264.43067 Indonesian Rupiah
1 Philippine Peso = 0.06764 Israeli Shekel
1 Philippine Peso = 1.27568 Indian Rupee
1 Philippine Peso = 22.24728 Iraqi Dinar
1 Philippine Peso = 798.38407 Iran Rial
1 Philippine Peso = 2.03119 Iceland Krona
1 Philippine Peso = 2.45509 Jamaican Dollar
1 Philippine Peso = 0.01333 Jordanian Dinar
1 Philippine Peso = 2.06417 Japanese Yen
1 Philippine Peso = 1.89121 Kenyan Shilling
1 Philippine Peso = 1.28183 Kyrgyzstan Som
1 Philippine Peso = 76.00526 Cambodia Riel
1 Philippine Peso = 7.92522 Comoros Franc
1 Philippine Peso = 16.91094 North Korean Won
1 Philippine Peso = 20.86622 Korean Won
1 Philippine Peso = 0.00568 Kuwaiti Dinar
1 Philippine Peso = 0.01541 Cayman Islands Dollar
1 Philippine Peso = 6.38595 Kazakhstan Tenge
1 Philippine Peso = 158.00451 Lao Kip
1 Philippine Peso = 28.292 Lebanese Pound
1 Philippine Peso = 2.98572 Sri Lanka Rupee
1 Philippine Peso = 2.74709 Liberian Dollar
1 Philippine Peso = 0.25254 Lesotho Loti
1 Philippine Peso = 0.05728 Lithuanian Lita
1 Philippine Peso = 0.01166 Latvian Lat
1 Philippine Peso = 0.02548 Libyan Dinar
1 Philippine Peso = 0.1786 Moroccan Dirham
1 Philippine Peso = 0.3177 Moldovan Leu
1 Philippine Peso = 0.98891 Macedonian Denar
1 Philippine Peso = 25.98647 Myanmar Kyat
1 Philippine Peso = 45.97896 Mongolian Tugrik
1 Philippine Peso = 0.15183 Macau Pataca
1 Philippine Peso = 6.67042 Mauritania Ougulya
1 Philippine Peso = 0.65295 Mauritius Rupee
1 Philippine Peso = 0.29256 Maldives Rufiyaa
1 Philippine Peso = 13.4053 Malawi Kwacha
1 Philippine Peso = 0.37584 Mexican Peso
1 Philippine Peso = 0.07518 Malaysian Ringgit
1 Philippine Peso = 0.25239 Namibian Dollar
1 Philippine Peso = 6.72679 Nigerian Naira
1 Philippine Peso = 0.59207 Nicaragua Cordoba
1 Philippine Peso = 0.15205 Norwegian Krone
1 Philippine Peso = 2.03401 Nepalese Rupee
1 Philippine Peso = 0.02719 New Zealand Dollar
1 Philippine Peso = 0.00723 Omani Rial
1 Philippine Peso = 0.01879 Panama Balboa
1 Philippine Peso = 0.06134 Peruvian Nuevo Sol
1 Philippine Peso = 0.0609 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.28222 Pakistani Rupee
1 Philippine Peso = 0.06966 Polish Zloty
1 Philippine Peso = 106.55769 Paraguayan Guarani
1 Philippine Peso = 0.06839 Qatar Rial
1 Philippine Peso = 0.07509 Romanian New Leu
1 Philippine Peso = 1.18236 Russian Rouble
1 Philippine Peso = 15.96073 Rwanda Franc
1 Philippine Peso = 0.07046 Saudi Arabian Riyal
1 Philippine Peso = 0.1479 Solomon Islands Dollar
1 Philippine Peso = 0.25235 Seychelles Rupee
1 Philippine Peso = 0.33738 Sudanese Pound
1 Philippine Peso = 0.16635 Swedish Krona
1 Philippine Peso = 0.02551 Singapore Dollar
1 Philippine Peso = 0.01417 St Helena Pound
1 Philippine Peso = 0.41725 Slovak Koruna
1 Philippine Peso = 149.94363 Sierra Leone Leone
1 Philippine Peso = 10.72905 Somali Shilling
1 Philippine Peso = 394.98309 Sao Tome Dobra
1 Philippine Peso = 0.16441 El Salvador Colon
1 Philippine Peso = 9.67644 Syrian Pound
1 Philippine Peso = 0.25202 Swaziland Lilageni
1 Philippine Peso = 0.61856 Thai Baht
1 Philippine Peso = 0.04882 Tunisian Dinar
1 Philippine Peso = 0.04333 Tongan paʻanga
1 Philippine Peso = 0.08786 Turkish Lira
1 Philippine Peso = 0.12682 Trinidad Tobago Dollar
1 Philippine Peso = 0.56924 Taiwan Dollar
1 Philippine Peso = 42.63435 Tanzanian Shilling
1 Philippine Peso = 0.49267 Ukraine Hryvnia
1 Philippine Peso = 72.51597 Ugandan Shilling
1 Philippine Peso = 0.01879 United States Dollar
1 Philippine Peso = 0.59451 Uruguayan New Peso
1 Philippine Peso = 147.50094 Uzbekistan Sum
1 Philippine Peso = 1499.4363 Venezuelan Bolivar
1 Philippine Peso = 430.10147 Vietnam Dong
1 Philippine Peso = 2.07159 Vanuatu Vatu
1 Philippine Peso = 0.0488 Samoa Tala
1 Philippine Peso = 10.56614 CFA Franc (BEAC)
1 Philippine Peso = 0.05073 East Caribbean Dollar
1 Philippine Peso = 10.56614 CFA Franc (BCEAO)
1 Philippine Peso = 1.92165 Pacific Franc
1 Philippine Peso = 4.69466 Yemen Riyal
1 Philippine Peso = 0.25241 South African Rand
1 Philippine Peso = 97.51033 Zambian Kwacha
1 Philippine Peso = 6.80008 Zimbabwe dollar

PH firm hikes stake in US burger chain

Jollibee Foods Corp., said it has acquired an additional 45 percent in Smashburger. 

This will increase BGI’s ownership in the US burger chain to 85 percent. 

Jollibee said unit Bee Good! Inc. (BGI) purchased the additional shares of SJBF LLC, the parent company of the entities comprising the Smashburger business, from Smashburger Master LLC (Master).

 Master will retain the remaining 15 percent ownership. 

“The transaction, valued at $100 million is expected to be completed in one to two months, subject to government approvals in the United States and meeting certain closing conditions.  Jollibee will pay Master through BGI in cash,” the company said.

“With this acquisition of more shares,  Jollibee will have a more significant business in the United States. The US will increase its contribution to our worldwide system-wide sales from 5 percent to 15 percent. We will be able to participate in the very large mainstream American consumer market in addition to serving Filipino-Americans there,” said Tony Tan Caktiong, Jollibee chairman. 

“We believe that we will be able to profitably provide the mainstream American consumer with superior tasting products with excellent services at very good value for money as we have demonstrated in the Philippines, China, Vietnam, Singapore, Hong Kong, Brunei and the Middle East. The proportion of our foreign business to worldwide system wide sales will increase from present 20 percent to 30 percent. We will eventually achieve our goal of 50/50 revenue split between the Philippines and foreign businesses even as our Philippine business continues to expand strongly since our foreign business is growing even faster. It will only be a matter of time,” he added.

 The integration  of Smashburger into  Jollibee will increase worldwide store network by 365 stores or 9.6 percent to 4,162. 

This will also expand  Jollibee’s geographical presence from 16 countries to 21 adding Costa Rica, Egypt, El Salvador, United Kingdom (England and Scotland), and Panama.
 
“The consolidation of  Smashburger  into   Jollibee  will  increase   Jollibee’s  store network  in  the  US  by  five5-fold,  from  83  to  417 and will expand its presence to 39 states in the US from current 10 states. It will also increase  Jollibee’s  store  network  in  Canada, from two to 8,” said Emesto Tanmantiong, Jollibee chief executive officer.

Thomas Ryan,  one of the founders of the Smashburger brand and who has been its chief executive officer (CEO) for the past 15 months will continue to be its CEO.

,“ We will introduce at  Smashburger the  Jollibee Business Systems that have proven to work successfully in its brands in several countries,” Tanmantiong added.

 The financial data of the company in the past six months showed that Smashburger has an annualized system-wide sales of $333 million and net revenues of $200 million, and reports a positive and improving earnings before interest, taxes, depreciation and amortization.

Tanmantiong said one of  Jollibee’s priorities will be to change Smashburger’s debt structure, to significantly reduce its financing cost and enable the business to make more investments for long term growth. 

“It will focus on significantly growing sales per store and increasing profit which JFC has been able to achieve in practically all its acquired businesses in the Philippines and abroad,” he said.

 Smashburger with headquarters in Denver, Colorado is a leading fast casual restaurant. In addition to premium beef and turkey burgers, Smashburger offers grilled or crispy chicken sandwiches, black bean burgers, fresh salads, signature side items and hand-spun Haagen-Dazs shakes. 

The chain is recognized in various surveys and publications as one of the best tasting burgers in the US.
 
Meanwhile, broker Unicapital Securities Inc., said the increasing inflation in the Philippines could put a dent in Jollibee Foods Corp.’s sales growth. 

The broker said the hike in prices, recorded at an inflation rate of 4 percent in January, will raise cost of goods faster that the domestic sales. 

“As Philippine inflation rose to new levels last year (2017 inflation averaged at 3.2 percent vs. 2016’s 1.8 percent and 2015’s 1.4 percent), we think that 2018 will be an adjustment period for consumers once Jollibee raises its selling prices accordingly,” it said. 

“Jollibee’s revenues tend to slow down when inflation surges and to accelerate when inflation cools down or when it stabilizes,” it added.

In Jollibee’s third quarter result report last year, the company reported that domestic sales account for 78 percent of its P42.3 billion system-wide sales. 

Jollibee reported that revenue for the period reached P32.7 billion, up 17.5 percent, out of the system-wide sales that grew 16.5 percent P33.1 billion.

Unicapital noted that Jollibee’s current price is already above its five-year historical average and is currently trading at a 2018E P/E of 38.7x, “higher than its five-year average of 35.5x.”

“If it trades at 1 standard deviation above its average, the stock price could overshoot to P301.00/share. If it trades at 2 standard deviation above, it could overshoot to P339.00/share,” it said. 

“We think that the stock price already caught up with the company’s intrinsic value. Any upside at current levels will be driven by sentiment and anticipation of SuperFoods’ IPO,” it added.

Jollibee closed Tuesday’s trading down P6 to P277.
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