OTCPK:SYBJ.F

Stock Analysis Report

Executive Summary

Security Bank Corporation, together with its subsidiaries, provides banking and financial products and services to wholesale and retail clients in the Philippines.

Snowflake

Fundamentals

Flawless balance sheet average dividend payer.

Share Price & News

How has Security Bank's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0%

SYBJ.F

1.7%

US Banks

1.3%

US Market


1 Year Return

n/a

SYBJ.F

0.3%

US Banks

5.9%

US Market

Return vs Industry: Insufficient data to determine how SYBJ.F performed against the US Banks industry.

Return vs Market: Insufficient data to determine how SYBJ.F performed against the US Market.


Shareholder returns

SYBJ.FIndustryMarket
7 Day0%1.7%1.3%
30 Day0%-2.4%-1.9%
90 Dayn/a1.0%-1.8%
1 Yearn/a3.2%0.3%8.3%5.9%
3 Year-28.0%-28.0%52.1%41.7%45.6%36.2%
5 Yearn/a69.8%51.4%66.1%47.9%

Price Volatility Vs. Market

How volatile is Security Bank's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Security Bank undervalued compared to its fair value and its price relative to the market?

16.07x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Undervalued: SYBJ.F ($3.6) is trading above our estimate of fair value ($2.68)

Significantly Undervalued: SYBJ.F is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: SYBJ.F is poor value based on its PE Ratio (16.1x) compared to the Banks industry average (12.5x).

PE vs Market: SYBJ.F is good value based on its PE Ratio (16.1x) compared to the US market (17.5x).


Price to Earnings Growth Ratio

Low PEG Ratio: SYBJ.F is poor value based on its PEG Ratio (1.3x)


Price to Book Ratio

PB vs Industry: SYBJ.F is overvalued based on its PB Ratio (1.3x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is Security Bank forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

12.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SYBJ.F's forecast earnings growth (12.1% per year) is above the savings rate (2.7%).

Earnings vs Market: SYBJ.F's earnings (12.1% per year) are forecast to grow slower than the US market (14.4% per year).

High Growth Earnings: SYBJ.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: SYBJ.F's revenue (12.3% per year) is forecast to grow faster than the US market (7.3% per year).

High Growth Revenue: SYBJ.F's revenue (12.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: SYBJ.F's Return on Equity is forecast to be low in 3 years time (9.5%).


Next Steps

Past Performance

How has Security Bank performed over the past 5 years?

5.9%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: SYBJ.F's earnings have grown by 5.9% per year over the past 5 years.

Accelerating Growth: SYBJ.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: SYBJ.F had negative earnings growth (-0.5%) over the past year, making it difficult to compare to the Banks industry average (31.8%).


Return on Equity

High ROE: SYBJ.F's Return on Equity (8.1%) is considered low.


Return on Assets

ROA vs Industry: SYBJ.F has a higher Return on Assets than the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate SYBJ.F's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

How is Security Bank's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: SYBJ.F has a low level of unsold assets or inventory.

Debt Coverage by Assets: SYBJ.F's debt is not covered by short term assets (assets are 0.4x debt).


Financial Institutions Analysis

Asset Level: SYBJ.F's level of assets compared to its equity is low.

Allowance for Bad Loans: SYBJ.F has a sufficient allowance for bad loans.

Low Risk Liabilities: SYBJ.F's liabilities are made up of primarily low risk sources of funding.

Loan Level: SYBJ.F has an acceptable proportion of non-loan assets held.

Low Risk Deposits: SYBJ.F's loans are broadly funded by customer deposits.

Level of Bad Loans: SYBJ.F has an appropriate level of bad loans (0.72%)


Next Steps

Dividend

What is Security Bank's current dividend yield, its reliability and sustainability?

1.52%

Current Dividend Yield


Dividend Yield vs Market

company1.5%marketbottom25%1.5%markettop25%3.8%industryaverage3.1%forecastin3Years1.5%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: SYBJ.F's dividend (1.52%) is higher than the bottom 25% of dividend payers in the US market (1.47%).

High Dividend: SYBJ.F's dividend (1.52%) is low compared to the top 25% of dividend payers in the US market (3.77%).

Stable Dividend: SYBJ.F's dividend payments have been volatile in the past 10 years.

Growing Dividend: SYBJ.F's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (8.1%), SYBJ.F's dividend payments are thoroughly covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SYBJ.F's dividends in 3 years are forecast to be well covered by earnings (19.1% payout ratio).


Next Steps

Management

What is the CEO of Security Bank's salary, the management and board of directors tenure and is there insider trading?

2.8yrs

Average management tenure


CEO

Sanjiv Vohra 0

0.3yrs

Tenure

0

Mr. Sanjiv Vohra serves as President, Chief Executive Officer and Director at Security Bank Corporation since July 1, 2019. He served as Head of Global Corporate Banking and Co-Head of Investment Banking f ...


Management Age and Tenure

2.8yrs

Average Tenure

58yo

Average Age

Experienced Management: SYBJ.F's management team is considered experienced (2.8 years average tenure).


Board Age and Tenure

3.5yrs

Average Tenure

64yo

Average Age

Experienced Board: SYBJ.F's board of directors are considered experienced (3.5 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Buy₱61928 Nov 18
Belen Au
EntityIndividual
Role
Chief Compliance Officer
Senior VP & Chief Compliance Officer
Shares200
Max Price₱3.09

Ownership Breakdown


Management Team

  • Joselito Mape (56yo)

    Executive VP & CFO

    • Tenure: 7.8yrs
  • Gina Go (59yo)

    Senior VP & Chief Risk Officer

    • Tenure: 13.8yrs
  • Sanjiv Vohra

    President

    • Tenure: 0.3yrs
  • Jeanette Keh (67yo)

    Senior VP & Advisor to the President

    • Tenure: 0yrs
  • Belen Au (68yo)

    Senior VP & Chief Compliance Officer

    • Tenure: 0.5yrs
  • Leslie Cham (54yo)

    Executive VP & Head of the Branch Banking Group

    • Tenure: 11yrs
  • Ropi Dangazo

    Head of Investor Relations & First VP

    • Tenure: 0yrs
  • Daniel Yu (58yo)

    Executive VP & Head of the Alternate Channels and Transaction Banking Group

    • Tenure: 2.3yrs
  • Price Edward Yap (46yo)

    Sales Division Head - Treasury Group & Senior VP

    • Tenure: 3.3yrs
  • Anton Khlon

    Senior VP & Chief Information Officer

    • Tenure: 0.4yrs

Board Members

  • Polly Nazareno (70yo)

    Lead Independent Director

    • Tenure: 0yrs
  • James J. K. Hung (72yo)

    Independent Director

    • Tenure: 29.5yrs
  • Alberto Villarosa (69yo)

    Chairman of the Board

    • Tenure: 4.5yrs
  • Frederick Dy (64yo)

    Chairman Emeritus

    • Tenure: 4.5yrs
  • Philip Ang (78yo)

    Independent Director

    • Tenure: 39.7yrs
  • Anastasia Dy (62yo)

    Vice Chairman

    • Tenure: 1.5yrs
  • Sanjiv Vohra

    President

    • Tenure: 0.3yrs
  • Diana Pardo-Aguilar (55yo)

    Director

    • Tenure: 2.5yrs
  • Takahiro Onishi (53yo)

    Executive VP of Alliance Segment & Director

    • Tenure: 3.5yrs
  • Ramon Jimenez (63yo)

    Independent Director

    • Tenure: 2.5yrs

Company Information

Security Bank Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Security Bank Corporation
  • Ticker: SYBJ.F
  • Exchange: OTCPK
  • Founded: 1951
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: ₱148.824b
  • Listing Market Cap: ₱2.885b
  • Shares outstanding: 753.54m
  • Website: https://www.securitybank.com

Number of Employees


Location

  • Security Bank Corporation
  • Security Bank Centre
  • 6776 Ayala Avenue
  • Makati
  • 719
  • Philippines

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SECBPSE (Philippines Stock Exchange)YesCommon SharesPHPHPSep 1995
SYBJ.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDSep 1995

Biography

Security Bank Corporation, together with its subsidiaries, provides banking and financial products and services to wholesale and retail clients in the Philippines. It operates through Financial Markets, Wh ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/15 00:02
End of Day Share Price2019/08/13 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.