Asset Play?

I decided to buy Phinma Corporation at P10.00 apiece, mainly because of its holdings of Trans-Asia Oil and Energy Development Corporation, which was a hot stock last year, while Phinma Corporation hardly budged at all.

In Note 12 of Phinma Corporation's 2013 Annual Report, it says that it owns 26.22% of Trans-Asia. With Trans-Asia's equity of 7,229,350,645 for Q1 2014, Phinma Corporation's 26.22% translates to P1,895,535,739 claim to Trans-Asia's assets.

Phinma Corporation's market value or market cap at my purchase price of P10.00 stands only at P2,846,068,085. At that price level, 67% of Phinma's market price is Trans-Asia.  

In effect, you are buying Trans-Asia for 1.5x its equity book value, when you buy 1 share of Phinma, plus all of Phinma's other assets as bonus.

Dividend yield is 3.88%

Price to book value is only 0.4039. Or selling for only 40% of assets.