is megaworld at a bargain?

As one of the shinning stars of 2007, Meg was pushing past Php4 per share. It was last traded before Christmas at Php0.66.

It came quite a long way down. Is it at a bargain? Megaworld seems to think so. In a press release last year, they said that they expect P1.4 billion in sales revenues from its fifth Greenbelt-area project. It is dubbed the Greenbelt Madison. The 31-story building will rise along Salcedo St. in Legaspi Village, Makati City.

A couple of weeks prior to the press release on November 25. They bought back some 2,100,000 shares at 0.5028. After the transaction, 20,510,226,901 shares remain outstanding and 131,420,000 are in the treasury.

Does that mean that they put their money where there mouth is? I don't really think so. 2.1M shares is barely a drop of dew on a rainy morning and thus is not conclusive of their position.

Nonetheless, I personally like this stock. It's a company that appears to have had rode the wave of the sunrise BPO industry rather well. Do I think its at a bargain? Yes. I do.