Merger And Acquisition Analysis Of Royal Ceramic (Lanka) Plc And Lanka Ceramic Plc

Business Strategy Analysis

Merger and acquisition is a basic term which depict about the consolidation of assets of 2 or more companies. It contains a number of diversified transactions such as consolidations, tender offers, mergers, acquisitions, management acquisition, purchase of assets etc. The term merger and acquisition depict about the department of finance which deals with the process of merger and acquisition. String companies always try to buy other companies or try to merge those companies to be more competitive and diversify the market.

Evaluating and analyzing the merger and acquisition performance of a company and manage the financial performance and the position of an organization is quite required for the financial directors and the analyst to analyze the performance and acquisition price of the company. This study has been performed over 2 companies of Sri Lanka, Royal ceramic (Lanka) plc and LANKA CERMAIC PLC. Royal ceramic (Lanka) plc has acquired 80% of the shares of LANKA CERMAIC PLC (Daily Mirror, 2017). This study has been performed to analyze the performance of both the companies after acquisition.

For preparing this report, Royal Ceramics Lanka Plc has been analyzed. Royal Ceramic Company (Lanka) Plc has registers itself in Colombo Stock Exchange. This company is also operating its business in Sri Lanka. This company manufactures and delivers the floor tiles in the market of Sri Lanka. Various brands are run by this business and different quality products are sold by the company under these brands. This company provides the tiles under the tile and associate brand and finance activities are handled by the business under other brand name (Home, 2017). This company also offers plantation, aluminum, packaging material, sanitary ware and other segments which are also sold by this company under various brands of the company. This company is also involved in retailing and wholesaling the wall tiles, bath ware, cultivation, floor tiles etc. The main vision this company is to be leading partner with the contract companies and setting the high standards for the nation so that the expectation of the company and the society could be met (Bloomberg, 2017).

Lanka Ceramic Plc has registers itself in Colombo Stock Exchange. This company is operating its business in Sri Lanka. This company manufactures and delivers the ceramic tiles and allied products in the market of Sri Lanka. Various products and services are offered by this company in the market of Sri Lanka. This company provides the plantation, associated items, packaging material, aluminum products, packing material segment etc. This company also offers flooring compounds and various other products are also sold by this company. This company manufactures and sells the floor tiles as well as various home improvement products, processes, cultivates rubber and tea (FT, 2017). This company also runs various businesses. The main vision this company is to be leading partner to build the nation and setting the high standards for the nation so that the expectation of the company and the society could be met (Bloomberg, 2017).

Further, the study has been done over the business operations to analyze the position and the strategy of the company. This would assist the company to analyze that whether the position of both the companies have been better and which strategies have been adopted by both the companies to manage the performance of the company. The evaluation over the operations and the strategy makes it easier for the management to identify the required changes which could be done and it also becomes easy to understand the performance of a company (D. L. & F., 2017). Further, the business strategy evaluation assist the company to analyze that whether the firm is quite able to achieve the goals through using the current strategies and policies or any changes are required by the company to enhance the performance (Zeithaml, Bitner and Gremler, 2006).

Financial Performance Evaluation

Firstly, the business strategy of Royal Ceramics Lanka Plc and Lanka Ceramics Plc to analyze their position after the acquisition:

Synergy is a concept which depicts about the value and the performance of the company. Through the potential synergy evaluation over Royal Ceramics Lanka Plc, it has been analyzed that the position and the performance of both the companies have been better after the acquisition (Walker et al, 2005). The financial and non financial performance of the company has been better.

The evaluation over economies of scope of both the companies depict that both the companies was required resources to manage the performance and run the business properly. Through this acquisition, it becomes easy for both the companies to achieve the goals. The mission of both the companies was to reinforce the market by empowering the people and adopting various innovation strategies so that the performance of the company could be better (Pride, 2008). Further, this company also wanted to maintain the sustainable development, assure the quality and further in commits the impeccable service so that the customer trust could be build and the shareholder value of the company could also enhance. Through the acquisition, it becomes simple for both the companies to reach over the target (Indices, 2017).

Value network described about the technical and social resources of the company. The study over the value network of both the companies depicts that earlier Royal Ceramics Lanka Plc was short of manpower and other resources as well as Lanka ceramics Plc has been short of cash and after the acquisition, it becomes easy for both the companies to manage the resources and enhance the performance of both the companies (Quester et al, 2007).

Through the evaluation over both the companies, it has been found that various challenges have also been faced by the company after acquisition. Few policies of the LNKA CERAMIC PLC are still same which must be changed by the management according to the current position and through the analysis over the profile of the companies, it has been found that various changes have been faced by the companies from last numerous years due to crisis and the policies of the industry (Bloomberg, 2017).

Thus through the above study, it has been found that the performance of the company has been better but still few changes would help the company to manage the performance and the position in a better way. Both the companies are offering the consistent returns and offers a good value of shareholder return. Company is suggested to manage the proper utilization of the resources as well as it is also suggested to the companies to make few changes into the previous strategies to maintain the position of the company.

Further, financial performance of the company has been analyzed to investigate the position of both the companies after acquisition. This analysis would help the company to make various better decisions and analyze the position of both the companies after

Evaluating and analyzing the financial performance of a company and make the strategy for the financial performance and the position of an organization is quite required for the financial directors. This assists the company to make required changes for betterment of the company (Pearson, 2008). The financial study and the strategic study also depict about two companies to manage and analyze the position of the company in context of various positions which are operating their business in the same industry and a company has acquired other company for the purpose of synergy. Further, for making the various decisions about the financial position, strategic position, economical position etc. it becomes mandatory for the analyst and the chief financial officer to analyze the financial performance of a company and make a better decision about the position of the company accordingly (Schlichting, 2013).

In this case for analyzing the position of both the companies after merger, following study has been done:

Financial Data
Description		ROYAL CERAMICS LANKA PLC
		2017	2016	2015	2014	2013
Revenue		2,64,12,846	2,49,04,750	2,23,79,069	1,97,48,800	76,11,404
Cost of goods sold		1,55,50,091	1,53,47,764	1,50,71,040	1,34,10,454	42,69,804
Gross profit		1,08,62,755	95,56,986	73,08,029	63,38,346	33,41,600
Operating profit		57,73,260	54,94,926	33,98,895	20,96,217	17,30,575
Net profit		32,31,004	29,34,333	21,34,584	11,25,670	16,70,385
PBIT		57,73,260	54,94,926	33,98,895	20,96,217	17,30,575
Inventory		86,64,550	70,86,872	71,27,131	68,42,340	21,79,679
Current assets		1,49,35,161	1,31,61,469	1,20,67,464	1,13,77,213	42,89,968
Receivables		43,38,838	36,95,422	34,79,542	40,28,237	15,77,965
Current liabilities		1,00,94,852	91,44,865	92,61,201	93,32,857	34,31,450
Noncurrent liabilities		1,70,73,806	1,53,98,370	1,39,60,532	1,36,04,334	17,84,329
Payables		34,47,672	29,69,079	27,79,408	24,79,948	8,36,730
Equity		1,76,30,715	1,46,29,803	1,18,74,800	1,03,94,413	84,01,470
Total liabilities		2,71,68,658	2,45,43,235	2,32,21,733	2,29,37,191	52,15,779
Total assets		4,47,99,373	3,91,73,038	3,50,96,532	3,33,31,604	1,36,17,249
Interest		11,03,830	8,22,748	9,48,207	–	–

(Morningstar, 2017)

Financial Data
Description		LANKA CERAMIC PLC
		2017	2016	2015	2014
Revenue		16,110	15,512	14,622	13,459
Cost of goods sold		10,720	10,644	10,810	10,241
Gross profit		5,391	4,869	3,812	3,218
Operating profit		2,976	2,799	2,182	1,824
Net profit		754	746	558	134
PBIT		2,976	2,799	2,182	1,824
Inventory		4,313	3,142	3,485	3,665
Current assets		8,729	7,364	6,863	6,360
Receivables		2,569	1,909	2,137	2,300
Current liabilities		5,159	4,247	4,500	4,859
Noncurrent liabilities		11,240	10,393	8,712	8,141
Payables		906	747	808	750
Equity		6,297	5,525	4,125	3,554
Total liabilities		16,399	14,640	13,212	13,000
Total assets		22,695	20,165	17,337	16,554
Interest		263	237	357	652

(Investing, 2017)

The above study over the financial data of the company depict about the position of both the companies after acquiring the 80% shares of Lanka Ceramic tiles by Royal ceramic (Lanka) plc. Through the above data and evaluation, it has been found that after the acquisition, the financial performance of both the companies have been better. Firstly, the study has been done over ROYAL CERAMIC LANKA PLC and through the study; it has been found that the position of the company has been better in 2017 in comparison of 2013 (Phillips and Stawarski, 2016). Further, it has been found that the revenue generation strategies of the company have been changed and the current strategy helped the company lot to enhance the performance of the company. Further, the net profit of the company has also been enhanced and the main reason behind higher revenue is better market and the optimum utilization of resources (Palicka, 2011). Further, through the evaluation, it has been found that the financial stability position of the company has also been enhanced. This position depict about the better performance and the position of the company.

Further, the study has been done over LANKA CERAMIC PLC and through the study; it has been found that the position of the company has been better in 2017 in comparison of 2013. Further, it has been found that the cash has helped the company a lot to manage and enhance the position into the market. The revenue generation strategies of the company have been changed and the current strategy helped the company lot to enhance the performance of the company (Madhura, 2014). Further, the net profit of the company has also been enhanced and the main reason behind higher revenue is good resources of the company. Further, through the evaluation, it has been found that the financial stability position of the company has also been enhanced. This position depict that various positive changes have taken place into LANKA CERAMIC PLC in last 4 years.

For analyzing the performance of both the companies in better way, ratio analysis study has been done. Following are the calculation, evaluation and recommendation to both the companies:

Profitability ratios:

Firstly, the profitability ratios of both the companies have been analyzed to analyze the position of profits and returns of both the companies (Kruth, 2013). This assists the companies to make better decision to enhance the performance of the company:

		ROYAL CERAMICS LANKA PLC
Profitability Ratios	2017	2016	2015	2014	2013
Return on Capital Employed	ROCE = [PBIT/(Non-current Liabilities + Equity)] x 100%	16.64%	18.30%	13.16%	8.73%	16.99%
Gross Profit Margin	[Gross Profit/Sales] x 100%	41.13%	38.37%	32.66%	32.09%	43.90%
Operating Profit Margin	[PBIT/Sales] x 100%	21.86%	22.06%	15.19%	10.61%	22.74%
Net Profit Margin	[Net Profit/Sales] x 100%	12.23%	11.78%	9.54%	5.70%	21.95%

The above table depict about the profitability position of ROYAL CERAMICS LANKA PLC. Return on capital employed of the company is 16.64% in 2017 and 8.77% in 2014. It depicts that the profit of the company has been enhanced a lot and thus the offered return on the company has also been enhanced (Krantz, 2016). Further, the gross profit margin and operating profit margin of the company depict that the profit position of the company has been enhanced from 2014 in 2017. Various positive changes and the new strategies have helped the company toe enhance the level. Further, currently the comapny has enough resources through which the demand could be met in market.

More, the operating profit margin of the company has also been analyzed and it has been found that the position of the company has become better. Thus through the analysis over the profitability ratios of the company, it has been found that the current position of the company is quite better from last 4 years and company must maintain this position (Kinsky, 2011).

Further, the study has been done over the ratio analysis of LANKA CERAMIC PLC which is as follows:

Profitability Ratios	2017	2016	2015	2014
Return on Capital Employed	ROCE = [PBIT/(Non-current Liabilities + Equity)] x 100%	16.97%	17.58%	17.00%	15.60%
Gross Profit Margin	[Gross Profit/Sales] x 100%	33.46%	31.39%	26.07%	23.91%
Operating Profit Margin	[PBIT/Sales] x 100%	18.47%	18.04%	14.92%	13.55%
Net Profit Margin	[Net Profit/Sales] x 100%	4.68%	4.81%	3.82%	0.99%

The above table depict about the profitability position of LANKA CERAMICS PLC. Return on capital employed of the company is 16.97% in 2017 and 15.60% in 2014. It depicts that the profit of the company has been enhanced a bit due to enough resources. Further, the gross profit margin, net profit margin and operating profit margin of the company depict that the profit position of the company has also been enhanced from 2014 in 2017. Various positive changes and the new strategies have helped the company to enhance the level. Further, currently the comapny has enough resources through which the demand could be met in market.

Liquidity ratios:

Firstly, the liquidity ratios of both the companies have been analyzed to analyze the position of cash and working capital management of both the companies. This assists the companies to make better decision to enhance the performance and the position of the company:

Liquidity Ratios
Current Ratio	Current Assets/Current Liabilities	1.69213725	1.733849776	1.525227406	1.308973525
Quick Ratio	(Current Assets – inventory)/Current Liabilities	0.86	0.99	0.75	0.55

The above table depict about the liquidity position of ROYAL CERAMICS LANKA PLC. Current ratio of the company is 1.69:1 in 2017 and 1.30:1 in 2014. It depicts that the liquidity position of the company has been enhanced and it is bit better for the company to manage the high liquid position as the production and the operations of the company has also been higher. Further, the quick liquidity ratio of the company depict that the liquid position of the company has been enhanced from 2014 in 2017  (Hopper, Northcott and Scapens, 2007). The ratio is bit better for the company to manage the high liquid position as the production and the operations of the company have also been higher. Various positive changes and the new strategies have helped the company to enhance the level. Further, currently the comapny has enough resources through which the demand could be met in market.  

Further, the study has been done over the liquidity ratio of LANKA CERAMIC PLC which is as follows:

Liquidity Ratios
Current Ratio	Current Assets/Current Liabilities	1.479482909	1.439219606	1.30301286	1.219049322	1.250191027
Quick Ratio	(Current Assets – inventory)/Current Liabilities	0.62	0.66	0.53	0.49	0.61

Further, the above table depict about the liquidity position of LANKA CERAMICS PLC. Current ratio of the company is 1.47:1 in 2017 and 1.25:1 in 2014. It depicts that the liquidity position of the company has been enhanced and it is bit better for the company to manage the high liquid position as the production and the operations of the company has also been higher. Further, the quick liquidity ratio of the company depict that the liquid position of the company has been almost similar from 2014 in 2017 (Hansen, Mowen and Guan, 2007). This depicts that the various positive changes and the new strategies have helped the company to enhance the level.

Gearing ratios:

More, the gearing ratios of the company have also been analyzed to evaluate the position of capital structure of both the companies (Ackert and Deaves, 2009). This assists the companies to make better decision to enhance the performance and the position of the company:

Gearing Ratios
Debt to Equity (gearing)	Total Debt/Total Equity	0.968412569	1.052534337	1.175643548	1.308812147	0.212382952
Debt Ratio	Total debt/Total Assets	0.381117075	0.393085928	0.397775256	0.408151195	0.13103447
Interest Cover	PBIT/interest	5.23020755	6.67874732	3.584549576

The above table depict about the gearing position of ROYAL CERAMICS LANKA PLC. Debt to equity ratio of the company is 0.96 in 2017 and 1.30 in 2014. It depicts that the capital structure level of the company has been reduced and further the debt ratio and interest coverage ratio of the company express about the higher debt position in concern of total debt and equity (Hansen, Mowen and Madison, 2010). It depicts that the company is required to manage the debt, equity and assets position to manage the optimal capital structure.  

Further, the study has been done over the gearing ratio of LANKA CERAMIC PLC which is as follows:

Gearing Ratios
Debt to Equity (gearing)	Total Debt/Total Equity	1.7851092	1.881152815	2.112191314	2.290714165
Debt Ratio	Total debt/Total Assets	0.49526161	0.515405073	0.502533073	0.491783611
Interest Cover	PBIT/interest	11.3007556	11.80788053	6.115121623

The above table depict about the gearing position of LANKA CERAMICS PLC. Debt to equity ratio of the company is 1.78 in 2017 and 2.29 in 2014. It depicts that the capital structure level of the company has been enhanced and further the debt ratio and interest coverage ratio of the company express about the almost similar debt position in concern of total debt and equity (Garrison et al, 2010). It depicts that the company is required to reduce the level of the debts to manage the better position and manage the optimal capital structure of the company.

Further, the efficiency and investment ratios of the company have also been analyzed and it has been found that the various changes have taken place into the position of both the companies:

Efficiency Ratios
Inventory Turnover	Cost of sales/closing inventory	1.794679585	2.16566124	2.114601233	1.95992219	1.958914134
Inventory days	[Inventory/cost of sales] x 365 days	59.95854706	54.15950893	56.75092337	74.45042256	75.67030012
Receivable days	[Trade Receivables/Sales] x 365 days	59.95854706	54.15950893	56.75092337	74.45042256	75.67030012
Payable Days	[Trade Payables/Cost of Sales] x 365 days	80.92558944	70.61053552	67.31346476	67.49816375	71.52704199
Investment Ratios
Earnings per share	Net Profit/Outstanding shares	29.16
Price/Earnings ratio	Market price of share/EPS	3.909465021
Dividend Yield	[Dividend per share/market price of a share] x 100%	25.58%

Through the evaluation over the efficiency ratios, it has been found that the cash conversion cycle of the company has been higher which depict that the extra cash would be required for the company to manage the operation and the functions of the company. Further, it has been found that it would also impact over the working capital of the company and thus it is quite requisite for the company to reduce the level of the cash conversion cycle (Ind and Horlings, 2016). Further, through the investment analysis, it has been found that the EPS, P/E ratio and dividend yield of the company is quite better and depict about the better performance of the company.

Further, the study has been done over the efficiency ratio of LANKA CERAMIC PLC which is as follows:

Efficiency Ratios
Inventory Turnover	Cost of sales/closing inventory	2.48563512	3.387168839	3.101950342	2.794374621
Inventory days	[Inventory/cost of sales] x 365 days	58.2137382	44.91125412	53.34898415	62.37493164
Receivable days	[Trade Receivables/Sales] x 365 days	58.2137382	44.91125412	53.34898415	62.37493164
Payable Days	[Trade Payables/Cost of Sales] x 365 days	30.8509452	25.61766289	27.26731876	26.7350218

Through the evaluation over the efficiency ratios, it has been found that the cash conversion cycle of the company has been lower which depict that the less cash would be required for the company to manage the operation and the functions of the company. Further, it has been found that it would also impact over the working capital of the company and thus it is quite requisite for the company to manage the level of the cash conversion cycle (Drury, 2013). Further, through the analysis, it has been found that the performance of the Lanka Ceramics is bit better.

Through the above study, it has been depicted that the profitability level of both the companies are quite better than the performance of the company before acquisition. The liquidity position of both the companies depict that according to the level of the production and market share, the performance of both the companies are quite better. More, the efficiency level of ROYAL CERAMIC (LANKA) PLC is not at all good. Company must make few changes into the receivable policies to manage the performance and the cash conversion cycle of the company. Further, the gearing ratios of both the companies depict that they are required to set the debt and equity in such as level that optimal capital structure could be achieved and lastly, through the investment ratios, it has found that the performance of both the companies are quite better.

Further, for analyzing the performance of the company after acquisition, cash flow statement of the company has been analyze and through the evaluation over the cash flow statement of the company, it has been found that the cash position of LNAKA CERAMIC PLC has been changed a lot (Rates, 2017). The cash flow statements of the company of last 4 years have been analyzed and it has been found that various new operations have been done by the company to investigate the position of the company. Through the evaluation over the company, it has been found that the cash flow from operating activities of the company has been lower from 2014 in 2017 due to high tax amount and the depreciation amount (Elton et al, 2009). This depict that the company is required to reduce the level of taxes and the depreciation amount.

Further, it also depicts that these changes depict that the total revenue of the company has been enhanced and thus the company had to pay more tax to the government. Further, the net cash from investing activities depict that this company has enhanced the level of the capital expenditure and due to which the net cash from investing activities of the company has also been enhanced. This depicts that the position and the performance of the company in terms of finance is getting better but the cash position of the company is becoming lower (Bhimani, Horngren, Datar and Foster, 2008).

More, the net cash from financing activities has been analyzed and through the study, it has been found that the level of the cash outflow has been enhanced rather than level of cash inflow of the company (Baker and Nofsinger, 2010). This evaluation depict that with the increment in the position of the company, the cash level of the company is getting lower. This depicts that the position of the cash flow of the company is not that much good. Lastly, the net changes in the cash also depict about the worst performance of the company in terms of cash flow.

Through the above study, it has been depicted to the management of the company to analyze the cash position of the company and make better decisions about the performance of the company accordingly. Further, through the above evaluation, it has also been found that the cash position of the company could be managed through managing the performance and the various strategic plan of the company.

Conclusion:

Through the above study, it has been found that the ROYAL CERAMIC (LANKA) PLC and LANKA CERAMIC PLZ are performing better after acquiring 80% shares of LANKA CERAMIC PLC by ROYAL CERAMIC (LANKA) PLC. This depicts that the few changes are required by both the companies to done. Rest, the performance and the position of both the companies are quite attractive and depict about the better position and performance of the company.

References:

Ackert, L. and Deaves, R. 2009. Behavioral Finance: Psychology, Decision-Making, and Markets. Cengage Learning.

Baker, H.K. and Nofsinger, J.R. 2010. Behavioral Finance: Investors, Corporations, and Markets. John Wiley and Sons.

Bhimani, A., Horngren, C. T., Datar, S. M., and Foster, G. 2008. Management and cost accounting (Vol. 1). Pearson Education.

Bloomberg. 2017. LANKA CERAMICS PLC. Available From: https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=20352709 [Accessed 07 Dec 2017].

Bloomberg. 2017. Royal ceramics (Lanka) plc. Available From: https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=4481575 [Accessed 07 Dec 2017].

L. & F. 2017. Takeovers and mergers in Sri Lanka. Available From:https://www.desaram.com/takeovers-and-mergers-in-sri-lanka/[Accessed 07 Dec 2017].

Daily Mirror. 2017. Royal Ceramics acquires 80% of Lanka Ceramic. Available From: https://www.dailymirror.lk/29036/royal-ceramics-acquires-80-of-lanka-ceramic [Accessed 07 Dec 2017].

DRURY, C. M. 2013. Management and cost accounting. Springer.

Elton, E.J., Gruber, M.J., Brown, S.J., and Goetzmann, W.N. 2009. Modern Portfolio Theory and Investment Analysis. John Wiley and Sons.

2017. Royal ceramics (Lanka) plc. Available From: https://markets.ft.com/data/equities/tearsheet/profile?s=RCL.N0000:CSE[Accessed 07 Dec 2017].

Garrison, R. H., Noreen, E. W., Brewer, P. C., and McGowan, A. 2010. Managerial accounting. Issues in Accounting Education, 25(4), 792-793.

Hansen, D. R., Mowen, M. M., and Madison, T. 2010. Cornerstones of cost accounting. Issues in Accounting Education, 25(4), 790-791.

Hansen, D., Mowen, M., and Guan, L. 2007. Cost management: accounting and control. Cengage Learning.

Home. 2017. Royal ceramics (Lanka) plc. Available From: https://rocell.com/index.php?route=pages/category [Accessed 07 Dec 2017].

Hopper, T., Northcott, D., and Scapens, R. 2007. Issues in management accounting. Pearson education.

Horngren, C. T. 2009. Cost accounting: A managerial emphasis, 13/e. Pearson Education India.

Ind, N. and Horlings, S. eds., 2016. Brands with a Conscience: How to Build a Successful and Responsible Brand. Kogan Page Publishers.

Indices. 2017. Colombo stock exchange. Available From: https://www.cse.lk/home/spsl [Accessed 07 Dec 2017].

Investing.com. 2017. LANKA CERAMIC PLC. Available From: https://in.investing.com/equities/lanka-ceramic-income-statement [Accessed 07 Dec 2017].

Kinsky, R. 2011. Charting Made Simple: A Beginner’s Guide to Technical Analysis. John Wiley and Sons.

Krantz, M. 2016. Fundamental Analysis for Dummies. John Wiley and Sons.

Kurth, S. 2013. Critical Review about Implications of the Efficient Market Hypothesis. GRIN Verlag.

Madura, J. 2014. Financial Markets and Institutions. Cengage Learning.

Morningstar. 2017. Royal ceramics (Lanka) plc. Available From: https://financials.morningstar.com/income-statement/is.html?t=RCL.N0000&region=lka [Accessed 07 Dec 2017].

Palicka, V.J. 2011. Fusion Analysis: Merging Fundamental and Technical Analysis for Risk-Adjusted Excess Returns. McGraw Hill Professional.

Pearson, David. 2008. Wall Street Journal-Eastern Edition. Airlines Face Shortage of Pilots, 251(95), p. B11A.

Phillips, P.P. and Stawarski, C.A. 2016. Data Collection: Planning for and Collecting All Types of Data. John Wiley and Sons.

Pride, W., 2008. Finance. Cengage Learning.

Quester, P., Neal, C., Pettigrew, S., Grimmer, M.R., Davis, T. and Hawkins, D., 2007. Consumer behaviour: Implications for marketing strategy. McGraw-Hill.

Rates, H.A.G.G., 2017. Economy of the Philippines. Population, 3, p.4.

Schlichting, T. 2013. Fundamental Analysis, Behavioral Finance and Technical Analysis on the Stock Market. GRIN Verlag.

Walker, O.C., Mullins, J.W., Boyd, H.W. and Larreche, J.L., 2005. Financial strategy. McGraw-Hill Education.

Zeithaml, V.A., Bitner, M.J. and Gremler, D.D., 2006. Financial services: across the world.