Professional Documents
Culture Documents
7,689.91
+72.61
7,645.52 - 7,689.91
+0.95%
93
52
Volume (bn)
2.62
12.58
0.410
5.37
5.13
0.243
Most Active
Market Review
The PSEi registered a fresh high close at 7,689.91, up 72.61 pts. or 0.95%
following a rally in US markets. Last Thursday, Q42014 GDP was reported
at 6.9%, better-than-expected 5.9% estimate bringing full-year growth to
6.1%.
7,689.91
Support
Resistance
7736, 8000
FNI
ALI
TEL
URC
SMPH
BDO
JGS
SM
MBT
JFC
89
+1.00%
+2.56%
-0.07%
+0.49%
-0.43%
+0.44%
+2.42%
+2.09%
-2.71%
+3.57%
Top 5 Index
Advancers / Decliners
RLC
+4.91%
JFC
+3.57%
ALI
+2.56%
JGS
+2.42%
AGI
+2.24%
SCC
-0.07%
ICT
-0.18%
SMPH
-0.43%
AEV
-0.44%
MBT
-2.71%
17,164.95
-251.90
-1.45%
S&P 500
1,994.99
-26.26
-1.30%
Nasdaq
4,635.24
-48.17
-1.03%
1,283.70
+25.00
+1.99%
Oil (US$/bbl.)
47.85
+3.26
+7.31%
44.11
International News
- US markets decline 3 days out of 5, extending declines
for the year. The S&P index fell 3.1% in January, its
worst monthly performance in a year as oil rallied and
dollar strengthened (+5% for January), hurting
exporters. Weighing on stocks and the dollar, US Q4
GDP expanded at a weaker-than-expected 2.6%
annual pace after Q3s spectacular 5% rate. U.S.
Treasury debt prices jumped, with long-term yields
hitting record lows as slower growth fuelled speculation
the Fed will delay interest rate hikes.
January
27
29
LFM
1 of 4
FIRST NEWS
Legend
LTP
TP
COMPANIES
BPI (LTP 99, TP 94.30, HOLD)
- BPI grew Q42014 Net Profit increased 72% to P5.2bn as improved treasury earnings complemented
core business expansion. FY2014 Net Profit declined 4% to P18bn vis-a-vis extraordinary trading
gains which boosted FY2013 bottomline, but also below the P20.21bn profit guidance set at the
beginning of the year.
- Net loans reached P800bn, +26% YoY; Deposits +19% to P1.176 trillion, 69% of which was low-cost
current account/savings account (CASA) deposits; Net interest income +15% to P34.8bn. Noninterest income -5% to P21bn. Excluding securities and foreign exchange trading (-51% to P3.1b),
non-interest income was P17.8bn, +13%. Gross 90-day NPL fell to 1.51% from 1.74% while Loan
Loss Reserve stood at 110%.
- CAR 14.02% and Tier 1 ratio 13.3%. Last year, BPI raised P25bn from a stock rights issue.
- In 2014, we used the capital that we raised to invest for the future and meet robust loan demand.
CEB (LTP 94.70, Not rated)
- CEB fully paid P52.1mn penaltyor numerous flight delays and cancellations during the busy
Christmas holidays.
- CEB which earlier blamed bad weather and airport congestion, also admitted in a hearing last week
that the situation was caused by a high amount of absenteeism by the ground handling staff that it
contracted from a third-party provider.
CPG (LTP 0.98, Not Rated)
- CPG plans to raise as much as $150mn (P6.6bn), authorizing the offering of US dollar bonds or
notes, proceeds from which will be used for general corporate purposes. CPG aims to launch this
debt offering by February this year.
- The company said the US$bonds may only be offered to not more than 19 non-qualified buyers and
to any number of qualified buyers; the offer and sale of the notes will not be registered with the SEC.
DMPL (LTP 16.88, Not Rated)
- DMPL has priced its Stock Rights Offering (SRO) at P10.60/rights share (equivalent to SG$0.325/
rights share), enabling the co. to raise $154.4 mn to pare down the $165mn bridge loan facility from
BPI to acquire DMFI.
- DMPL will offer one share for every 2.029 ordinary shares held. The offering will run from February 11
to 27 while listing of new shares on both exchanges where the company is dually listed will be on
March 10 this year.
- DMFI has a 26% market share in the canned fruit market in the US and is envisioned to provide the
group with a solid growth platform and supplement its expansion efforts and provide longer term
opportunities in the emerging markets of South America.
EW
- EW to venture into the non-life insurance business, and plans to raise capital via Stock Rights Offer
(SRO)
FNI (LTP 3.04, Not Rated)
- FNI plans to sell 6.16bn common shares, with an option to issue another 924.72mn shares to
underwriter UBS at a maximum price of P4.38/share or about P31bn in proceeds which would be the
biggest share sale for the quarter. The co. is still awaiting regulatory approval and hopes to conduct
the offering by end-March or early April.
- Proceeds will be used to acquire 2 mining assets in Palawan ($50mn) and Zambales ($30mn) and
develop these mines into production in one year. Initial development costs for the mines are pegged
at $30 million and $20 million, respectively. Another portion will be allotted for expansion of its
Cagdianao mine in Surigao del Norte.
- FNI plans to purchase the entire outstanding stock of Southeast Palawan Nickel Ventures, Inc., which
holds a mine concession in Palawan which will take 2-3 years to develop and produce about 4mn
WMT, targeting 10mn WMT nickel ore annually. Currently the co, produces 6mn WMT annually from
its operating mine in Surigao del Norte, which can go up to 7mn WMT.
- FNI also wants to establish its presence in Zambales through the acquisition of Ferrochrome
Resources, Inc., but it has no estimates yet as to how much that mine could produce
MPI (LTP 5.17, TP 6.15, BUY)
- Unit MNTC bagged the right to operate the 94km SCTExafter the BCDA did not receive a bid
challenging MNTCs offer.
MWC (LTP 32.30, 32.43, HOLD)
- MWC signed and executed a Joint Venture agreement with the Zamboanga City Water District
(ZCWD) in the conduct of non-revenue water reduction activities. WMC to own 70% while ZWCD will
hold 30%. Last month, MWC was awarded the contract for the 10-year project.
2 of 4
FIRST NEWS
3 of 4
FIRST NEWS
January
Start
End
12
15
February
Co.
Event
Start
PSB
NIKL
PGOLD
COSCO
RCI
19
Co.
Event
VMC
IS
RPL
Extraordinary Shareholders
Meeting; Annual Shareholders
Meeting
RPL
PBB
URC
GLO
End
16
ACPR
27
LFM
10
CAT
Q4 GDP Release
11
TFC
29
13
12
13
PPREF
18
TFC
Legend
Cash/Stock Dividend Ex-date
Cash/Stock Dividend Payment Date
Earnings Release
Annual Shareholders Meeting
REFERENCES Philippine Dailies, PSE, Bloomberg, Reuters, DA Market Securities, Inc. DISCLAIMER This report is provided for
informational purposes only and is not intended to solicit buying and selling of securities or to participate in any particular trading strategy.
DA Market Securities, Inc. (DMSI) makes reasonable eort to use reliable, comprehensive information, but makes no representation or
warranties as to the accuracy, completeness, or timeliness of the data provided. DMSI shall not have liability for any damages of any kind
relating to such data. This report may not be reproduced or published for any purpose. DA market ocers, directors and employees,
including persons involved in the preparation or issuance of this report, may have investments in securities or derivatives of securities of
the companies mentioned in this report.
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