This is First Metro's fortnightly publication on market action and outlook.
Download: 5.17.12 Bellwether[1].pdf
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The economy is emitting signals that it is back on track from 2011’s three consecutive quarters of tepid
growth. 2012 Q1 data (to be released end-May) is likely to show above 5% growth if the early indicators are
to be taken seriously. Meralco electricity sales—used as a good proxy for non-agricultural GDP—showed an
above-par growth rate of 10% (year-on-year) for Q1. This is well-supported by the double-digit government
spending excluding interest payments (+13.6%) in Q1, export growth in February, (+14.3%), and cement output
(construction) rising by (+12.7%) year-to-date (YTD) growth. Overseas Filipino Workers (OFW) remittances
remained robust, expanding by 5.7% in Jan-Feb of Q1.
Download: THE MARKET CALL (APRIL 2012).pdf
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Economic data made available in Q1 would indicate a much improved economy, which lead us to forecast
Gross Domestic Product (GDP) growth of 5% or more for the quarter. Among the figures that made us more
optimistic are: (1) Meralco electricity sales (a proxy for economic activity) rose by an average of 8.3% for Jan-
Feb of the year, (2) The economy produced 1.1 million jobs for the year ending Jan 2012, (3) Inflation slid to
a 29-month low of 2.7%, (4) The National Government has started the year running with a fiscal deficit of
P15.9 B, despite a strong 12.5% increase in tax revenues, and (5) Exports in January expanded by 4.0%, the
first positive growth figure after 8 months of negatives.
Download: THE MARKET CALL (MARCH 2012).pdf
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Earnings in the 9mo11 period were down 23% to Php2.2bn, non-recurring basis.
Recurring income still down 4% yoy, which means even without the political adds ads entailed by the election, profits still suffered from weak corporate ad spend, specially the multinationals.
PE is 11x 2012 earnings based on analysts' prediction and 9.4x based on earnings guidance by company.
We expect greater risk of ABS-CBN's audience share shrinking amid competition from TV 5 and continuing weak multinational ad spend.
We remain neutral on media companies.
Download: ABS_112311-10.pdf
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AP may continue its windfall streak this year.
Download: AP_031611_12.pdf
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Las Vegas-style Belle Grande Casino hikes Belle Corp.'s net income to PHP1.5bn in 2013 from 2010 company expected earnings of PHP500m.
Download: BEL_020911_17.pdf
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We estimate Meralco's earnings to hit over PHP15bn this year on robust energy sales, coming from the commercial client space, and a slight drop in effective tariff.
Download: MER_020411_7.pdf
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Fil-Estate Land, Inc. (LND) sees interest savings and faster project completion from the PHP5bn funds invested by Alliance Global Inc., the latter taking a 60% controlling stake in LND.
The stock is a buy on a predicted bottomline swing from net loss in 2010 to over PHP400m in 2011 based on our estimate.
Download: lnd_010611_14_web.pdf
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Semirara Mining Corp. eyes PHP6bn net profits in 2011 on expanded "running" power generation capacity -- post-plant rehabilitation -- and higher coal prices and coal production.
Download: SCC_3Qcall_113010-20.pdf
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MPI posted net income of PHP2.5bn
Download: MPI_call3Q2010briefing9 .pdf
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5/11/2012
First Metro Investment Corporation realized a consolidated net income of P979.0 million in the first quarter of 2012.
Read More |
5/9/2012
The Philippine government’s P323.4 billion Domestic Debt Consolidation Program won The Banker Magazine’s Deal of the Year 2012 for SSA (Sovereign, Supras and Agencies) Bonds category in Asia Pacific.
Read More |
4/30/2012
First Metro Investment Corporation recently held its 2012 Annual Stockholders Meeting dubbed “Delivering Results in Every Direction”, at the Metrobank Plaza, Makati City. Read More |
4/27/2012
First Metro Investment Corporation was awarded the highest and most prestigious Cesar E. A. Virata Award for Best Securities House (Investment House Category) by the Philippine Dealing System Holdings Corp. & Subsidiaries. Read More |
4/4/2012
With less than three months to go, the battle for the top spot is turning out to be an all University of the Philippines (UP) affair, as three teams from UP are vying for the lead in the Stock X Challenge. Read More |
4/2/2012
Capital Notes (First Quarter 2012) is available for downloading under the Investor Relations tab in this website. Read More |
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