The Philippine economy expanded by a tepid 3.7% in both Q4 and the full year of 2011. Export demand was
weak, and government was under-spending its budget. The Services sector supported by real estate, financial
intermediaries, and business process outsourcing (BPO) gains continued to provide the impetus for growth in
the economy.
Download: THE MARKET CALL (JANUARY 2012).pdf
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The Middle East and North Africa (MENA) crisis, the festering debt problems in the Euro-zone, and the global economic slowdown shattered high expectations for 2011, as Gross Domestic Product (GDP) growth sputtered to a mediocre 3-4% range, while Gross National Income (GNI) was likely to be only slightly above 2%.
However, surprisingly good numbers emerged in Q4, and the outlook for 2012 has brightened, even though the global economic weakness poses a threat to this.
Download: THE MARKET CALL (DECEMBER 2011).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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2/7/2012
First Metro Investment Corporation has been voted as the Best Domestic Bond House in the Philippines by Hong Kong-based The Asset Publishing and Research Ltd. in its Triple A Country Awards for 2011. Read More |
2/2/2012
AFTER just two months of trading, the race is already heating up in the Stock X Challenge, the stock trading competition among teams of college students organized by First Metro Investment Corporation, in partnership with the Philippine Stock Exchange and the Catholic Educational Association of the Philippines. Read More |
1/18/2012
THE FIRST METRO Save and Learn mutual funds maintained their strong showing in the mutual funds market as they led their respective categories among local funds, primarily invested in Peso securities amid the volatile market conditions for the year 2011. Read More |
1/17/2012
First Metro Investment Corporation and Metropolitan Bank & Trust Company led 15 financial institutions in the signing of the P3 billion 7 and 10-year Notes Facility Agreement with Manila Electric Co. Read More |
1/13/2012
First Metro recently hosted an economic outlook briefing in Makati City. Read More |
1/10/2012
In a press briefing, First Metro Investment Corporation, says the Philippines upgrades as seen in its continued growth. Read More |
1/6/2012
FIRST METRO Investment Corporation conducted an outreach activity at Elsie Gaches Village (EGV) along Alabang-Zapote Road, Muntinlupa as it strengthened efforts to serve society. Read More |
1/2/2012
Capital Notes (Fourth Quarter 2011) is available for downloading under the Investor Relations tab in this website. Read More |
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