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ABS-CBN Reformats Afternoon Programs on Weak Earnings
11/22/2011
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
Aboitiz Power Corp. Update
3/17/2011
AP may continue its windfall streak this year.
Download: AP_031611_12.pdf
Expanded Gaming Footprint in 2013 Triples Belle Corp.'s Net Income
2/11/2011
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
Meralco Still To Achieve 25% Earnings Growth in 2011 Even if Nominal Tariff Falls
2/4/2011
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
Fil-Estate Land Inc. Finds White Knight in Alliance Global Inc.
1/6/2011
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
Semirara Mining Corp. (SCC)
12/1/2010
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
Metro Pacific 3Q Call Report
11/22/2010
MPI posted net income of PHP2.5bn
Download: MPI_call3Q2010briefing9 .pdf
Equity Research - Aboitiz Transport System Corp.
8/27/2010
Equity Research for Aboitiz Transport System Corp, outlining Losses in 1H2010 and upside in 2011; weak near-term profit outlook; and 2011 rebound, operating profits of about HP500m.
Download: Equity Research - ATS.pdf