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Tuesday, April 1, 2014

COL: Philippine Daily Notes


The PSEi gained 69.09 points or 1.09% to close at 6,428.71 yesterday. The index increased as bargain hunting took
place on the back of quarter-end window dressing. In addition, investors have started to position themselves in anticipation of first quarter earnings results.

Index gainers led decliners 21 to 7 while 2 issues were left unchanged. All sectors ended in the green, led by Mining & Oil (+2.29%). Significant gainers were SCC (+4.75%), RLC (+4.04%), URC (+3.65%), BLOOM (+3.51%) and AC (+2.21%). Meanwhile, notable decliners were AP (-1.21%), MBT (-0.96%) and PX (-0.69%).

Value turnover increased to Php10Bil from Php9.3Bil last Friday. Foreigners were net buyers, accumulating Php1.4Bil worth of shares.


BLOOM – reports net loss of Php1.32 Bil in FY13
Loss widened in 4Q13.

BLOOM reported a net loss of Php446.61 Bil in 4Q13, a reversal of the positive net income
they booked in 2Q13 and 3Q13. This was primarily due to a Php560.37 Mil provision for income tax they booked in 4Q13. This reversed the Php405.42 Mil benefit from income tax the company booked for the first nine months. Operating expenses were also higher during the last quarter, leading to a slight q/q decline in EBITDA. Reported net loss was higher than both COL and consensus estimates. We have a BUY rating on BLOOM with a FV estimate of Php11.20.

GTCAP: 2013 earnings grow 31% to Php8.6Bil, in line with forecasts

Earnings meet estimates. GTCAP reported Php952Mil in net income during the fourth quarter, down 24% from Php1.26Bil in 4Q12. The decline was largely due to a huge spike in provisioning (from 1.1Bil to Php6.7Bil) from MBT during the quarter. Nevertheless, this brought its full year income to Php8.64Bil, up 31% year-on-year and representing 101% and 97% of COL and consensus estimates. Earnings ended in line with our forecast as the large provisions were offset by a Php1.3Bil one-time gain arising from the consolidation of Toyota Motor Philippines in 1Q13. We currently have a HOLD rating on GTCAP with an FV estimate of Php805/sh.


MEG: Earmarks US$5Bil for BPO expansion
URC: Signs joint venture with Calbee
Economy: Bank lending expands
Economy: Money supply growth slows down in February

Source : Col Financial

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