| COL | COL | Buy | |||
| Ticker | Company Name | Price | Rating | FV | Below |
| Banks and Financials | |||||
| BDO | BANCO DE ORO | 97 | BUY | 107 | 93 |
| MBT | METROPOLITAN BANK & TRUST | 86.5 | BUY | 111 | 96 |
| Commercial and Industrial | |||||
| AP | ABOITIZ POWER CORP | 40.2 | BUY | 44.9 | 39 |
| EEI | EEI CORPORATION | 11.5 | BUY | 13.7 | 11.9 |
| Conglomerates | |||||
| AC | AYALA CORPORATION | 723.5 | BUY | 816 | 709 |
| Consumer | |||||
| DNL | D&L INDUSTRIES INC | 13.14 | HOLD | 11.5 | 10 |
| Property | |||||
| ALI | AYALA LAND INC | 34.65 | BUY | 37.5 | 30 |
| MEG | MEGAWORLD CORP | 5.03 | BUY | 5.73 | 4.5 |
| SMPH | SM PRIME HOLDINGS | 17.48 | BUY | 20.3 | 16.2 |
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Tuesday, September 30, 2014
COL Model Portfolio As of September 30, 2014
COL Model Portfolio as of September 30, 2014
Thursday, September 25, 2014
Ayala semiconductor arm's stock surges after pricing follow-on share sale at a premium
Shares in Integrated Micro-Electronics Inc (IMI) surged on Thursday after the Ayala-led semiconductor firm priced its P3-billion follow-on offering at a premium.
In a disclosure to the Philippine Stock Exchange (PSE), IMI said its board of directors cleared the issuance of up to 215 million shares plus an over-allotment option of 85 million shares at an offer price of up to P10 per share.
The offer price represents a 47 percent premium from yesterday's closing price of P6.8 per share. IMI's stock price rose 26.47 percent to P8.60 apiece as of 1:54 p.m.
Proceeds of the offering will be used for capital expenditure, business expansion, refinancing and working capital requirements.
BPI Capital Corp will be the issue manager and lead underwriter for the offering.
IMI is undertaking the much delayed follow-on offering to meet the post-listing requirements of the PSE.
In 2010, IMI joined the local bourse through listing by way of introduction, which allowed the firm's existing stockholders to trade their holdings on the exchange without raising new capital.
Companies that join the bourse through this listing method are required to stage a public offering 12 months after, according to PSE rules.
IMI has been putting off the share sale, saying that its market price is undervalued. The exchange has been penalizing the company for failure to meet its rules.
IMI's net attributable profit grew more than 5 times to $11.3 million in the first half of this year, from $2.1 million a year ago, on strong demand from telecommunications, automotive and storage device markets.
- Interaksyon
In a disclosure to the Philippine Stock Exchange (PSE), IMI said its board of directors cleared the issuance of up to 215 million shares plus an over-allotment option of 85 million shares at an offer price of up to P10 per share.
The offer price represents a 47 percent premium from yesterday's closing price of P6.8 per share. IMI's stock price rose 26.47 percent to P8.60 apiece as of 1:54 p.m.
Proceeds of the offering will be used for capital expenditure, business expansion, refinancing and working capital requirements.
BPI Capital Corp will be the issue manager and lead underwriter for the offering.
IMI is undertaking the much delayed follow-on offering to meet the post-listing requirements of the PSE.
In 2010, IMI joined the local bourse through listing by way of introduction, which allowed the firm's existing stockholders to trade their holdings on the exchange without raising new capital.
Companies that join the bourse through this listing method are required to stage a public offering 12 months after, according to PSE rules.
IMI has been putting off the share sale, saying that its market price is undervalued. The exchange has been penalizing the company for failure to meet its rules.
IMI's net attributable profit grew more than 5 times to $11.3 million in the first half of this year, from $2.1 million a year ago, on strong demand from telecommunications, automotive and storage device markets.
- Interaksyon
Robinsons Land begins construction of office tower at QC business park
Robinsons Land Corp (RLC) has started construction of a prime office building in its upcoming mixed-use complex in Quezon City.
In a statement, Faraday D. Go, RLC general manager for office buildings division, said Tera Tower will be the company's 11th office building and will add approximately 35,000 square meters of gross floor area to its office portfolio.
Set to be completed by the third quarter of 2015, the 20-storey Tera Tower is in the pre-leasing stage. It has 15 office floors and ample parking space provisions.
Each floor at Tera Tower is designed for space-efficiency with its large floor plate of around 2,250 square meters, a typical rectangular center-core, and widely-spaced building columns.
The ground floor commercial spaces, with floor-to-floor height of 7 meters, will house mid- to upscale restaurants and cafes. It will also have service establishments such as a 24/7 convenience store and banks catering to the needs of the office employees and the nearby residents.
The Grade A office building is registered under the Leadership in Energy and Environment Design (LEED) green building program. Tera Tower is gunning for a LEED gold certification, marking the Gokongwei-led developer's commitment to environmental sustainability.
Located along C5 and Ortigas Avenue, Tera Tower will be the first structure at the heart of RLC’s fourth mixed-use development in Quezon City called Bridgetown Business Park.
Modern residential, retail and hotel establishments will also rise alongside the office building, complementing the modern architectural concept of Tera Tower in the P30-billion master-planned eight-hectare development.
Aside from these, Bridgetown Business Park will also have functional open spaces that can be used for events, exhibits and other outdoor activities.
For its office space offerings this year, RLC is leasing out its two new office buildings, Cyberscape Alpha and Cyberscape Beta. Both are located within the Ortigas Central Business District and are just a few steps away from Robinsons Galleria, Crowne Plaza, Holiday Inn and Asian Development Bank head office.
- Interaksyon
In a statement, Faraday D. Go, RLC general manager for office buildings division, said Tera Tower will be the company's 11th office building and will add approximately 35,000 square meters of gross floor area to its office portfolio.
Set to be completed by the third quarter of 2015, the 20-storey Tera Tower is in the pre-leasing stage. It has 15 office floors and ample parking space provisions.
Each floor at Tera Tower is designed for space-efficiency with its large floor plate of around 2,250 square meters, a typical rectangular center-core, and widely-spaced building columns.
The ground floor commercial spaces, with floor-to-floor height of 7 meters, will house mid- to upscale restaurants and cafes. It will also have service establishments such as a 24/7 convenience store and banks catering to the needs of the office employees and the nearby residents.
The Grade A office building is registered under the Leadership in Energy and Environment Design (LEED) green building program. Tera Tower is gunning for a LEED gold certification, marking the Gokongwei-led developer's commitment to environmental sustainability.
Located along C5 and Ortigas Avenue, Tera Tower will be the first structure at the heart of RLC’s fourth mixed-use development in Quezon City called Bridgetown Business Park.
Modern residential, retail and hotel establishments will also rise alongside the office building, complementing the modern architectural concept of Tera Tower in the P30-billion master-planned eight-hectare development.
Aside from these, Bridgetown Business Park will also have functional open spaces that can be used for events, exhibits and other outdoor activities.
For its office space offerings this year, RLC is leasing out its two new office buildings, Cyberscape Alpha and Cyberscape Beta. Both are located within the Ortigas Central Business District and are just a few steps away from Robinsons Galleria, Crowne Plaza, Holiday Inn and Asian Development Bank head office.
- Interaksyon
Megaworld Leads Philippine Developers Higher as Land Values Leap
Megaworld Corp. (MEG) shares jumped to a record, leading Philippine developers higher, as the government sold land in Greater Manila at higher-than-expected prices.
Megaworld soared 8.3 percent at the close in Manila, after rising as much as 11 percent earlier. The stock was the biggest percentage gainer today in the Philippine Stock Exchange Index (PCOMP), which rose 1.2 percent to its highest close in 16 months.
The government yesterday auctioned two plots of 1,600 square meters each in the former army camp of Bonifacio for 732.8 million pesos ($16.5 million) and 800 million pesos. The average sale price of 479,000 pesos per square meter for those two plots is higher than analysts’ estimates of 280,000 pesos per square meter in Bonifacio, according to Noel Reyes, chief investment officer at Security Bank Corp. Megaworld owns 105 hectares in the area.
“Investors are anticipating a significant adjustment in the valuation of companies with properties in Bonifacio,” Reyes said by phone in Manila today. “The expectation is there will be a big increase in the values of land in Bonifacio.”
Megaworld’s projects in Bonifacio include the 50-hectare McKinley Hill, a residential, office and commercial project, according to John Hao, the builder’s investor relations officer.
Repercussion
“Bonifacio land values will increase from this transaction and will have repercussion on rent and prices,” said Rommel Rodrigo, a Manila-based analyst at Maybank ATR Kim Eng, said by phone. “Megaworld is seen as a prime beneficiary because of the size of its exposure in Bonifacio. It’s Bonifacio’s biggest landlord.”
Rodrigo, who has a buy rating on Megaworld shares, said he is reviewing the 180,000 peso to 200,000 peso a square meter valuation range he uses for land in Bonifacio.
Shares of Alliance Global Group Inc. (AGI), parent of Megaworld, climbed 3.4 percent to a two-week high. Ayala Land Inc., the developer of the Fort Bonifacio Global City project, advanced to a 15-month high, while SM Prime Holdings Inc., which owns a mall in the district, rose 3 percent. GT Capital Holdings Inc., which owns land in Bonifacio through a property unit, added 1.3 percent to a record.
The Philippine Stock Exchange Property Index, a measure of the nation’s largest developers, rallied 3.6 percent, the sharpest gain in more than a year. The gauge has increased 31 percent this year, outpacing the benchmark equities index’s 25 percent advance.
To contact the reporter on this story: Ian Sayson in Manila at isayson@bloomberg.net
To contact the editors responsible for this story: Michael Patterson at mpatterson10@bloomberg.net Phani Varahabhotla
- http://www.businessweek.com/news/2014-09-24/megaworld-leads-philippine-developers-higher-as-land-values-leap
Megaworld soared 8.3 percent at the close in Manila, after rising as much as 11 percent earlier. The stock was the biggest percentage gainer today in the Philippine Stock Exchange Index (PCOMP), which rose 1.2 percent to its highest close in 16 months.
The government yesterday auctioned two plots of 1,600 square meters each in the former army camp of Bonifacio for 732.8 million pesos ($16.5 million) and 800 million pesos. The average sale price of 479,000 pesos per square meter for those two plots is higher than analysts’ estimates of 280,000 pesos per square meter in Bonifacio, according to Noel Reyes, chief investment officer at Security Bank Corp. Megaworld owns 105 hectares in the area.
“Investors are anticipating a significant adjustment in the valuation of companies with properties in Bonifacio,” Reyes said by phone in Manila today. “The expectation is there will be a big increase in the values of land in Bonifacio.”
Megaworld’s projects in Bonifacio include the 50-hectare McKinley Hill, a residential, office and commercial project, according to John Hao, the builder’s investor relations officer.
Repercussion
“Bonifacio land values will increase from this transaction and will have repercussion on rent and prices,” said Rommel Rodrigo, a Manila-based analyst at Maybank ATR Kim Eng, said by phone. “Megaworld is seen as a prime beneficiary because of the size of its exposure in Bonifacio. It’s Bonifacio’s biggest landlord.”
Rodrigo, who has a buy rating on Megaworld shares, said he is reviewing the 180,000 peso to 200,000 peso a square meter valuation range he uses for land in Bonifacio.
Shares of Alliance Global Group Inc. (AGI), parent of Megaworld, climbed 3.4 percent to a two-week high. Ayala Land Inc., the developer of the Fort Bonifacio Global City project, advanced to a 15-month high, while SM Prime Holdings Inc., which owns a mall in the district, rose 3 percent. GT Capital Holdings Inc., which owns land in Bonifacio through a property unit, added 1.3 percent to a record.
The Philippine Stock Exchange Property Index, a measure of the nation’s largest developers, rallied 3.6 percent, the sharpest gain in more than a year. The gauge has increased 31 percent this year, outpacing the benchmark equities index’s 25 percent advance.
To contact the reporter on this story: Ian Sayson in Manila at isayson@bloomberg.net
To contact the editors responsible for this story: Michael Patterson at mpatterson10@bloomberg.net Phani Varahabhotla
- http://www.businessweek.com/news/2014-09-24/megaworld-leads-philippine-developers-higher-as-land-values-leap
Wednesday, September 24, 2014
Suntrust board approves P20B capital increase
Suntrust Home Developers Inc secured board approval to beef up its capital.
In a disclosure to the Philippine Stock Exchange, Suntrust said it would hike its authorized capital stock to P23 billion divided into 23 billion common shares with a par value of P1 each. The company's capital now stands at P3 billion.
The capital hike will be presented to stockholders for approval in its annual meeting on November 18.
Last year, Suntrust said its board cleared a pre-emptive rights offer to holders of its common shares at a ratio of 2.5 new shares for each share held. The offer price was set at P1 per share equivalent to the par value of the shares.
The rights shares will be issued from the P20-billion increase in Suntrust's authorized capital. The capital-raising initiative will fund various investment opportunities.
Suntrust does not have any business operations. It has a wholly owned subsidiary, First Oceanic Property Management Inc (FOPMI), which is engaged in management of residential and office buildings and private estates.
The listed firm acquired FOPMI, the property management arm of the Megaworld group, in September 2011.
Suntrust sold its 78.75 million shares in affordable housing developer Suntrust Properties Inc to Megaworld Corp for P117.81 million as part of the consolidation of the property businesses of billionaire Andrew Tan.
- Interaksyon
In a disclosure to the Philippine Stock Exchange, Suntrust said it would hike its authorized capital stock to P23 billion divided into 23 billion common shares with a par value of P1 each. The company's capital now stands at P3 billion.
The capital hike will be presented to stockholders for approval in its annual meeting on November 18.
Last year, Suntrust said its board cleared a pre-emptive rights offer to holders of its common shares at a ratio of 2.5 new shares for each share held. The offer price was set at P1 per share equivalent to the par value of the shares.
The rights shares will be issued from the P20-billion increase in Suntrust's authorized capital. The capital-raising initiative will fund various investment opportunities.
Suntrust does not have any business operations. It has a wholly owned subsidiary, First Oceanic Property Management Inc (FOPMI), which is engaged in management of residential and office buildings and private estates.
The listed firm acquired FOPMI, the property management arm of the Megaworld group, in September 2011.
Suntrust sold its 78.75 million shares in affordable housing developer Suntrust Properties Inc to Megaworld Corp for P117.81 million as part of the consolidation of the property businesses of billionaire Andrew Tan.
- Interaksyon
Tuesday, September 23, 2014
DoubleDragon expands footprint to Aklan
A subsidiary of DoubleDragon Properties Corp has acquired a prime commercial property in Aklan where the real estate firm plans to put up its branded community mall.
In a disclosure to the Philippine Stock Exchange, DoubleDragon said its joint venture with SM Investments Corp -- CityMall Commercial Centers Inc (CCCI) -- secured a 1.1-hectare lot along a new road that will be built connecting Mabini and Toting Reyes streets in Kalibo town.
The site is bounded by a public market, schools, hospitals and situated within the commercial and residential zones in Kalibo, a first class municipality and the international gateway of Western Visayas, being the jump off point to Boracay.
"As a major tourism entryway, the inflow of tourists to Boracay Island catalyzes rapid economic expansion and municipal landscape development - making it ideal to put up a CityMall in the area,” DoubleDragon said.
Envisioned to become one of the country's biggest property developers by 2020, DoubleDragon is building a hundred community malls under the brand CityMalls, mostly in the Visayas and Mindanao.
DoubleDragon is a 50-50 joint venture between Injap Investments Inc and Honeystar Holdings Corp. Jollibee founder Tony Tan Caktiong owns Honeystar, while Mang Inasal founder Edgar "Injap" Sia II owns Injap Investments.
DoubleDragon is beefing up its portfolio of developmental and recurring income-generating projects to generate a net income of P1 billion by 2016 and P4.8 billion by 2020, making it one of the biggest players in the local real estate scene.
The property developer closed the first half with a profit of P84.3 million, up 526 percent from P13.4 million a year ago, on strong sales take up and windfall from new investments.
- Interaksyon
In a disclosure to the Philippine Stock Exchange, DoubleDragon said its joint venture with SM Investments Corp -- CityMall Commercial Centers Inc (CCCI) -- secured a 1.1-hectare lot along a new road that will be built connecting Mabini and Toting Reyes streets in Kalibo town.
The site is bounded by a public market, schools, hospitals and situated within the commercial and residential zones in Kalibo, a first class municipality and the international gateway of Western Visayas, being the jump off point to Boracay.
"As a major tourism entryway, the inflow of tourists to Boracay Island catalyzes rapid economic expansion and municipal landscape development - making it ideal to put up a CityMall in the area,” DoubleDragon said.
Envisioned to become one of the country's biggest property developers by 2020, DoubleDragon is building a hundred community malls under the brand CityMalls, mostly in the Visayas and Mindanao.
DoubleDragon is a 50-50 joint venture between Injap Investments Inc and Honeystar Holdings Corp. Jollibee founder Tony Tan Caktiong owns Honeystar, while Mang Inasal founder Edgar "Injap" Sia II owns Injap Investments.
DoubleDragon is beefing up its portfolio of developmental and recurring income-generating projects to generate a net income of P1 billion by 2016 and P4.8 billion by 2020, making it one of the biggest players in the local real estate scene.
The property developer closed the first half with a profit of P84.3 million, up 526 percent from P13.4 million a year ago, on strong sales take up and windfall from new investments.
- Interaksyon
Thursday, September 18, 2014
BPI takes on Japanese partner for leasing business
Bank of the Philippine Islands (BPI) has taken on a Japanese partner to grow its leasing business.
The joint venture, which will be created by Century Tokyo Leasing Corp (CTL) acquiring 49 percent of the shares of BPI Leasing Corp, will be named BPI Century Tokyo Lease & Finance Corp.
“The creation of this joint venture recognizes our success in the Philippine market and its potential for further growth. BPI has a strong track record of partnerships with international financial institutions, like our BPI-Mitsui Sumitomo Insurance partnership for non-life insurance and BPI-Philam for life insurance,” Cezar P. Consing, BPI president and chief executive said.
“We are taking a strong business and making it stronger,” he added.
“We are very pleased to partner with such a well-established and proven company such as BPI on this investment in the Philippines," Shunichi Asada, CTL president and chief executive said.
>
"Finding a reliable and recognized Philippine partner will help us serve the Filipino consumers and help realize the potential of the market. I am especially optimistic about the relationship this joint venture enables within CTL’s international business," Asada added.
The joint venture will combine CTL’s resources and expertise with BPI’s proven record of growth and success in the Philippines.
The strategic partnership is taking place at a time of consumer-led growth in the Philippine market. Both companies said their respective clienteles complement each other from "both geographical and sectoral points of view."
The joint venture plans to implement innovations, reach new customers and enhance services to BPI Leasing’s valued customers.
The Ayala-led bank reported a net income of P8.03 billion in the January to June period, down by a third from P12 billion in the same period last year.
Net interest income rose 15 percent year-on-year in the first half as the bank sustained growth in its core business. Net loans jumped 23 percent to P697 billion, while total deposits climbed 30 percent to P1.072 billion, exceeding the P1-trillion mark for the first time.
Despite the drop in earnings, BPI is keeping its full-year profit guidance of P20.21 billion, as the lender sees improved earnings quarter-on-quarter for the rest of the year even amid a rising interest rate environment.
- Interaksyon
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