PSE Round-Up: December 14, 2012

PSE Market Summary:

The Philippine Stocks Market was down for three days, sliding by 80.84 to close at 5,707.11. THE PSE index is down 87.09 or 1.50% from the previous week. Total trades reached 23,586 with 71 stocks advances, 106 declines and 34 stocks unchanged.

TOL, SMIC to Bid in Expressway Project

Metro Pacific Tollways Corporation (PSE:TOL) and SM Investments Corp (PSE:SM) will jointly bid for the P15 billion NAIA expressway project. The companies disclosed that they already passed the pre-qualification for bidding.

AC Declares Cash Dividend

Ayala Corporation (PSE:AC) declared cash dividend as follows:

common shares:

cash                           =            P2 per share

ex-date                      =            Jan. 3, 2013

record date               =            Jan. 8, 2013

payment date            =           Feb. 1, 2013

preferred "A" shares (first quarter 2013):

cash                           =            8.88% dividend rate per annum
ex-date                      =            Jan. 3, 2013
record date               =            Jan. 8, 2013
payment date            =           Feb. 1, 2013

PSE Stocks of the Week: The BPI-PNB-ABC Merger

The Philippine Stocks Market reached another new highs last week amid talks of merger between Bank of the Philippine Islands (PSE:BPI) and Philippine National Bank (PSE:PNB). PNB in itself is in the final stages of a merger with Allied Banking Corporation (PSE:ABC) with PNB as the surviving entity. 

Needless to say the market was ecstatic on the news. Financials sub-index alone jumped by 5.08% or 71.55 within a week. The merger, once finalized, will create the biggest bank in terms of asset. BDO Unibank (PSE:BDO) currently hold the distinction with P1.15 trillion. BPI, PNB and ABC's combined assets is estimated at P1.20 trillion. The merger also brings in two big names in business today. Ayala group (PSE:AC) currently own the largest stake in BPI while PNB and ABC are both owned by Lucio Tan's LT group (PSE:LTG). Early reports say that the proposed merger will be done via share swap, which will make LTG the second largest owner of BPI with 20% stake, while AC will own 33%.

For investors, what's important to note is how much will BPI prices the acquisition. LTG eyes the deal at around P95-P96 or 1.8 times PNB's book value of P56. PNB stocks last traded at P84.30 so there's still significant upside for profit. An alternative would be to buy BPI shares, last traded at P92.80. Both parties target to push through with the merger before year ends, so the consolidation would mean higher reported profits for BPI. 

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Disclaimer: This article is solely the opinion of the blogger based on personal research. Any statement made is not a conclusion of absolute fact and is not intended to impose or persuade anyone's judgement.

PSE Round-Up: November 22, 2012

PSE Market Summary:

The Philippine Stocks Market ended its four-day rally to pull back by 20.81 to P5,513.37. Trades were lowered to 25,265, with 47 stocks advances, 10 declines and 59 stocks remaining unchanged.

RLT to Launch North Skyline Project

Philippine Realty & Holdings Corporation will launch the second tower of the Andrea North Skyline, a P2 billion 32-storey high-end residential tower in New Manila, Quezon City. The tower will offer 278 units with sizes ranging from 50 sqm to 180 sqm.

NTC Reaches Decision on Alleged Telco Overcharges

The National Telecommunications Commission has issued an order to telephone operators Globe (PSE:GLO) and PLDT-Smart (PSE:TEL) to:

1. reduce its regular SMS retail price to other networks from P1 to P.80

2. refund its subscribers the excess charge

3. pay a fine of P200 per day beginnning Dec. 1, 2011 until date of compliance

4. immediately submit within 15 days records of compliance and mode of refund

The telephone companies are still studying legal options in relation to the decision.

AC to invest in Vietnam

Ayala Corporation (PSE:AC) have entered into an agreement with a Vietnam corporation to invest in infrastructure projects in Vietnam. AC will hold at controlling interest at 51% from the joint venture.

CHI and CPV Declares Cash Dividend

Cebu Holdings Inc. (PSE:CHI) and Cebu Property Ventures (PSE:CPV) declared cash dividend as follow:

cash                              =                     P.10 per share; P.12 per share

ex-date                         =                     Dec. 4, 2012

record date                  =                     Dec. 7, 2012

payment date              =                      Dec. 21, 2012

PSE Round-Up: November 13, 2012

PSE Market Summary:

The Philippine stocks market ended its 3-day rally to close lower by P14.78 at P5,455.92. Total trades were down to 22,669 with 69 stocks advances, 91 declines and 52 stocks remaining unchanged.

 

PGOLD Posts 67.2% Increase in Net Income

Puregold Price Club, Inc. (PSE:PGOLD) reported net income of P1.802 billion for the nine months of 2012, up 67.2% compared to P1.078 billion same period last year. The growth was mainly due to increased sales turnover and acquisition of S&R Warehouse Club. PGOLD shares increase by P.05 to close at P29.75.

AC Profits Rise 19%

Ayala Corporation (PSE:AC) reported consolidated net income of P8.7 billion for the first nine months of 2012, 19% higher than last year. The strong earnings was mainly due to robust income from its core and non-core businesses in property, banking and water sectors. AC stocks decreased by P7 to close at P443 per share.

AGI Earnings Up 48%

Alliance Global Group, Inc. (PSE:AGI) announced its core net income to P13.46 billion in the first nine months, up 48% from P9.12 billion in the same period last year. AGI stocks closed P15 per share, up P.02 for the day.

SMB Declares Cash Dividend

San Miguel Brewery (PSE:SMB) declared cash dividend as follow:

cash                               =                      P.14 per share

ex-date                          =                      Nov. 22, 2012

record date                   =                      Nov. 27, 2012

payment date                =                      Dec. 5, 2012

ACR Revenues Up 9%

Alsons Consolidated Resources, Inc. (PSE:ACR) reported a 9% increase in the past nine months of 2012 to P2.27 billion from P2.08 billion same period last year. ACR stocks increased by P.01 to lcose at P1.40.

PSE Round-Up: October 24, 2012

PSE Market Summary:

The Philippine Stocks Market is down by 33.63 or .62% to close at 5,398.69. A total 28,412 trades were recorded with 43 advances, 120 declines and 42 stocks remaining unchanged.

MPI to Expand Health Care Portfolio

Metro Pacific Investments Corp (PSE:MPI) target to expand its presence in the healthcare industry by acquiring additional hospitals throughout the country. MPI have confirmed there are ongoing discussions with several parties, but no definite agreements have been reached.

OV Declares Cash Dividend

Philodrill Corporation (PSE:OV) declared cash dividend with details below:

cash                       =                  P.00030 per share

ex-date                  =                  Nov. 7, 2012

record date           =                  Nov. 12, 2012

payment date        =                  Dec. 7, 2012

MJC to Maintain Controlling Interest with MJIC

The board of Directors of Manila Jockey Club, Inc. (PSE:MJC) has agreed to maintain controlling interest with its subsidiary, MJC Investments Corp (PSE:MJIC). MJIC shall continue to pursue new investments as long as MJC retains at least 51% ownership with the company.

AC Named Sole Distributor for Volkswagen

Europe's largest carmaker Volkswagen AG has chosen to partner with Ayala Corporation's (PSE:AC) wholly-owned subsidiary, Ayala Automotive Holdings Corporation to be its Philippine distributor for Volkswagen passenger vehicles. The move is part of the European company's plan move to establish its brand in ASEAN region.

PSB Declares Cash Dividend

Philippine Savings Bank's (PSE:PSB) board of directors approved the declaration of P.75 per share cash dividend. The record date and payable date shall be decided by Bangko Sentral ng Pilipinas.

PXP Incurs Net Loss as of 3Q12

Philex Petroleum Corporation (PSE:PXP) recorded a net loss of P131.85 million as of September 30, 2012, compared to a net income of P472.11 million same period last year. The decrease was due to the refurbishment of its Service Contract no. 14 (Galoc) of which PXP holds 60.49% interest. The prior period's net income also included an extraordinary gain of P443.67 million.

PSE Round-Up: October 23, 2012

PSE Market Summary:

The Philippine Stocks Market ended its three-day losing skid by increasing 7.53 points to close at 5,432.32. Total trades reached 28,075 with 80 stocks advances, 78 declines and 48 remaining unchanged. 

Four Groups Pre-qualify for LRT Cavite Extension Project

San Miguel Corp. (PSE:SMC), Metro Pacific Investments-Ayala Corp joint venture (PSE:MPI & PSE:AC), DMCI Holdings, Inc. (PSE:DMC) and MTDC-Samsung consortium completed the submission of the required documents to prequalify for a public-private partnership project bid. The project will cover the extension of LRT line extension going to Cavite.

MBT Agree to Sell 30% of Toyota

The Metropolitan Bank & Trust Company (PSE:MBT) has agreed to sell on principle its 30% ownership of Toyota Motor Philippines to GT Capital Holdings (PSE:GTCAP) amounting to P9 billion. Upon execution, GTCAP will increase its stake to Toyota to 51%, while MBT will serve to strengthen its balance sheet and capital position in preparation for the Basel III implementation.

SC 51 Farmors Enter Drilling Agreement

Listed companies Trans-Asia Oil and Energy Development Corporation (PSE:TA), Petro-Energy Resources Corporation (PSE:PERC) and Alcorn Gold Resources Corporation (PSE:APM) entered into agreement with Frontier Oil Corporation for Service Contract No. 51 area (the south block). Under the agreement, Frontier has the option to acquire 8% of the farmors' combined stake bu undertaking to drill the offshore Argao-1 exploratory well at its sole cost and risk. TA, PERC and APM hold 33.34%, 20.06% and 9.32% participating interests, respectively. 

CIP Declares Cash Dividend

Chemical Industries of the Philippines, Inc. (PSE:CIP) declared cash dividend as follows:

cash                    =                      P2.42 per share

ex-date               =                      Nov. 6, 2012

record date        =                      Nov. 9, 2012

payment date    =                       Nov. 26, 2012

DMC Acquires 31% Stake in NRHI

DMC Mining Corporation, a subsidiary of DMCI Holdings, Inc. (PSE:DMC) will acquire Toledo Mining Corporation's shares in Nickeline Resources Holdings, Inc. DMC will pay $6.552 million in exchange for 31% of NRHI shares.

VUL Raises its Capital to P4B

Vulcan Industrial and Mining Corporation (PSE:VUL) announced the increase in its authorized capital stock from P600 million to P4 billion. The increase will allow its major stockholder, National Book Store Group, to increase its holdings to up to P2.9 billion and will convert its P500 million advances into equity.

PSE Round-Up: October 22, 2012

PSE Market Summary:

The Philippine Stocks Market is down for three straight days closing at 5,424.79. All sectors were down except property which managed to go up by 5.14 points. Total trades reached 24,042 while decliners led advancers, 100 to 56, with 47 stocks remaining unchanged.

SM Completes 9.1M Shares Placement

SM Investments Corporation (PSE:SM) announced the completion of 9.1 million primary common shares to institutional investors by way of top up placement at P700 per share. The price was discounted by 6.04% based on the closing rate as of Aug 23 at P745 per share. The proceeds were used for payment of existing bank loan including its interest.

AC Plans to Issue Fixed Rate Bonds

Ayala Corporation (PSE:AC) proposed the issuance of P1 billion fixed rate bonds due in seven years. AC currently holds a PRS Aaa rating from credit rating agency PhilRatings, which means that their obligations have the highest quality with minimum risk for nonpayment.

TOL Explores Road Projects in Vietnam

Metro Pacific Tollays Corp. (PSE:TOL) has confirmed reports that they are currently seeking infrastructure projects in Vietnam. Discussions are already on progress but there is no final deals made as of this moment.

PSE Round-Up: October 12, 2012

PSE Market Summary:

The Philippine Stocks Market was up by 16.25 points to close at 5,369.72. The PSEi was down by 1.29% from 5,439.84 for the week. 89 stocks advanced and 74 closed lower, with 34 stocks remaining unchanged. Total trades reached 22,799.

TEL Acquires IP Converge

Philippine Long Distance Telephone Company (PSE:TEL) announced that its subsidiary ePLDT, Inc. has acquired 100% outstanding capital stocks of IP Converge Data Services, Inc. IP Converge operates as an internet data center and cater to managing data and cloud services.

AC to Increase Stake in BPI

Ayala Corporation (PSE:AC) will acquire an additional 10.4% ownership interest in the Bank of the Philippine Islands (PSE:BPI) from DBS Bank, Ltd. Both companies are owned by the Zobel de Ayala clan. 

NIKL Shipment Volume Up 16%

Nickel Asia (PSE:NIKL) sold an Aggregate of 9.56 wet metric tons of nickel ore as of Sept. 30, 2012, up by  16% from same period last year. The estimate value of the sale declined to P9.24 billion from P 9.83 billion due to lower nickel prices.

PSE Round-Up: August 31, 2012

Market Summary:

The Philippine Stocks Index was up by 46.88 or .91% to close at 5,196.19. All sectors were in the green led by services (1.38%) and industrial (.90%). 

SM Remain Aggressive on Planned Expansion

SM Investments Corp. (PSE:SM) eyes aggressive expansion in China as it plans to build two malls in 2014 and two more per year, depending on retail developments. The initial plan of building one malls per year were revised to accelerate the expansion.

AC to Invest in Power Sector    

Conglomerate Ayala Corp. plans to build an equity investments worth $500 million in the power sector for the next five years. The portfolio will consist of conventional and renewable energy with a target of 1,000 megawatts.

East West issues LTNCDs

Financial company East West Banking Corporation disclosed that its Long Term Certificates of Time Deposits (LTNCD) were approved by the Bangko Sentral ng Pilipinas (BSP). A minimum deposit of P 50,000 in increments of P 10,000 with a minimum maturity of five years and one day to avail of the investment. Interest rate is subject to prevailing market conditions.

PSE Round-Up: August 10, 2012

ICTSI Signs Sub-concession in Nigeria

International Container Terminal Services, Inc. (PSE:ICT) and Lekki Port LFTZ Enterperise (LPLE) reached a sub-concession agreement for a container terminal in Nigeria. This grants ICTSI exclusive right to develop, operate and provide handling equipment and container terminal services for a period of 21 years.

Ayala Corp 1st Half Profits Up 23%

Ayala Corporation (PSE:AC) reported P6.1 Billion consolidated net income, 23% higher than same period last year. This was driven by higher equity earnings from Ayala Land, Bank of the Philippine Islands and Manila Water. Full report can be found here.

Sun Life announces Cash Dividend

Sun Life Financial Inc. (PSE:SLF) declared cash dividend as follows:

Cash = C$ .36 per common share

Ex-date  Aug. 23, 2012

Record Date Aug. 29, 2012

Payment Date Sept. 28, 2012

MPTC Clarifies Delisting Issue

Metro Pacific Tollways Corporation issued a clarification that they are still evaluating whether to comply with PSE minimum public ownership or to delist the company. The statement came after reports came up that the company is favoring on delisting. 

PCOR Income down in first half of 2012

Petron Corporation (PSE:PCOR) reported consolidated income of P432 Million for its Philippines and Malaysia operations. This was significantly down from P 6.04 Billion same period last year due to volatility in global oil markets. 

Manulife Delacres Cash Dividend

Manulife Financial Corporation declared cash dividend per below:

Cash = C$ .13 per common share

Ex-date  Aug. 16, 2012

Record Date Aug. 21, 2012

Payment Date Sept. 19, 2012