PSE Round-Up: October 29, 2012

PSE Market Summary:

The Philippine Stocks Market was down 7.74 to close at 5,397.42. Total trades reached 27,707 with 81 stocks advances, 86 declines and 43 unchanged. 

SMPH YTD Profits Up 15%

SM Prime Holdings, Inc. (PSE:SMPH) reported a 15% increase on its year-to-date consolidated net income amounting to P7.4 billion from the same period last year. The higher income was largely due to rentals from newly opened malls and improved performance of SM's China malls. SMPH is the Philippines' leading shopping mall developer and operator largerly owned and controlled by Henry Sy and his family. SMPH stocks closed at 14.3, up by .06 points from previous trade.

MER Core Net Income Up 11%

Manila Electric Co. (PSE:MER) announce that its core net income for nine months amounted P12.9 billion, up 11% from same period last year. The positive earnings was mainly due to the 8% increase in volume of energy sold. Consolidated reported net income was up 37% to P13.6 billion, which includes one time, exceptional charges. MER stocks closed at 276.8, down by 1.2 points from last trade.

  

APO, OV to sell VUL Shares to NBS

Anglo Philippine Holdings Corporation (PSE:APO) and The Philodrill Corporation (PSE:OV) have agreed to sell their Vulcan Industrial and Mining Corporation (PSE:VUL) shares to National Books Store, Inc at an agreed price of P1 per share. APO and OV hold 12.25 million and 610,000 shares, respectively. VUL shares are still on voluntary suspension due to "proposals that may materially affect the future business direction of the company."


TOL Tender Offer Priced at P6.50

Metro Pacific Tollways Corporation (PSE:TOL) announced its tender offer or delisting at P6.50 per share. The tender period starts today until noon of Nov. 28, 2012 and shall be paid in full by Dec. 11, 2012. TOL stocks closed at P6.21, down by .19 from last trade.  

MER Seeks Refund to PSALM for Double Charges

Manila Electric Co. (PSE:MER) is seeking a refund from the double charges made by Power Sector Assets and Liabilities Management Corp. MER filed a refund amounting to P9.839 billion to cover transition supply contract line losses.

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.