20150708-Maybank_KERPL-Daily_Edge_12页_344kb
报告摘要
Daily Edge Summary - July 8, 2015
Core Content Overview
This report covers the financial and market developments in the Philippines on July 8, 2015, with a focus on the stock market, key companies, and sector analysis. It includes data on the PSEi index, turnover, and exchange rates, as well as insights from analysts and market activities.
Key Financial Data
| Index/Stock | Value | % Chg |
|---|---|---|
| PSEi | 7,442.65 | (0.17) |
| Turnover (PHPm) | 6,552.88 | 12.18 |
| PLDT ADR (USD) | 61.93 | 0.44 |
| PLDT ADR (PHP) | 2,797.69 | 0.60 |
| Ave interbank rate | 2.53 | 0 bps |
| PHP/USD rate | 45.14 | (0.04) |
Analysts
- Luz Lorenzo – Head of Research / Economist
- Ramon Adviento – Analyst
- Michael Bengson – Analyst
- Rommel Rodrigo – Analyst
- Lovell Sarreal – Analyst
- Katherine Tan – Analyst
Top Idea: Mining Sector
- NIKL (PHP21.00): Supply adjusts to lower demand
- Four nickel miners in Zambales province remain suspended, reducing nickel ore exports to China.
- Nickel ore exports to China have declined, affecting the production volume.
- NIKL is viewed as the most resilient supplier in the current market environment.
- Analysts maintain a BUY recommendation with a target price of PHP33.85.
- 2Q15 production volume remains strong with emphasis on mid-grade ores (1.5%Ni).
- Expected improvement in 2H15 prices.
Market Talk
Property
- Ayala Land Inc (ALI-BUY): Launched phase 2 of Tagaytay project with 1,343 units available for sale.
- Expected sales: PHP4 billion from this phase.
- Price range: PHP2.6m to PHP6.3m per unit.
- Unit sizes: 23-62 sqm.
Telecoms
- PLDT (TEL-HOLD) and Smart Communications Inc entered into a content partnership with Fox International Channels.
- Fox content access: Includes Walking Dead and nine live Fox channels.
- PLDT Home DSL users: Can enjoy Fox content for PHP99/month.
- Fibr subscribers: Fox included in their subscription.
- Smart subscribers: Free access to Fox via Smart Life Entertainment bundles.
Utilities
- DOE Circular 2015-06-0009: Orders distribution utilities to include penalty provisions in power supply agreements.
- Clark Water Corp (CWC): Plans to expand water services in the Clark Special Economic Zone.
- Demand increase: Expected to rise from 42 MLD to 62 MLD by year-end.
- New deep well: Expected to be operational by year-end, adding 2 MLD of water supply.
Earnings and Valuations Table (Selected Stocks)
| Stock | Share Price (PHP) | Target Price (PHP) | Upside (%) | Recommendation | Year | Net Profit (PHPm) | EPS (PHP) | EPS Growth (%) | PE (x) | DPS (PHP) | Yield (%) | BV/share (PHP) | P/BV (x) | Net Gearing (%) | ROA (%) | ROE (%) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NIKL | 21.00 | 33.85 | - | BUY | - | - | - | - | - | - | - | - | - | - | - | - |
| BDO | 105.50 | 123.00 | 17 | BUY | 2014 | 22,466 | 1.63 | 6.27 | 16.8 | 2.10 | 2.0 | 48.56 | 2.2 | - | 1.3 | 13.5 |
| BPI | 92.00 | 101.00 | 10 | HOLD | 2014 | 18,039 | 4.62 | 10.9 | 19.9 | 0.91 | 1.0 | 36.64 | 2.5 | - | 1.4 | 14.5 |
| CHIB | 45.15 | 51.00 | 13 | HOLD | 2014 | 5,116 | 3.08 | 5.9 | 14.7 | 1.00 | 2.2 | 32.09 | 4.8 | - | 1.2 | 10.2 |
| EW | 20.10 | 29.00 | 44 | BUY | 2014 | 2,073 | 1.84 | 0.9 | 10.9 | - | - | 2.70 | 3.3 | - | 1.3 | 10.2 |
| MBT | 93.50 | 105.00 | 12 | BUY | 2014 | 19,614 | 7.15 | 10.9 | 13.1 | 1.00 | 1.1 | 50.49 | 1.9 | - | 1.3 | 13.8 |
| PBB | 18.50 | 18.00 | - | HOLD | 2014 | 4,520 | 1.63 | 14.2 | 22.3 | 0.30 | 0.8 | 12.38 | 2.9 | - | 8.8 | 13.9 |
| EMP | 9.00 | 13.00 | 44 | BUY | 2014 | 6,204 | 0.36 | - | 24.7 | 0.15 | 1.7 | 2.70 | 3.3 | - | 4.1 | 16.2 |
| VLL | 6.60 | 8.40 | 27 | BUY | 2014 | 5,710 | 0.67 | 12.7 | 9.9 | 0.10 | 1.8 | 5.68 | 1.1 | 66.9 | 6.0 | 11.2 |
| SMPH | 20.20 | 22.00 | 9 | BUY | 2014 | 19,035 | 0.69 | 8.5 | 29.5 | 0.18 | 1.0 | 5.88 | 2.8 | 41.7 | 5.3 | 10.5 |
| EDC | 7.30 | 9.20 | 26 | BUY | 2014 | 9,197 | 0.49 | 40.1 | 14.9 | 0.20 | 2.7 | 2.25 | 3.2 | 109.0 | 8.0 | 24.1 |
| FGEN | 25.55 | 31.30 | 23 | BUY | 2014 | 4,717 | 1.39 | - | 18.3 | 0.50 | 2.0 | 19.18 | 1.3 | 166.4 | 2.1 | 8.1 |
The Week Ahead
Several companies are scheduled to hold their annual stockholders' meetings in the following days:
- July 9: Top Frontier Investment Holdings, Inc., Abacore Capital Holdings, Inc.
- July 10: Steniel Manufacturing Corporation, 2GO Group, Inc.
- July 13: National Reinsurance Corporation of The Philippines
- July 14: Coal Asia Holdings, Inc.
- July 15: Easycall Communications Phils., Inc., Concepcion Industrial Corporation
- July 16: Robinsons’ Retail Holdings, Inc., RFM Corporation, Petroenergy Resources Corporation, Island Information and Technology, Inc.
- July 17: Iripple, Inc., Macroasia Corporation
Conclusion
The report highlights the resilience of NIKL in the nickel mining sector despite lower demand and prices. It also outlines various market activities, including property developments and telecoms partnerships, and provides detailed financial data and analyst recommendations for several key stocks. The utilities sector is also noted for regulatory changes and infrastructure expansions.
展开完整摘要
试读结束，高清完整版pdf/doc/ppt,请点下载
