20150813-Maybank_KERPL-Daily_Edge_13页_332kb

报告摘要

Daily Edge Summary - August 13, 2015

Core Content

This document provides a summary of financial performance and market outlook for various companies and sectors in the Philippines as of August 13, 2015. It includes stock price data, analyst insights, earnings reports, and market highlights.

Key Financial Highlights

PSEi and Market Data

PSEi Index: 7,495.43 (down 0.99%)
Turnover (PHPm): 7,842.16 (down 4.87%)
PLDT ADR (USD): 57.72 (up 0.35%)
PLDT ADR (PHP): 2,670.13 (up 1.07%)
Ave interbank rate: 2.50% (down 3.13 bps)
PHP/USD rate: 46.21 (down 0.77%)

Analysts

Head of Research / Economist: Luz Lorenzo
Other Analysts: Ramon Adviento, Michael Bengson, Rommel Rodrigo, Lovell Sarreal, Katherine Tan

Top Idea

Banks: MBT (PHP87.60)

2Q15 Earnings: Increased by 24% YoY, driven by low OPEX and better net interest income.
Loans: Up 14% with a focus on mid-market and SMEs.
FY16F Net Profit: Cut by 8% to PHP18.6b due to lower NIM and conservative trading gains.
Target Price (TP): Reduced to PHP100 (1.6x 2016F PBV).
Rating: BUY
Upside: 14%

Market Talk

GMA Network Inc

2Q15 Earnings: Rose by 170% YoY to PHP691m due to 29% increase in airtime revenue.
1H15 Profits: Reached PHP1.1b, up 89% YoY.
Management Guidance: Full-year profit growth of at least 50%.
Target Price: PHP7, implying 22x 2015F PER.
Rating: BUY

Vistaland & Lifescapes Inc (VLL)

1H15 Net Profits: Grew by 10.7% YoY to PHP3.1b, accounting for 52% of full-year forecast.
Revenues: Up 10.9% to PHP12.2b.
Sales Take-up: Up 9% to PHP28.3b.

Megaworld Corp (MEG)

1H15 Net Profit: Up 12.5% YoY to PHP5.4b, in line with expectations.
Real Estate Sales: Up 12% to PHP13.4b due to project completion.
Rental Income: Surged 22% to PHP4.2b due to rental escalation and full-year effect of new buildings.
Rating: BUY

D&L Industries (DNL)

1H15 Recurring Net Income: Up 15% YoY to PHP1.07b.
2Q15 Recurring Earnings: Up 14% to PHP562m.
Sales: Up 5% to PHP4.7b.
Gross Profit: Jumped 24% to PHP24b with margin expansion to 18.4%.
EBIT: Up 17% to PHP702m.
Rating: HOLD

Integrated Micro-Electronics Inc (IMI)

1H15 Profit: Surged to USD15.2m (+35% YoY) due to operational improvements and cost-saving measures.
Revenues: Slightly declined to USD416.3m (-3%) due to FX headwinds and slowdown in demand for mature products.
EMS Operations: Flat revenues at USD109.5m.
Rating: Not Rated

Banking Sector

Metrobank (MBT)

2Q15 Earnings: Up 24% YoY to PHP4.2b, including one-off gains of PHP500m.
Recurring Income: Up 9.4% despite PHP367m in losses from treasury operations.
Operating Expenses: Increased by 0.7% but tempered by a 9.3% drop in compensation and fringe benefits.
Net Interest Income: Up 9.1% YoY.
Loan Growth: 14.4% in 2Q15, slower than 1Q15's 19%.
Loan Yield: Jumped 7bps QoQ.
CASA Funding: Up 17% YoY.
FY15F Net Profit: PHP16.8b (unchanged).
FY16F Net Profit: PHP18.6b (down 8%).
Target Price (TP): PHP100 (down 5%).
Rating: BUY

Market Highlight

GMA Network Inc

2Q15 Net Income: PHP691m (up 170% YoY).
1H15 Profits: PHP1.1b (up 89% YoY).
Revenues: PHP6.65b (up 15% YoY).
Airtime Revenue: PHP3.4b (up 29% YoY).
Subscription and Other Revenues: Down 8% to PHP289m.
EBIT: Up 87% to PHP1.6b.
Rating: BUY

Legal Note

Ramon Ang vs Gozon Group: Ang filed estafa charges against the Gozon group over unreturned PHP1b down payment.
GMA7 and SMC: Acquisition talks terminated due to major issues.
Impact on Forecast: The case is expected to have minimal impact on the company and forecasts.

The Week Ahead

Date	Company	Event
Aug 13	GMA Network, Inc.	Annual Stockholders’ Meeting
Aug 13	Ayala Corporation	Analysts’ Investors’ Briefing
Aug 13	D&L Industries, Inc.	Analysts’ Investors’ Briefing
Aug 13	Filinvest Land, Inc.	Analysts’ Investors’ Briefing
Aug 13	Energy Development	Analysts’ Investors’ Briefing
Aug 14	Alliance Global	Analysts’ Investors’ Briefing
Aug 14	GT Capital Holdings	Analysts’ Investors’ Briefing