20140304-Maybank_KERPL-Daily_Edge_11页_332kb

报告摘要

Daily Edge Summary - 4 March 2014

Core Content Overview

This report provides a summary of stock market performance and analyst views on several key companies in the Philippine stock market, focusing on financial results, forecasts, and investment ratings. The report highlights the performance of the banking sector, utilities, and consumer stocks, along with upcoming events that may affect market sentiment.

Key Financial Highlights

BDO (PHP83.35)

Rating: BUY (unchanged)
Target Price (TP): PHP88.00
Upside: 6%
FY13 Net Income: PHP22.6b, up 56% YoY
Fee-based Earnings: +15% YoY
Net Interest Income: +20% YoY
Deposit Growth: 44% surge
Loan Growth: 19% increase
LDR: Improved to 64% from 80%
Provision for Credit Losses: PHP7b, up 42% YoY
NPL Cover Ratio: 171% (up from 125.7%)
NPL Ratio: 1.6% (down from 2.8% in 2012)
NIM: Estimated to have contracted by 19bps
Basel 2 Tier 1 & CAR: Adequate at 14.6% and 15.8%, respectively

EDC (PHP5.64)

Rating: BUY (unchanged)
Target Price (TP): PHP6.58
Upside: 21%
FY13 Recurring Profits: PHP6.6b, beating estimate of PHP5.42b
Reported Profits: PHP4.7b, down 20% YoY
Reasons for Decline: FX losses (PHP1.3b) and typhoon damage (PHP0.6b)
Leyte Plant Restoration: Over 75% of gross capacity online
Projects: BacMan, Nasulo, and Burgos are expected to drive future growth

Market Talk Highlights

Banks

PNB: Plans to invest PHP600m in PNB Gen, boosting synergies and profits
PNB Gen: Assets of PHP4.9b, liabilities of PHP3.5b, equity of PHP1.4b, net earnings of PHP68m as of end-2012

Utilities

EDC: Still profitable in 4Q13 despite 58% YoY decline
FGEN: One unit of Sta Rita natural gas plant under investigation

Conglomerates

SM Investments Corp: 11% earnings growth to PHP27.5b, beating revenue forecast
SM Retail: Net income of PHP5.6b, estimated 15% decline from 2012, net margin dropped to 3%

Analysts

Head of Research / Economist: Luz Lorenzo
Analysts: Laura Dy-Liacco, Rommel Rodrigo, Lovell Sarreal, Katherine Tan, Ramon Adviento

Market Highlights Table

Sector	Stock	Share Price (PHP)	Target Price (PHP)	Upside (%)	Rating
Banks	BDO	83.35	88.00	6	BUY
	BPI	89.60	93.50	4	HOLD
	CHIB	58.50	57.75	-1	HOLD
	EW	28.50	31.80	12	BUY
	MBT	81.25	88.00	8	HOLD
	PNB	86.25	111.00	29	BUY
	BPI	89.60	93.50	4	HOLD
	CHIB	58.50	57.75	-1	HOLD
	EW	28.50	31.80	12	BUY
	MBT	81.25	88.00	8	HOLD
	PNB	86.25	111.00	29	BUY
	RCB	58.50	57.75	-1	HOLD
	RFM	5.55	6.65	20	BUY
	URC	137.00	160.00	17	BUY
	PF	222.00	310.00	40	BUY
	DMPL	22.60	30.00	33	BUY
	RRHI	66.15	77.50	17	BUY
	CIC	27.00	36.50	35	BUY
	PGOLD	45.75	50.00	9	BUY
Telcos	GLO	1,689	1,582	-6	HOLD
	PLDT	2,706	3,090	14	BUY
	MER	281.00	280.00	0	HOLD
	MWC	24.70	23.40	-5	HOLD

Upcoming Events

4 Mar: Philippine Long Distance Telephone Company Analysts' and Investors' Briefing
6 Mar: Integrated Micro-Electronics, Inc. Analysts' and Investors' Briefing
7 Mar: Phoenix Petroleum Philippines, Inc. Annual Stockholders' Meeting
11 Mar: Ayala Corporation Analysts' and Investors' Briefing
12 Mar: Aboitiz Equity Ventures Analysts' and Investors' Briefing
12 Mar: Aboitiz Power Corporation Analysts' and Investors' Briefing

Conclusion

The report emphasizes the strong performance of BDO and EDC, with BDO showing robust growth in net income and recurring profits, while EDC remains profitable despite challenges from FX losses and typhoon damage. Analysts maintain BUY ratings for several banks and consumer stocks, with expectations of continued growth. The report also outlines key financial metrics and upcoming investor briefings that could influence market dynamics.

展开完整摘要