Alerts

   John Martin Luciano, CFA

After factoring-in the potential impact of COVID-19 outbreak into our forecasts as well as increasing our risk premium assumption by 350 basis points to factor in the higher risk aversion, we are reducing our FV estimates for all banks in our coverage list. Despite downgrading our FV, we believe that the downside risks have already been priced in. We continue to have a BUY recommendation on BPI, CHIB, EW, MBT, PNB, and SECB, while upgrading our rating on BDO from HOLD to BUY. On the other hand, we are downgrading our rating on UBP from BUY to HOLD given its limited upside.

   John Martin Luciano, CFA

After factoring-in the potential impact of COVID-19 outbreak into our forecasts as well as increasing our risk premium assumption by 350 basis points to factor in the higher risk aversion, we are reducing our FV estimates for all banks in our coverage list. Despite downgrading our FV, we believe that the downside risks have already been priced in. We continue to have a BUY recommendation on BPI, CHIB, EW, MBT, PNB, and SECB, while upgrading our rating on BDO from HOLD to BUY. On the other hand, we are downgrading our rating on UBP from BUY to HOLD given its limited upside.

   John Martin Luciano, CFA

After factoring-in the potential impact of COVID-19 outbreak into our forecasts as well as increasing our risk premium assumption by 350 basis points to factor in the higher risk aversion, we are reducing our FV estimates for all banks in our coverage list. Despite downgrading our FV, we believe that the downside risks have already been priced in. We continue to have a BUY recommendation on BPI, CHIB, EW, MBT, PNB, and SECB, while upgrading our rating on BDO from HOLD to BUY. On the other hand, we are downgrading our rating on UBP from BUY to HOLD given its limited upside.

   John Martin Luciano, CFA

After factoring-in the potential impact of COVID-19 outbreak into our forecasts as well as increasing our risk premium assumption by 350 basis points to factor in the higher risk aversion, we are reducing our FV estimates for all banks in our coverage list. Despite downgrading our FV, we believe that the downside risks have already been priced in. We continue to have a BUY recommendation on BPI, CHIB, EW, MBT, PNB, and SECB, while upgrading our rating on BDO from HOLD to BUY. On the other hand, we are downgrading our rating on UBP from BUY to HOLD given its limited upside.

   John Martin Luciano, CFA

After factoring-in the potential impact of COVID-19 outbreak into our forecasts as well as increasing our risk premium assumption by 350 basis points to factor in the higher risk aversion, we are reducing our FV estimates for all banks in our coverage list. Despite downgrading our FV, we believe that the downside risks have already been priced in. We continue to have a BUY recommendation on BPI, CHIB, EW, MBT, PNB, and SECB, while upgrading our rating on BDO from HOLD to BUY. On the other hand, we are downgrading our rating on UBP from BUY to HOLD given its limited upside.

   John Martin Luciano, CFA

After factoring-in the potential impact of COVID-19 outbreak into our forecasts as well as increasing our risk premium assumption by 350 basis points to factor in the higher risk aversion, we are reducing our FV estimates for all banks in our coverage list. Despite downgrading our FV, we believe that the downside risks have already been priced in. We continue to have a BUY recommendation on BPI, CHIB, EW, MBT, PNB, and SECB, while upgrading our rating on BDO from HOLD to BUY. On the other hand, we are downgrading our rating on UBP from BUY to HOLD given its limited upside.

   John Martin Luciano, CFA

After factoring-in the potential impact of COVID-19 outbreak into our forecasts as well as increasing our risk premium assumption by 350 basis points to factor in the higher risk aversion, we are reducing our FV estimates for all banks in our coverage list. Despite downgrading our FV, we believe that the downside risks have already been priced in. We continue to have a BUY recommendation on BPI, CHIB, EW, MBT, PNB, and SECB, while upgrading our rating on BDO from HOLD to BUY. On the other hand, we are downgrading our rating on UBP from BUY to HOLD given its limited upside.

   John Martin Luciano, CFA

After factoring-in the potential impact of COVID-19 outbreak into our forecasts as well as increasing our risk premium assumption by 350 basis points to factor in the higher risk aversion, we are reducing our FV estimates for all banks in our coverage list. Despite downgrading our FV, we believe that the downside risks have already been priced in. We are upgrading our rating on BDO from HOLD to BUY.

   John Martin Luciano, CFA

The Central Bank said inflation likely slowed in March as oil prices plunged and food prices remained stable due to the price freeze amid the corona virus outbreak. According to the Department of Economic Research, inflation could settle between 2% to 2.8% in March, which is closer to the low-end of the 2% to 4% target set by BSP for 2020 and 2021. In early March, oil prices plunged when Saudi Arabia lowered its selling price to compete against Russia despite declining market demand due to the virus outbreak. Meanwhile, prices of selected food products remained stable due to the price freeze on basic necessities imposed by the government from March 16 to May 15. The Monetary Board lowered its average inflation outlook for 2020 and 2021 to 2.2% and 2.4% from the initial 3% and 2.9%, respectively. (Source: BusinessWorld)

   Adrian Alexander Yu

Please be advised that the change in corporate name and stock symbol of ISM Communications Corporation ("ISM") to DITO CME Holdings Corp. ("DITO") will be reflected on the PSE systems effective on Wednesday, April 1, 2020. The board of directors of ISM approved changing its corporate name on Dec. 10, 2019, the same time it approved buying 100% of Dennis A. Uy’s shell company Udenna Communications Media and Entertainment Holdings Corp.