Alerts

CEB eyes longer routes from Visayas, Mindanao using A321XLRs

   Frances Rolfa Nicolas

CEB President Lance Gokongwei said that the company is looking at using its incoming A321XLRs to fly from its hubs in the Visayas and Mindanao to destinations in North Asia, Australia, and Brunei. Recall that the company ordered 10 A321XLRs, which are expected to arrive beginning 2024. Mr. Gokongwei noted that while there is an opportunity to add new destinations for long-haul flights, there are no plans for now. CEB’s long-haul routes are currently limited to Dubai, Melbourne and Sydney, and all are flying out of Manila.

CEB  news   6 years ago

Election of new directors, appointment of officers and resignation of directors and officers of PPG

   George Ching

In view of the resignation of Messrs. Del Rosario, Jr. The Board of Directors elected Messrs. Augusto Cesar D. Bengzon (Senior VP of ALI), and Jaime Urquijo Zobel de Ayala (Strategy and Development Manager of AC) as new Directors of Phinma Petroleum and Geothermal to serve the remaining term of the office. Source: PSE Edge

ACEX  other   6 years ago

MPI TO ACQUIRE ADDITIONAL STAKE IN MAKATI MEDICAL

   George Ching

MPI through its subsidiary, Metro Pacific Hospital Holdings, Inc. is currently looking into acquiring additional 16.6% of Medical Doctors’ Inc., which will bring up their ownership to 49.9%. This aims to further improve the hospital group’s earnings ahead of MPI’s plans to sell part of their hospital business. Recall that their hospital business is said to be valued at at least US$2Bil. We are maintaining a BUY rating for MPI with an FV estimate of Php7.97/sh. We believe that the company has an attractive valuation and regulatory concerns affecting their price performance are overblown. At its current market value, upside potential is significant at 66%.

MPI  news   6 years ago

MEG targets Php4.0Bil sales from new tower

   Richard Lañeda, CFA

MEG expects to generate Php4.0Bil in sales from its newest residential tower, St Mark Residences, in Taguig. The 23-storey tower will rise within Mckinley Hill, MEG’s 50-hectare township in Fort Bonifacio. The project will offer 235 units with full radio frequency identification (RFID) access, and different amenities such as a clubhouse pavilion, badminton courts, and a mini-theatre. The company expects to complete the project by 2021.

MEG  news   6 years ago

Axelum Resouces Corp eyes IPO

   Andy dela Cruz

Axelum Resources Corp., a fully integrated manufacturer of coconut products, is looking to conduct its IPO by October this year. Axelum Chairman Romeo Chan said that the company is planning to sell up to 700Mil primary shares and up to 430Mil secondary shares, and expects to raise up to Php7.7Bil at a price of up to Php6.81/sh. Axelum has appointed First Metro Investment Corp. (FMIC), the investment banking arm of the Metrobank Group, as issue manager, bookrunner and lead underwriter of the IPO. The net proceeds from the primary offer will be used to fund strategic acquisitions, expand domestic and international distribution networks, install new manufacturing facilities for new products, and improve and expand existing manufacturing facilities.

^ALLSHARES  disclosure   6 years ago

BSP expects slower inflation in June

   Andy dela Cruz

The BSP expects inflation in the June to settle within the range of 2.2-3.0%, lower than May’s 3.2%. This is mainly driven by lower rice and domestic oil prices, downward adjustment in electricity rates, and recent peso appreciation. The inflation data will be reported on July 5.

^ALLSHARES  news   6 years ago

CHP still hopes to increase capital

   Frances Rolfa Nicolas

In a disclosure to the PSE, CHP said that it still hopes to increase its capital to fully fund the ongoing Solid Cement plant expansion, improve its capital structure, and provide balance sheet flexibility. Recall that the company failed to secure the approval of majority (2/3) of its shareholders to increase authorized capital stock in its last meeting. The company noted that it continues to undertake activities with the objective of completing the capital increase in 2019. CHP’s board of directors is expected to disclose certain details of the transaction in 3Q19.

CHP  news   6 years ago

FGEN buy 30.20

   George Ching

We are removing our holding company discount of 20% on FGEN’s stake in EDC due to EDC’s delisting from the PSE last Nov 2018. With the delisting, investors that want to invest in EDC may only do so through acquiring shares of FGEN. With that, we are increasing our FV estimate for FGEN to Php30.20/sh and maintaining a BUY rating as we believe that the sentiment on the stock will remain positive in the near term given EDC’s recent delisting and FGEN’s stable cash flow.

FGEN  Rating   6 years ago

AGI buy 21.45

   Richard Lañeda, CFA

Earlier this week, we raised our fair value estimate for MEG to Php7.20 after factoring in recently completed buildings. Also, valuations increased for MEG’s landbank to better reflect market prices of its lang holdings. Hence, we are raising our FV on AGI from Php19.29 to Php21.45 and reiterate a BUY rating as we believe that shares of the company are still undervalued.

AGI  Rating   6 years ago

US and China set temporary truce before the G20 summit

   Andy dela Cruz

The US and China have tentatively agreed on a truce in the ongoing trade war in order to focus on talks in the G20 summit aimed at resolving disputes. With this agreement, Trump has decided to delay an additional round of tariffs expected to be slapped on US$300Bil worth of Chinese imports. Recall that since the trade war was initiated almost a year ago, President Trump has already imposed 25% tariffs on US$250Bil worth of Chinese goods. Some sources of South China Morning Post said that Trump’s decision to delay the upcoming tariffs was in exchange for a sit-down with Xi Jin Ping in Osaka during the summit.

^ALLSHARES  news   6 years ago