Alerts

   Carlos Matthew De Leon

August 22, 2022. Reiterate HOLD. We currently have a HOLD rating on JFC with a FV estimate of Php213/sh. We will be reviewing our forecasts for potential upgrades following the stronger-than-expected 1H performance. We believe JFC is in a position to benefit from eased mobility and increased consumer spending in the second semester. We also expect the international segment to recover as mobility normalizes and as emerging brands such as CBTL and Smashburger continue to expand. Cost and supply chain management have also preserved margins, providing JFC with additional measures to temper supply pressures moving forward.

   Charles William Ang, CFA

Maintain BUY- august 22, 2022 We currently have a BUY rating on EW with a FV estimate of Php12.6/sh based on a 0.45X 2022E P/BV, and are maintaining this rating primarily on valuations. We remain cautious over EW’s large exposure in credit cards and auto loans, which represent a total of 50% of its loan portfolio. However, the bank’s lending operations and asset quality have shown signs of improvement since the lifting of mobility restrictions and opening up of the economy. Moving forward, we expect continued improvement in loan growth as economy recovers.

   Charles William Ang, CFA

August 22, 2022. Maintain BUY. We currently have a BUY rating on PNB with a FV estimate of Php43.4/sh based on 0.45X 2022E P/BV. We view PNB as a deep value play since the bank is only trading at 0.18X 2022E P/BV. We expect loan growth to improve as the economy continues to recover and as the bank continues to build up its portfolio in the second half of the year.

   Frances Rolfa Nicolas

August 19, 2022. Maintain HOLD rating. In light of the better-than-expected 2Q22 results, we are increasing our ancillary revenues estimate by 20%. This increased our revenues estimate by 5.3% to Php53.5Bil, and lowered our net loss forecast to Php12.2Bil from Php15.0Bil in 2022. Accordingly, we are increasing our FV estimate to Php51.0/sh on CEB. We think that pent-up demand for travelling has started to manifest this year. However, headwinds such as relatively high jet fuel prices, weakening of the peso, and other inflationary pressures remain. At its current price of Php46.15/sh, upside to our FV estimate is limited at 11%. Hence, we maintain our HOLD rating on CEB.

   Charles William Ang, CFA

August 19, 2022. Maintain BUY. We currently have a BUY rating on SECB with a FV estimate of Php172/sh based on 1.00X 2022E P/BV. We continue to like SECB as we expect it to be one of the major beneficiaries of the recovery of economic growth. Looking forward, we believe its intermediation business will improve amidst increasing mobility and a rising rate environment.

   Richard Lañeda, CFA

   Richard Lañeda, CFA

   Richard Lañeda, CFA

   Richard Lañeda, CFA

   Richard Lañeda, CFA