Alerts

   Richard Lañeda, CFA

   Denise Joaquin

Reiterate BUY rating- August 19, 2022 We currently have a BUY rating on SSI with an FV estimate of Php3.03/sh. SSI continues to benefit from easing mobility restrictions and from the return of foot traffic to malls. Despite cost headwinds from higher inflation and the weaker peso, SSI remains well-positioned to capture the rebound in discretionary spending given its core customer base and portfolio of established and upscale brands.

   George Ching

   George Ching

   George Ching

   George Ching

   George Ching

   Denise Joaquin

August 19, 2022. Reiterate HOLD rating. We currently have a HOLD rating on EMI with an FV estimate of Php14.1/sh. We will be reviewing our estimates in light of the weaker-than-expected 1H22 results.

   Denise Joaquin

August 19, 2022. Reiterate BUY rating. We currently have a BUY rating on COSCO with an FV estimate of Php11.9/sh. We will be reviewing our estimates in light of the weaker-than-expected 1H22 results.

   COL Research Team

August 17, 2022. Maintain HOLD. We reiterate our HOLD rating on PIZZA with a FV estimate of Php8.7/ sh. We continue to like the company as it positioned to capitalized on the uptick of consumer sentiment and the continued reopening of the economy during 2H, especially in 4Q22. On top of the highly profitable PC acquisition, improved mobility should have a favorable effect on margins as this could boost the more profitable dine-in sales of its core brands. PIZZA also remains on track to achieve its store expansion guidance to complement SSSG. Nevertheless, we see key risks with regards to elevated input costs and mobility-related shocks due to the pandemic.