Media: No surprises in 2013 GMA7 results. 2013 earnings up 3% to PHP1.67b, in line with estimate. 1Q14 recurring revenues likely to remain flattish. 2014F profit growth maintained at 5%. SELL given 12% implied downside to our PHP7 TP. (Refer to page 3 for more details.)
Consumer: PIP posts 6% increase in net income to PHP903.5m. Pepsi-Cola Products Philippines Inc (PIP – BUY) reported 2013 net income of PHP903.5m, up 6% YoY and tracking our PHP928m estimate. This implies a 21% drop in 4Q13 earnings to PHP123m. Fullyear gross sales grew 16% to PHP26.4b, also in line with our PHP27b forecast and implying 4Q13 growth of 13% to PHP7b. 2013 sales volume rose 20% while cost of sales increased 16% to PHP19.5b, resulting in a 13% growth in gross profit to PHP6b. We will be releasing a more detailed report pending the release of the audited financial statements but for now maintain our BUY rating.
-ATR Kim Eng
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