Banks: Strong loan expansion drives CHIB’s earnings. Stock dividend-adjusted TP of PHP51 is at 1.5x 2015F P/BV. We trim net earnings estimates to account for lower funding cost and higher effective tax rates. Maintain HOLD with just 6% upside.
Banks: MBT closes 2nd tranche of LTNCD offering. Metrobank (MBT– HOLD) closed the offering of seven-year long-term negotiable certificates of deposits (LTNCDs) amounting to PHP6.25b, which was reportedly offered at 4.25% p.a. This came after an PHP8b offering last month, for a total of PHP14.25b LTNCD. MBT can issue up to PHP20b in their LTNCD program until 1Q15 as earlier approved by the central bank.
Banks: UBP finalizes Tier 2 notes issuance of PHP7.2b. Union Bank of the Philippines (UBP – HOLD) has raised PHP7.2b worth of Basel IIIcompliant Tier 2 notes, higher than the original plan of PHP5b due to strong demand. The bonds will have a coupon rate of 5.375% p.a. and will mature in 10 years and three months, with redemption option after five years and three months. This aims to increase UBP’s capital base to support its lending and investment businesses. Capital adequacy ratio
is at 13.4% at end-Sep 2014, well above the central bank’s minimum requirement of 10%.
Consumer: PF to acquire La Pacita biscuits. San Miguel Pure Foods Co Inc (PF – BUY) disclosed it has entered into an intellectual property rights transfer agreement with Felicisimo Martinez & Co Inc last 19 Nov to acquire the trademarks, formulations, recipes and other intangible properties relating to the seller’s La Pacita biscuit and flour-based snack business. Completion of the transaction is still subject to the fulfilment of certain terms and conditions. Among the products offered under the La Pacita brand are variations of crackers, toasts and cookies.
Gaming: BLOOM set to open Sky Tower this weekend. Bloomberry Resorts Inc. (BLOOM-HOLD) plans to open its Phase 1A expansion by 22-23 Nov. The expansion called Sky Tower will have 10 gaming salons with 66 VIP gaming tables and 223 slot machines. There will also be an all-suite hotel, an exclusive Chinese restaurant and whisky and cigar bar for VIP gamers, state-of-the-art meeting rooms and a lyrical theater.
Property: RLC set to turnover Tera Tower in 2015. Robinsons Land Corp. (RLC-BUY) is planning to turnover its office development project called Tera Tower by 3Q15. The building will have 34,500sqm of GLA and a rental rate of PHP650/sqm/month. The project has already been completed and is located along Ortigas Avenue at the corner of C-5 intersection in Quezon City.
-Maybank ATR
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