Conglomerate: GTCAP looking into green energy projects. GT Capital Holdings Inc’s (GTCAP – HOLD) power unit Global Business Power Corp (GBP) is looking to diversify into renewable energy to grow its energy portfolio to 1,000MW in the next five years. GBP is interested in undertaking a joint venture either through biomass or potential geothermal projects, and has started some engineering design and preliminary studies. The company has yet to disclosed a specific location for the said projects. Currently, GBP owns nine power generation facilities in the Visayas and Mindoro Island with combined gross dependable capacity of 624MW. This includes a 246-MW clean coal-fired power plant in Toledo and a 164-MW clean coal-fired power plant in Iloilo.
Conglomerate: DMC core net income reaches PHP7.54b in 9M14. DMCI Holdings Inc. (DMC-Not Rated) reported core net income was PHP7.54b in 9M14, 6% lower YoY. But revenues were 11.4% higher at PHP45.85b,. No other information regarding the operating performance was disclosed. Meanwhile, DMC reported that Isidro Consunji has been appointed as chairman of the board of directors replacing David Consunji who has retired and has been named chairman emeritus.
Property: SUN undertakes stock rights offering. Suntrust Home Developers Inc. (SUN-Not rated) wll have a stock rights offering which aims to raise PHP20b to fund acquisitions and capital expenditures for expansion. SUN is 44% owned by Megaworld Corp (MEG-BUY).
Banks: NPL ratio went up 10bps to 2.21% in August. Universal and commercial banks’ gross non-performing loans (NPL) slightly went up10 bps to 2.21% in August from 2.11% last month. This is still better than the 2.67% level a year ago. NPL increased 6.3% MoM to PHP101.2b while loan portfolio only inched up 1.7% to PHP4.6t. The central bank reported that NPL levels are still low across economic sectors including financial intermediation, real estate, renting and business activities, manufacturing, wholesale and retail trade and utilities. Banks continue to beef up reserves which rose 1.4% MoM to PHP135.6b. NPL coverage ratio, however, went down to 133.95% from 140.49% last July.
Infrastructure: Price challenge for SCTEX. The Bases Conversion Development Authority received an order from the office of President Aquino to conduct a price challenge for the Subic-Clark-Tarlac Expressway (SCTEX) concession. The original project proponent and other parties will be given an opportunity to contend for the highest upfront cash which will be paid to the government in exchange for the right to takeover the operation and management of SCTEX. The minimum bid for the upfront cash is set at PHP3.5b which was the amount offered by Manila North Tollways Corp (MNTC), a subsidiary of Metro Pacific Investments Corp. (MPI-BUY).
-Maybank ATR
-Maybank ATR
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