Property: RLC’s shows strong results in1QFY9/15. Maintain BUY, raise
TP to PHP30.00 and NAV to PHP37/sh. 1QFY9/15 results were strong
driven by malls, offices and hotels. Higher NAV was due to recent
acquisition of landbank in East Metro Manila.
Utilities: MWC’s FY14 results broadly in line; Stay HOLD. FY14 results
in line with expectations. Maintain HOLD. Decision by arbitration panel on
2013-17 rate rebasing possible by end-1Q15. Growth opportunity in
Bulacan bulk water supply project, bid documents may be released within
the quarter.
Media: ABS-CBN Mobile targets 3m subscribers in 2015. The
Philippine Star reports ABS-CBN Corp’s (ABS/ABSP – BUY) ABS-CBN
Mobile is looking to double its subscriber base to 3m this year, according to
a top official of the company. The company has raised its break even
subscriber count target to 3m from 2m previously as it has imputed a lower
monthly average revenue per unit (ARPU) of PHP65 from the initial target
of PHP120. ABS-CBN Mobile ended Jan with about 1.6m-1.7m
subscribers. For now, we maintain our forecasts as we believe our
PHP1.4b operating loss assumption for ABS-CBN Mobile to be
conservative even with the higher break even subscriber count target.
Power: Other power plants face penalties for violation of “must offer
rule”. Apart from Therma Mobile, Panasia Energy, Inc. and the Power
Sector Assets and Liaiblities Corp (PSALM) may also face penalties for
withholding generation capacity in violation of the “must offer rule” of the
Wholesale Electricity Spot Market (WESM) from November-December
2013. The power facilities involved are PSALM’s Casecnan (140 MW) and
Malaya (650 MW) plants and Panasia’s Limay (540 MW).
-maybank atr
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