Research

 
 FN  First News
 
 FLC  First Look Corporate
 
 FLT  First Look Technical
 
 FF  First Focus
  •  

    First News


    fn July 18, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, PSEi posts record close at 8,030.06, ICT secures $300 million loan with 7 global financial institutions for Australia terminal facility, SMC, TEL.

  •  

    First News


    fn July 15, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, PSEi closes higher at 7,956.14 following positive momentum in U.S. markets, TEL approves higher capex at $1 billion, MWC plans to provide water to industrial parks.

  •  

    First News


    fn July 14, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, PSEi retests 8K intraday; NFB P2.5bn, Dow, S&P inch higher setting record highs, BDO partnered with Japan's 10th largest bank, Shizuoka Bank, Ltd.

  •  

    First News


    fn July 13, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, PSEi at 7900, all-time high for the year, U.S. stocks closed higher Tuesday as fears eased over Brexit and Japan signaled more economic stimulus.

  •  

    First News


    fn July 12, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, S&P sets record highs following strong jobs report, WEB extends intellectual property license agreement.

  •  

    First News


    fn July 11, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, AC set to open first showroom in September, The Philippine Competition Commission, LIB announces tender offer pursuant to delisting Minority shareholders hold 165,883,221 common shares.

  •  

    First News


    fn July 08, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, US stocks closed mixed Thursday on sharp decline inoil prices and ahead of US jobs report due Friday, AC Energy Holdings, Inc., AC raises P10 billion in 7-year fixed-rate.

  •  

    First News


    fn July 07, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, SMC takes full ownership of MRT-7 for $100 mn, AP completes acquisition of Aseagas Corp. for P605mn, marks first foray into biomass.

  •  

    First News


    fn July 05, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, Europe lower, Silver surges, US markets closed for holiday, RLC nearly triples Ilocos Norte mall GLA to 53,600sqm. from 20,500.

  •  

    FF: Cemex Holdings Philippines, Inc. (CHP)


    FF July 04, 2016

    CHP: Third largest cement producer (20% market share), to increase capacity by 26% to 7.2mn tonnes by 2019; cites short-term margin compression before new capacity

  •  

    First News


    fn July 04, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, GTCAP,JGS acquires 30% stake in GBPC from GTCAP, BDO completes takeover of Generali Pilipinas Holdings Company Inc.

  •  

    First News


    fn July 01, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, CNPF expects to top to surpass Net Income target of 10-15% this year on strong 1Q results, PAL comprehensive income +560% to $134.42 or P6.3billion.

  •  

    First News


    fn June 30, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, PSEi posts new 2016 high close at 7,798.53, ALERT: CEMEX IPO to be priced at 10.75/share.

  •  

    First News


    fn June 29, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, PSEi retreats anew over Brexit concerns, US stocks close higher than 1.5%, US stocks close higher than 1.5%, COSCO, EMP split local Fundador market.

  •  

    First News


    fn June 28, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, US markets fell sharply, China devalues Yuan further, Britain Ratings get cut, but no crisis, EDC signs with UBP for P5 billion loan to partly fund P14 billion 2016 capex.

  •  

    First News


    fn June 27, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, SEC approves AC's P20 billion worth of fixed-rate bonds under shelf registration, GTCAP to sell up to P12 billion in preferred shares, SBS optimistic on growth on expansion.

  •  

    First News


    fn June 24, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, BLOOM to sell Jeju island casino for P4.75 billion, SEC approved AC shelf registration for fixed-rate bonds worth P20 billion, MBT plans to raise as much as P20 billion LTNCDs.

  •  

    First News


    fn June 23, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, Cemex IPO attracts 6 cornerstone investors, ALI's AVIDA to launch 11 projects within 6 months, mostly outside NCR, TEL, GLO requesting PCC to open dialogue on certain issues on joint buy-out of SMC assets.

  •  

    First News


    fn June 22, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, TEL, GLO set to buy-out minority shareholders of LIB starting 3Q16, LTG capex set at P10 billion to surpass P6.6 billion net income last year, CNPF completes first foray into renewable energy with 300-panel solar power facility for cold storage facility in General Santos; reduces power costs.

  •  

    FLC MEG: 1Q16 Earnings On-Track; Maintain TP


    flc June 21, 2016

    We maintain MEG as a BUY with Target Price of 6.40/sh, 18x 2015P/E, with an upside of 25%.

  •  

    First News


    fn June 21, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, SMPH's SMDC and GTCAP's Federal Land forms a 50-50 joint venture for high-end dev't. in 3,400 sqm.property along Ayala Ave., BDO sells 40% stake in ONB to TPG Growth.

  •  

    First News


    fn June 20, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, EDC plans to build six more power projects that will add 1,500MW, MPI acquires 65% of wastewater business ESTII for P1.8 billion.

  •  

    First News


    fn June 17, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, HVN poised for expansion after IPO, CHIB's investment house China Banking Capital Corp. will establish a stock brokerage house, TEL, GLO agree on agreed to an Internet protocol.

  •  

    First News


    fn June 16, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, AP buys out partner in power generation firm for $11 million, GLO uses 2600 megahertz (MHz) spectrum for 130 cell sites in Visayas and Mindanao, Casino Operator Crown Resorts Ltd. spin off international assets.

  •  

    FLC MPI: Adjust TP Higher, Further Upside Risk


    flc June 15, 2016

    We maintain a HOLD on MPI and adjust Target Price higher to P6.76/sh (from 6.30/sh), 17x P/E, indicating a 6% upside.

  •  

    First News


    fn June 15, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, MVP, RSA in talks to build infrastructure under Duterte administration (CYBR), Swiss challenge to NLEx-SLEx draws SMC and 6 others, SECB sells Diners Club rights to BDO.

  •  

    FF: IPO Golden Haven Memorial Park, Inc. (HVN)


    FF June 14, 2016

    Golden Haven (HVN) seeks to raise P778.32 million in Gross Proceeds from the offer of 74.11 million shares at P10.50/sh with a 34x 2015 P/E (a premium to industry 24x) and estimate 33X 2016P/E (a premium to industry 21x).

  •  

    First News


    fn June 14, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, CEB said passenger volume jumped 10.6% to 6.61 million passengers, capacity also up 2.4%, Cemex Holdings Philippines Inc. asked for more "material information" on its P40-billion IPO.

  •  

    First News


    fn June 13, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, ABS to face difficulty renewing franchise, AEV expects its power distribution business to post a 5.3% sales growth this year, EDC expects to increase revenues by P600 million.

  •  

    First News


    fn June 10, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, JGS to expand its petrochemical operations by 2019, SCC secured gov't approval to increase production, SM plans to undergo second consolidation, ALI plans to launch an integrated mixed-use community.

  •  

    First News


    fn June 09, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, BLOOM upbeat on gaming despite opening of a third player in the Entertainment City, TEL to spend an additional $100 million, TEL, GLO studying buyout of Liberty Telecoms minority.

  •  

    First News


    fn June 08, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, BLOOM to focus on second casino project in Quezon City, TEL, GLO activate first cell sites using 700MHz spectrum acquired from SMC, BSP: Foreign exchange reserves declined to $83.51 billion in May.

  •  

    First News


    fn June 07, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, ALI, AEV to spend P10 billion for mixed use in Cebu, DNL announced 167% increase in cash dividend to P1.43 billion from P536 million, MER confirmed ongoing talks for a liquefied natural gas facility.

  •  

    First News


    fn June 06, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, MAXS looking to source fresh and dried agricultural products from Leyte, ERC asks MER to support retail competition, SMC plans to build a P100-million 1.9-kilometer toll.

  •  

    First News


    fn June 03, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, U.S. stocks closed at session highs Thursday, PSEi stocks end below 7,500 closing down 36.20 pts, Moody's & S&P at odds over SMC telco buyout impact on TEL.

  •  

    First News


    fn June 02, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, Vietnam's Ministry of Health fines URC unit 5.8b dong ($258,000) MER subsidiary M-Spectrum, Moody's: TEL's purchase os SMC telco assets credit negative.

  •  

    First News


    fn June 01, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, ALI, LTG, MEG, MER, PNB, SMC, TEL, GLO.

  •  

    First News


    fn May 31, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, BDO, MPI, SMC, Maynilad, ALI, RLC.

  •  

    First News


    fn May 30, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, MPI deepens participation in power, LTG's ASIA BREWERY, HEINEKEN FORM JV, MPI SEEKS COMPROMISE ON RATE HIKES DISPUTE, ACR POWER PLANT REQUIRES CAPITAL INFUSION, UBP INCOME SURGES TO PHP2.4Bn +28.1%.

  •  

    First News


    fn May 26, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, GLO HIKES 1Q CAPEX TO PHP7.1Bn TO BOOST DATA, JFC TO BUILD POULTRY PLANT, PAL SEEKS NEW AIRPORT INFRASTRUCTURE, TA HITS PHP265Mn NET PROFIT in 1Q16, INVESTMENTS APPROVALS UP 225% IN APRIL, IMPORTS SURGE TO PHP18.597Bn +8.8% QoQ.

  •  

    FLC JGS: 1Q16 Earnings Outperforms due to CEB, JGSPC; URC


    flc May 25, 2016

    We upgrade JGS Target Price to 94.50, 24x P/E with an upside of 4.88% but maintain a HOLD - Core Holding.

  •  

    First News


    fn May 25, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, URC PRODUCTS RECALLED BY VIETNAM GOVT, BDO COLLABORATES WITH AOZORA BANK, AP DAVAO UNIT DUE FOR 1 MONTH SHUTDOWN, MRSGI INAUGURATES ITS 49th STORE IN FAIRVIEW, SMC GLOBAL BONDS RATED PRS Aaa, PRO FRIENDS TO WIPE OUT BACKLOG BY OCTOBER.

  •  

    First News


    fn May 24, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, FPH SAYS ‘NO' TO COAL FIRED POWER PLANTS, ICTSI IRAQ UPGRADES ITS TERMINAL SYSTEM, 8890 SELLS PHP11.0BN WORTH OF RECEIVABLES, GLO TO ADOPT "TV WHITE SPACE FREQUENCY", VLL WILL NOT JOIN PPP PROJECTS.

  •  

    First News


    fn May 23, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, POWER OVERSUPPLY OF 100-200MW SEEN BY 2H16, SMC POWER UNIT TO DELIVER 150-MW BY JULY, CNPF TO BE INCLUDED IN MSCI ON MAY 31, ARA TO SPEND PHP50Bn FOR ARANETA CENTER, CPG PLANS "CENTURY 2020".

  •  

    First News


    fn May 20, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, GDP HIGHEST AT 6.9% FOR 1Q16, MER SETS CAPEX AT PHP15.47Bn FOR 2016, AC FIRM ON TARGET TO HIT 1000MW CAPACITY, SMPH BONDS RATED PRS Aaa, STABLE OUTLOOK, EDC MAY PARTNER WITH HAWAIIAN FIRM.

  •  

    FLC DD: 1Q16 Net Income +22%; The Long Investor Position


    flc May 19, 2016

    We maintain our rating of HOLD / Long-Term Buy on DD. Positive on incoming Administration to benefit Visayas-Mindanao portfolio.

  •  

    First News


    fn May 19, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, MEG INCREASES OFFICE INVENTORY IN BGC, PGOLD OFFERS MEMBERSHIP ONLINE GROCERY, VLL SHARE PRICES SURGE AFTER DPWH APPT., SBS PROFIT UP 45.8% IN 1Q16, ACR TARGETS MORE RE PROJECTS.

  •  

    First News


    fn May 18, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, GTCAP PROFIT UP 5% IN 1Q16, SMPH TO RAISE PHP 60BN FROM BOND ISSUE, RRHI ACQUIRES 51% OF TGP, MEG TO DEVELOP PHP10-B TOWNSHIP IN CAVITE, SMC EYES 5 POWER PLANTS AT USD4.2Bn, DD NET PROFIT UP 6% TO PHP39.0Mn.

  •  

    FLC VLL: 1Q16 Earnings On-Track_ STR acquisition recurring income driver_ Maintain Buy


    flc May 18, 2016

    We maintain our BUY rating and Target Price of P8.20/sh for VLL.

  •  

    First News


    fn May 17, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, BSP to move to Interest Rate Corridor System, EMP eyes USA and Asia for its brandy, RRHI posts flat net income in 1Q16, DMC bags Php2.9bn worth of projects in 1Q16.

  •  

    First News


    fn May 16, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, GTCAP to spend Php16bn for Pro-Friends, FGEN targets 3 Hydro Power Plants in Mindanao, OPEC sees oversupply of oil in 2016, JGS' 1Q16 profits, up 32%, PSE income drops by 14% in 1Q16.

  •  

    First News


    fn May 13, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, BSP keeps policy rates steady at 4%, AC's 1Q16 net profit, up 15%, VLL reported 17% growth in 1Q16 income, SMC's 1Q16 profit, more than doubled, LTG profits in 1Q16 rose 40%, EDC expects flat profit for 2016.

  •  

    First News


    fn May 12, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, URC's 1HFY16 net income grew 29%, FGEN seeks JV for LNG Terminal, DMC expects weak earnings this year, IMI seeks European market for its autocam, Exports contracted in 1Q16.

  •  

    First News


    fn May 11, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, MBT's 1Q16 profits grew 3% YoY, SEVN's 1Q16 net income up 61.6%, PSB reported 12% growth in 1Q16 profits, PGOLD to expand store network in VisMin.

  •  

    FF: iTRADE Weekly Monitor 05-10-2016


    FF May 10, 2016

    YTD, the market has remained Net Foreign Buying at P239 million; however off the peak of NFB P3.55 billion.

  •  

    FLC MPI: 1Q16 Earnings On-Track_ Issues & Opportunities


    flc May 10, 2016

    We maintain a HOLD on MPI and adjust Target Price higher to P6.30/sh (from 6.15/sh), 17x P/E, providing a 10% upside.

  •  

    First News


    fn May 10, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, SMPH reclamation project faces delay, Phinma scraps contract with MPI, PCOR's 1Q16 profit reached Php2.8bn, MRSGI inaugurates its 48th store, GMA7 prepares to go digital.

  •  

    FLC SECB: 1Q16 Earnings Lower but before BTMU Value


    flc May 05, 2016

    Maintain BUY for SECB and upgrade TP to 222/sh, 1.8x P/BV.

  •  

    First News


    fn May 05, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, GLO's profit unchanged, ALI posts profit growth of 14% in 1Q16, MPI's 1Q16 core profit up 7%, Other interim earnings results: PPC, CNPF, Port cargo rises buoyed by improving trade.

  •  

    FF:(2:2) iTRADE Weekly Monitor 05-04-16


    FF May 04, 2016

    YTD NFB 1.59 billion; however off the peak of NFB P3.55 billion.

  •  

    FF:(1:2) iTRADE Weekly Monitor 05-04-16


    FF May 04, 2016

    YTD NFB 1.59 billion; however off the peak of NFB P3.55 billion.

  •  

    First News


    fn May 04, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, SM posted 12% growth in recurring profit for 1Q16, TEL's core profit down 22% to Php7.21bn, BPI reported 1.3% growth in 1Q16 net profit, RCB's 1Q16 net profit grew 12%, DNL targets 10% annual profit growth.

  •  

    First News


    fn May 03, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, SMPH's core profit for 1Q16 up 12%, SECB's income drops to Php3bn in 1Q16, HLCM income unchanged at Php1.5bn, NOW increases its authorized capital to Php3bn.

  •  

    First News


    fn May 02, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, FDC to power up its first coal plant this 2Q16, BSP signals possible cut in reserve requirement, OFW remittances in Jan-Feb, up 6.2%.

  •  

    First News


    fn April 29, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, SMPH opens its 57th mall, GLO to convert Manila into digitized city, SCC and MER power units tie up for coal-fired plant, ROX to raise Php1.1bn from stock rights offer.

  •  

    First News


    fn April 28, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, FED keeps interest rates unchanged, SM is beefing up capital stock, MBT targets its loan portfolio to grow by 15%, CROWN posted 87% growth in 1Q16 earnings.

  •  

    First News


    fn April 27, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, SECB plans to open branches in EPZA, ALI to issue Php3bn worth of bonds in 3Q16, MAXS further expands international exposure, CEB passenger volume by 13% in 1Q16, X completes overnight placement.

  •  

    FLC PCOR: Earnings recovery and growth; Rate BUY, Upgrade TP


    flc April 26, 2016

    We rate PCOR a BUY with a Target Price of P13.80/sh, 18x P/E, with an upside of 28%.

  •  

    First News


    fn April 26, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, MER reports 4% growth in core net income, UBP's 1Q16 net profit, up 9%, Potential land sale by SBS in BGC, at Php410k/sqm.

  •  

    First News


    fn April 25, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, Filinvest signs lease contract with Clark Development,BDO's 1Q16 net income reached Php5.5bn,JFC buys out founder's remaining stake.

  •  

    First News


    fn April 22, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, ECB keeps stimulus package unchanged, Philippine keeps sovereign rating at ‘BBB, ICT's profit falls to US$58.5mn in 2015,EW may tap capital markets anew.

  •  

    First News


    fn April 21, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, GLO expands network in Cebu by 70%, MWIDE 2015 profits, up 66%,MAXS' Yellow Cab to open in Singapore,SMC breaks ground on MRT-7.

  •  

    First News


    fn April 20, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, ALI subsidiary to launch another project in QC,AP opens first solar power plant in Negros Occidental,MWIDE to break ground on Php2.5bn terminal,NIKL expects same export volume in 2016.

  •  

    First News


    fn April 19, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, NIKL injects Php2.1bn into Emerging Power, Inc, DD gets SEC approval for capital hike, SMC Global Power to issue Php15bn worth of bonds,AEV diversifies into the cement industry.

  •  

    First News


    fn April 18, 2016

    First News: Market Recap & Outlook,Corporate & Economic News, SMC to commence MRT-7 project, JGS reduces capex for this year, Pilipinas Shell looking to pursue IPO by 4Q16, Philippines underspent in 2015.

  •  

    FLC PGOLD: 9M15 Earnings In-Line; Multi-format Expansion Continues, Maintain HOLD and TP, pending FY15 Results Review


    flc April 11, 2016

    We maintain a HOLD rating for PGOLD with a Target Price of 44, 22x 2016P/E, providing an upside of 13%.

  •  

    FLC GTCAP: FY15 Earnings in-line; Continued growth in core businesses; Upgrade TP, BUY


    flc April 11, 2016

    We rate GTCAP a BUY and upgrade Target Price to 1606/sh, 20x 2016P/E, 18% upside. In-line with estimate: FY15 Earnings +32% to P12.1 billion.

  •  

    FLC X: Acquisition - Growth Drivers; FY15 Net Income +20% to P229.62 million


    flc April 05, 2016

    We maintain a Hold / Long-Term Buy rating for X for the enterprising investor interested to position in the high growth dynamic IT industry.

  •  

    FLC DD: 2 Years Later: From P4.4bn to P84bn market cap; FY16 On-Track; DD Preferred Share raises P9.8bn


    flc April 05, 2016

    We maintain our rating of HOLD / Long-Term Buy on DD. Two years after its IPO, the listed company has grown in market capitalisation from P4.4 billion to P84 billion, on track for FY16 target and has secured P9.8bn in funding for RE projects to achieve CAGR 45% from IPO to 2020.

  •  

    FLC JGS: FY15 Earnings In-Line; FY16 Capacity est. +23.5%; Expansion Pipeline


    flc March 29, 2016

    We rate JGS a HOLD and upgrade Target Price to P81/sh, 21.5x P/E, with an upside of 13%.

  •  

    FLC CEB:9M15 Earnings Outperformed;Reiterate BUY - Attractive Upside on estimated record earnings


    flc March 28, 2016

    We reiterate a BUY for CEB and upgrade Target Price to 140/sh, 10.8x 2016F P/E, with an attractive upside of 55%.

  •  

    FLC FGEN: FY15 Earnings In-Line; FY16 Capacity est. +23.5%; Expansion Pipeline


    flc March 23, 2016

    We maintain a BUY rating for FGEN and Target Price at 28.60/sh, 9.9x 2016 P/E, 0.94 2016P/BV, with an upside of 38%.

  •  

    FLC AC: FY15 Earnings Outperform; Energy as 4th major business leg


    flc March 17, 2016

    We rate AC a HOLD and maintain Target Price at 840/sh, 22x 2016P/E, with an upside of 14%.

  •  

    FLC DNL: FY15 Earnings In-line with Est.; HOLD, Lower TP


    flc March 14, 2016

    We rate DNL as a HOLD and adjust Target Price lower to 10.20/sh, 26.8x P/E or an upside of 11.4%.

  •  

    FLC SM: FY15 Earnings Meets Estimates; Value Accretive Retail Merger Maintain HOLD


    flc March 10, 2016

    FY15 Earnings Meets Estimates; Value Accretive Retail Merger Maintain HOLD.

  •  

    FLC MER: FY15 Earnings In-Line; Share price run-up leads to lofty valuation


    flc March 02, 2016

    We maintain a HOLD and Target Price at P287/sh for MER.

  •  

    FLC ALI: FY15 Earnings In-Line; Maintain Buy


    flc February 24, 2016

    Maintain BUY for ALI with a Target Price of 43.20/sh, 31x 2015 P/E, with an upside of 31%.

  •  

    FLC RLC: 1Q16 Earnings In-line; FY16: Sustained Growth


    flc February 19, 2016

    Rate HOLD with TP 29.60/sh, 18x 2016E P/E (+14%) with 1Q16 in-line with forecasts. Buy Trigger price is 25.70/sh (+15%).

  •  

    FLC SECB: FY15 Earnings Above Est., BTMU Acquisition - Value Catalyst; Maintain Buy


    flc February 17, 2016

    Rated a Buy as reported FY15 Earnings rise above estimate and as the bank outperforms industry rates.

  •  

    FLC URC: 1Q16 Earnings In-Line; Lower TP, Core Holding


    flc February 17, 2016

    Rated a Maintain Core Holding as we remain optimistic due to continued expansion supported by higher capex spending +45%.

  •  

    FLC CNPF: 2016 full-year contribution of earnings-accretive acquisition - CPAVI


    flc February 03, 2016

    Rated a Buy and Upgrade Target Price to 43% upside as it benefits from full year contibution of earnings accretive acquisition of CPAVI.

  •  

    FLC RLC: FY15 meets estimates; FY16 to sustain growth


    flc January 25, 2016

    Rated a Buy with 26% upside on expected sustained growth in 2016 as company continues to build recurring income portfolio.

  •  

    FF:Bears Watching and Stock Selections


    FF January 22, 2016

    Breaking 6,000 opens the possibility of testing 5,700 low last seen in 2013 correction, a formidable support.

  •  

    FF(1 of 3): Hello 2016: Possibilities for the year ahead


    FF January 08, 2016

    9-Month Downtrend Intact; 5-Month Range Challenged on the Downside (Critical)

  •  

    FF(2 of 3): Hello 2016: Possibilities for the year ahead


    FF January 08, 2016

    9-Month Downtrend Intact; 5-Month Range Challenged on the Downside (Critical)

  •  

    FF(3 of 3): Hello 2016: Possibilities for the year ahead


    FF January 08, 2016

    9-Month Downtrend Intact; 5-Month Range Challenged on the Downside (Critical)

  •  

    FLC SM: 9M15 Earnings Below Forecast; Maintain HOLD


    flc December 18, 2015

    We rate AEV a HOLD - Core Holding and maintain Target Price at P56/sh, 14x 2015P/E.

  •  

    FLC AEV: 9M15 Earnings below Expectations; Maintain Core - Holding


    flc December 17, 2015

    We rate AEV a HOLD - Core Holding and maintain Target Price at P56/sh, 14x 2015P/E.

  •  

    FLC AC: 9M15 Earnings On-Track; Maintain BUY - Core Holding


    flc December 15, 2015

    We maintain a BUY-Core Holding rating for AC but lower Target Price to 840/sh (from 890/sh), 22x 2016P/E, with an upside of 14%.

  •  

    FLC AP: First Look Corporate AP: 9M15 Earnings Slightly Below Forecast; Maintain Buy for Medium to Long-Term Prospects


    flc December 10, 2015

    We maintain a HOLD-Core Holding rating for AP and adjust Target Price to P43.20/sh (from 45.30), 17x 2015P/E, an upside of 8%.

  •  

    FLC URC: FY15 Earnings below expectation; Maintain Buy, Lower TP


    flc December 09, 2015

    We maintain a BUY - Core Holding for URC but expected challenges in 2016 and lower guidance prompted revisions and lowered Target Price to P223.00/sh, 33x 2015P/E, providing an upside of 19%.

  •  

    FLC VLL: 9M15 Earnings Above Estimate; STR Acquisition


    flc December 09, 2015

    We maintain a BUY rating and Target Price target of P8.20/sh for VLL with above-estimate 9M15 Net Income, accounting for 79.8% and as STR acquisition, albeit provides short-term dilutive effect, boosts recurring income. STR's landbank also provides synergistic opportunities and project value enhancements.

  •  

    FF: Italpinas Development Corp. (IDC) IPO, Alternative Property Pla


    FF December 02, 2015

    IPO: Italpinas Development Corp. (IDC)

  •  

    FLC SMPH: 9M15 Earnings higher but misses estimates; Maintain HOLD


    flc December 02, 2015

    We maintain SMPH as a HOLD with Target Price of 22.25/sh, 25x 2016F P/E, providing 0.22% downside.

  •  

    FLC ALI: 9M15 Earnings in Line; Maintain Buy


    flc December 01, 2015

    We maintain a BUY - Core Holding for ALI with a Target Price of 43.20/sh, 30x 2015 P/E, with an upside of 28%.

  •  

    First News


    fn December 01, 2015

    First News: Market Recap & Outlook, Corporate & Economic News, AC, DD, EMP, SCC, SUN, MEG.

  •  

    FLC DD: 9M15 Earnings +111.1%; On-Track for FY16 target


    flc November 27, 2015

    We maintain our rating of HOLD / Long-Term Buy on DD as the company begins to realise contributions from CityMalls and interim projects.

  •  

    FLC X: 9M15 Earnings +10%; Notable earnings-accretive acquisition


    flc November 26, 2015

    We maintain a HOLD / Long-Term Buy rating for X for the enterprising investor desiring a position in the high growth dynamic IT industry. Note that broker/underwriter coverage on the company values the stock at a NAV price of P32.72/sh.

  •  

    FLC SBS: 9M15 Earnings nearly doubles; Property asset play


    flc November 25, 2015

    SBS reported that 9M15 Earnings nearly doubled, already surpassing FY14 Net Income.

  •  

    FLC SCC: 9M15 Earnings Below Est.; Add 300MW to power FY16


    flc November 12, 2015

    We maintain BUY - Core Holding rating for SCC with a Target Price of P163/sh, 19x 2015P/E, an upside of 19%. Additionally, we estimate a dividend yield of 2.9% (ex-date May) based on current price. Total yield amounts to 21.9%.

  •  

    FLC GLO: 9M15 Earnings On-Track; Defensive Dividend Play


    flc November 12, 2015

    We maintain GLO with a HOLD rating and a TP of 2,230/sh, 16.2x 2016F P/E, showing a limited upside of 11.7% - this includes est. capital appreciation of 7% and est. dividend yield of 4.7% (paid out 4x with ex-dates in Feb, May, August and November).

  •  

    FLC TEL: 9M15 Earnings Trails Forecast Maintain Buy, Lower TP; Dividend Play


    flc November 10, 2015

    We maintain a a BUY for TEL despite lower Target Price to 2,580 (from 2700), 16.2x 2016P/E, providing 33.9% upside - capital appreciation 33% + est. dividend yield of 6.9% (est. ex-dates March and August 2016).

  •  

    FLC ICT: 9M15 Earnings Trails Est.; Maintain BUY - Core Holding


    flc November 05, 2015

    We maintain BUY - Core Holding rating for ICT and Target Price 114/sh, 25x 2016F P/E. Note: 1.00/sh (est. ex-date April 20) or 1.3% yield based on current price.

  •  

    FLC RLC: 9M15 Earnings In-Line; Upgrade TP, HOLD; Positive Long-Term Prospects


    flc November 03, 2015

    We rate RLC a HOLD but upgrade Target Price to 31.90/sh (from 29.60/sh), 19.7x 2015 P/E, with an upside of 5%.

  •  

    FLC DNL: 9M15 Earnings trail estimates_ Downgrade TP, Maintain BUY


    flc November 02, 2015

    We rate DNL a BUY - Core Holding and downgrade Target Price to 12.20/sh (from P13.90) as we adjust forecasts for FY16.

  •  

    FLC BDO: 9M15 Earnings trail forecast; Maintain TP, BUY


    flc October 29, 2015

    We rate BDO as a BUY as we maintain Target Price at P120/sh, 2.0x 2016EP/BV for an upside of 15%.

  •  

    FLC MER: 9M15 Earnings outpace; Maintain HOLD; Dividend & Long-Term Growth Play


    flc October 28, 2015

    We rate MER a HOLD and tweak Target Price to 287/sh (from 280/sh). Flagged as a dividend play with short-term earnings drag but with positive long-term growth prospects from a growing power generation portfolio (target 2700MW).

  •  

    FF: Metro Gaisano and peer comparative


    FF October 23, 2015

    Metro Gaisano and peer comparative.

  •  

    FLC MBT: 1H15 Earnings In-Line; BUY, Maintain TP


    flc October 21, 2015

    We rate MBT a BUY and maintain Target Price at 100.30, 1.6x 2015P/BV, with an upside of 21%.

  •  

    FLC GTCAP: Mostly in-line: 1H2015 Earnings +42%; HOLD - Core Holding


    flc October 20, 2015

    We maintain a HOLD rating for GTCAP with Target Price 1408/sh, 20x 2015P/E, providing a 9% upside.

  •  

    FLC BLOOM: Earnings to turn positive in 2016; Growth catalysts in the pipeline


    flc October 15, 2015

    We rate BLOOM a BUY with a Target Price of 10, 31x 2016P/E, providing an attractive upside of 71.8%.

  •  

    FLC PCOR: Re-initiating Coverage: 1H2015 Earnings +13%; Recovery Underway


    flc October 13, 2015

    Re-initiating coverage of PCOR, a BUY but downgrade Target Price to 10.00/sh, 13x 2016P/E, which still provides an attractive upside of 36%.

  •  

    FLC NIKL: 1H2015 Earnings; Buy despite TP Downgrade; Commodity price shows positive signal


    flc October 12, 2015

    We rate NIKL a BUY but downgrade Target Price to 10.10/sh, 15x 2015P/E, which still provides significant upside of 47%.

  •  

    FLC SSI: 1H2015 Earnings In-Line;Attractive Buy despite TP downgrade


    flc October 08, 2015

    We rate SSI as a BUY despite downgrade of Target Price to 10.72/sh (from 11.40/sh), 23x 2015F P/E due to attractive valuations after a 61% correction from all-time high of 11.60.

  •  

    FLC ICT: Attractive valuation despite lower TP, BUY - Core Holding


    flc October 07, 2015

    We rate ICT a BUY despite lowering Target Price to 114.00, 225x 2016F P/E, as values have become attractive after a 38.7% correction from the all-time high of 119.50.

  •  

    FF: Seeking Stability: PSEi Breaks 6-Year Uptrend, Probable Volatilities Ahead


    FF October 06, 2015

    Pyramid Buy Strategy.

  •  

    FF: Seeking Stability: PSEi Breaks 6-Year Uptrend, Probable Volatilities Ahead


    FF October 06, 2015

    Pyramid Buy Strategy.

  •  

    FLC DMC: 1H2015 Earnings In-Line, HOLD


    flc September 24, 2015

    We rate DMC a HOLD with a Target Price of P14.26, 12.8x 2016P/E, providing an upside of 13%. 1H15 Net Income +28%, in-line as it accounts for 49.6% of DA Market Forecast and 52% of company FY guidance.

  • >
  •  

    FLC FLI: Initiate Coverage: Attractive Valuation, BUY and Dividend Play


    flc September 22, 2015

    We initiate coverage on FLI, rating it as a BUY with a Target Price of P2.40/sh, 9.6xP/E, providing an upside of 36%, as we roll over forecasts to FY16F.

  •  

    FLC BDO: 1H2015 Earnings Slightly Below Forecast; Maintain Buy


    flc September 22, 2015

    We rate BDO as a BUY as we maintain Target Price at P120/sh, 2.00x 2016E P/BV for an upside of 17%.

  •  

    FLC TEL: 1H15 Earnings In-Line; Defensive Dividend Play; Buy, Lower TP


    flc September 18, 2015

    We upgrade TEL to a BUY and maintain Target Price at 2,700, 16.9x 2015-2016P/E, providing 13% upside.

  •  

    FLC MER: 1H15 Earnings In-Line; Reduce Target Price for FY16; Defensive Dividend Play; Long-Term Growth


    flc September 15, 2015

    We rate MER a HOLD and adjust Target Price by -2% to 280/sh (from 301/sh) as we roll-over estimates to 2016.

  •  

    FLC MPI: 1H15 Earnings Outperform; Growth amid Regulatory Drag


    flc September 10, 2015

    We maintain a BUY on MPI with a Target Price of P6.15/sh providing a 26% upside.

  •  

    FF: Seeking Stability: PSEi Breaks 6-Year Uptrend, Probable Volatilities Ahead


    FF September 04, 2015

    The PSE index downtrend which began in April this year, paused between 7200/7300 - 7600/7700 from June to August.

  •  

    FLC FGEN: 1H2015 Earnings Slightly Above Forecast; Robust Pipeline of Capacity Expansion


    flc September 2, 2015

    We maintain a BUY rating for FGEN and Target Price at 32.80/sh, 14.2x 2015 P/E, with an upside of 38%.

  •  

    FLC PGOLD: 1H Earnings On Track; Attractive Valuation - Consumer Sector


    flc September 2, 2015

    We maintain a BUY rating for PGOLD considering current attractive valuation within the Consumer sector at 17.5x P/E.

  •  

    FLC MEG: 1H2015 Earnings On-Track; Revving Up: Recurring Income


    flc August 26, 2015

    We maintain MEG as a BUY with Target Price of 6.40/sh, 30x 2015P/E, with an upside of 25%.

  •  

    FLC SCC: 1H15 Earnings On-Track; Powered Up Portfolio


    flc August 26, 2015

    We maintain BUY - Core Holding rating for SCC with a Target Price of P163/sh, 19x 2015P/E, an upside of 37%.

  •  

    FLC DD: 1H15 Earnings +47% Positioned for Rare Realignment in Property Sector


    flc August 25, 2015

    We maintain our rating of Long-Term Buy - Core Holding on DD despite "lofty valuation" concerns due to a clearly-defined growth map and targets aiming to be a dominant leader in the rare realignment in the property sector along with confidence in management and major shareholders.

  •  

    FLC AC: 1H2015 Earnings On-Track; Maintain Buy, Target Upgrade


    flc August 19, 2015

    We maintain a BUY - Core Holding rating for AC and upgrade Target Price to 890/sh (from 859/sh), 27x 2015 P/E, with an upside of 17%.

  •  

    FLC RRHI: 1H2015 Earnings In-Line; Upgrade Target


    flc August 18, 2015

    We maintain RRHI as a BUY with Target Price of 93.60/sh, 29x 2015P/E, with an upside of 28%.

  •  

    FLC DNL: 1H2015 Earnings In-Line; Upgrade Target


    flc August 18, 2015

    We rate DNL a BUY - Core Holding and upgrade Target price to 13.90/sh (from P9.20 post 100% stock dividend) as we roll over forecasts to FY16 projecting a Net Income of P2.43bn (+20%), deriving upgraded target price.

  •  

    FLC ALI: 1H15 Earnings in-line; Maintain Buy, Target Upgrade


    flc August 13, 2015

    We rate ALI a BUY - Core Holding and upgrade Target Price of 43.20/sh (from 41.70/sh), 36x 2015 P/E, with an upside of 11%.

  •  

    FLC URC: 9M2015 Earnings' temporary headwinds; Maintain Buy Rating & Target


    flc August 12, 2015

    We maintain a BUY - Core Holding rating on URC with Target Price of P236.70/sh, 37x 2015P/E, an upside of 20%.

  •  

    FLC JFC: 1H2015 Earnings Below Estimates; Downgrade Target


    flc August 11, 2015

    We maintain a HOLD - Core Holding for JFC but downgrade Target Price to 192/sh (from 215/sh), 33x 2015F P/E as we make slight downward adjustments to forecasts.

  •  

    FLC SMPH: 1H2015 Earnings In-line


    flc August 06, 2015

    We rate SMPH a HOLD and slightly upgrade Target Price to 21.30/sh, 27.6x P/E, with an upside of 1%.

  •  

    FLC AEV:1H2015 Earnings Below Estimates; Evolving Conglomerate Portfolio


    flc August 05, 2015

    We rate AEV a HOLD - Core Holding and maintain Target Price at P56/sh, 15x 2015P/E, a downside of 5%.

  •  

    FLC AP:1H2015 Earnings (-5%) in line, Maintain Positive Medium to Long-Term Prospects


    flc August 04, 2015

    We maintain a HOLD-Core Holding rating for AP and slightly adjust Target Price to P45.30/sh (from 44.80), 18x 2015P/E, an upside of 5%.

  •  

    FLC LPZ:Initiate Coverage: BUY Q12015 Earnings Outperform


    flc July 31, 2015

    We initiate a BUY for LPZ with a Target Price of P12.11, 2x 2015P/BV, an upside of 24%.

  •  

    FLC SECB: 1H2015 Earnings On-Track; Reiterate Buy


    flc July 30, 2015

    We reiterate a BUY for SECB and maintain Target Price to P183, 2x 2015P/BV, an upside of 24%.

  •  

    FF: SBS IPO and peer comparative


    FF July 30, 2015

    Chemical trader-distributor with a Philippine property portfolio.

  •  

    FF: SCC Panian Mine - Northern Wall Collapse


    FF July 23, 2015

    We maintain a BUY for SCC but adjust Target Price lower to 163/sh (from 170/sh),still providing an attractive upside of 46.7%.

  •  

    FF: Nickel Watch: China's refined nickel imports surge 67% M-o-M, 3x YoY, highest in 6 years; Ferronickel imports up 3x


    FF July 22, 2015

    We continue to watch developments in the nickel market. Improvement in the profitability of nickel companies' will rely on declining inventory, increasing demand and eventual increase in prices should expected deficit materialize.

  •  

    FF: PSEi Trading Range, Hints of Positive Bias


    FF July 22, 2015

    Accumulate or Buy on Dip. Employ Pyramid-Buy strategy. Selective Stock Picking.

  •  

    FLC ABS: 1Q2015 Earnings +5.8%; Initiate Coverage


    flc July 16, 2015

    We initiate coverage on ABS with a BUY rating and a Target Price of P70.30/sh, 22x P/E with an upside of 14%.

  •  

    FLC HOUSE: 1Q2015 Earnings On-Track with Guidance


    flc July 15, 2015

    1Q2015 Net Income flat at P937mn; Net Margin improved to 47%

  •  

    FLC NIKL: 1H2015 Shipment Volume +25%, Value -16%; Downgrade Target Price


    flc July 14, 2015

    We maintain a BUY on NIKL but adjust lower Target Price to 17.70/sh (from 18.50, post 100% stock dividend), 19x P/E, which still provides significant upside of 73%.

  •  

    FLC TA: 1Q2015 Earnings -41%; Maintain Buy, Lower Target Price


    flc July 10, 2015

    We maintain a BUY rating for TA but adjust Target Price lower to 2.60 (from P2.59) for a 24% upside as we adjust forecasts.

  •  

    FLC X: eXpansion Continues


    flc July 09, 2015

    We maintain a Long-Term buy rating for X for the enterprising investor interested to position in the high growth dynamic IT industry.

  •  

    FLC VLL: Initiate Coverage: More project launches in 2H2015


    flc July 09, 2015

    We initiate coverage on VLL with a BUY rating and a Target Price of P8.20/sh, 10.9x P/E with an upside of 27%.

  •  

    FLC BPI: 1Q2015 Earnings In-Line; Target Upgrade


    flc July 01, 2015

    We maintain a HOLD rating for BPI and upgrade Target Price to 99.90 (from 94.30/sh), 2.55x 2015 P/BV, with an upside of 5%.

  •  

    FLC MBT: 1Q2015 Earnings In-Line; Target Upgrade


    flc June 30, 2015

    We maintain a HOLD rating for MBT and upgrade Target Price to 100.30 (from 98.72/sh), 1.66x 2015 P/BV, with an upside of 8% with 1Q2015 Earnings in-line and as the company focuses on strengthening core business over the medium-term via network expansion and capital raising.

  •  

    FLC BDO: 1Q2015 Earnings In-Line; Target Upgrade


    flc June 30, 2015

    We rate BDO as a BUY as we upgrade Target Price to P120/sh, 2.20x P/BV for an upside of 11% with 1Q2015 results in line with guidance and forecast and as the bank continues to strengthen core business through organic growth and acquisitions.

  •  

    FLC MER: 1Q2015 Earnings In-Line; Upgrade Target


    flc June 25, 2015

    We maintain a HOLD rating for MER slightly adjust Target Price to 301 (from 295/sh), 18x P/E, with an upside of 4%.

  •  

    FLC NIKL: 1Q2015 +281%; Downgrade Target on lower nickel prices


    flc June 24, 2015

    We maintain a BUY on NIKL but downgrade Target Price to 37/sh, 12x P/E, but still provides an upside of 57%, as we reflect lower estimates due mainly to lower average nickel prices for the year.

  •  

    FLC SSI: 1Q2015 Earnings In-Line; Maintain Target


    flc June 23, 2015

    We maintain SSI as a BUY with a Target Price of 11.40, 30x 2015F P/E as expansion continues to drive growth amid sustained margins.

  •  

    FLC TEL: 1Q2015 Earnings slightly ahead; YoY Growth flat; Target Downgrade


    flc June 17, 2015

    We rate TEL a HOLD and downgrade TP to 2,765, 17.x 2015F P/E, providing a downside of 1%.

  •  

    FLC SECB: 1Q2015 Earnings Outperform; Target Upgrade


    flc June 16, 2015

    We recommend a BUY for SECB and upgrade Target Price to P183 (from 175/sh), 2x 2015P/BV, an upside of 16%.

  •  

    FLC ICT: 1Q2015 Earnings Better Than Estimate


    flc June 16, 2015

    We maintain a HOLD on ICT and maintain Target Price of P120.50, 28.9x 2015E P/E. We maintain rating of Core Holding as we continue to be positive over growth prospects in FY2016 (+15%) and 2017 (+13%).

  •  

    FF: Downtrend Intact: PSEi tests 7300 support


    FF June 15, 2015

    Despite the 12.5% correction from all-time high 8136 to 7272, marking a 50% Fibonacci Retracement, the PSEI downtrend which began in April remains intact. The 2-day rally (June 10-11) thus far accounts for a 3.1% rebound from that low.

  •  

    FLC CEB:1Q2015 Earnings Outperform


    flc June 10, 2015

    We rate CEB a BUY with a Target Price of 110/sh, 10.40x 2015P/E, with an upside of 34%

  •  

    FLC JGS:In-line 1Q2015 Earnings, +11.2% driven by core units


    flc June 10, 2015

    We rate JGS a BUY and maintain Target Price of 74.40/sh, 23.5x 2015 P/E, with an upside of 10% on the back of in-line 1Q2015 Earnings driven by core units.

  •  

    FLC FGEN:1Q2015 Earnings Above Estimates; Robust Capacity Expansion Pipeline


    flc June 04, 2015

    We maintain a BUY rating for FGEN and Target Price at 32.80/sh, 14.2x 2015 P/E, with an upside of 26%.

  •  

    FLC AC: 1Q2015 Earnings In-Line; Reiterate Core Holding


    flc June 04, 2015

    We maintain a BUY rating for AC and Target Price at 859/sh, 26.2x 2015 P/E, with an upside of 11%.

  •  

    FLC ALI: 1Q Earnings In-Line; Reiterate Core Holding


    flc June 03, 2015

    We rate ALI a HOLD, maintaining Target Price of 41.70/sh, 35x 2015 P/E, with a muted upside of 6%.

  •  

    FLC MEG: 1Q2015 Earnings below expectations but with Attractive Valuation


    flc June 02, 2015

    We maintain MEG as a BUY with Target Price of 6.40/sh, 30x 2015P/E, with an upside of 25%. 1Q2015 earnings +12.08%, accounting for 21% of FY2015F P11.07bn (+15% YoY).

  •  

    FLC RRHI: 1Q2015 Earnings Below Expectation; Better Quarters Ahead


    flc May 28, 2015

    We maintain RRHI as a BUY with Target Price of 93.60/sh, 30x 2015P/E, with an upside of 25%.

  •  

    FLC GTCAP: Q12015 Earnings +61% from Bank, Auto; Power and Property to recover


    flc May 28, 2015

    We assign a HOLD rating for GTCAP after hitting our FY2015 Target Price at 1408/sh, 26.5x 2015 P/E

  •  

    FLC AP: Q12015 Earnings mostly in-line; FY2015 adjusted lower due to plant delay


    flc May 20, 2015

    We rate AP a HOLD - Core Holding and downgrade Target Price to P44.80/sh, 18x 2015P/E, an upside of 4%.

  •  

    FLC SCC: Q12015 Earnings better-than- expected


    flc May 20, 2015

    We rate SCC a HOLD - Core Holding and maintain Target Price of P170/sh, 18x 2015P/E, an upside of 4%.

  •  

    FLC AEV: Q12015 Earnings Track Forecasts; Mid to Long Term Core Position


    flc May 18, 2015

    We rate AEV a HOLD - Core Holding and upgrade Target Price to P56/sh, 15x 2015P/E, a downside of 3%.

  •  

    FLC JFC: 1Q2015 Earnings Below Expectations


    flc May 15, 2015

    We maintain a HOLD - Core Holding for JFC with a target price of P215, 36.25x 2015F P/E as 1Q2015 growth falls below expectations and GPM contracted by 50bps.

  •  

    FLC DNL: 1Q2015 Earnings - Good Start


    flc May 14, 2015

    We maintain a HOLD on DNL, rating it as a Core Holding.

  •  

    FLC URC: 1H2015 Earnings In-Line; Upgrade Target Price


    flc May 12, 2015

    We maintain a BUY - Core Holding rating on URC and upgrade Target Price to P236.70/sh, 37x 2015P/E, an upside of 18%.

  •  

    FLC SM: Q12015 Earnings Mostly In-Line


    flc May 08, 2015

    Q12015 Earnings mostly in-line

  •  

    FLC CNPF: Q12015 Earnings Mostly In-Line


    flc May 06, 2015

    Q12015 Earnings mostly in-line

  •  

    FLC SMPH: Q12015 Earnings Mostly In-Line


    flc May 05, 2015

    Q12015 Earnings mostly in-line

  •  

    FF: Troubled Waters: Update - Utilities Fight Back; Legal Proceedings Continue


    FF April 24, 2015

    Troubled Waters: Update - Utilities Fight Back; Legal Proceedings Continue

  •  

    FLC MEG: FY2014 Earnings In-Line; Target Upgrade


    flc April 23, 2015

    FY2014 Earnings In-Line; Target Upgrade

  •  

    FF: Troubled Waters: Regulatory Uncertainty Persists for Water Utilities


    FF April 22, 2015

    Continuing regulatory uncertainty will weigh on share prices as profitability and growth prospects are questioned for the water utilities. However, for holdings companies MPI and DMC, impact may be mitigated due to diversified portfolio structure.

  •  

    FLC JGS: FY2014 Earnings In-line; Target Upgrade


    flc April 17, 2015

    FY2014 Earnings In-line; Target Upgrade

  •  

    FF: PSEi Outlook 04-16-2015


    FF April 16, 2015

    Post Q1 earnings, market may enter seasonal phase of lack of leads, lower liquidity.

  •  

    FLC FGEN: FGEN FY2014 Earnings Ahead of Forecast; Upgrade Target


    flc April 14, 2015

    FLC: FGEN FY2014 Earnings Ahead of Forecast; Upgrade Target

  •  

    FLC DD: FY2014 Earnings Above Target; Moving Along Trajectory


    flc April 01, 2015

    FLC DD FY2014 Earnings Above Target; Moving Along Trajectory. Maintain Hold / Long-Term Buy.

  •  

    FLC SSI: FY2014 Earnings Above Estimate; Adjusting Forecast Higher


    flc March 27, 2015

    FLC SSI: FY2014 Earnings Above Estimate; Adjusting Forecast Higher; Maintain Buy, Target Upgrade.

  •  

    FLC RRHI: FY2014 Earnings In-Line; Exciting Expansion; Target Upgrade


    flc March 25, 2015

    FLC RRHI FY2014 Earnings In-Line; Exciting Expansion; Maintain Buy and Target Upgrade.

  •  

    FLC BLOOM: FY2014 Slightly Under Estimates; Attractive Valuation Amid Expansion Plans


    flc March 23, 2015

    FLC BLOOM FY2014 Slightly Under Estimates; Attractive Valuation Amid Expansion Plans. Maintain Buy and Target Price.

  •  

    FLC MBT: Factoring in SRO; Estimate Revision and Target Upgrade


    flc March 19, 2015

    FLC MBT: Factoring in SRO; Estimate Revision and Target Upgrade.

  •  

    FLC GTCAP: Transformative Value; Target Upgrade


    flc March 18, 2015

    FLC GTCAP Transformative Value; Update on Voting Shares Preferred SRO; Maintain HOLD - Core Holding, Target Upgrade.

  •  

    FLC SCC: FY2014 Earnings Above Estimates; Powering Up 2015


    flc March 16, 2015

    FLC SCC FY2014 Earnings Above Estimates; Powering Up 2015. Rate as BUY, Target Upgrade.

  •  

    FLC PGOLD: FY2014 Earnings Outperform; Visible Growth Pipeline


    flc March 12, 2015

    FLC PGOLD FY2014 Earnings Outperform; Visible Growth Pipeline. Maintain Buy, Target Upgrade.

  •  

    FLC AC: FY2014 Earnings In-line; Sustained Growth


    flc March 11, 2015

    FLC AC FY2014 Earnings In-line; Sustained Growth. Reiterate Buy - Core Holding, Target Upgrade.

  •  

    FLC ICT: FY2014 Earnings In-Line; New Capacity Ahead


    flc March 11, 2015

    FY2014 Earnings In-Line; Downgrade Target on FY2015 Revision; Maintain Core Holding due to new capacity expected in 2016-2017.

  •  

    FLC DNL: FY2014 Earnings In-Line; Solid Consumer Growth Pick


    flc March 05, 2015

    DNL FY2014 Earnings In-Line; Solid Consumer Growth Pick. Maintain Hold, rating as a Core Holding, Target Upgrade.

  •  

    FLC JFC: FY2014 Earnings In-Line; Fairly Valued; Long-Term Positive


    flc March 03, 2015

    JFC FY2014 Earnings In-Line and Fairly Valued. A Core Holding due to long-term positive prospects.

  •  

    FF: The NeXt Frontier: X Acquires Storm Flex


    FF March 02, 2015

    X acquires controlling stake (51%) in Storm Flex Systems Inc. marking the company's expansion into a new distribution network - the sale of physical goods and services.