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

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: 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: 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: 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.

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: 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: 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: 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: 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: 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: 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: 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: 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: 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.

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

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: 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: 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: 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.

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: 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.

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

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

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: 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.

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: 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: 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: 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: 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.

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

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: 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.

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

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: 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: 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: 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: Market Recap & Outlook,Corporate & Economic News, 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.

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

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: 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.

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

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.

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

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

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: 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: 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: 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: 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: 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.

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

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: 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: 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: 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: 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: 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: 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.

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

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.

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

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.

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

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

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%.

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

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%.

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

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

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

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%).

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

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

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

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

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

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

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

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

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

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

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%.

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%.

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%.

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.

IPO: Italpinas Development Corp. (IDC)

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

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

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

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.

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

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%.

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).

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).

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.

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%.

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

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

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).

Metro Gaisano and peer comparative.

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

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

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

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%.

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

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.

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.

Pyramid Buy Strategy.

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.

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.

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

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

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

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

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

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

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

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

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

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.

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%.

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

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.

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%.

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

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.

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

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

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%.

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

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

Chemical trader-distributor with a Philippine property portfolio.

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%.

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.

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

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%.

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

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%.

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.

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

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%.

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%.

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.

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.

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

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.

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.

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

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

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%).

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.

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

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.

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

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

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

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).

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

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

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

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

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

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.

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

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

Q12015 Earnings mostly in-line

Q12015 Earnings mostly in-line

Q12015 Earnings mostly in-line

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

FY2014 Earnings In-Line; Target Upgrade

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.

FY2014 Earnings In-line; Target Upgrade

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

FLC: FGEN FY2014 Earnings Ahead of Forecast; Upgrade Target

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

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

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

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

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

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

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

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

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

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

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.