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Friday, October 31, 2003
Manila shares close firmer; index at 18-mth high on telecom gains
Philippines economic and corporate news summary NSL78
Philippine currency market closes at noon - BAP
Philippines' MRT III group appoints PentaCapital underwriter for notes offer
STOCK ALERT - Philippines' Jollibee firmer on improved Q3/9-mth results
STOCK ALERT - Bank of Philippine Islands up on improved Q3, 9 mths results
Philippines' Metrobank Q3 net profit 801.53 mln pesos vs 791.28 mln
Philippines' RCBC offers to sell 5.0 bln pesos worth of bad assets - report
Philippines may hold bidding for 100-mln usd gas pipeline - report
Deutsche Telekom closes 402 mln eur sale of Globe Telecom stake

Thursday, October 30, 2003
Philippines Malampaya group, Allseas in arbitration case over pipeline project
Bank of the Philippine Islands Q3 net profit up on interest gains, savings
Philippines' Jollibee Q3 net profit 298 mln pesos, up 12.5 pct yr-on-yr
Philippines' Belle Corp Q3 net loss 64.07 mln pesos vs profit 92.40 mln
Philippines' Security Bank 9 mths net profit 549 mln pesos vs 413 mln
Bank of the Philippine Islands Q3 net profit 1.575 bln pesos vs 1.312 bln
Philippine National Bank's 140 mln usd notes issue to be assigned rating - S&P
Philippines' Arroyo orders crackdown on politicians implicated in kidnapping
Manila shares close higher on select buying; PLDT, Globe lead gains
Philippine Globe's 25.67 mln shares worth 17.45 bln pesos sold in block sales
Philippine ABS-CBN Holdings Corp to list 100,000 PDRs on Oct 31 - PSE
STOCK ALERT - Philippine Aboitiz Equity shrs higher on improved Q3 earnings
STOCK ALERT - Singapore-listed Fastech Synergy sharply lower on Q3 loss
Philippines' WG&A 9 mths net profit 255.0 mln pesos, down 19.5 pct yr-on-yr
Manila Jockey concludes casino deal with Pagcor
Philippines' Security Bank plans peso-denominated notes issue - report
Philippines' San Miguel confirms plans to borrow to finance expansion

October 28 - 29 
October 24 - 27 
October 22 - 23 
October 20 -21 
October 16 - 17 
October 14 - 15 
October 10 - 13 
October 8 - 9 
October 6 - 7 
October 3 - 4 
October 1 - 2 


 

Manila shares close firmer; index at 18-mth high on telecom gains


     MANILA (AFX-ASIA) - Share prices closed higher with the sustained gains in Philippine Long Distance Telephone Co and Globe Telecom Inc lifting the key index to its highest level in 18 months, dealers said.
     Expectations of strong earnings beyond the third quarter, ahead of the Christmas holidays and the May elections, fuelled interest in both PLDT and Globe, they said.
     Dealers said there was sustained interest in other blue chips, particularly Ayala Corp, whose third quarter earnings are seen boosted by gains in its telecom, property and banking units.
     The composite index closed up 17.83 points, or 1.29 pct, at 1,399.07 on volume of 431.46 mln shares valued at 1.36 bln pesos. It traded between 1,385. 70 and 1,404.82.
     It is the index's highest close since April 19 last year, when it finished at 1,401.36.
     In the broader market, gainers led losers 45 to 12, with 27 stocks unchanged.
     "The market is setting aside political concerns for the meantime and is focused on earnings prospects beyond the third quarter until next year," DA Market Securities president Nestor Aguila said.
     "Increased consumer spending during the holidays until next year will likely benefit the mobile phone operators."
     Analysts see a surge in the volume of short message services through mobile phones during the Christmas holiday and election period.
     PLDT was top traded and up 10.00 pesos at 765.00 on volume of 962,390 shares, with the turnover accounting for about 54 pct of the market's total.
     Globe, which bought back some of its shares from Deutsche Telekom unit DeTeAsia Holdings GmbH, rose 10.00 to 790.00 on 110,080 shares.
     "Globe's buy-back move means the company sees good prospects for itself in the future," Aguila said.
     PLDT and Globe will announce their third quarter results early next month, and they are largely expected to show impressive gains from the wireless business.
     Ayala Corp was up 0.10 at 5.10 on 24.19 mln shares, with its unit Bank of the Philippine Islands also posting better earnings in the third quarter.
     BPI was up 1.00 peso at 45.50 on 623,600 shares after reporting a 20.00 pct year-on-year improvement in its third quarter to September net profit to 1.575 bln pesos, on interest gains and savings resulting from lower operating expenses.
     This helped to boost its earnings for the first nine months of the year by 6.0 pct to 4.20 bln.
     Metrobank was up 0.50 at 27.50 on 2.45 mln shares after reporting its third quarter net profit rose to 801.53 mln pesos from 791.28 mln a year earlier.
     Megaworld was up 0.04 at 1.16 on 25.39 mln shares.
     Jollibee Foods was up 0.50 at 17.50 on 826,300 shares, after it reported its third quarter to September net profit grew 12.5 pct year-on-year to 298. 00 mln pesos on the back of higher systemwide retail sales, particularly in its Chowking restaurants.
     For the first nine months, Jollibee's net profit grew 17.2 pct year-on-year to 910 mln pesos.
     The all-shares index was up 1.42 points at 839.31.
     The commercial-industrial index rose 26.15 to 2,048.85, while property gained 1.53 to 622.83.
     Mining was up 22.22 at 1,759.45, and oil up 0.02 at 1.31.
     Banking and financial services rose 8.04 to 446.24.
     Dealers said the market is likely to sustain its upside next week, although some technical correction is also expected as domestic political concerns prevail.
     (1 usd = 55.336 pesos)
     edelacruz@afxasia.com

 

Philippines economic and corporate news summary NSL78


     BEIJING (AFX-ASIA) - A summary of Philippine economic and corporate news at 0500 GMT
     -Philippines assured of 1.0-bln usd OPIC insurance cover - Camacho
     -Metrobank Q3 net profit 801.53 mln pesos vs 791.28 mln
     -MRT III group appoints PentaCapital underwriter for notes offer
     emily.xiong@xfn.com

 

Philippine currency market closes at noon - BAP


     (Repeating to fix headline)
     MANILA (AFX-ASIA) - The currency market will close at noon today, as the Bankers Association of the Philippines said it has decided to cancel the afternoon session at the Philippine Dealing System.
     Government offices are closed today as Filipinos prepare to commemorate All Saints' Day tomorrow, which, in the Philippines, is traditionally a day devoted for remembering the dead.
     afxmanila@afxasia.com

 

Philippines' MRT III group appoints PentaCapital underwriter for notes offer


     MANILA (AFX-ASIA) - The Metro Rail Transit (MRT) III project consortium has mandated PentaCapital Investment Corp to act as lead underwriter and offer manager for the secondary offering of its US dollar-denominated asset-backed notes, consortium members Fil-Estate Corp and Anglo Philippine Holdings Corp said.
     The companies did not provide financial details of the notes offer by the MRT III Funding Corp Ltd.
     "The offering and secondary placement of said asset-backed notes will complete the securitization of the share distributions of the participating members of the MRT III project consortium, which are backed up by the equity rental payments of the Department of Transportation and Communications under the build-lease-transfer agreement with Metro Rail Transit Corp," Fil-Estate and Anglo Holdings told the stock exchange in separate disclosures.
     edelacruz@afxasia.com

 

STOCK ALERT - Philippines' Jollibee firmer on improved Q3/9-mth results


     MANILA (AFX-ASIA) - Jollibee Foods Corp was higher after it reported improved earnings in the third quarter and in the nine months to September, dealers said.
     Jollibee was up 0.25 pesos at 17.25 on 58,300 shares.
     The country's largest fastfood chain said yesterday its third quarter to September net profit grew 12.5 pct year-on-year to 298.00 mln pesos on the back of higher systemwide retail sales, particularly in its Chowking restaurants.
     For the first nine months, Jollibee's net profit grew 17.2 pct year-on-year to 910 mln pesos.
     (1 usd = 55.341 pesos)
     edelacruz@afxasia.com

 

STOCK ALERT - Bank of Philippine Islands up on improved Q3, 9 mths results


     MANILA (AFX-ASIA) - Bank of the Philippine Islands was firmer in early trade after it reported a 20.00 pct year-on-year improvement in its third quarter to September net profit, helping to boost its earnings for the first nine months of the year, dealers said.
     BPI was up 1.00 peso at 45.50 on volume of 171,000 shares.
     The bank said yesterday its net profit rose to 1.575 bln pesos in the third quarter from 1.312 bln a year earlier, aided by interest gains and savings resulting from lower operating expenses.
     In the nine months to September, the bank posted net profit of 4.20 bln pesos, up 6.00 pct from a year earlier, translating into a return on equity of 11.00 pct.
     (1 usd = 55.325 pesos)
     edelacruz@afxasia.com

 

Philippines' Metrobank Q3 net profit 801.53 mln pesos vs 791.28 mln


     MANILA (AFX-ASIA) - Metropolitan Bank and Trust Co three months to September results:
      Interest income - 5.75 bln pesos vs 5.11 bln
      Interest expense - 3.37 bln pesos vs 2.67 bln
      Net interest income - 2.39 bln pesos vs 2.44 bln
      Provision for probable loan losses - 233.30 mln pesos vs 392.62 mln
      Net profit - 801.53 mln pesos vs 791.28 mln
     (1 usd = 55.30 pesos)
     edelacruz@afxasia.com

 

Philippines' RCBC offers to sell 5.0 bln pesos worth of bad assets - report


     MANILA (AFX-ASIA) - Rizal Commercial Banking Corp is (RCBC) offering for sale to foreign investors about 5.0 bln pesos worth of soured loans and foreclosed properties, BusinessWorld newspaper reported, citing bank vice chairman Cesar Virata.
     The bank has formally made the offer in a recent letter to foreign investment banks, he said.
     "We have recently notified those who submitted certain concepts last year that things have changed and maybe if they are still interested they can again see our list of NPLs (non-performing loans) and ROPOAs (real and other properties owned or acquired)," Virata was quoted as saying.
     (1 usd = 55.30 pesos)
     afxmanila@afxasia.com

 

Philippines may hold bidding for 100-mln usd gas pipeline - report


     MANILA (AFX-ASIA) - The government may yet hold a bidding for the construction of a 100-mln usd natural gas pipeline from Batangas province to Manila, BusinessWorld newspaper quoted Energy undersecretary Emmanuel de Dios as saying.
     The move is seen addressing a looming dispute over the right to construct the pipeline, as several groups have expressed interest in the project.
     The government itself, through the PNOC Exploration Corp, a unit of state-owned Philippine National Oil Co, is interested in the project.
     The Lopez group, through its First Gas Power Corp, also wants to construct the pipeline with or without the government as a partner.
     "There may be a bidding for the contractors of the pipeline. A lot of contractors are interested in building it," de Dios said.
     The pipeline will carry the Malampaya gas from Palawan.
     afxmanila@afxasia.com

 

Philippines assured of 1.0-bln usd OPIC insurance cover - Camacho


     MANILA (AFX-ASIA) - The US state-run Overseas Private Investment Corp (OPIC) remains firm in extending 1.0 bln usd worth of insurance to cover American investments in Philippine bonds, transport and utility projects, Finance Secretary Jose Isidro Camacho said.
     He made the statement following a newspaper report that American investments worth 1.0 bln usd had been put on hold because of the lack of insurance cover by OPIC.
     Camacho said OPIC has informed the government that the insurance cover has been approved in principle and "will be made available."
     Among the projects reportedly awaiting OPIC guarantee are the planned debt issues by the National Power Corp, Pag-Ibig Fund, Manila Light Railways and Transit Corp, and Metropolitan Waterworks and Sewerage System, and several projects of Philippine Export-Import Credit Agency worth 250 mln usd.
     afxmanila@afxasia.com

 

Deutsche Telekom closes 402 mln eur sale of Globe Telecom stake


     BONN (AFX) - Deutsche Telekom AG said it has closed the sale of its 24.8 pct stake in Philippine mobile operator Globe Telecom to Singapore Telecommunications Ltd (SingTel) and Ayala Corp.
     "The aggregate purchase price of 472 mln usd (402 mln eur) for the sale of the stake has been transferred today," Deutsche Telekom said.
     The proceeds will be used to lower debt, Deutsche Telekom said.
     It has now sold all its Asian mobile holdings, having also disposed of its stakes in Malaysia's Celcom Malaysia Bhd and PT Satelit Palapa Indonesia (Satelindo) for around 440 mln usd.

 

Philippines Malampaya group, Allseas in arbitration case over pipeline project


     MANILA (AFX-ASIA) - A financial dispute between the Malampaya consortium, producer of natural gas from Malampaya fields in offshore Palawan, and a foreign contractor for a pipeline project is now the subject of arbitration proceedings in Rotterdam, the PNOC Exploration Corp said.
     PNOC-EC, a unit of state-owned Philippine National Oil Co, said Allseas Marine Contractors SA, the contractor that put up the 504-kilometer submarine natural gas pipeline from Malampaya in Palawan to Tabangao, Batangas, has been seeking additional payment of 32.8 mln usd from the consortium.
     PNOC-EC, which has a 10-pct participating interest in the consortium, said Allseas is seeking additional payment for the cost of additional work and materials for the completion of the pipeline.
     However, the consortium, which also includes operator Shell Philippines Exploration BV, which has a 45 pct stake in the Malampaya project together with Shell Philippines LLC, and Chevron Texaco , also with a 45 pct stake, is disputing the Allseas' claim.
     "The claim is disputed by the...consortium partners and arbitration is ongoing in Rotterdam in accordance with the Rules of the National Arbitration Institute in the Hague," PNOC-EC told the stock exchange.
     edelacruz@afxasia.com

 

Bank of the Philippine Islands Q3 net profit up on interest gains, savings


     MANILA (AFX-ASIA) - Bank of the Philippine Islands said its third quarter to September net profit rose about 20.00 pct year-on-year to 1.575 bln pesos, aided by interest gains and savings resulting from lower operating expenses.
     In the nine months to September, the bank posted a net profit of 4.2 bln pesos, up 6.00 pct from a year earlier, translating to a return on equity of 11.00 pct.
     "The higher bottom line (in the third quarter) resulted from a 299.00-mln peso improvement in total revenues together with 162.00-mln peso savings in operating expenses, less a 219.00-mln peso increase in income taxes," the bank said in a statement.
     The bank posted net interest income of 382.00 mln pesos in the third quarter despite the 143.00-mln incremental cost of the 10.00-pct value-added tax imposed on financial transactions earlier this year.
     Also due to the VAT imposition, non-interest income fell 5.00 pct year-on-year to 84.00 mln pesos in the third quarter, it said.
     The bank, however, said its insurance operations more than doubled its third quarter earnings, although the gains were offset by the shortfall in income from other sources.
     It said the savings in operating expenses were mainly derived from lower manpower and technology expenses as well as from input VAT credits worth 73. 00 mln pesos.
     As of end-September, the bank's total resources stood at 405.00 bln pesos, up by 2.90 bln from the end of 2002, with deposits and loans totalling 186.00 bln pesos and 313.00 bln respectively.
     The bank said its non-performing loans accounted for 8.20 pct of total loans as of end-September, easing from 9.60 pct as of end-2002.
     (1 usd = 55.30 pesos)
     edelacruz@afxasia.com

 

Philippines' Jollibee Q3 net profit 298 mln pesos, up 12.5 pct yr-on-yr


     (Updating with earnings per share, return on equity, store openings)
     MANILA (AFX-ASIA) - Jollibee Foods Corp reported a third quarter to September net profit of 298.00 mln pesos, up 12.5 pct from a year earlier, on the back of higher systemwide retail sales.
     In a statement, Jollibee said its Chinese fastfood chain Chowking propelled sales growth, with a 30 pct year-on-year increase in sales.
     For the first nine months, Jollibee's net profit grew 17.2 pct year-on-year to 910 mln pesos.
     "The growth of our Chowking business is quite impressive. It is repeating the rapid growth of Jollibee in its early years," Jollibee Foods chief executive officer Tony Tan Caktiong said.
     The group reported a 6.6 pct year-on-year improvement in its third quarter operating profit to 370 mln pesos. For the nine months to September, its operating profit stood at 1.2 bln pesos, up 8.8 pct year-on-year.
     Tan Caktiong said it is possible that Chowking, which has 234 stores in the country, will reach Jollibee's present store network of 447 stores in the next five to seven years.
     Meanwhile, Jollibee's systemwide sales were almost flat, growing only by 1.6 pct in the third quarter. Its sales for the nine months to September grew 4.1 pct year-on-year.
     Sales for the Greenwich brand were up 13.3 pct in the third quarter, and 7.0 pct for the nine months.
     Jollibee said its third quarter net profit, which translates to earnings per share of 0.3025 pesos, was the highest ever achieved during the July-Sept period.
     Its return on equity stood at 16.2 pct in the third quarter from 15.4 pct a year earlier.
     Cash generated from operations for the nine-month period stood at 1.6 bln pesos, up 19 pct from a year earlier.
     The company opened 18 stores in the third quarter, bringing its total number of stores to 911 locally and 31 overseas. It opened 51 new stores in the January to September period.
     In the third quarter, the company opened six Jollibee stores, six Greenwich outlets, four Chowking stores and two branches in the US.
     (1 usd = 55.30 pesos)
     cecille.yap@afxasia.com

 

Philippines' Belle Corp Q3 net loss 64.07 mln pesos vs profit 92.40 mln


     MANILA (AFX-ASIA) - Belle Corp three months to September results:
     Gross Profit - 63.75 mln pesos vs 44.73 mln
     Depreciation and Amortization - 10.40 mln pesos vs 20.04 mln
     Opg expenses - 17.90 mln pesos vs 16.85 mln
     Opg profit - 35.44 mln pesos vs 8.83 mln
     Net loss - 64.07 mln pesos vs profit 92.40 mln
     Nine months to September results:
     Gross profit - 116.89 mln pesos vs 96.06 mln
     Depreciation and Amortization - 33.23 mln pesos vs 66.51 mln
     Opg expenses - 52.89 mln pesos vs 44.60 mln
     Opg profit - 29.76 mln pesos vs loss 15.06 mln
     Net profit - 219.07 mln pesos vs 520.50 mln
     Earnings per share - 0.03 pesos vs 0.08
     
     (1 usd = 55.30 pesos)

 

Philippines' Security Bank 9 mths net profit 549 mln pesos vs 413 mln


     MANILA (AFX-ASIA) - Security Bank's nine month to September net profit rose 33 pct year-on-year to 549.00 mln pesos, from 413 mln a year earlier, on the back of higher net interest margins and efficient fund management.
     In a statement, Security Bank president Rafael Simpao Jr said its nine month net profit also surpassed its 2002 net profit of 508 mln pesos.
     Simpao said non-interest income sources were steady from sustained trading gains and from fees and commissions earned from increased transaction volumes, as well as the bank's participation in loan and investment deals.
     Security Bank is the country's 10th largest private universal bank with total assets of 70.00 bln pesos.
     The bank reported a non-performing loan (NPL) ratio of 11.7 pct in the period against total loans, while its NPL cover stood at 57 pct at end-September.
     "Management has taken a long hard look at the bank, the industry, and where we want to be. The bottom line is we want to be stronger, competitive, efficient and profitable, and we are taking all the needed measures to achieve these," Simpao said.
     The bank, which has 114 branches nationwide, intends to relocate some of its branches. It did not elaborate.
     (1 usd = 55.243 pesos)
     cecille.yap@afxasia.com

 

Bank of the Philippine Islands Q3 net profit 1.575 bln pesos vs 1.312 bln


     MANILA (AFX-ASIA) - Bank of the Philippine Islands' third quarter to Sept results:
     
     Interest income - 4.60 bln pesos vs 4.16 bln
     Interest expense - 1.62 bln pesos vs 1.82 bln
     Net profit - 1.575 bln pesos vs 1.312 bln
     Comparative figures are based on year-ago report.
     (1 usd = 55.243 pesos)
     edelacruz@afxasia.com

 

Philippine National Bank's 140 mln usd notes issue to be assigned rating - S&P


     MANILA (AFX-ASIA) - Standard & Poor's said it will assign a rating to Philippine National Bank's planned notes issue.
     PNB plans to issue up to 140.00 mln usd worth of unsecured subordinated notes to raise Tier 2 capital, with JP Morgan Securities Ltd as sole arranger.
     The bank intends to launch the issue in November, with the notes to be listed on Singapore's stock exchange.
     PNB said yesterday the notes, due in 2014, will carry an indicative yield of 9.000-9.500 pct, and will be callable after five years.
     edelacruz@afxasia.com

 

Philippines' Arroyo orders crackdown on politicians implicated in kidnapping


     MANILA (AFX-ASIA) - Philippines President Gloria Arroyo ordered her chief anti-kidnapping force chief to go after politicians implicated in the crime, Agence France-Presse reported.
     Anti-kidnapping force chief Angelo Reyes has received "orders to go after kidnap syndicates with the full force of his new office," Arroyo said in a statement.
     "I also want him to check cabals involving kidnappers and politicians involved in this criminal activity," Arroyo said without elaborating or naming names.
     Reyes said there were about 83 kidnapping cases from January to October, from only 63 the previous year, with more than half of them taking place in Metro Manila.
     As a rule, he said kidnappings rise during election years. The Philippines is to hold a presidential election in May.
     Government has identified at least five "principal groups" behind the kidnappings, Reyes added, hinting that some politicians could be engaged in kidnap-for-ransom activities to raise funds for next year's elections.
     "Statistically, we know that on election years, about one year before elections, there is an increase in the incidence of kidnapping," Reyes said over DZBB radio.
     "We can't say it is political. We might say that (during) elections, a lot of money is circulating," he added.
     While there have been a number of high-profile cases implicating the Muslim kidnap gang Abu Sayyaf, there could be other incidents that remain unreported to the police, with the victims' families apparently paying ransom in fear of retribution, Reyes said.

 

Manila shares close higher on select buying; PLDT, Globe lead gains


     (Updating with analyst's comments, shares prices)
     MANILA (AFX-ASIA) - Share prices closed higher on select buying in blue chips, notably Philippine Long Distance Telephone Co and Globe Telecom Inc, which are expected to report impressive earnings for the third quarter, dealers said.
     Investors were also seen taking positions ahead of a possible year-end rally, particularly in stocks that are likely to benefit from increased consumer spending during the Christmas holidays, they added.
     The market played catch-up after lagging behind regional markets due to domestic political concerns, while Wall Street's gains overnight helped to inspire some bargain-hunting, they said.
     The composite index closed up 16.42 points or 1.20 pct at 1,381.24, its highest level for the day, on volume of 117.05 mln shares valued at 267.26 mln pesos. It traded at a low of 1,367.26.
     In the broader market, gainers led losers 26 to 12, with 31 stocks unchanged.
     PLDT and Globe are expected to announce their results in early November.
     Dealers also noted that despite lingering political tension arising from the House of Representatives' attempt to impeach Supreme Court chief justice Hilario Davide Jr, the market managed to hold support above the 1,362-point level.
     "Despite the political rumblings, the market has seen strong support above 1,362 amid optimism ahead of third quarter results especially of telecom companies," Westlink Global Equities chairman Rommel Macapagal said.
     "Investors are also looking forward to a year-end rally on the back of increased consumer spending from November to December."
     They are also closely watching developments on the political front, he added.
     Congressmen have agreed at a caucus to proceed with an opposition-led move to oust Davide when Congress resumes sessions on Nov 10, according to House Speaker Jose de Venecia.
     PLDT was top traded and up 30.00 pesos at 755.00 on 654,290 shares.
     PLDT is likely to book new provisions in the third quarter, but will nevertheless end the year with a net profit well within its own 9.0-10.0 bln peso target, company president Manuel Pangilinan earlier said.
     Analysts AFX-Asia polled expect PLDT to report a third quarter to September net profit of 2.50-3.70 bln pesos before any provisions, versus the year-earlier 1.40 bln, on the back of robust growth in its wireless business.
     Globe rose 5.00 to 780.00 on 138,490 shares.
     Globe is expected to report a net profit of 1.60-2.60 bln pesos in the third quarter to September, exceeding the year-ago profit of 1.30 bln, as gains in the wireless business were sustained by the introduction of the low-cost prepaid reload service, according to analysts AFX-Asia polled.
     Some 25.67 mln shares of Globe Telecom Inc worth 17.45 bln pesos were also sold in several block sales today, data from the stock exchange show.
     Ayala Corp and Singapore Telecom are scheduled to close today separate deals with Deutsche Telekom AG unit DeTeAsia Holdings GmbH on the purchase of the latter's shares in Globe for 680 pesos.
     Shopping mall operator SM Prime gained 0.20 to 7.20 on 12.64 mln shares.
     Ayala Corp rose 0.10 to 5.00 on 3.84 mln shares. Unit Ayala Land was unchanged at 6.50.
     Megaworld was up 0.06 at 1.12 on 14.58 mln shares.
     Manila Electric B, available to foreign investors, was up 0.50 at 20.75, while Meralco A rose 0.25 to 14.00.
     Aboitiz Equity Ventures was unchanged at 3.30 after early gains.
     The conglomerate announced yesterday a 3.1 pct year-on-year increase in its nine month to September net profit to 1.86 bln pesos, on the back of gains in the power generation and distribution, banking and transport businesses.
     The all-shares index was up 6.41 points at 837.89.
     The commercial-industrial index rose 23.50 to 2,022.70, while property gained 10.16 to 621.30.
     Mining was up 83.10 at 1,737.23. Oil was unchanged at 1.29.
     Banking and financial services rose 3.20 to 438.20.
     (1 usd = 55.243 pesos)
     edelacruz@afxasia.com

 

Philippine Globe's 25.67 mln shares worth 17.45 bln pesos sold in block sales


     MANILA (AFX-ASIA) - A total of 25.67 mln shares of Globe Telecom Inc worth 17.45 bln pesos were sold in several block sales today, data from the stock exchange show.
     The transactions were handled by UBS Securities Philippines, Deutsche Regis Partners Inc, and BPI Securities.
     No other details were available.
     Ayala Corp is scheduled to close today a deal with Deutsche Telekom AG unit DeTeAsia Holdings GmbH on the purchase of the latter's 10.03 mln shares in Globe for 680 pesos.
     At 11.31 am, Globe was top traded and up 10.00 pesos at 785.00 on 133,630 shares.
     (1 usd = 55.238 pesos)
     edelacruz@afxasia.com

 

Philippine ABS-CBN Holdings Corp to list 100,000 PDRs on Oct 31 - PSE


     MANILA (AFX-ASIA) - ABS-CBN Holdings Corp will list 100,000 Philippine Deposit Receipts (PDRs) tomorrow, Oct 31, the stock exchange said in a circular to brokers.
     The listing is in line with ABS-CBN shareholders' move to exchange 100, 000 ABS-CBN common shares for 100,000 PDRs.
     It will raise the total number of listed ABS-CBN PDRs to 270.47 mln.
     At 10.33 am, ABS-CBN Holdings was unchanged at 28.00 pesos on 662,000 shares.
     (1 usd = 55.244 pesos)
     cecille.yap@afxasia.com

 

STOCK ALERT - Philippine Aboitiz Equity shrs higher on improved Q3 earnings


     MANILA (AFX-ASIA) - Aboitiz Equity Ventures was higher after the company announced a 3.1 pct year-on-year improvement in its nine month to September net profit to 1.86 bln pesos, dealers said.
     At 10.20 am, Aboitiz Equity was one of the most actively traded stocks, up 0.05 pesos or 1.52 pct at 3.35 pesos on 1.20 mln shares.
     The company said its power generating and distribution unit Aboitiz Power Corp contributed to the bulk of its earnings, bringing in 1.27 bln pesos to the parent firm's coffers.
     Its banking unit Union Bank of the Philippines posted an 88.5 pct improvement in its net earnings contribution, turning in 736 mln pesos in the first nine months of the year.
     Aboitiz's transport group posted a 600 pct improvement in its earnings, which the company said reflects its increased investment in shipping unit WGA. Aboitiz received 190 mln pesos from this side of the business against 27. 0 mln a year earlier.
     (1 usd = 55.244 pesos)
     cecille.yap@afxasia.com

 

STOCK ALERT - Singapore-listed Fastech Synergy sharply lower on Q3 loss


     SINGAPORE (AFX-ASIA) - Philippine-based Fastech Synergy was sharply lower after it said its net loss widened in the third quarter to September to 963, 000 usd from 71,000 usd a year earlier, dealers said.
     Fastech Synergy was down 0.015 sgd or 6.25 pct at 0.225 on volume of 650, 000 shares.
     (1 usd = 1.73 sgd)
     rosana.gulzar@afxasia.com

 

Philippines' WG&A 9 mths net profit 255.0 mln pesos, down 19.5 pct yr-on-yr


     MANILA (AFX-ASIA) - William Gothong & Aboitiz said its consolidated net profit in the nine months to September fell 19.50 pct to 255.00 mln pesos from 317.00 mln in the year-earlier period, as increased costs offset higher revenue.
     The shipping firm reported higher fuel costs, depreciation, and foreign exchange losses on its container lease obligations during the period; and booked interest expenses from the financing of two Superferry luxury liners, and retrenchment payments to Cebu Ferries Corp employees.
     Consolidated net revenues for the period, however, were about 6.00 pct higher at 5.60 bln pesos from 5.30 bln a year earlier - despite fewer voyages due to scheduled drydocking of four vessels and "technical downtime" of one vessel, WG&A said in a statement.
     Passage operations posted revenue growth of 5.00 pct during the nine-month period to 2.74 bln pesos from 2.62 bln a year ago, while freight operations revenue rose to 2.90 bln pesos from 2.70 bln, it added.
     The company attributed the gains to its strategy of focusing on revenue management and high-yielding passenger accommodation and cargo transportation.
     Operating and administrative costs for the three quarters, however, rose to 5.20 bln pesos from 4.70 bln a year earlier.
     The company said its consolidated assets stood at 8.80 bln pesos as of end-September from 8.50 bln at end-2002. Total liabilities amounted to 4.90 bln pesos, 1.90 bln pesos higher than at the end of 2002.
     (1 usd = 55.24 pesos)
     edelacruz@afxasia.com

 

Manila Jockey concludes casino deal with Pagcor


     MANILA (AFX-ASIA) - Manila Jockey Club Inc said it has concluded an agreement with the Philippine Amusement and Gaming Corp for the establishment of a casino at the club's San Lazaro Leisure Park in Carmona, Cavite, south of Manila.
     No other details were given in its disclosure to the stock exchange.
     edelacruz@afxasia.com

 

Philippines' Security Bank plans peso-denominated notes issue - report


     MANILA (AFX-ASIA) - Security Bank Corp is considering a peso-denominated debt offering to raise ties 2 capital, the BusinessWorld newspaper said, citing unidentified sources.
     The bank is looking at issuing 2.5 bln pesos worth of 10-year unsecured subordinated notes, which are callable on the fifth year, to local investors, the report said.
     Market sources earlier said, however, that the bank had planned to issue 200-300 mln usd of unsecured subordinated debt to boost its existing capital base.
     (1 usd = 55.24 pesos)
     edelacruz@afxasia.com

 

Philippines' San Miguel confirms plans to borrow to finance expansion


     MANILA (AFX-ASIA) - San Miguel Corp said it is considering to borrow from local and foreign lenders to finance its various expansion projects.
     "The company continuously studies its borrowing needs both from Philippine and foreign lenders to finance its various expansion projects. When a decision is made to borrow specific amounts from lenders, the proper announcements will be made," San Miguel told the stock exchange.
     It made the disclosure to clarify newspaper reports that it was considering to raise around 10.00 bln pesos from the domestic market to finance its expansion locally and overseas.
     San Miguel has reportedly decided not to tap the international market to avoid foreign exchange risks arising from peso's weakness versus the US dollar.
     San Miguel plans to set up food and beverage complexes in at least seven Asian markets, including China, Thailand, Vietnam, Indonesia, Australia, Malaysia, and Taiwan.
     (1 usd = 55.24 pesos)
     edelacruz@afxasia.com

 


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