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ADB invests 45 mln usd in China fund to restructure NPLs
|
MANILA (AFX-ASIA) - The Asian Development Bank said it will
invest 45 mln usd in a Chinese fund to support the restructuring of
non-performing assets and loans at banks in the country.
The money will go to the Yangtze Special Situations Fund, which
aims to provide support to banks by investing in "non-performing
loans (NPLs), distressed real estate assets, and distressed but
viable state-owned enterprises," the ADB said.
The fund will "restructure these investments and reintegrate
them into more productive segments" of China's economy, the ADB said
in a statement.
"It will also introduce best practices and expertise in the
country's distressed asset management and corporate governance," it
added.
Despite China's rapid growth in recent years, the ADB said its
banking system is "marred by poor asset quality, with some estimates
putting NPLs as high as half of total loans."
The Manila-based bank said many of the enterprises that default
on loans remain viable but are plagued by unsustainable debt levels
and inefficient management.
ADB's equity investment will amount to about 25 pct of the
fund's paid-up capital.
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Philippines' Philex March copper/gold/silver output value 305.46 mln
pesos |
MANILA (AFX-ASIA) - Philex Mining Corp said it produced in
March 1.46 mln kilograms of copper, 194,571 grams of gold, and
217,925 grams of silver, with an estimated gross value of 305.46 mln
pesos.
The company had earlier reported output of 288.3 mln pesos in
February.
Shipments of copper concentrate in March were valued at 342.09
mln pesos, compared with February shipments worth 313.23 mln, Philex
said in a statement to the stock exchange.
(1 usd = 55.75 pesos)
afxmanila@afxasia.com
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Philippine National Bank posts profits for 7th straight quarter in
Q1 |
(Updating with breakdown of results, bank statement)
MANILA (AFX-ASIA) - Philippine National Bank (PNB) said it
posted net profit of 20 mln pesos in the first quarter to March,
down from 53 mln a year earlier as a result of some non-recurring
effects of tax changes, a rise in interest rates, and a difference
in timing in the deployment of Tier 2 funds.
However, PNB said this was its seventh consecutive profitable
quarter after five years of losses.
The lender said the first-quarter results were better than it
had targeted for the period and that it expects to gain momentum in
the third and fourth quarters of this year.
Net operating income in the first quarter fell to 138 mln pesos
from 228 mln.
"The lag in the actual placement of (Tier 2) funds, however,
allowed the bank to access higher yields on its investments, the
benefits of which have begun to be recognized in the second
quarter," PNB said in a statement.
PNB, which is partly-owned by the government and businessman
Lucio Tan, said that, despite an uncertain political environment,
its operations continued to be profitable in the first quarter.
Net interest income rose 9.0 pct year-on-year to 454 mln pesos,
while interest expenses grew slightly to 1.40 bln from 1.37 bln a
year earlier.
It said restructuring activities helped reduce its
non-performing loans (NPL) ratio to 44.9 pct as of end-March from
46.7 pct at end-2003.
PNB's total resources amounted to 214 bln pesos as of
end-March, up 8 pct from 199 bln at end-2003.
"For the rest of 2004, PNB is committed to remain focused on
further advancing its gains and accelerating growth of its core
businesses. Emphasis shall be given to the retail and SME (small-
and medium-sized enterprises) markets," the bank said, adding that
it is looking to further improve its market position this year.
(1 usd = 55.75 pesos)
afxmanila@afxasia.com
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Manila shares close higher on Q1 earnings; PLDT at near 5-yr high -
UPDATE |
(Adds analyst quotes and prices)
MANILA (AFX-ASIA) - Share prices closed sharply higher, with
the index at its highest finish since March 2001, powered by gains
in Philippine Long Distance Telephone (PLDT) and rival Globe
Telecom, as investors took more positions in companies expected to
report strong first-quarter results, dealers said.
Wall Street's advance and the hefty gain in PLDT's American
Depositary Receipts (ADR) in New York overnight helped sustain the
euphoria that followed Monday's decision of the California Public
Employees' Retirement System (CalPERS) to keep investing in the
Philippines, they said.
Investors also cheered news that incumbent Gloria Arroyo, the
financial markets' favorite, has maintained her lead in the May 10
presidential race, based on the latest opinion poll by the Social
Weather Stations, dealers said.
The composite index closed up 41.12 points or 2.66 pct at the
day's high of 1,589.40 and its highest finish since March 2001,
after breaching resistance levels at 1,550 and 1,577. Volume totaled
248.98 mln shares valued at 926.4 mln pesos.
The index's intraday low was 1,549.07.
In the broader market, advancers led decliners 40 to 10, with
45 stocks unchanged.
"Investors are upbeat about first quarter earnings given that
a number of companies are declaring cash and stock dividends," said
Gomer Tan, an analyst at Regina Capital Development Corp.
"Investors also took the cue from Wall Street and PLDT's ADRs,
and news that Arroyo has widened her lead in the presidential race."
Arroyo leads with 35.3 pct, according to the SWS survey of
1,400 registered voters, while her closest rival, film actor
Fernando Poe Jr has 30. 8 pct.
Businessmen are largely supportive of Arroyo, who is
perceived to be the most market-friendly among the six presidential
candidates. Her victory, they said, will ensure continuity of
reforms she has initiated.
"We continue to believe (the market's rise) is signalling a
GMA (Gloria Macapagal-Arroyo) victory in the May 10 election, the
market-friendly outcome, " ING Financial Markets said in its daily
note.
The market may sustain its upside or stage a technical
correction on Monday, depending on the performance of US markets and
PLDT in New York tonight, said Ron Rodrigo, research consultant at
Accord Capital Securities.
Investors will also assess the opposition's chances in coming
up with a single presidential candidate, he said.
Despite reports that the camps of Poe and another opposition
candidate, Panfilo Lacson, are still considering joining forces,
some political analysts believe the possibility of a single
opposition candidate is remote at this point.
Neither Poe nor Lacson is willing to stand down, based on
newspaper reports.
PLDT rose 75 pesos to 1,150.00, its highest close since July
1999, on volume of 211,930 shares.
Its ADRs rose 1.20 usd to 20.20 last night.
The company expects to report first-quarter results in early
May.
Analysts polled by AFX-Asia expect PLDT to report
first-quarter net profit of 3.5-5.0 bln pesos, against 2.5 bln in
the same period last year, on growth driven by its mobile telephony
business.
The outlook for the full year is even more bullish with the
possible acquisition by PLDT's wholly-owned cash-rich wireless unit,
Smart Communications Inc, of a controlling stake in Pilipino
Telephone Corp (Piltel), which is currently 45-pct owned by PLDT,
they said.
Piltel was up 0.04 at 1.78.
Globe Telecom was up 60 at 955 on 112,050 shares ahead of its
first-quarter results to be announced on May 6.
First Philippine Holdings was down 1.00 at 25 on
profit-taking.
Mall operator SM Prime Holdings was up 0.10 at 6.10 after
announcing a regular cash dividend of 0.10 pesos per share and a
special cash dividend of 0.05 pesos per share for stockholders on
record as of May 21.
SM Prime is aiming for a 9-10 pct increase in net profit this
year from 4. 2 bln pesos in 2003, and expects net revenue in the
first quarter to March to have grown 15 pct from a year earlier,
said Jose Sio, company senior vice president for finance, after
yesterday's annual stockholders' meeting.
Bank of the Philippine Islands was up 1.00 at 47.
Petron Corp was up 0.10 at 3.35.
The all-shares index was up 14.69 points at 977.92.
The commercial-industrial index rose 75.20 to 2,519.00.
Property was up 6.24 at 546.00, and mining up 26.66 at
1,435.27.
Oil was unchanged at 1.18.
Banking and financial services rose 5.98 to 440.53.
(1 usd = 55.75 pesos)
afxmanila@afxasia.com
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Manila shares close higher on strong Q1 earnings hopes; index at
3-yr high |
MANILA (AFX-ASIA) - Share prices closed sharply higher,
powered by gains in Philippine Long Distance Telephone (PLDT) and
rival Globe Telecom, as investors took more positions in companies
expected to report strong first-quarter results, dealers said.
Wall Street's advance and the hefty gain in PLDT's American
Depositary Receipts (ADR) in New York overnight helped sustain the
euphoria that followed Monday's decision of the California Public
Employees' Retirement System (CalPERS) to keep investing in the
Philippines, they said.
Investors also cheered news that incumbent Gloria Arroyo, the
financial markets' favorite, has maintained her lead in the May 10
presidential race, based on the latest opinion poll by the Social
Weather Stations, dealers said.
The composite index closed up 41.12 points or 2.66 pct at the
day's high of 1,589.40, also its highest finish since March 2001,
after breaking resistance levels at 1,550 and 1,577. Volume totaled
248.98 mln shares valued at 926.4 mln pesos.
The index's intraday low was 1,549.07.
In the broader market, advancers led decliners 40 to 10, with
45 stocks unchanged.
(1 usd = 55.75 pesos)
afxmanila@afxasia.com
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Philippines prepared for terror threats, no pullout from Iraq |
MANILA (AFX-ASIA) - The Philippines is prepared for any new
terrorist threats and is maintaining its forces in Iraq, officials
said today, following threats to Asian countries supporting the US
presence in Iraq.
President Gloria Arroyo's spokesman Ignacio Bunye said in a
statement that "effective security measures are in place and we
assure the public that we are ready to face and thwart terrorist
attacks in the country."
Letters from a previously unheard of group identifying itself
as the "Yellow-Red Overseas Organization" threatened to target
embassies, air flights and tourist spots in Asian countries linked
to US-led operations in Iraq.
Thai authorities said they were taking seriously the letters,
which threatened attacks on major facilities in Australia, Japan,
Kuwait, Pakistan, the Philippines, Singapore, South Korea and
Thailand between April 20 and 30.
Defense Secretary Eduardo Ermita confirmed the new threats
were discussed at an intelligence meeting yesterday but said they
had not picked up any new signs of impending terror attacks.
Ermita said in a radio interview that "the policy of
President Arroyo is to continue our humanitarian mission in Iraq"
where the Philippines has 49 soldiers and policemen assigned to the
US-led coalition forces.
Arroyo also said in a statement a special team was now
accounting for the whereabouts of hundreds of Filipino civilians
believed to be working in Iraq to ensure their safety.
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Philippines' Highlands Prime extra 1.196 mln shares tradable Apr 26
- PSE |
MANILA (AFX-ASIA) - An additional 1.196 mln common shares of
property developer Highlands Prime Inc will be tradable on the
Philippine Stock Exchange (PSE) starting April 26, an exchange
circular said.
The shares owned by the group of retail tycoon Henry Sy,
through his three companies - SM Investments Corp, Sysmart Corp, and
SM Development Corp - were locked up for two years under an escrow
agreement executed on April 23, 2002 with Highlands Prime.
At 10.44 am, Highlands Prime was untraded after closing at
2.10 pesos previously.
(1 usd = 55.75 pesos)
afxmanila@afxasia.com
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Manila shares extend rally on Q1 earnings hopes, easing political
jitters |
MANILA (AFX-ASIA) - Share prices were sharply higher
mid-trade, led by Philippine Long Distance Telephone Co (PLDT) and
Globe Telecom, as investors took more positions in companies
expected to report strong first-quarter results, dealers said.
Wall Street's advance and the hefty gain in PLDT's American
Depositary Receipts (ADR) in New York overnight helped sustain the
euphoria that followed Monday's decision of the California Public
Employees' Retirement System (CalPERS) to keep investing in the
Philippines, they said.
Investors also cheered news that incumbent Gloria Arroyo, the
financial markets' favorite, has widened her lead in the
presidential race, based on the latest opinion poll by the respected
Social Weather Stations, dealers said.
At 10.24 am, the composite index was up 16.29 points or 1.05
pct at 1,564. 57 on volume of 66.09 mln shares worth 348.2 mln
pesos.
In the broader market, advancers were leading decliners 21 to
eight, with 33 stocks unchanged.
"Investors are upbeat about first quarter earnings given that
a number of companies are declaring cash and stock dividends," said
Gomer Tan, an analyst at Regina Capital Development Corp.
"They also took the cue from Wall Street and PLDT's ADRs, and
news that Arroyo has widened her lead in the presidential race."
Dealers, however, said the market has reached overbought
levels and is susceptible to profit-taking amid caution ahead of the
May 10 national elections.
PLDT rose 45 pesos to 1,120.00 on volume of 69,520 shares.
Its ADRs rose 1.20 usd to 20.20 last night.
The company expects to report first-quarter results in early
May.
Analysts polled by AFX-Asia expect PLDT to report
first-quarter net profit of 3.5-5.0 bln pesos, against 2.5 bln in
the same period last year, on growth driven by its mobile telephony
business.
The outlook for the full year is even more bullish with the
possible acquisition by PLDT's wholly-owned cash-rich wireless unit,
Smart Communications Inc, of a controlling stake in Pilipino
Telephone Corp (Piltel), which is currently 45-pct owned by PLDT,
they said.
Piltel was up 0.02 at 1.76.
Globe Telecom was up 30 at 925 on 37,100 shares ahead of its
first-quarter results to be announced on May 6.
Dealers noted Globe lagged behind rival PLDT, which has had a
sustained earnings-driven rally, although both companies are largely
expected to book further gains from their respective mobile phone
businesses this year.
Ayala Land was down 0.10 at 5.60, while parent Ayala Corp was
unchanged at 5.70.
Petron Corp was up 0.05 at 3.30.
Bank of the Philippine Islands was down 0.50 at 45.50.
(1 usd = 55.77 pesos)
afxmanila@afxasia.com
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STOCK ALERT - Philippines' Globe Telecom firmer on Q1 earnings hopes |
MANILA (AFX-ASIA) - Globe Telecom shares were sharply higher
in early trade on expectations of strong first-quarter earnings,
which are to be announced on May 6, dealers said.
Globe was up 30 pesos at 925 on volume of 35,640 shares.
Dealers noted Globe lagged behind rival PLDT, which has had a
sustained earnings-driven rally, although both companies are largely
expected to book further gains from their respective mobile phone
businesses this year.
(1 usd = 55.77 pesos)
afxmanila@afxasia.com
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STOCK ALERT - Philippines' PLDT surges on hefty ADR gains ahead of
Q1 results |
MANILA (AFX-ASIA) - Philippine Long Distance Telephone Co (PLDT)
shares were sharply firmer in early trade following hefty gains in
its American Depositary Receipts (ADR) in New York overnight,
dealers said.
PLDT rose 50 pesos or 4.65 pct to 1,125.00 on volume of
25,460 shares.
Its ADRs rose 1.20 usd to 20.20 last night.
The company expects to report first-quarter results in early
May.
Analysts polled by AFX-Asia expect PLDT to report
first-quarter net profit of 3.5-5.0 bln pesos, against 2.5 bln in
the same period last year, on growth still driven by its mobile
telephony business.
The outlook for the full year is even more bullish with the
possible acquisition by PLDT's wholly-owned cash-rich wireless unit,
Smart Communications Inc, of a controlling stake in Pilipino
Telephone Corp, which is currently 45-pct owned by PLDT, they said.
Buying in PLDT is also in line with the overall upbeat mood
in the market amid the improving chances of incumbent Gloria Arroyo,
the favorite of financial markets, to win a full term in the May 10
presidential elections, dealers said.
(1 usd = 55.84 pesos)
afxmanila@afxasia.com
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Philippines SM Prime sets cash div 0.10 pesos/shr, special cash div
0.05/shr |
MANILA (AFX-ASIA) - Mall operator SM Prime Holdings said its
board of directors has declared a regular cash dividend of 0.10
pesos per share and a special cash dividend of 0.05 pesos per share
for stockholders on record as of May 21.
Payment is set for June 15, it told the stock exchange.
(1 usd = 55.84 pesos)
afxmanila@afxasia.com
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Philippines' Robinsons Land sets 4 bln pesos capex budget for FY2004
- report |
MANILA (AFX-ASIA) - Robinsons Land Corp has budgeted capital
expenditure of 4 bln pesos in the current year to Sept, which will
include financing for new shopping malls, high-rise buildings, and
residential development programs, BusinessWorld newspaper quoted
company executive vice-president Frederick Go as saying.
Go said this year's capital outlay will be substantially
higher than the 2.7 bln pesos in actual capex in the previous fiscal
year.
Robinsons Land, the property arm of the Gokongwei family,
held its annual stockholders' meeting yesterday.
(1 usd = 55.84 pesos)
afxmanila@afxasia.com
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Philippines' Allied Bank March 23 NPL ratio 17.46 pct vs 16.16 pct
Sept 19 |
MANILA (AFX-ASIA) - Allied Banking Corp said its
non-performing loans (NPL) accounted for 17.46 pct of total loans as
of March 23, up from 16.16 pct as of Sept 19.
Its published statement of condition showed Allied Bank's
NPLs totaled 8. 61 bln pesos, up from 8.29 bln as of Sept 19, with
general provisions of 400 mln pesos and specific provisions of 4.39
bln.
Return on equity stood at 10.13 pct.
(1 usd = 55.84 pesos)
afxmanila@afxasia.com
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Philippines' Arroyo widens her lead in latest SWS opinion poll |
MANILA (AFX-ASIA) - Incumbent Gloria Arroyo continues to lead
the presidential race, with rival Raul Roco's departure for medical
treatment in the US triggering a shift of support to her side,
according to the latest opinion poll conducted by the respected
Social Weather Stations (SWS).
Conducted between April 10 and 17 and commissioned by Manila
Standard, ABS-CBN Broadcasting Corp, and Polistrat International,
the SWS survey results seem to confirm the results of an earlier
survey by Manila-based Pulse Asia Inc, which were also in favor of
Arroyo.
Arroyo leads with 35.3 pct, according to the SWS survey of
1,400 respondents, while her closest rival, film actor Fernando Poe
Jr has 30.8 pct.
Trailing Arroyo and Poe were senator and former police chief
Panfilo Lacson (10.6 pct), Roco (8.4), television evangelist Eddie
Villanueva (4.0 pct) and businessman Eddie Gil.
About 11.0 pct of those surveyed were undecided about whom to
vote for on May 10, up from 7.6 pct during the previous SWS survey,
SWS chief Mahar Mangahas said.
Roco, who is to return and resume his campaign next week,
according to his supporters, halved his score from 15 pct previously
after announcing he needs treatment for lower back pain that is
potentially debilitating.
In the March 27-April 4 Pulse Asia survey of 4,800
statistically representative registered voters, 34 pct said they
would vote for Arroyo, a trained economist who has been endorsed by
the country's largest business groups, while 31 pct was for Poe, a
popular high-school dropout.
Businessmen are largely supportive of Arroyo, who is
perceived to be the most market-friendly among the candidates. Her
victory, they said, will ensure continuity of reforms she has
initiated.
But while Arroyo has the momentum going into the homestretch
of a tight presidential election campaign, political analysts said
the political opposition can still stop her.
However, despite reports that the camps of Poe and Lacson are
still considering joining forces to run on a single ticket, some
analysts believe the possibility of a single opposition candidate is
remote at this point.
Neither Poe nor Lacson is willing to stand down, based on
newspaper reports.
afxmanila@afxasia.com
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Philippines' Ginebra San Miguel plans to expand into Vietnam,
Thailand |
MANILA (AFX-ASIA) - Liquor maker Ginebra San Miguel Inc (GSMI)
plans to expand into Vietnam, Thailand, and other countries in the
region, in line with parent San Miguel Corp's bid to become a major
player in Asia.
Ginebra San Miguel chairman Eduardo Cojuangco Jr said the
company has reviewed "every part of our operations and embarked on a
program to regain our momentum, further strengthening the
foundations on which GSMI can continue to grow and prosper."
Cojuangco gave no other details about the Ginebra San Miguel's
regional expansion plans.
San Miguel's expansion program covers such markets as China,
Taiwan, Australia, Thailand, Indonesia, Vietnam and Malaysia.
Ginebra San Miguel reported an 886-pct growth in exports last
year, helping lift by 6 pct its revenues to 12.1 bln pesos. Its 2003
net profit, however, came in at 1.65 bln pesos, unchanged from the
previous year's level.
Cojuangco also told Ginebra San Miguel stockholders during
today's annual meeting that the company is building on its unique
customer and consumer relationships to bridge gaps in its
distribution system.
"We want to be the company that shapes the growth of the hard
liquor industry and continues to increase our value in a way that
meets the expectations of the market and our investors," said
Cojuangco, who is also chairman and chief executive officer of food
and beverage conglomerate San Miguel.
"To do this," he said, "we should be more proactive. We will
grow faster when we help our dealers to profit faster."
Ginebra San Miguel is pushing its dealers to increase
penetration of hard liquor outlets and enhance their multi-product
portfolio.
The company is also reasserting its position "in the hearts of
our consumers", Cojuangco said, following changes in consumer
lifestyles, consumption and preferences.
"We need to continuously find new ways to reach our customers
and consumers,and this we have tried to achieve with a variety of
formats and differentiated products," he said.
Ginebra San Miguel has been focusing on improving both the
appeal and value of its products, specifically its flagship brand,
Ginebra San Miguel.
"The challenges that have been thrown our way only enabled us
to demonstrate that the Ginebra San Miguel brand is as versatile as
it is strong, " Cojuangco said.
"Through the steady growth of GSM Blue, we have proven our
ability to work across several brand attributes. Its acceptance
among consumers increases our confidence that we can stretch the
brand proposition of our flagship.
"Add in the potential for introducing other complementary
brands or sub-brands, such as Gran Matador, and we are confident
that we can bring our company to even higher levels of growth," he
added.
(1 usd = 55.84 pesos)
afxmanila@afxasia.com
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Philippine National Bank to sell 20 bln pesos worth of bad assets to
SPV |
MANILA (AFX-ASIA) - Philippine National Bank (PNB) plans to
sell 20 bln pesos worth of bad assets to special purpose vehicles (SPV)
this year to take advantage of the tax incentives for such
undertakings.
The bank said it is in talks with 11 possible investors on a
number of assets to be sold.
PNB executive vice president Frederick Cadiz told reporters the
sale of non-performing assets to SPV is part of the bank's strategy
to clean up its balance sheet as quickly as possible.
"If we sell the assets retail, it will take us forever. This
year we will pursue sale through SPV to right-size our portfolio to
what we can sell in 3-5 years," he said.
"We are looking at some 1,000 loan accounts and some 7,000
properties to sell to SPV with a gross value of 20 bln pesos plus."
He said PNB has a "limited window" to dispose of the bad
assets.
The SPV law, enacted in April 2003, sets a two-year period
within which banks can enjoy tax perks for the transfer of bad
assets to another company.
"We hope we can do it (before the incentives expire). I think
the elements are in place. It's a question of whether the investors
will be available," Cadiz said.
PNB has hired Ernst & Young as financial advisor for the asset
sale.
(1 usd = 55.84 pesos)
afxmanila@afxasia.com
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Philippines' SM Prime sees 9-10 pct yr-on-yr profit growth this year
|
MANILA (AFX-ASIA) - Shopping mall operator SM Prime Holdings
Inc said it is aiming for a 9-10 pct increase in net profit this
year from 4.2 bln pesos in 2003.
It expects net revenue in the first quarter to March to have
grown 15 pct from a year earlier.
"We're seeing a 15 pct growth in net revenues in the first
quarter. We're looking at 9-10 pct increase in profit this year,"
said Jose Sio, company senior vice president for finance, after
today's annual stockholders' meeting.
He gave no absolute amounts.
SM Prime will open next year its biggest mall project, dubbed
The Mall of Asia, on reclaimed property in the Manila Bay area.
Three more malls will open this year, it said earlier.
(1 usd = 55.85 pesos)
afxmanila@afxasia.com
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Philippines' Belle Corp 2003 net profit 172.8 mln pesos vs 118.9 mln
|
MANILA (AFX-ASIA) - Real estate developer Belle Corp's 2003
results:
Net revenue - 274.9 mln pesos vs
320.97 mln
Costs and expenses - 233.94 mln pesos
vs 295.73 mln
Income from real estate operations -
40.94 mln pesos vs 25.24 mln
Net profit - 172.8 mln pesos vs 118.9
mln
Earnings per share - 0.017 peso vs
0.013
(1 usd = 55.85 pesos)
afxmanila@afxasia.com
|
|
Philippines' EEI Corp 2003 net loss 583.1 mln pesos vs loss 279.3
mln |
MANILA (AFX-ASIA) - Construction firm EEI Corp's 2003 results:
Revenues - 2.74 bln pesos vs 2.8 bln
Costs - 2.72 bln pesos vs 2.27 bln
Gross profit - 17.5 mln pesos vs
524.5 mln
Opg loss - 349.8 mln pesos vs income
157.3 mln
Net loss - 583.1 mln pesos vs loss
279.3 mln
Loss per share - 0.62 peso vs loss
0.30
(1 usd = 55.85 pesos)
afxmanila@afxasia.com
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|
Philippines' Music Semiconductors 2003 net profit 60.7 mln pesos vs
226.2 mln |
MANILA (AFX-ASIA) - Music Semiconductors Corp's 2003 results:
Net sales - 293.8 mln pesos vs 268.4
mln
Cost of goods sold - 96.5 mln pesos
vs 90.4 mln
Gross profit - 197.3 mln pesos vs
178.03 mln
Opg expenses - 143.5 mln pesos vs
181.5 mln
Other income - 71.1 mln pesos vs
245.8 mln
Net profit - 60.7 mln pesos vs 226.2
mln
Earnings per share - 0.1358 peso vs
0.5064
(1 usd = 55.85 pesos)
afxmanila@afxasia.com
|
|
Philippines' Victorias Milling Q2 net profit 9.1 mln pesos vs 29.9
mln |
MANILA (AFX-ASIA) - Sugar producer Victorias Milling Corp's
consolidated second quarter to Feb 2004 results:
Revenues - 861.1 mln pesos vs 827.8
mln
Cost of sales - 667.1 mln pesos vs
635.5 mln
Gross profit - 194.1 mln pesos vs
192.3 mln
Opg expenses - 67.7 mln pesos vs 98.6
mln
Opg income - 122.7 mln pesos vs 165.2
mln
Net profit - 9.1 mln pesos vs 29.9
mln
Earnings per share - 0.01 peso vs
0.02
(1 usd = 55.85 pesos)
afxmanila@afxasia.com
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Manila shares close firmer led by select stocks on Q1 earnings hopes |
MANILA (AFX-ASIA) - Share prices closed firmer, extending
gains for the third straight day, as investors bought into select
companies with good fundamentals and those expected to report strong
first quarter results, dealers said.
They said some investors may also be factoring in a possible
victory of incumbent Gloria Arroyo, the financial markets' favorite,
in the May 10 presidential elections, as her campaign is seen
gaining momentum.
Wall Street's modest rebound overnight also provided a
positive backdrop, while concerns over higher interest rates in the
months ahead eased to some extent.
The 30-company composite index closed up 10.50 points or 0.68
pct at the day's high of 1,548.28, a fresh 12-week high, on volume
of 184.4 mln shares worth 572.01 mln pesos. Its intra-day low was
1,535.04.
In the broader market, gainers led losers 28 to 15, with 40
stocks unchanged.
Dealers, however, noted that investors will be more cautious
in the coming days, making the market more volatile as the election
day draws near.
The index has moved closer to its immediate resistance level
at 1,550, they said.
"Sentiment remains generally positive following recent
developments, with foreign investment houses seen positioning
themselves in Lopez stocks," said Lawrence de Leon, an analyst at
Accord Capital Equities.
He noted that prices of the Lopez stocks had been "stable for
quite some time."
Today's upside, he said, was an extension of the euphoria
following Monday's decision of the California Public Employees'
Retirement System to keep investing in the Philippines.
"Investors are also cautiously optimistic ahead of the
release of more first quarter results," de Leon added.
Philippine Long Distance Telephone (PLDT), which expects to
release its first quarter results in early May, closed up 15 pesos
at 1,075. Its American Depositary Receipts advanced 0.05 usd to
19.00 in New York overnight.
"Whatever is happening now on the political front is
apparently being taken positively by the market," said Summit
Securities president Harry Liu.
Arroyo, perceived to be the most market-friendly among the
candidates, leads in the latest opinion poll conducted by
Manila-based pollster Pulse Asia.
Despite reports that the camps of opposition presidential
candidates Fernando Poe Jr and Panfilo Lacson are still considering
joining forces to run on a single ticket, some analysts believe the
possibility of a single opposition candidate is remote at this
point.
Neither Poe nor Lacson is willing to stand down, based on
newspaper reports.
Top-traded First Philippine Holdings was up 2.00 pesos at 26
on 3.8 mln shares.
"I think the interest in First Philippine Holdings is
anchored on its improving financial profile," Summit's Liu said.
First Philippine Holdings, which has interests in power
generation and distribution, property development, and toll way
construction, booked net profit of 3.8 bln pesos in 2003, double the
previous year's 1.96 bln.
Ayala Corp was up 0.10 at 5.70 on 13.6 mln shares.
Lopez-controlled Meralco's B shares, available to foreign
investors, were up 0.50 at 30, and Meralco A was up 0.25 at 19.75.
Benpres Holdings, another Lopez stock, was up 0.03 at 0.58.
Mall operator SM Prime Holdings closed unchanged at 6.00
ahead of its annual stockholders' meeting today.
ABS-CBN Holdings Corp was down 0.25 at 23.25.
PLDT affiliate Pilipino Telephone was up 0.04 at 1.74.
Petron Corp was up 0.10 at 3.25.
The all-shares index was up 1.25 at 963.23.
The commercial-industrial index rose 29.21 to 2,443.80.
Property fell 0.45 to 539.76 and mining retreated 26.63 to
1,408.61.
Oil was up 0.02 at 1.18.
Banking and financial services shed 4.47 to 434.55.
(1 usd = 55.85 pesos)
afxmanila@afxasia.com
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Chinatrust (Philippines) Q1 to March net profit up 2.2 pct on
interest gains |
MANILA (AFX-ASIA) - Chinatrust (Philippines) Commercial Bank
Corp said it posted net profit of 201.5 mln pesos in the first
quarter to March, up 2.2 pct from 197.1 mln booked a year earlier,
on higher net interest margins on its loan portfolio and lower
funding costs.
Recoveries of non-performing loans, gains from
foreign-exchange trading, profits from sale of foreclosed assets,
prudent spending and reversal of loan loss provisions due to
improvements in its risk asset quality also boosted the income
growth, the bank said in a statement.
Chinatrust (Philippines), a unit of Chinatrust Commercial
Bank of Taiwan, said its performance ratios remained significantly
better in the first quarter than those of the industry, with its
return on equity at 20.61 pct and return on assets at 4.25 pct.
The bank's non-performing loans (NPL) ratio dropped to 3.68
pct as of end-March from 4.09 pct as of end-2003.
In the first quarter, the bank launched two new products, the
Ultimate Checkwriter and Innov8.
"The Ultimate Checkwriter is a stand-alone software that
enables small and medium enterprises to efficiently manage their
trade payables. Innov8 is a long-term peso time deposit product that
offers the depositor flexibility in maximizing the tax-free yield on
his savings," the bank said.
For the rest of 2004, the bank said it hopes to duplicate its
2003 income performance by cautiously pursuing its core businesses
in the Philippines.
Its 2003 net profit rose 22 pct year-on-year to 503 mln
pesos, aided by interest earnings and treasury gains.
Meanwhile, the bank announced the election of Eric Chen as
its new chairman, replacing Jeffrey L. S. Koo, who will now become
honorary chairman.
Elected directors were John Li and James Chen, after Thomas
Chen, previously the bank's vice chairman, while directors Jerry
Harn and Peter Liu resigned from the board.
(1 usd = 55.85 pesos)
afxmanila@afxasia.com
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Manila shares firmer on 'cautious optimism' ahead of Q1 results,
polls |
MANILA (AFX-ASIA) - Share prices were slightly firmer in
late-morning trade, with companies expected to report positive
first-quarter corporate results attracting interest, dealers said.
At 11.11 am, the 30-company composite index was up 6.90
points or 0.45 pct at 1,544.68 on volume of 87.1 mln shares worth
325.5 mln pesos.
In the broader market, gainers were leading losers 21 to 10,
with 33 stocks unchanged.
Gains in Lopez family-owned companies, led by First
Philippine Holdings Corp, as well as Philippine Long Distance
Telephone Co (PLDT) gave the market strong support amid prevailing
caution ahead of the May 10 presidential elections, dealers added.
They said Wall Street's modest rebound overnight also
provided a positive backdrop.
The Dow Jones Industrials Average gained 2.77 to close at
10,317.27, with the Nasdaq rising 17.00 to 1,995.63.
"Sentiment remains generally positive following recent
developments, with foreign investment houses seen positioning
themselves in Lopez stocks," said Lawrence de Leon, an analyst at
Accord Capital Equities.
He noted that prices of the Lopez stocks had been "stable for
quite some time."
"Investors are cautiously optimistic ahead of the release of
more first quarter results," de Leon added.
Top-traded Ayala Corp was unchanged at 5.60 pesos on volume
of 9.2 mln shares.
PLDT was up 15 at 1,075, after its American Depositary
Receipts (ADRs) advanced 0.05 usd to 19.00 in New York overnight.
First Philippine Holdings was up 2.00 at 26 on 2.6 mln
shares.
Lopez-controlled Meralco's B shares were up 1.00 at 30.50,
and Meralco A was up 0.25 at 19.75.
Mall operator SM Prime Holdings was down 0.10 at 5.90, ahead
of its annual stockholders' meeting today.
Dealers said some investors may be pricing in a possible
victory of incumbent Gloria Arroyo in the May 10 presidential
elections, as her campaign is seen gaining momentum.
They added that sentiment has been made more upbeat following
Monday's decision of the California Public Employees' Retirement
System to keep investing in the Philippines.
Arroyo, perceived to be the most market-friendly among the
candidates, leads in the latest opinion poll conducted by
Manila-based pollster Pulse Asia.
Despite reports that the camps of opposition presidential
candidates Fernando Poe Jr and Panfilo Lacson are still considering
joining forces to run on a single ticket, some analysts believe the
possibility of a single opposition candidate is remote at this
point.
Neither Poe nor Lacson is willing to stand down, based on
newspaper reports.
(1 usd = 55.85 pesos)
afxmanila@afxasia.com
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Philippines' PBCom March 23 NPL ratio 9.91 pct vs 35.73 pct Dec 16 |
MANILA (AFX-ASIA) - Philippine Bank of Communications (PBCom)
said its non-performing loans (NPLs) accounted for 9.91 pct of total
loans as of March 23, substantially lower than the 35.73 pct ratio
as of Dec 16.
Its statement of condition showed the bank's total NPLs fell
to 1.34 bln pesos from 6.92 bln pesos as of Dec 16, with general
provisions for loan losses of 137.37 mln and specific provisions of
1.45 bln.
Return on equity stood at 1.3 pct.
PBCom expects to post annual net profit of between 200 mln
and 1.0 bln pesos starting this year after clinching a 7.6 bln pesos
financial assistance deal with state-run Philippine Deposit
Insurance Corp (PDIC).
The bank reported a net loss for the nine months to Sept 2003
of 85.35 mln pesos, against a net profit of 281.8 mln pesos a year
earlier.
Its major shareholders have infused 3 bln pesos in fresh
capital into the bank also as part of its rehabilitation program, it
said.
The bank is to invest the money from PDIC in high-yielding
government securities to cushion the transfer of its non-performing
loans, at discounted prices, into a special purpose asset vehicle (SPAV).
The agreement with PDIC involves the setting up of a SPAV
through which PBCom's non-performing assets will be sold. PDIC is to
be given board seats in the bank in exchange.
(1 usd = 55.85 pesos)
afxmanila@afxasia.com
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Philippine Export & Industry Bank Mar 23 NPL ratio 19.07 pct vs
19.72 June 19 |
MANILA (AFX-ASIA) - Export and Industry Bank said its
non-performing loans (NPLs) accounted for 19.07 pct of total loans
as of March 23, slightly down from 19.72 pct as of June 19, 2003.
Its statement of condition showed total NPLs of 1.96 bln
pesos, down from 2.74 bln as of June 19, against general provisions
for loan-losses of 56.4 mln pesos and specific provisions of 2.85
bln.
Return on equity stood at 3.22 pct.
(1 usd = 55.81 pesos)
afxmanila@afxasia.com
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Manila shares outlook - Mixed to higher amid pre-election caution |
MANILA (AFX-ASIA) - Share prices are expected to open mixed
with a positive bias, while investors are seen accumulating stocks
as incumbent Gloria Arroyo's presidential campaign gains momentum,
dealers said.
Companies expected to report strong first quarter results
will be in focus, they said, adding that there may also be extended
euphoria following Monday's decision of the California Public
Employees' Retirement System to keep investing in the Philippines.
Yesterday, the composite index closed up 11.82 points or 0.77
pct at the day's high of 1,537.78, a fresh 12-week high.
However dealers said investors are likely to remain cautious
ahead of the May polls.
"Market is likely to remain volatile as the presidential
election draws near. Support is at 1,500 and resistance is at
1,572," BPI Securities said in its daily report.
In a report, ING Financial Markets said it sees the
outperformance of Philippine financial assets as "signalling growing
odds of a GMA (Gloria Macapagal-Arroyo) victory in the May 10
presidential election, and recommend trading-oriented accounts
increase their exposure to Philippine assets ahead of the release of
the next round of polling data at the end of the week or early next
week."
Arroyo, perceived to be the most market-friendly among the
candidates, leads in the latest opinion poll conducted by
Manila-based pollster Pulse Asia.
Despite reports that the camps of opposition presidential
candidates Fernando Poe Jr and Panfilo Lacson are still considering
unification talks, some analysts believe the possibility of a single
opposition candidate is remote at this point.
Neither Poe nor Lacson is willing to stand down, based on
newspaper reports.
afxmanila@afxasia.com
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Philippines seeks zero tariffs for electronics in ASEAN by next year
- reports |
MANILA (AFX-ASIA) - The Philippine government is to push for
the removal of tariffs on electronics and semiconductor products
traded within Southeast Asia by 2005, local newspapers quoted Trade
and Industry Secretary Cesar Purisima as saying.
Electronics traditionally account for more than half of the
Philippines' exports and imports.
Purisima said Manila will recommend the tariff removal during
the two-day Association of Southeast Asian Nations (ASEAN) Economic
Ministers' Retreat in Singapore, which started yesterday.
He said the Philippines will take the lead within ASEAN "in
boosting trade and integrating the region into a one-market
environment."
He added that the Philippine proposal is part of a draft road
map for the region's electronics industry.
If approved, electronics will be the first of 11 sectors to
have zero tariffs by next year. Other sectors identified for ASEAN
integration include the wood-based and automotive industries,
rubber-based and textile/apparel industries, agriculture and
fisheries industries, e-commerce and healthcare industries, and
airlines and tourism industries.
The Philippine Daily Inquirer quoted Purisima as saying that,
with the current ASEAN electronics value chain spread out across the
region, manufacturers in member-countries, except for Singapore and
Malaysia, do not have strong supplier bases.
"ASEAN can be a supplier base like China if it were to
collectively take advantage of its competitive strengths by adopting
an industry clustering approach and act as a single production base
with zero tariff," he said.
afxmanila@afxasia.com
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Philippines' Henry Sy rethinks Equitable PCI buy-in - report |
MANILA (AFX-ASIA) - The group of Henry Sy, which controls
Banco de Oro Universal Bank and China Bank Corp, is rethinking its
bid to buy into Equitable PCI Bank, the country's third largest
lender, the Philippine Daily Inquirer reported, citing an
unidentified source from the Sy camp.
Equitable PCI Bank, controlled by the Go family, has blocked
moves by the Sy group to gain representation on its 15-seat board
during Monday's annual stockholders' meeting, citing a conflict of
interest.
"This (Go family's opposition) is an eye opener. We have to
restudy (the buy-in plan) before we go on with the SSS (Social
Security System) acquisition," the paper quoted its source as
saying.
Banco de Oro had signed a deal earlier this year to buy some
187.85 mln Equitable PCI shares from pension fund SSS for 43.50
pesos each, or a 30 pct premium over the stock's end-2003 closing
price.
The transaction has yet to be closed.
(1 usd = 55.81 pesos)
afxmanila@afxasia.com
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Bank of the Philippine Islands March 23 NPL ratio 6.98 pct vs 7.14
pct Dec 16 |
MANILA (AFX-ASIA) - Bank of the Philippine Islands said its
non-performing loans (NPL) at the parent level accounted for 6.98
pct of total loans as of March 23, little changed from 7.14 pct as
of Dec 16.
On a consolidated basis, the NPL ratio stood at 6.89 pct
compared with 7. 00 pct as of Dec 16.
In its statement of condition, BPI said its NPLs totaled 11.3
bln pesos at the parent level and 13.89 bln on a consolidated basis
as of March 23.
Specific provisions for loan-losses at the parent level
amounted to 4.8 bln pesos, while general provisions reached 1.4 bln.
On a consolidated basis, specific provisions and general
provisions totaled 5.74 bln pesos and 1.9 bln, respectively.
Return on equity stood at 11.20 pct.
(1 usd = 55.81 pesos)
afxmanila@afxasia.com
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Philippines' Banco de Oro March 23 NPL ratio 7.45 pct vs 6.34 pct
Dec 16 |
MANILA (AFX-ASIA) - Banco de Oro Universal Bank said its
non-performing loans accounted for 7.45 pct of total loans as of
March 23, up from 6.34 pct as of Dec 16.
In its published statement of condition, the bank said its
NPLs totaled 5. 63 bln pesos, up from 4.69 bln pesos as of Dec 16,
with specific provisions of 2.18 bln and general provisions of 1.12
bln.
Return on equity stood at 10.72 pct.
(1 usd = 55.81 pesos)
afxmanila@afxasia.com
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Philippines' Security Bank March 23 NPL ratio 9.89 pct vs 10.85 pct
Dec 16 |
MANILA (AFX-ASIA) - Security Bank said its non-performing
loans (NPL) accounted for 9.89 pct of total loans as of March 23,
down from 10.85 pct as of Dec 16.
Its published statement of condition showed total NPLs fell
to 4.11 bln pesos from 4.49 bln pesos as of Dec 16, with general
provisions for loan losses of 369.28 mln pesos and specific
provisions of 2.43 bln.
Return on equity stood at 6.53 pct.
(1 usd = 55.81 pesos)
afxmanila@afxasia.com
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Forex - Philippine peso closes weaker on dollar demand, rate hike
fears |
MANILA (AFX-ASIA) - The peso closed sharply weaker against
the dollar as corporate demand for greenbacks picked up and the US
currency strengthened amid interest rate hike fears, dealers said.
The peso closed at 55.81 to the dollar after trading between
55.66 and 55. 82 on volume of 246.40 mln usd. It closed at 55.640
yesterday.
"Two factors pulled down the peso. Corporate demand (for
dollars) emerged after the peso appreciated substantially over the
past few days, while the dollar was strong across-the-board," a
commercial bank dealer said.
The dollar's strength followed US Federal Reserve Chairman
Alan Greenspan's comments to the Senate banking committee overnight
that deflation is no longer a threat.
Financial markets interpreted Greenspan's comments as a sign
that inflationary pressures are picking up, which could lead to a
rise in US interest rates sooner rather than later.
The Philippine central bank is likely to match an interest
rate hike in the US to keep the rate differential, while inflation
threats at home are also seen adding pressure on local interest
rates.
The dealer said the dollar may trade in the 55.65-55.85 range
tomorrow.
afxmanila@afxasia.com
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Philippines fully awards 7-yr zero-coupon bonds; yield-to-maturity
11.125 pct |
MANILA (AFX-ASIA) - The government raised 10.0 bln pesos at
today's auction of seven-year zero-coupon bonds, with the
yield-to-maturity set at 11. 125 pct, the Bureau of Treasury (BTr)
said.
Bids ranged from 10.875 pct to 11.125 pct, or an average of
10.992 pct, while tenders totaled 13.123 bln pesos against an
offering of 10.0 bln.
The BTr said it decided to issue zero-coupon bonds to deepen
the capital market by offering a new bond structure, establish a
medium- to long-term yield curve, provide an outlet for investors'
long-term investment requirements, and lengthen the maturity profile
of government liabilities.
(1 usd = 55.70 pesos)
afxmanila@afxasia.com
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Philippines A. Soriano Corp declares 0.06 peso/share cash dividend
|
MANILA (AFX-ASIA) - Holding firm A. Soriano Corp said it will
pay a cash dividend of 0.06 peso per share to stockholders on record
as of May 5.
The dividend will be paid on May 28.
A. Soriano has interests in power generation, aviation, tourism
and real estate.
(1 usd = 55.70 pesos)
afxmanila@afxasia.com
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Manila shares close higher as select stocks draw late interest |
MANILA (AFX-ASIA) - Share prices closed higher as select stocks
attracted buying interest in late trade after investors saw the key
index strongly supported at the 1,520-points level, dealers said.
However, volumes remained thin, reflecting continuing caution
ahead of the May 10 presidential elections, they said.
The 30-company composite index closed up 11.82 points or 0.77
pct at the day's high of 1,537.78 on volume of 206.3 mln shares
valued at 429.9 mln pesos. The index's intra-day low was 1,519.31.
In the broader market, gainers led losers 29 to 23, with 43
stocks unchanged.
The market reversed declines seen early in the session, when
investors locked in recent gains following overnight losses on Wall
Street.
Shortly before close, investors began positioning themselves in
stocks that lagged in recent market rallies, such as banking stocks,
dealers said.
"Investors saw the 1,520 support level holding and that helped
resume the momentum that we saw yesterday," Westlink Global Equities
chairman Rommel Macapagal said.
Some dealers expected yesterday's buying momentum to continue
after the California Public Employees' Retirement System decided
against pulling out its investments from the Philippines.
However, concerns over higher interest rates in the US
re-emerged, with stocks on Wall Street ending lower after Federal
Reserve Chairman Alan Greenspan told the Senate banking committee
that deflation is no longer a threat.
Investors interpreted Greenspan's comment as a sign that
inflationary pressures are picking up, which could lead to a rise in
US interest rates sooner rather than later.
"Investors were initially reluctant to accumulate more stocks,
but the less-worrisome political environment is giving them a reason
to buy into select companies," said Ron Rodrigo, a research
consultant at Accord Capital Equities.
Political analysts said incumbent Gloria Arroyo, perceived to
be the most market-friendly among the six candidates, has the
momentum going into the home stretch of a tight presidential
election campaign.
However, a united opposition can still beat her, they said.
Observers are giving Arroyo rival Fernando Poe Jr and breakaway
opposition aspirant Panfilo Lacson a week to agree to a single
ticket and prevent her from building on her slim three percentage
points lead ahead of the May 10 poll.
Top-traded Philippine Long Distance Telephone Co (PLDT) capped
the market's upside, as it closed down 5.00 pesos at 1,060 on
115,650 shares. Its American Depositary Receipts (ADRs) fell 0.28
usd to 18.95 in New York overnight.
Bank of the Philippine Islands was up 2.00 at 47, while
Metrobank was up 0.75 at 25.
SM Prime was up 0.10 at 6.00 ahead of its annual stockholders'
meeting tomorrow.
ABS-CBN Holdings Corp was up 1.00 at 23.50., while First
Philippine Holdings was down 0.25 at 24.
Globe Telecom rose 15 to 895.
The all-shares index was up 4.01 points at 961.98.
The commercial-industrial index rose 6.34 to 2,414.59.
The property sector was up 3.26 at 540.21 and mining up 1.59 at
1,435.24.
Oil was down 0.02 at 1.16, while baanking and financial
services advanced 11.76 to 439.02.
(1 usd = 55.70 pesos)
afxmanila@afxasia.com
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Philippines' Arroyo has pre-poll momentum, but not unbeatable -
analysts |
MANILA (AFX-ASIA) - Incumbent Gloria Arroyo has the momentum
going into the home stretch of a tight presidential election
campaign, but the opposition can still stop her, if it unites to
lure large blocs of undecided voters, analysts said.
Observers are giving Arroyo rival Fernando Poe Jr and breakaway
opposition aspirant Panfilo Lacson a week to agree to a single
ticket and prevent her from building on her slim 3 percentage points
lead ahead of the May 10 poll.
"They have a full week to start making this miracle possible,"
pollster Felipe Miranda of the Manila-based Pulse Asia survey group
said, adding that opposition unity alone will not guarantee a win
and that the timing is crucial.
"Beyond the weekend, their window of opportunity to halt the
momentum building up for the president could only slam shut,"
political analyst Amando Doronila said.
Movie star Poe, a political neophyte and high school dropout,
changed his campaign manager last week, but hs rejected suggestions
his quest is imploding after losing an early nine-point lead over
Arroyo.
His candidacy has appeared to unsettle the financial markets,
with the peso rising to its strongest level at 55.62 to the US
dollar this week from an all-time low of 56.45 last month when Poe
was ahead of Arroyo.
"The GMA (Gloria Macapagal Arroyo) factor is still behind
this," a currency trader said. "People are less worried now than a
month ago."
Pollsters said Arroyo benefited from the effective withdrawal
last week of independent candidate Raul Roco, who flew to the US for
medical treatment of a lower back ailment after seeing his deficit
to Arroyo rise to 22 points in the latest surveys.
"The possible withdrawal of either Roco or Lacson, or both,
from the presidential race are factors to consider in the present
election race," said pollster Mahar Mangahas of Social Weather
Stations (SWS).
He said Lacson's withdrawal will give Poe a net 3.5-point boost
from an electorate of 40 mln, while Roco's quitting will add a net
1.4 pct to Arroyo's support.
Miranda says Arroyo is not unbeatable, but Poe must work
overtime to lure the 36 pct of the electorate that is
"uncompromisingly hostile" to her, the 10 pct who are undecided and
the "slightly over 4 mln votes" that are leaning towards the
incumbent, but are considered "soft".
Deposed Philippines leader Joseph Estrada, who still wields
huge influence over the opposition, despite having been detained on
corruption charges since his ouster in Jan 2001, says Poe and
company are aware of what is required to beat Arroyo.
"They are not only mature, but also intelligent and the
opposition has only one objective -- to remove President Arroyo,"
Estrada said yesterday, a day after both Poe and Lacson snubbed his
efforts to broker unity talks on his 67th birthday on Monday.
Poe has thumbed his nose at the latest poll numbers. His new
campaign manager, Jejomar Binay, insisted: "While our doors remain
open to unification, we cannot, as we have not in the past, consider
it as a critical factor in the course of the presidential campaign."
However, Miranda estimates that, based on the latest Pulse Asia
survey, Poe will need "roughly 2 mln votes", on top of his current
predicted tally, to unseat the incumbent president -- even if all
other candidates withdrew in his favor.
Arroyo has been riding on the back of favorable surveys, with
an SWS March-April poll showing her public satisfaction rating also
rising to 55 pct from 40 pct in November.
Arroyo campaign spokesman Alex Magno said "a Lacson withdrawal
would, at best, tighten the margin" between the president and Poe.
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STOCKWATCH - Philippines' San Miguel weaker on profit-taking after
Q1 results |
MANILA (AFX-ASIA) - San Miguel Corp shares were weaker
midmorning as investors cashed in on gains made ahead of the
company's release yesterday of its strong first-quarter results,
dealers said.
San Miguel A was down 0.50 peso at 58 on 157,500 shares and San
Miguel B down 1.00 at 73 on 62,900 shares.
"There's profit-taking in San Miguel amid the market's overall
weakness. Investors had positioned themselves in the stock even
before the first-quarter results were announced," said Unicapital
Securities research head Elena Ponceca.
The food and beverage conglomerate posted a first quarter to
March net profit of 1.74 bln pesos, up 30 pct year-on-year, on a
boost to revenue from brisk beer sales both here and abroad.
Operating income in the quarter surged 33 pct year-on-year to
3.43 bln pesos, mainly due to its domestic beverage businesses, both
alcoholic and non-alcoholic, it said.
Consolidated net sales revenue rose 15 pct year-on-year to
39.02 bln pesos, with domestic and international beer sales posting
a combined growth of 25 pct year-on-year.
San Miguel chairman and chief executive officer Eduardo
Cojuangco told stockholders at yesterday's annual meeting that the
company has scheduled several ground-breaking activities for the
second half to accelerate its plans for regional growth.
He vowed to transform San Miguel into one of Asia's top ten
largest food and beverage companies by 2007.
(1 usd = 55.70 pesos)
afxmanila@afxasia.com
|
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Manila shares lower mid-session on weak Wall St, pre-election
caution |
MANILA (AFX-ASIA) - Share prices were slightly weaker
mid-session as investors locked in recent gains following overnight
losses on Wall Street, with the thin volumes reflecting continuing
caution ahead of the May 10 presidential elections, dealers said.
At 10.45 am, the 30-company composite index was down 2.28
points or 0.15 pct at 1,523.68 on volume of 18.7 mln shares valued
at 98.8 mln pesos.
In the broader market, losers led gainers 19 to 14, with 31
stocks unchanged.
Stocks in the US fell after Federal Reserve Chairman Alan
Greenspan told the Senate banking committee that deflation is no
longer a threat. Investors interpreted this as a sign that
inflationary pressures are picking up, which could lead to a rise in
US interest rates sooner rather than later.
Locally, sentiment was also undermined as the Philippines'
trade deficit in the first two months of the year was seen as an
indicator of slower economic growth in the first quarter. Some
dealers had initially expected yesterday's buying momentum to
continue after the California Public Employees' Retirement System (CalPERS)
decided against pulling out its investments from the Philippines.
"The euphoria following CalPERS' decision was not sustained, as
investors took the US markets' weakness as a sign to take profits,"
said Unicapital Securities research head Elena Ponceca.
"The disappointing imports data also weighed on the market."
ING Financial Markets said the Philippines' wider trade deficit
in the first two months of the year supports its forecast that GDP
growth in the first quarter to March slowed to 4.1 pct year-on-year
from 4.5 pct in the fourth quarter of 2003.
The modest 5 mln usd trade surplus the Philippines posted in
February was not enough to offset the deficit in January. In the
January-February period, the trade deficit came in at 330 mln usd,
compared with its 213 mln usd deficit last year, the National
Statistics Office reported yesterday.
ING said weak imports growth reflects the impact of "political
noise" on the business environment here.
Dealers said politics will remain in focus amid efforts by the
opposition to come up with a single presidential candidate who can
beat incumbent Gloria Arroyo, who leads in the latest opinion polls
and is perceived to be the most market-friendly among the
candidates.
Top-traded Philippine Long Distance Telephone Co (PLDT) was
down 5.00 pesos at 1,060 on 20,940 shares. Its American Depositary
Receipts (ADRs) fell 0.28 usd to 18.95 in New York overnight.
Bank of the Philippine Islands was up 1.00 at 46.
SM Prime was down 0.10 at 5.80.
(1 usd = 55.70 pesos)
afxmanila@afxasia.com
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Land Bank of the Philippines March 23 NPL ratio 16.32 pct vs 17.83
Dec 16 |
MANILA (AFX-ASIA) - State-owned Land Bank of the Philippines
said its non-performing loans (NPLs) accounted for 16.32 pct of
total loans as of March 23, down from 17.83 pct as of Dec 16.
Its statement of condition shows total NPLs of 23.6 bln pesos
as of March 23, against 24.46 bln as of Dec 16, with specific
provisions for loan-losses of 15.6 bln and general provisions of
1.38 bln.
Return on equity stood at 9.36 pct.
(1 usd = 55.70 pesos)
afxmanila@afxasia.com
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Philippines' BIR expects to meet April tax collection goal of 56 bln
pesos |
MANILA (AFX-ASIA) - Bureau of Internal Revenue (BIR)
commissioner Guillermo Parayno said the agency is optimistic that it
can meet the 56 bln peso tax revenue goal it set for April even
after the first-quarter collections fell short of target.
The BIR, whose collections account for bulk of government
revenues, collected taxes totaling 98.97 bln pesos in the first
quarter, against its goal of 101.08 bln.
April is income tax payment month in the Philippines.
Parayno said that as of April 19, total collections were about
64 pct of the target.
"We have a good fighting chance of meeting the goal," he said.
The BIR missed its targets in the months of January and
February with aggregate shortfalls of 3.4 bln pesos.
Making up for the BIR shortfall were the bigger-than-target
collections of the Bureau of Customs and the Bureau of Treasury.
In March, however, the BIR exceeded its target by 1.41 bln
pesos with total collections of 33.604 bln, which helped narrow the
budget deficit.
The government kept its budget deficit at 56.85 bln pesos in
the first quarter to March, below the 58.9 bln ceiling.
Revenues totaled 152.61 bln against the target of 151.3 bln,
while expenditures reached 209.46 bln compared with the programmed
210.1 bln.
Financial markets are watching the government's fiscal
performance amid concerns that it may spend more than programmed
ahead of the May 10 national elections.
The government's fiscal performance is a major issue that
credit rating agencies are also looking at as they assess the
Philippines' credit-worthiness amid the public sector's burgeoning
debt.
The government aims to limit this year's budget deficit to
197.8 bln pesos, of 4.2 pct of gross domestic product, in line with
its goal of achieving a balanced budget by 2009.
(1 usd = 55.70 pesos)
afxmanila@afxasia.com
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Philippines' Smart extends swap offer deadline for Piltel debtors to
April 30 |
MANILA (AFX-ASIA) - Smart Communications Inc has extended the
deadline for creditors of affiliate Pilipino Telephone Corp (Piltel)
to make an offer to sell their Piltel debt to Smart to April 30 from
yesterday, parent Philippine Long Distance Telephone Co (PLDT)
announced.
An earlier newspaper report said Piltel creditors were to ask
for more time to study Smart's debt-swap offer.
Smart, PLDT's wholly-owned wireless unit, has offered Piltel
creditors to swap their loans to Piltel for cash or Smart-issued
bonds or sovereign bonds. But it indicated that it would only
proceed with the debt transaction if creditors representing at least
75 pct of total Piltel debt by value participated in the offer.
"As of last evening, Smart had not received offers which
satisfy its minimum offer thresholds," PLDT said.
"Some creditors have informed Smart of their intention to
participate in the offer, but due to Easter and other holidays,
these creditors have not been able to complete their formal
approvals by the original deadline of April 20."
Smart, which has until August this year to offer its shares to
the public as required under its franchise, also intends to acquire
PLDT's 45 pct stake in Piltel, which is also engaged in mobile
telephony business.
The Smart-Piltel transaction is expected to pave the way for
Smart to backdoor-list its shares on the local bourse.
afxmanila@afxasia.com
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Philippines' Equitable PCI Bank blocks Sy group bid for board
representation |
MANILA (AFX-ASIA) - Equitable PCI Bank has blocked moves by
Henry Sy's group, which controls Banco de Oro Universal Bank and
China Bank Corp, to gain representation on its 15-seat board, citing
a conflict of interest.
The Sy group, during yesterday's annual meeting of Equitable
PCI, nominated Banco de Oro chairman Teresita Sy-Coson and four
other individuals to the board, in a bid to acquire at least one
seat.
"They are nominees of a group with interests in conflict or
adverse to the bank," Equitable PCI corporate secretary Nilo Divina
said during the meeting.
He cited a provision in the bank's by-laws and a precedent set
by the Supreme Court, which allow the company to protect itself by
barring competitors from getting on to its board.
He was referring to the Supreme Court ruling that prevented
John Gokongwei Jr, who is engaged in food and telecommunications
businesses, from joining the board of food and beverage conglomerate
San Miguel Corp.
Philippine Long Distance Telephone Co also cited the same
ruling when it blocked the Gokongwei group's bid to take over
control of the telecommunications firm several months ago.
The Sy group had claimed it secured enough proxies to install
at least one director in Equitable PCI.
Banco de Oro had signed a deal earlier this year to buy some
187.85 mln Equitable PCI shares from pension fund Social Security
System for 43.50 pesos each, or a 30 pct premium over the stock's
end-2003 closing price.
The Go family, who controls Equitable PCI, is reportedly
against the transaction, which may result in the Sy group eventually
taking over the bank.
The transaction has yet to be completed.
(1 usd = 55.64 pesos)
afxmanila@afxasia.com
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Philippines' Chinabank March 23 NPL ratio 14.0 pct vs 14.56 as of
Dec 16 |
MANILA (AFX-ASIA) - China Banking Corp said its non-performing
loans (NPL) accounted for 14.0 pct of total loans as of March 23,
down from 14.56 pct as of Dec 16.
In its published statement of condition, the bank said its NPLs
totaled 8. 76 bln pesos, little changed from 8.78 bln pesos as of
Dec 16, with general provisions of 2.38 bln and specific provisions
of 4.28 bln.
Return on equity stood at 15.73 pct.
(1 usd = 55. 64 pesos)
afxmanila@afxasia.com
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Philippines' i-Bank March 23 NPL ratio 12.63 pct vs 13.41 pct Sept
19 |
MANILA (AFX-ASIA) - International Exchange Bank (i-Bank) said
its non-performing loans (NPLs) totaling 2.79 bln pesos accounted
for 12.63 pct of total loans as of March 23, down from 13.41 pct as
of Sept 19.
The bank had total NPLs of 2.69 bln pesos as of Sept 19.
As of March 23, the bank's specific provisions against
loan-losses amounted to 1.71 bln pesos, while general provisions
reached 312.01 mln, according to its published statement of
condition.
Return on equity stood at 10.67 pct.
(1 usd = 55.64 pesos)
afxmanila@afxasia.com
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United Overseas Bank Philippines March 23 NPL ratio 60.62 pct |
MANILA (AFX-ASIA) - United Overseas Bank Philippines (UOBP)
said its non-performing loans (NPLs) accounted for 60.62 pct of
total loans as of March 23, little changed from 59.23 pct from June
19 last year.
UOBP is the local unit of United Overseas Bank Ltd of
Singapore.
The bank said in a statement that NPLs totaled 4.88 bln pesos,
down from 5.04 bln pesos as of June 19, with general provisions of
140.86 mln and specific provisions of 930.99 mln.
Return on equity stood at negative 48.58 pct.
(1 usd = 55.64 pesos)
afxmanila@afxasia.com
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Philippines' Equitable PCI Bank March 23 NPL ratio 14.69 pct vs 14.8
on Dec 16 |
MANILA (AFX-ASIA) - Equitable PCI Bank said its non-performing
loans (NPL) accounted for 14.69 pct of total loans as of March 23,
against 14.80 pct as of Dec 16.
Its published statement of condition shows Equitable PCI's NPLs
totaled 21.5 bln pesos, compared with 22.39 bln as of Dec 16.
As of March 23, general provisions on loan losses amounted to
1.18 bln pesos, while specific provisions reached 14.87 bln pesos.
Return on equity stood at 3.29 pct.
(1 usd = 55.64 pesos)
edelacruz@afxasia.com
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Philippines' San Miguel Q1 net profit up 30 pct yr/yr on brisk sales
- UPDATE2 |
(Updating with breakdown of directors)
MANILA (AFX-ASIA) - Food and beverage conglomerate San Miguel
Corp said its net profit in the first quarter to March rose 30 pct
year-on-year to 1.74 bln pesos, with brisk beer sales boosting
revenues.
Operating income in the quarter surged 33 pct year-on-year to
3.43 bln pesos, driven mainly by its domestic beverage businesses,
both alcoholic and non-alcoholic, it said.
Consolidated net sales revenue rose 15 pct to 39.02 bln pesos,
with domestic and international beer sales posting combined growth
of 25 pct year-on-year.
Domestic beer operations registered operating income of 2.17
bln pesos in the first quarter, 32 pct above last year, as volume
growth remained strong, gaining 27 pct from a year earlier. Revenue
came to 9.54 bln pesos, 28 pct higher than last year.
Sales revenue of the international beer operations improved to
58.7 mln usd, 14 pct better than last year.
San Miguel Chairman and Chief Executive Officer Eduardo
Cojuangco, meanwhile, said the company has scheduled several
ground-breaking activities for the second half of the year that will
rev up its plans for regional growth.
"We are confident that you will see significant acceleration of
our regional expansion program well into 2004," he told the
company's stockholders at today's annual meeting.
He vowed to transform San Miguel into one of Asia's top ten
largest food and beverage companies by 2007.
San Miguel's expansion program covers such markets as China,
Taiwan, Australia, Thailand, Indonesia, Vietnam and Malaysia.
As expected, Cojuangco is retaining his post as chairman of San
Miguel, while the government remains represented on the board with
five directors.
Elected to the board at today's meeting are government
representatives Leo Alvez, Pacifico Fajardo, Menardo Jimenez,
Octavio Victor Espiritu and Egmidio de Silva Jose.
The state-run pension funds, the Social Security System (SSS)
and the Government Service Insurance System (GSIS) also have one
board seat each as San Miguel shareholders.
SSS president Corazon de la Paz and GSIS president Winston
Garcia are staying on as San Miguel directors.
The government effectively has seven seats, including those
held by SSS and GSIS, on the 15-man board.
Other elected directors are: Ramon Ang, San Miguel vice
chairman, president and chief operations officer; Estelito Mendoza,
who is Cojuangco's legal counsel; Manuel Cojuangco; Inigo Zobel;
Shigeki Ota; Hitoshi Oshima; and Henry Sy Jr.
Kirin Brewery Co Ltd of Japan holds a 15 pct stake in San
Miguel, while the Sy group's SM Investments Corp owns 6.3 pct.
The Presidential Commission on Good Government, the government
agency tasked with recovering assets, was earlier reported to be
planning to seek an extra seat on San Miguel's board to consolidate
its hold on the company.
But PCGG chairman Haydee Yorac was quoted as saying during a
recent forum that it is difficult for the government to secure
support from other San Miguel shareholders, including the Sy group,
since it is election season.
The government has been contesting the ownership of a 47 pct
block of shares in San Miguel and alleges that the Cojuangco group,
which the court has allowed to vote with respect to a 20 pct block,
used levies collected from coconut farmers during the Marcos era to
buy the shares.
Cojuangco disputes the allegations.
(1 usd = 55.60 pesos)
afxmanila@afxasia.com
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