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Deutsche Lufthansa AG warned that persisting economic uncertainty is clouding the growth prospects of the aviation industry, but added it doesn't expect the global economy to drift into a renewed recession.
"None of our data suggests there will be a double-dip recession scenario, but the going definitely gets tougher," Chief Financial Officer Stephan Gemkow told a news conference.
The increasingly uncertain economic outlook was already reflected in the company's falling third-quarter profits – although the decline was lower than analysts had expected – and is continuing to depress future bookings, the German flagship airline said.
Previously, Lufthansa had been relatively unaffected by the economic crisis that is gripping the euro zone, but business confidence in Germany and elsewhere in Europe has shown signs of wavering amid concerns that a slowdown may be around the corner.
Still, Lufthansa also reiterated its recently lowered full-year profit guidance, and said it would "initially prepare for slower growth rates in passenger and freight traffic."
In response to the deteriorating economy, Lufthansa pledged to divest loss-making units – such as British Midland Airways, known as bmi – step up cost cutting efforts, adjust passenger capacity expansion plans and boost its low-cost airline offerings.
"The macroeconomic environment--and therefore the strength of demand for the airborne companies in particular – has weakened significantly," Lufthansa said in its third quarter report. "At the same time, the booking prospects for the months ahead have deteriorated substantially," the carrier said.
http://mb.com.ph/node/339556/lufthan
One-stop online source of Philippines Stocks investment analysis and relevant Philippines Stocks news.
Monday, October 31, 2011
Sunday, October 30, 2011
Stock News 2011: BPI earns P9.6 billion
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The Bank of the Philippine Islands reported that its net income grew by 6 percent to P9.6 billion as it opted to expand its loan to deposit ratio to maintain its net interest margin amid market volatility.
In a disclosure to the Philippine Stock Exchange, BPI said total revenues were up by 7 percent as net interest income improved by 9 percent fuelled by a P67 billion growth in average asset base.
Non-interest income was just slightly ahead of the previous year as securities trading gain fell short by P809 million from last year as expected.
This was however more than compensated for by higher fees and commissions, income from insurance operations, and other operating income.
Operating costs were however higher by 13 percent with half of the increase arising from salary adjustments and CBA related expenses. Increases were also seen in premises cost, regulatory costs, and other variable expenses.
http://mb.com.ph/articles/339379/bpi-earns-p96-billion-6-first-nine-months
The Bank of the Philippine Islands reported that its net income grew by 6 percent to P9.6 billion as it opted to expand its loan to deposit ratio to maintain its net interest margin amid market volatility.
In a disclosure to the Philippine Stock Exchange, BPI said total revenues were up by 7 percent as net interest income improved by 9 percent fuelled by a P67 billion growth in average asset base.
Non-interest income was just slightly ahead of the previous year as securities trading gain fell short by P809 million from last year as expected.
This was however more than compensated for by higher fees and commissions, income from insurance operations, and other operating income.
Operating costs were however higher by 13 percent with half of the increase arising from salary adjustments and CBA related expenses. Increases were also seen in premises cost, regulatory costs, and other variable expenses.
http://mb.com.ph/articles/339379/bpi-earns-p96-billion-6-first-nine-months
Saturday, October 29, 2011
Stock News 2011: CEB passenger traffic up 30%
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Cebu Pacific (CEB) has posted a 30 percent growth in passenger traffic between the Philippines and ASEAN destinations in the third quarter of 2011 compared to the same period last year.
From July to September 2011, CEB flew close to 286,000 passengers to and from ASEAN destinations with an average load factor of 81 percent.
“There are 10 member states in the Association of Southeast Asian Nations (ASEAN), and we look forward to expanding Cebu Pacific’s network further in this region. We believe our neighboring Southeast Asian countries can benefit greatly from direct access and additional connectivity to the Philippines, especially with our trademark low fares,” said CEB VP for Marketing and Distribution Candice Iyog.
The airline took delivery of one brand-new Airbus A320 last October 26, 2011, and will take another A320 in December 2011. This provides additional capacity for network, flight and route expansion.
“CEB’s combination of low fares, fun service, new planes and extensive network stimulates demand for tourism and trade, and grows the market. We want to continue doing this for the ASEAN region where we fly the most passengers to and from the Philippines,” she added.
http://mb.com.ph/articles/339354/ceb-passenger-traffic-30
Cebu Pacific (CEB) has posted a 30 percent growth in passenger traffic between the Philippines and ASEAN destinations in the third quarter of 2011 compared to the same period last year.
From July to September 2011, CEB flew close to 286,000 passengers to and from ASEAN destinations with an average load factor of 81 percent.
“There are 10 member states in the Association of Southeast Asian Nations (ASEAN), and we look forward to expanding Cebu Pacific’s network further in this region. We believe our neighboring Southeast Asian countries can benefit greatly from direct access and additional connectivity to the Philippines, especially with our trademark low fares,” said CEB VP for Marketing and Distribution Candice Iyog.
The airline took delivery of one brand-new Airbus A320 last October 26, 2011, and will take another A320 in December 2011. This provides additional capacity for network, flight and route expansion.
“CEB’s combination of low fares, fun service, new planes and extensive network stimulates demand for tourism and trade, and grows the market. We want to continue doing this for the ASEAN region where we fly the most passengers to and from the Philippines,” she added.
http://mb.com.ph/articles/339354/ceb-passenger-traffic-30
Friday, October 28, 2011
Stock News 2011: Vista Land Unveils P10-B Development
Image via WikipediaTop home developer Vista Land and Lifescapes, Inc. is ramping up to P10 billion its investment in the Presidio, a residential and commercial enclave within the 60-hectare Vistaland Lakefront master-planned city in Sucat.
Vista Residences chief operating officer Maribeth C. Tolentino said their vertical housing unit is planning to put up five more mid-rise residential condominium clusters in the 7-hectare Presidio.
She said the additional cluster buildings will range from 5- to 15-storeys each with about 400 units and a total cost of P2 billion for all five buildings. Lakefront features an array of San Francisco-inspired residential enclaves that offer leisure and lifestyle choices.
Lakefront is strategically located in Sucat, which is seen as a natural extension to Makati and Bonifacio Global City.
Sucat is envisioned to be the next central business district due to its easy access to the airport, South Luzon Expressway and the Philippine National Railway as well as schools, malls, and offices in nearby Makati, Bonifacio, Ortigas and Alabang.
Tolentino said Presidio will consist of 12 mid-rise cluster buildings offering a total of 1,200 residential units. Seven cluster buildings with a total of 795 units have already been completed.
http://mb.com.ph/articles/339223/vista-land-unveils-p10b-development
Vista Residences chief operating officer Maribeth C. Tolentino said their vertical housing unit is planning to put up five more mid-rise residential condominium clusters in the 7-hectare Presidio.
She said the additional cluster buildings will range from 5- to 15-storeys each with about 400 units and a total cost of P2 billion for all five buildings. Lakefront features an array of San Francisco-inspired residential enclaves that offer leisure and lifestyle choices.
Lakefront is strategically located in Sucat, which is seen as a natural extension to Makati and Bonifacio Global City.
Sucat is envisioned to be the next central business district due to its easy access to the airport, South Luzon Expressway and the Philippine National Railway as well as schools, malls, and offices in nearby Makati, Bonifacio, Ortigas and Alabang.
Tolentino said Presidio will consist of 12 mid-rise cluster buildings offering a total of 1,200 residential units. Seven cluster buildings with a total of 795 units have already been completed.
http://mb.com.ph/articles/339223/vista-land-unveils-p10b-development
Friday, October 21, 2011
Stock News 2011: SMC to complete purchase of 77% of ETPI from Ongpin
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Diversifying giant San Miguel Corporation is completing its acquisition of Roberto V. Ongpin-controlled ISM Communications Corporation’s 77 percent stake in Eastern Telecommunications Philippines Inc.
In a disclosure to the Philippine Stock Exchange, SMC said its wholly-owned subsidiary San Miguel Equity Securities Inc. has executed a share purchase agreement with ISM for the purchase of 37.7 percent of ETPI.
The purchase was authorized by the SMC board of directors during its meetings held on December 16, 2010 and September 22, 2011.
SMC had earlier acquired a 40 percent stake in ETPI from ISM through wholly-owned unit Vega Telecom Inc.
Vega has executed a Share Purchase Agreement with ISM last December 30 for the purchase by Vega of 100 percent of the outstanding and issued shares of stock of A. G. N. Philippines, Inc. (AGNP).
AGNP is the registered and beneficial owner of approximately 40 percent of Eastern Telecom. SMC said the acquisition of AGNP was authorized by its Board of Directors during its meeting held on December 16, 2010.
ISM president Eric Recto said earlier that SMC is in talks with his company for the sale of the ISM’s entire 77-percent stake in Eastern Telecoms.
For his part, Eastern Telecoms head for marketing and business development Edwin Domingo said the company plans to create a synergy with SMC-led Liberty Telecom Holdings Inc.
Later on, ETPI, Express Telecommunications Inc. and Liberty may be folded into one company. “It could be like a San Miguel telecom company,” Domingo said.
In the meantime, Domingo said ETPI is helping Liberty set up parts of the Liberty’s infrastructure.
http://mb.com.ph/articles/338493/smc-complete-purchase-77-etpi-ongpin
Diversifying giant San Miguel Corporation is completing its acquisition of Roberto V. Ongpin-controlled ISM Communications Corporation’s 77 percent stake in Eastern Telecommunications Philippines Inc.
In a disclosure to the Philippine Stock Exchange, SMC said its wholly-owned subsidiary San Miguel Equity Securities Inc. has executed a share purchase agreement with ISM for the purchase of 37.7 percent of ETPI.
The purchase was authorized by the SMC board of directors during its meetings held on December 16, 2010 and September 22, 2011.
SMC had earlier acquired a 40 percent stake in ETPI from ISM through wholly-owned unit Vega Telecom Inc.
Vega has executed a Share Purchase Agreement with ISM last December 30 for the purchase by Vega of 100 percent of the outstanding and issued shares of stock of A. G. N. Philippines, Inc. (AGNP).
AGNP is the registered and beneficial owner of approximately 40 percent of Eastern Telecom. SMC said the acquisition of AGNP was authorized by its Board of Directors during its meeting held on December 16, 2010.
ISM president Eric Recto said earlier that SMC is in talks with his company for the sale of the ISM’s entire 77-percent stake in Eastern Telecoms.
For his part, Eastern Telecoms head for marketing and business development Edwin Domingo said the company plans to create a synergy with SMC-led Liberty Telecom Holdings Inc.
Later on, ETPI, Express Telecommunications Inc. and Liberty may be folded into one company. “It could be like a San Miguel telecom company,” Domingo said.
In the meantime, Domingo said ETPI is helping Liberty set up parts of the Liberty’s infrastructure.
http://mb.com.ph/articles/338493/smc-complete-purchase-77-etpi-ongpin
Related articles
- San Miguel's SMC Global Power Said to Postpone $854 Million IPO (businessweek.com)
Tuesday, October 11, 2011
Stock News 2011: BCDA to sell small lots
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The Bases Conversion Development Authority is set to issue the terms of reference for the sale of the remaining small parcels of lots in Fort Bonifacio before end this year.
BCDA vice-president for Business Development and Operations Dean J. Santiago said there are two parcels in Fort Bonifacio one is located in the Eastgate parking and another in the Sampaguita ramp. A third property is a one-hectare parcel located in the Villamor Driving Range. These lots could fetch about P500 million for BCDA.
“We are going to issue the terms of reference for the bidding of these small parcels,” he said.
Notice of publication has been set for October 10 this year to pave the way for bidding before end this year.
Awarding of contract of sale is estimated to be early January 2012.
Santiago said the disposition mode for these assets would be outright sale because these are smaller lots. The Villamor lot is ideal for the establishment of institutional projects like schools while the Sampaguita ramp could be ideal for a small commercial development. The EastGate lot would be suited for parking.
http://mb.com.ph/articles/337347/bcda-sell-small-lots
The Bases Conversion Development Authority is set to issue the terms of reference for the sale of the remaining small parcels of lots in Fort Bonifacio before end this year.
BCDA vice-president for Business Development and Operations Dean J. Santiago said there are two parcels in Fort Bonifacio one is located in the Eastgate parking and another in the Sampaguita ramp. A third property is a one-hectare parcel located in the Villamor Driving Range. These lots could fetch about P500 million for BCDA.
“We are going to issue the terms of reference for the bidding of these small parcels,” he said.
Notice of publication has been set for October 10 this year to pave the way for bidding before end this year.
Awarding of contract of sale is estimated to be early January 2012.
Santiago said the disposition mode for these assets would be outright sale because these are smaller lots. The Villamor lot is ideal for the establishment of institutional projects like schools while the Sampaguita ramp could be ideal for a small commercial development. The EastGate lot would be suited for parking.
http://mb.com.ph/articles/337347/bcda-sell-small-lots
Sunday, October 9, 2011
Stock News 2011: Grepalife-managed mutual funds surpass P3-B sales in Q3
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Grepalife Asset Management Corporation (GAMC), the mutual fund management arm of Yuchengco Group of Companies, has marked its presence in the mutual fund market by surpassing P3.2 billion gross sales mark as of the end of the third quarter of 2011. Based on data from the Philippine Investment Fund Association (PIFA) as of the period ended August 2011, GAMC-managed mutual funds likewise dominated total net sales (difference between gross sales and redemptions) among bond mutual funds invested in foreign currency securities by increasing net assets by P1.3 billion representing 106% share in total net sales growth for all funds in the same category. Industry data likewise revealed some competitor funds have experienced negative net sales in the same period.
Butch L. Lustado, Assistant General Manager of GAMC claims that the stable returns have allowed their company to grow their assets under management to over P4.6 billion by the end of the third quarter of 2011. “Our investors are by and large very satisfied with the way we handle their hard-earned funds and keep them informed about it,” says Lustado. GAMC has an on-demand account inquiry service for investors via SMS and the Internet.
http://mb.com.ph/articles/337019/grepalifemanaged-mutual-funds-surpass-p3b-sales-q3
Grepalife Asset Management Corporation (GAMC), the mutual fund management arm of Yuchengco Group of Companies, has marked its presence in the mutual fund market by surpassing P3.2 billion gross sales mark as of the end of the third quarter of 2011. Based on data from the Philippine Investment Fund Association (PIFA) as of the period ended August 2011, GAMC-managed mutual funds likewise dominated total net sales (difference between gross sales and redemptions) among bond mutual funds invested in foreign currency securities by increasing net assets by P1.3 billion representing 106% share in total net sales growth for all funds in the same category. Industry data likewise revealed some competitor funds have experienced negative net sales in the same period.
Butch L. Lustado, Assistant General Manager of GAMC claims that the stable returns have allowed their company to grow their assets under management to over P4.6 billion by the end of the third quarter of 2011. “Our investors are by and large very satisfied with the way we handle their hard-earned funds and keep them informed about it,” says Lustado. GAMC has an on-demand account inquiry service for investors via SMS and the Internet.
http://mb.com.ph/articles/337019/grepalifemanaged-mutual-funds-surpass-p3b-sales-q3
Saturday, October 1, 2011
Stock News 2011: SMDC tops NCR's condominium sales
Image via WikipediaSM Development Corporation (SMDC) has again garnered the top spot in National Capital Region or Metro Manila’s competitive residential condominium market.
According to a recent Colliers International Philippines report, SMDC sold the most number of Metro Manila residential condominium units and attained the highest amount in terms of sales value during the first half of 2011.
This continues the trend of SMDC topping the list for the past two years as cited by similar Colliers studies.
Based on the Colliers report, SMDC sold 4,117 residential condominium units from January to June 2011 worth P9.0 billion. This translates to a 22 percent market share in terms of number of units sold in an industry with more than 90 players.
SMDC currently has in its portfolio 15 residential projects, 14 of which are in Metro Manila and one in Tagaytay City. Six projects namely Berkeley Residences, Chateau Elysee, Mezza Residences, Field Residences, Grass Residences, and Sea Residences are ready for occupancy.
This year, the company launched two of its latest projects, Mezza II Residences, which is located at the corner of Aurora Boulevard and Guirayan Street in Quezon City and is very near SM City Sta. Mesa, and M Place @ Ortigas, located along Meralco Avenue in the heart of the Ortigas Commerical Business District in Pasig City.
http://mb.com.ph/articles/336234/smdc-tops-ncrs-condominium-sales
According to a recent Colliers International Philippines report, SMDC sold the most number of Metro Manila residential condominium units and attained the highest amount in terms of sales value during the first half of 2011.
This continues the trend of SMDC topping the list for the past two years as cited by similar Colliers studies.
Based on the Colliers report, SMDC sold 4,117 residential condominium units from January to June 2011 worth P9.0 billion. This translates to a 22 percent market share in terms of number of units sold in an industry with more than 90 players.
SMDC currently has in its portfolio 15 residential projects, 14 of which are in Metro Manila and one in Tagaytay City. Six projects namely Berkeley Residences, Chateau Elysee, Mezza Residences, Field Residences, Grass Residences, and Sea Residences are ready for occupancy.
This year, the company launched two of its latest projects, Mezza II Residences, which is located at the corner of Aurora Boulevard and Guirayan Street in Quezon City and is very near SM City Sta. Mesa, and M Place @ Ortigas, located along Meralco Avenue in the heart of the Ortigas Commerical Business District in Pasig City.
http://mb.com.ph/articles/336234/smdc-tops-ncrs-condominium-sales
Wednesday, September 28, 2011
Stock News 2011: ALI developing former PRC racetrack
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Property giant Ayala Land Inc. is planning to develop the 21-hectare former racetrack of Philippine Racing Club Inc. into the entertainment district of Makati City.
In an interview, ALI Strategic Landbank Management Group vice president Anna Bautista-Dy said ALI will take advantage of the property’s being near a river and should be launching projects by next year.
“We’d like more live performances, spaces for gathering around, more river-facing projects, perhaps a boardwalk along the river,” she said adding that it will be “more of an outdoor oriented retail, entertaining component.”
ALI and subsidiary Alveo Land Corporation have signed a deal with PRCI earlier this year for the mixed-use development of PRCI’s property in Bgy. Carmona, Makati City.
PRCI corporate secretary Jesulito Manalo disclosed to the Philippine Stock Exchange that, under the agreement, PRCI will contribute its 21 hectare lot for its joint development into a mixed-use real estate project.
ALI chief finance office Jaime Ysmael said the project will form part of ALI’s ongoing developments in the City of Makati but specific details are not yet available and will be disclosed later.
http://mb.com.ph/articles/335825/ali-developing-former-prc-racetrack
Property giant Ayala Land Inc. is planning to develop the 21-hectare former racetrack of Philippine Racing Club Inc. into the entertainment district of Makati City.
In an interview, ALI Strategic Landbank Management Group vice president Anna Bautista-Dy said ALI will take advantage of the property’s being near a river and should be launching projects by next year.
“We’d like more live performances, spaces for gathering around, more river-facing projects, perhaps a boardwalk along the river,” she said adding that it will be “more of an outdoor oriented retail, entertaining component.”
ALI and subsidiary Alveo Land Corporation have signed a deal with PRCI earlier this year for the mixed-use development of PRCI’s property in Bgy. Carmona, Makati City.
PRCI corporate secretary Jesulito Manalo disclosed to the Philippine Stock Exchange that, under the agreement, PRCI will contribute its 21 hectare lot for its joint development into a mixed-use real estate project.
ALI chief finance office Jaime Ysmael said the project will form part of ALI’s ongoing developments in the City of Makati but specific details are not yet available and will be disclosed later.
http://mb.com.ph/articles/335825/ali-developing-former-prc-racetrack
Saturday, September 24, 2011
Stock News 2011: Smc's 8-Month Income Up 70%
Image via WikipediaSan Miguel Corp. (SMC) net income rose 70 percent in the eight months through August from a year ago on acquisitions of oil-refining and power-generation assets, a person familiar with the company’s financial data said.
The Philippines’ biggest listed company also had revenue that rose by two and a half times, while earnings before interest, taxes, depreciation and amortization almost doubled, the person, who declined to be identified because the information is private, said. San Miguel last month reported first-half profit rose 72 percent to P10.8 billion.
The company that started as a brewer more than a century ago has been expanding into oil refining, power retailing and infrastructure to triple the return it previously earned from food and drinks. Oil refining unit Petron Corp. accounts for about a third of the Philippine oil market, while SMC Global Power Holdings Corp. controls 17.5 percent of the nation’s power generation capacity. The power unit plans to raise as much as P27.3 billion in an initial public offering.
San Miguel will pay a cash dividend of 35 centavos per common share and P1.50 for each Series 1 preferred stock held, it told the stock exchange today, after close of trading.
Profit in the first three quarters of 2010 was P12.7 billion, the company said in a November 2010 statement.
http://mb.com.ph/articles/335434/smcs-8month-income-up-70
The Philippines’ biggest listed company also had revenue that rose by two and a half times, while earnings before interest, taxes, depreciation and amortization almost doubled, the person, who declined to be identified because the information is private, said. San Miguel last month reported first-half profit rose 72 percent to P10.8 billion.
The company that started as a brewer more than a century ago has been expanding into oil refining, power retailing and infrastructure to triple the return it previously earned from food and drinks. Oil refining unit Petron Corp. accounts for about a third of the Philippine oil market, while SMC Global Power Holdings Corp. controls 17.5 percent of the nation’s power generation capacity. The power unit plans to raise as much as P27.3 billion in an initial public offering.
San Miguel will pay a cash dividend of 35 centavos per common share and P1.50 for each Series 1 preferred stock held, it told the stock exchange today, after close of trading.
Profit in the first three quarters of 2010 was P12.7 billion, the company said in a November 2010 statement.
http://mb.com.ph/articles/335434/smcs-8month-income-up-70
Related articles
- San Miguel's SMC Global Power Said to Postpone $854 Million IPO (businessweek.com)
- San Miguel to Stay as Listed Company, President Ramon Ang Says (businessweek.com)
Friday, September 23, 2011
Stock News 2011: Jollibee Expects 50-50 Revenue Mix
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ollibee Foods Corp. (JFC) expects a 50-50 ratio in revenues from its foreign and domestic multi-brand food chain business in the next three years.
Tony Tan Caktiong, Chairman and CEO of JFC, told reporters at the sidelines of the Franchise Asia 2011 where he was a speaker that while its international multi-brand food businesses is growing faster than its local business, the ratio is expected to be equally 50-50 ratio in three years time.
In terms of revenues, the foreign business now contributes 20 percent of its total business but is growing faster.
Tan Caktiong said that its China business is growing faster despite difficulties around the world like soaring food prices.
The company has acquired three food restaurants brands in China including a congee and noodle outlet. These franchises are growing fast as franchise concepts in China.
The company is also planning to bring these brands outside of China through franchise concepts.
It has also acquired a Vietnamese restaurant Viet Thai International, which is also being eyed for international franchising.
Locally, Jollibee has a total of 795 stores under franchise arrangements and accounting for 52 percent of its total Jollibee stores in the country.
40 percent of Greenwich stores are also under franchise while 65 percent of Chowking stores are under franchise.
Mang Inasal is now 65 percent under franchising arrangements.
http://mb.com.ph/articles/335315/jollibee-expects-5050-revenue-mix
ollibee Foods Corp. (JFC) expects a 50-50 ratio in revenues from its foreign and domestic multi-brand food chain business in the next three years.
Tony Tan Caktiong, Chairman and CEO of JFC, told reporters at the sidelines of the Franchise Asia 2011 where he was a speaker that while its international multi-brand food businesses is growing faster than its local business, the ratio is expected to be equally 50-50 ratio in three years time.
In terms of revenues, the foreign business now contributes 20 percent of its total business but is growing faster.
Tan Caktiong said that its China business is growing faster despite difficulties around the world like soaring food prices.
The company has acquired three food restaurants brands in China including a congee and noodle outlet. These franchises are growing fast as franchise concepts in China.
The company is also planning to bring these brands outside of China through franchise concepts.
It has also acquired a Vietnamese restaurant Viet Thai International, which is also being eyed for international franchising.
Locally, Jollibee has a total of 795 stores under franchise arrangements and accounting for 52 percent of its total Jollibee stores in the country.
40 percent of Greenwich stores are also under franchise while 65 percent of Chowking stores are under franchise.
Mang Inasal is now 65 percent under franchising arrangements.
http://mb.com.ph/articles/335315/jollibee-expects-5050-revenue-mix
Related articles
- Inspiring Success Stories of Ten Filipino Entrepreneurs (brighthub.com)
Tuesday, September 20, 2011
Stock News 2011: AGI to invest $1.35B more for Metro Manila tourism
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Alliance Global Group, Inc. (AGI) is expecting to invest an additional $1.35 billion over the next five years for its two hotel and gaming complexes in Metro Manila to boost its capacity to about 5,600 rooms from the current 1,226 rooms.
“At this point, we have invested maybe $650 million in Resorts World Manila. Within the next five years it will grow to $1 billion,” said AGI president Kingson Sian in an interview after the firm’s annual stockholders’ meeting.
He added that, ‘if we're going to spend a billion in RW Manila, for sure, minimum, its a billion on the other side (Pagcor Entertainment City) because its a much bigger site.’
“We're quite positive and excited about the prospects of tourism. There's a lot of us investing and that’s what you need. You need to create scale, you need to create diversity,” Sian explained.
He noted that most of their capital expenditures will be used to build non-gaming facilities such as hotels, conference centers, more high-end retail space.
“We're creating more capacity because we need more room to attract more tourist to come,” Sian said adding that they will build two more five-star hotels in RW Manila, two budget hotels and a six star hotel which will be an extension of Maxims. They will also expand the Marriott Hotel by 100 rooms.
For Resorts World Bayshore in Pagcor City, Sian said they will also prioritize the construction of hotels once their masterplan is completed.
http://mb.com.ph/articles/335072/agi-invest-135b-more-metro-manila-tourism-projects
Alliance Global Group, Inc. (AGI) is expecting to invest an additional $1.35 billion over the next five years for its two hotel and gaming complexes in Metro Manila to boost its capacity to about 5,600 rooms from the current 1,226 rooms.
“At this point, we have invested maybe $650 million in Resorts World Manila. Within the next five years it will grow to $1 billion,” said AGI president Kingson Sian in an interview after the firm’s annual stockholders’ meeting.
He added that, ‘if we're going to spend a billion in RW Manila, for sure, minimum, its a billion on the other side (Pagcor Entertainment City) because its a much bigger site.’
“We're quite positive and excited about the prospects of tourism. There's a lot of us investing and that’s what you need. You need to create scale, you need to create diversity,” Sian explained.
He noted that most of their capital expenditures will be used to build non-gaming facilities such as hotels, conference centers, more high-end retail space.
“We're creating more capacity because we need more room to attract more tourist to come,” Sian said adding that they will build two more five-star hotels in RW Manila, two budget hotels and a six star hotel which will be an extension of Maxims. They will also expand the Marriott Hotel by 100 rooms.
For Resorts World Bayshore in Pagcor City, Sian said they will also prioritize the construction of hotels once their masterplan is completed.
http://mb.com.ph/articles/335072/agi-invest-135b-more-metro-manila-tourism-projects
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- Packer, Lawrence Ho May Invest $1 Billion in Manila Casino (businessweek.com)
Thursday, September 15, 2011
Stock News 2011: SMIC expects better Q3, on track for double-digit growth
Conglomerate SM Investments Corporation (SMIC) expects its third quarter performance this year to be better than the same period in 2010 as Filipinos remain optimistic about their prospects.
In an interview at the sidelines of a forum organized by the Economic Journalists Association of the Philippines, SMIC chief finance officer Jose Sio said sales this year is being boosted by higher consumer spending.
He noted that this is due to strong remittances from overseas Filipinos as well as the large number of business process outsourcing firms all over the country which is providing employment and resulting in more disposable income.
However, Sio noted that, traditionally, earnings in the second quarter is seasonally better than in the third quarter.
He also disclosed that SMIC is on track to hit its targets this year as indicated by its first half results. “The indication is the same as of now. We can fulfill, if not better, our original budget,” Sio said.
SMIC registered a 13 percent growth in net income to P9.64 billion in the first half of 2011 from P8.53 billion during the same period in last year.
Consolidated revenues increased 9 percent to P92.94 billion as compared to P84.99 billion in the first semester of 2010.
The robust performance of SM’s property group, particularly its residential development business, and the sustained growth of its banking subsidiaries contributed to the company’s positive results for the period.
http://mb.com.ph/articles/334380/smic-expects-better-q3-track-doubledigit-growth
In an interview at the sidelines of a forum organized by the Economic Journalists Association of the Philippines, SMIC chief finance officer Jose Sio said sales this year is being boosted by higher consumer spending.
He noted that this is due to strong remittances from overseas Filipinos as well as the large number of business process outsourcing firms all over the country which is providing employment and resulting in more disposable income.
However, Sio noted that, traditionally, earnings in the second quarter is seasonally better than in the third quarter.
He also disclosed that SMIC is on track to hit its targets this year as indicated by its first half results. “The indication is the same as of now. We can fulfill, if not better, our original budget,” Sio said.
SMIC registered a 13 percent growth in net income to P9.64 billion in the first half of 2011 from P8.53 billion during the same period in last year.
Consolidated revenues increased 9 percent to P92.94 billion as compared to P84.99 billion in the first semester of 2010.
The robust performance of SM’s property group, particularly its residential development business, and the sustained growth of its banking subsidiaries contributed to the company’s positive results for the period.
http://mb.com.ph/articles/334380/smic-expects-better-q3-track-doubledigit-growth
Monday, September 12, 2011
Stock News 2011: Pancake House on Niches Matter
Image via Wikipedia
If you don’t want fast food and an expensive full-course meal, a fast casual restaurant may just be the ticket. Restaurants in this segment marry the quality of a casual dining environment with the convenience of fast food.
Higher food quality, a more modified table service, and greater attention to healthier food and ingredients distinguish restaurants in this niche from its fast food counterparts.
The Pancake House Group, with its diverse brand portfolio that includes its namesake Pancake House, Teriyaki Boy, Sizzling Pepper Steak, Le Coeur de France, Singkit, Dencio’s, and Kabisera, knows this all too well. And its recent R800 million acquisition of the entire Yellow Cab Pizza chain is further testament to its direction of building strong brands.
“I’ve been looking at Yellow Cab for three years,” reveals Martin P. Lorenzo, president and CEO of the Pancake House Group. “What really attracted me to it is that the brand itself is very strong,” he explains. Whereas other pizza chains are fighting it out using promos to see who gets the most customers, Lorenzo shares that Yellow Cab Pizza remains a premium brand in that it continuously attracts “a strong niche market of young professionals from 19 to 29 years old.”
He adds: “Yellow Cab has been in the market for 10 years, and they’ve always sold at a premium price. The brand is so strong that you don’t even have to see the yellow cab sign to know that it’s ‘Yellow Cab.’ As long as you see either the box, the Vespa or the checkered flag, you immediately associate it with the brand.”
While most acquisitions often result in drastic changes in a company’s operations, Yellow Cab will have none of it. “We like what they’re doing,” shares Lorenzo, “because when I looked at the cash flow, the balance sheet, they were very conservative. They have no debt—very little debt; and almost all the money they made over the last years has been plowed back into the stores. Out of the 80 to 85 locations, 70 are company owned. There really are assets there.”
Fact is Yellow Cab has a lot to gain from the acquisition, too. Lorenzo reveals: “We’ll support them with the financial discipline we have, with developing locations because we have a very strong locations group, and they now have the support of our commissary. But we’re very impressed with the management team they have in place, and the discipline they apply to the Yellow Cab brand.”
With Yellow Cab beefing up the company’s portfolio of casual dining restaurants, the Pancake House Group expects to end 2011 with net sales of P3.7 billion. The group is also expecting to increase Yellow Cab’s EBITDA (Earnings before Interest, Tax, Depreciation and Amortization) from 12 percent to 14 to 15 percent immediately.
“Just by backward integration,” puts in Lorenzo, “because now we can support them with the commissary and the sourcing. We can supply the dough using Le Coeur de France, and the sauces out of Pancake House commissary. This is effective immediately.”
http://mb.com.ph/articles/334004/niches-matter
If you don’t want fast food and an expensive full-course meal, a fast casual restaurant may just be the ticket. Restaurants in this segment marry the quality of a casual dining environment with the convenience of fast food.
Higher food quality, a more modified table service, and greater attention to healthier food and ingredients distinguish restaurants in this niche from its fast food counterparts.
The Pancake House Group, with its diverse brand portfolio that includes its namesake Pancake House, Teriyaki Boy, Sizzling Pepper Steak, Le Coeur de France, Singkit, Dencio’s, and Kabisera, knows this all too well. And its recent R800 million acquisition of the entire Yellow Cab Pizza chain is further testament to its direction of building strong brands.
“I’ve been looking at Yellow Cab for three years,” reveals Martin P. Lorenzo, president and CEO of the Pancake House Group. “What really attracted me to it is that the brand itself is very strong,” he explains. Whereas other pizza chains are fighting it out using promos to see who gets the most customers, Lorenzo shares that Yellow Cab Pizza remains a premium brand in that it continuously attracts “a strong niche market of young professionals from 19 to 29 years old.”
He adds: “Yellow Cab has been in the market for 10 years, and they’ve always sold at a premium price. The brand is so strong that you don’t even have to see the yellow cab sign to know that it’s ‘Yellow Cab.’ As long as you see either the box, the Vespa or the checkered flag, you immediately associate it with the brand.”
While most acquisitions often result in drastic changes in a company’s operations, Yellow Cab will have none of it. “We like what they’re doing,” shares Lorenzo, “because when I looked at the cash flow, the balance sheet, they were very conservative. They have no debt—very little debt; and almost all the money they made over the last years has been plowed back into the stores. Out of the 80 to 85 locations, 70 are company owned. There really are assets there.”
Fact is Yellow Cab has a lot to gain from the acquisition, too. Lorenzo reveals: “We’ll support them with the financial discipline we have, with developing locations because we have a very strong locations group, and they now have the support of our commissary. But we’re very impressed with the management team they have in place, and the discipline they apply to the Yellow Cab brand.”
With Yellow Cab beefing up the company’s portfolio of casual dining restaurants, the Pancake House Group expects to end 2011 with net sales of P3.7 billion. The group is also expecting to increase Yellow Cab’s EBITDA (Earnings before Interest, Tax, Depreciation and Amortization) from 12 percent to 14 to 15 percent immediately.
“Just by backward integration,” puts in Lorenzo, “because now we can support them with the commissary and the sourcing. We can supply the dough using Le Coeur de France, and the sauces out of Pancake House commissary. This is effective immediately.”
http://mb.com.ph/articles/334004/niches-matter
Thursday, September 8, 2011
Stock News 2011: RLC launches P3-B luxury condo
Image via Wikipedia
Robinsons Land Corporation expects to generate at least P3 billion in sales from its newly launched residential tower in its Sonata complex called The Allegro which is being developed under its high-end Luxuria brand.
During Allegro’s press launch, RLC business development manager Amelia Canon said the project comprises the second phase of the one-hectare Sonata Place which was previously the Medical City located at the corner of San Miguel Avenue and Lourdes St. in Mandaluyong City.
The success of Sonata Private Residences paved the way for the launch of the Allegro which will make available a total of 408 units priced at between P5 million and P23 million each.
The Allegro is a 42-storey upscale condominium tower offering a mix of residential units, serviced residences, and retail spaces. The building design is inspired by Contemporary Architecture, while interior common areas will feature a touch of Neo-Classic design.
The development’s retail units will be at the ground floor fronting San Miguel Avenue. These will be leased to upscale coffee shops and specialty stores. Amenities located at the third level will include an adult and kiddie pool, children’s play area, game and media rooms, and a reading lounge.
The Allegro’s Wellness Center will contain a fitness gym and spa/sauna facilities amenities that will be shared by both residents and guests of the serviced residences which will be at the 4th to 11th floors.
“Extra care and attention are devoted to selecting superior materials for the Allegro. Branded finishes and upgraded fixtures shall be delivered together with each Allegro unit,” said RLC president Frederick D. Go.
Unit owners will enjoy the utmost convenience and comfort with The Allegro’s various concierge services. These include messenger and courier services, restaurant reservations, bellhop service, newspaper and magazine delivery, housekeeping services, shoe polishing, laundry, and dry cleaning/pressing services.
http://mb.com.ph/articles/333551/rlc-launches-p3b-luxury-condo
Robinsons Land Corporation expects to generate at least P3 billion in sales from its newly launched residential tower in its Sonata complex called The Allegro which is being developed under its high-end Luxuria brand.
During Allegro’s press launch, RLC business development manager Amelia Canon said the project comprises the second phase of the one-hectare Sonata Place which was previously the Medical City located at the corner of San Miguel Avenue and Lourdes St. in Mandaluyong City.
The success of Sonata Private Residences paved the way for the launch of the Allegro which will make available a total of 408 units priced at between P5 million and P23 million each.
The Allegro is a 42-storey upscale condominium tower offering a mix of residential units, serviced residences, and retail spaces. The building design is inspired by Contemporary Architecture, while interior common areas will feature a touch of Neo-Classic design.
The development’s retail units will be at the ground floor fronting San Miguel Avenue. These will be leased to upscale coffee shops and specialty stores. Amenities located at the third level will include an adult and kiddie pool, children’s play area, game and media rooms, and a reading lounge.
The Allegro’s Wellness Center will contain a fitness gym and spa/sauna facilities amenities that will be shared by both residents and guests of the serviced residences which will be at the 4th to 11th floors.
“Extra care and attention are devoted to selecting superior materials for the Allegro. Branded finishes and upgraded fixtures shall be delivered together with each Allegro unit,” said RLC president Frederick D. Go.
Unit owners will enjoy the utmost convenience and comfort with The Allegro’s various concierge services. These include messenger and courier services, restaurant reservations, bellhop service, newspaper and magazine delivery, housekeeping services, shoe polishing, laundry, and dry cleaning/pressing services.
http://mb.com.ph/articles/333551/rlc-launches-p3b-luxury-condo
Tuesday, September 6, 2011
Stock News 2011: Gerry's Grill pushes robust expansion
Image via Wikipedia
Gerry’s Grill has continued to expand in Mindanao as it gears up to bring up its total number of restaurants to 47 by end of this year and bolster its position as the market leader among players in the fast-casual dining category.
Gerry Apolinario, chief executive officer of Prime Pacific Grill, Inc., said this after opening its third branch in Cagayan de Oro at Robinson Place. Earlier, the company opened a few weeks after Gerry’s opening at the Abreeza Mall in Davao City. The popular grill’s first branch in the region is located at Gaisano Mall.
“The opening of a branch in Cagayan de Oro has been in the pipeline for some time now. With the opening of Robinson’s Mall the time has come,” says Apolinario.
Gerry’s Cagayan brings the total number of newly opened branches in Q3 of 2011 to four. The grill restaurant also opened at Level 3, Greenbelt 3 at the Ayala Center in Makati City; and Building 4 Mexico Wing of SM City in Pampanga. Robinson’s Place is set to open this month.
Cost of investment for a branch is pegged between P12 million and P15 million. Three more branches are set to open in Q4. “In October we will open in Laoag, Nuvali at Sta. Rosa, Laguna; and Zamboanga,” reveals Apolinario.
Other Gerry’s Grill branches outside Manila are located in major travel destinations – Cebu, Baguio, Bohol, Tacloban, and Boracay.
Gerry’s first Asian branch at the upscale Marina Bay Sands in Singapore continues to be number one in patronage among the 25 international chains at the food court. Gerry’s was handpicked by executives of Koufu, a food conglomerate which operates several food courts in major lifestyle destinations in Singapore.
http://mb.com.ph/articles/333338/gerrys-grill-pushes-robust-expansion
Gerry’s Grill has continued to expand in Mindanao as it gears up to bring up its total number of restaurants to 47 by end of this year and bolster its position as the market leader among players in the fast-casual dining category.
Gerry Apolinario, chief executive officer of Prime Pacific Grill, Inc., said this after opening its third branch in Cagayan de Oro at Robinson Place. Earlier, the company opened a few weeks after Gerry’s opening at the Abreeza Mall in Davao City. The popular grill’s first branch in the region is located at Gaisano Mall.
“The opening of a branch in Cagayan de Oro has been in the pipeline for some time now. With the opening of Robinson’s Mall the time has come,” says Apolinario.
Gerry’s Cagayan brings the total number of newly opened branches in Q3 of 2011 to four. The grill restaurant also opened at Level 3, Greenbelt 3 at the Ayala Center in Makati City; and Building 4 Mexico Wing of SM City in Pampanga. Robinson’s Place is set to open this month.
Cost of investment for a branch is pegged between P12 million and P15 million. Three more branches are set to open in Q4. “In October we will open in Laoag, Nuvali at Sta. Rosa, Laguna; and Zamboanga,” reveals Apolinario.
Other Gerry’s Grill branches outside Manila are located in major travel destinations – Cebu, Baguio, Bohol, Tacloban, and Boracay.
Gerry’s first Asian branch at the upscale Marina Bay Sands in Singapore continues to be number one in patronage among the 25 international chains at the food court. Gerry’s was handpicked by executives of Koufu, a food conglomerate which operates several food courts in major lifestyle destinations in Singapore.
http://mb.com.ph/articles/333338/gerrys-grill-pushes-robust-expansion
Friday, September 2, 2011
Stock News 2011: Gotianun bank sees assets growing to P100B this year
Image by randz via Flickr
Gotianun-led East West Bank seeks to scale up its auto-lending business by offering attractive gas freebies as part of its goal of hitting P100 billion in total bank resources this year.
In a briefing Friday, East West Bank president Antonio Moncupa Jr. unveiled a car-financing program that offers up to P50,000 in free gas for clients availing themselves of auto loans with a size of more than P2 million. The offering is seen very timely and attractive given the upswing in global fuel prices.
The bank’s auto loan package carries a fixed interest rate of between 8 and 12 percent depending on the tenor, which ranges between 36 and 40 months. “We make sure we’re very competitive,” Moncupa said, noting that with narrowing loan spreads due to stiff competition in the banking system, it was a must to expand business volume.
East West Bank has expanded its car lending business by 26.2 percent in the first semester compared with a year ago, cementing its position as the country’s sixth biggest auto loan provider.
About P8 billion of the bank’s loans was devoted to car lending, Moncupa estimated. This represented about 18 percent of the bank’s P44-billion loan portfolio as of end-June.
http://business.inquirer.net/16391/gotianun-bank-sees-assets-growing-to-p100b-this-year
Gotianun-led East West Bank seeks to scale up its auto-lending business by offering attractive gas freebies as part of its goal of hitting P100 billion in total bank resources this year.
In a briefing Friday, East West Bank president Antonio Moncupa Jr. unveiled a car-financing program that offers up to P50,000 in free gas for clients availing themselves of auto loans with a size of more than P2 million. The offering is seen very timely and attractive given the upswing in global fuel prices.
The bank’s auto loan package carries a fixed interest rate of between 8 and 12 percent depending on the tenor, which ranges between 36 and 40 months. “We make sure we’re very competitive,” Moncupa said, noting that with narrowing loan spreads due to stiff competition in the banking system, it was a must to expand business volume.
East West Bank has expanded its car lending business by 26.2 percent in the first semester compared with a year ago, cementing its position as the country’s sixth biggest auto loan provider.
About P8 billion of the bank’s loans was devoted to car lending, Moncupa estimated. This represented about 18 percent of the bank’s P44-billion loan portfolio as of end-June.
http://business.inquirer.net/16391/gotianun-bank-sees-assets-growing-to-p100b-this-year
Thursday, August 25, 2011
International News 2011: Steve Jobs resigns as Apple CEO
Image by Kansir via Flickr
Apple’s legendary co-founder and top ideas man Steve Jobs resigned as chief executive Wednesday in a move long expected after he began a dramatic fight with cancer.
In a written statement, Apple, the world’s second most valuable company by market capitalization, announced that chief operating officer Tim Cook would take over as CEO but that Jobs would stay on as chairman of the board.
Jobs is seen as the heart and soul of Apple, with analysts and investors repeatedly expressing concern over how the Cupertino, California-based company will fare without the figure seen as its driving force.
“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” board member Art Levinson said in a statement.
Apple stock price slid more than five percent to $356.32 in trading that followed news of Jobs’s resignation and it remained to be seen what the market has in store for the company with the opening bell on Thursday.
Gartner analyst Van Baker saw no reason for investors to panic.
“My suspicion is that Apple will do just fine,” Baker told AFP. “There are so many talented people there and Steve’s attention to detail is baked into the culture.”
Jobs will still be around as chairman of the Apple board and the company has product plans mapped, according to the analyst. Apple is expected to launch a fifth-generation iPhone in September or October.
“Apple is an execution monster, and that includes products, supply chain and marketing,” Baker said.
“Their roadmap is in place; I’m sure they are already working on the next iPad.”
Apple’s legendary co-founder and top ideas man Steve Jobs resigned as chief executive Wednesday in a move long expected after he began a dramatic fight with cancer.
In a written statement, Apple, the world’s second most valuable company by market capitalization, announced that chief operating officer Tim Cook would take over as CEO but that Jobs would stay on as chairman of the board.
Jobs is seen as the heart and soul of Apple, with analysts and investors repeatedly expressing concern over how the Cupertino, California-based company will fare without the figure seen as its driving force.
“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” board member Art Levinson said in a statement.
Apple stock price slid more than five percent to $356.32 in trading that followed news of Jobs’s resignation and it remained to be seen what the market has in store for the company with the opening bell on Thursday.
Gartner analyst Van Baker saw no reason for investors to panic.
“My suspicion is that Apple will do just fine,” Baker told AFP. “There are so many talented people there and Steve’s attention to detail is baked into the culture.”
Jobs will still be around as chairman of the Apple board and the company has product plans mapped, according to the analyst. Apple is expected to launch a fifth-generation iPhone in September or October.
“Apple is an execution monster, and that includes products, supply chain and marketing,” Baker said.
“Their roadmap is in place; I’m sure they are already working on the next iPad.”
Related articles
- 'Apple is Steve Jobs, Steve Jobs Is Apple.' Or Is He? (abcnews.go.com)
Tuesday, July 12, 2011
Stock News 2011: Smart, HTC forge smartphone partnership
Image by Getty Images via @daylife
Smart Communications, Inc. (Smart) and leading smartphone manufacturer HTC Corporation (HTC) announced their exclusive partnership last week, with the country’s biggest mobile operator set to offer the latter’s most advanced devices to the Philippine market.
The partnership was an aggressive move on the part of the two industry leaders to drive the Philippine smartphone ‘revolution’ in a worldwide market estimated to grow 55% year-on-year this 2011.
Recently, Smart reported a 102% jump in the number of smartphone users in its network from February to May 2011, particularly those using handsets that run on Google’s Android operating system (OS).
“Our alliance with HTC is key to our smartphone strategy of providing the best network, complemented by the best plans, to power the best devices – in order to create the best customer experience,” says Orlando Vea, co-founder and Chief Wireless Advisor of Smart.
For its part, HTC has sold about 9.7 million smartphones worldwide – an increase of 192% year-on-year – a feat which it wants to repeat locally.
http://www.mb.com.ph/articles/326419/smart-htc-forge-smartphone-partnership
Smart Communications, Inc. (Smart) and leading smartphone manufacturer HTC Corporation (HTC) announced their exclusive partnership last week, with the country’s biggest mobile operator set to offer the latter’s most advanced devices to the Philippine market.
The partnership was an aggressive move on the part of the two industry leaders to drive the Philippine smartphone ‘revolution’ in a worldwide market estimated to grow 55% year-on-year this 2011.
Recently, Smart reported a 102% jump in the number of smartphone users in its network from February to May 2011, particularly those using handsets that run on Google’s Android operating system (OS).
“Our alliance with HTC is key to our smartphone strategy of providing the best network, complemented by the best plans, to power the best devices – in order to create the best customer experience,” says Orlando Vea, co-founder and Chief Wireless Advisor of Smart.
For its part, HTC has sold about 9.7 million smartphones worldwide – an increase of 192% year-on-year – a feat which it wants to repeat locally.
http://www.mb.com.ph/articles/326419/smart-htc-forge-smartphone-partnership
Related articles
- HTC says smartphone bootloader unlock software out next month (go.theregister.com)
Monday, July 11, 2011
Stock News 2011: ERC okays Subic Enerzone's P565-M loan
Image via Wikipedia
A provisional approval was granted by the Energy Regulatory Commission (ERC) on the bid of Subic Enerzone Corporation (SEZ) to secure P565 million loan from Metrobank to be earmarked for its debt refinancing and capital expenditures.
“SEZ is hereby authorized to secure a loan in the amount of P565 million with Metrobank or any banking/financial institution to refinance its outstanding loan and finance its capital expenditure projects,” the regulator has specified in its ruling.
Of the amount, P310 million will be aligned to refinance debt obligations previously secured with the Development Bank of the Philippines (DBP) while the rest will be for its capex program spread through the years.
As culled from its manifestation with the ERC, Subic Enerzone indicated that it would require P165.886 million for capital projects from 2011 to 2015; and another P290.810 million for the years 2016 to 2020. These have been based also on previous approval given by the ERC on its line-up of projects.
“The capex projects for the period 2011 to 2015 are included in SEZ’s application for approval of its annual revenue requirement and performance incentive scheme under the rules for setting distribution wheeling rates,” the ERC decision has emphasized.
http://mb.com.ph/node/326271/erc-okay
A provisional approval was granted by the Energy Regulatory Commission (ERC) on the bid of Subic Enerzone Corporation (SEZ) to secure P565 million loan from Metrobank to be earmarked for its debt refinancing and capital expenditures.
“SEZ is hereby authorized to secure a loan in the amount of P565 million with Metrobank or any banking/financial institution to refinance its outstanding loan and finance its capital expenditure projects,” the regulator has specified in its ruling.
Of the amount, P310 million will be aligned to refinance debt obligations previously secured with the Development Bank of the Philippines (DBP) while the rest will be for its capex program spread through the years.
As culled from its manifestation with the ERC, Subic Enerzone indicated that it would require P165.886 million for capital projects from 2011 to 2015; and another P290.810 million for the years 2016 to 2020. These have been based also on previous approval given by the ERC on its line-up of projects.
“The capex projects for the period 2011 to 2015 are included in SEZ’s application for approval of its annual revenue requirement and performance incentive scheme under the rules for setting distribution wheeling rates,” the ERC decision has emphasized.
http://mb.com.ph/node/326271/erc-okay
Saturday, July 9, 2011
Stock News 2011: FLI raises P3B for capex
Image via Wikipedia
Filinvest Land, Inc. (FLI) has successfully raised P3 billion from its unsecured fixed-rate peso denominated debt securities (Retail Bonds) which closed on June 30 and was issued on July 7.
In a disclosure to the Philippine Stock Exchange, FLI said the bonds have a term of five years and three months and have a yield of 6.1962 percent per annum. The bonds were more than two times oversubscribed.
Philippine Rating Services Corporation (PhilRatings) assigned the highest rating of PRS Aaa for these bonds as well as the P5 billion worth of three-year and five-year bonds issued in November 2009.
Issue manager and underwriter for the P3 billion bonds is Unicapital Incorporated and selling agent is East West Banking Corporation.
Proceeds from the bonds will partially finance FLI’s capital expenditures for 2011. Earlier this year, FLI disclosed that its capex budget for 2011 is P12 billion, more than double the P5-billion capex in 2010.
PhilRatings said the ratings assigned reflect the strong growth of FLI’s real estate revenues and higher recurring income from the company’s leasing operations; conservative debt position; and financial flexibility.
The rating also reflects the company’s diversified portfolio; established brand name; and favorable industry conditions, the ratings agency said.
In the next five years, PhilRatings said FLI’s forecast hikes in real estate revenues will come from the strong performance of the affordable, middle-income and high-end segments.
http://www.mb.com.ph/node/326044/fli-rai
Filinvest Land, Inc. (FLI) has successfully raised P3 billion from its unsecured fixed-rate peso denominated debt securities (Retail Bonds) which closed on June 30 and was issued on July 7.
In a disclosure to the Philippine Stock Exchange, FLI said the bonds have a term of five years and three months and have a yield of 6.1962 percent per annum. The bonds were more than two times oversubscribed.
Philippine Rating Services Corporation (PhilRatings) assigned the highest rating of PRS Aaa for these bonds as well as the P5 billion worth of three-year and five-year bonds issued in November 2009.
Issue manager and underwriter for the P3 billion bonds is Unicapital Incorporated and selling agent is East West Banking Corporation.
Proceeds from the bonds will partially finance FLI’s capital expenditures for 2011. Earlier this year, FLI disclosed that its capex budget for 2011 is P12 billion, more than double the P5-billion capex in 2010.
PhilRatings said the ratings assigned reflect the strong growth of FLI’s real estate revenues and higher recurring income from the company’s leasing operations; conservative debt position; and financial flexibility.
The rating also reflects the company’s diversified portfolio; established brand name; and favorable industry conditions, the ratings agency said.
In the next five years, PhilRatings said FLI’s forecast hikes in real estate revenues will come from the strong performance of the affordable, middle-income and high-end segments.
http://www.mb.com.ph/node/326044/fli-rai
Friday, July 8, 2011
Stock News 2011: SSS to increase equity portfolio
Image via Wikipedia
State-run Social Security System (SSS) said Thursday that it plans to boost its investment in the equities market as the pension fund is looking at increasing its holdings in power and mining.
Emilio de Quiros Jr., SSS president and chief executive said the agency will raise its equity holdings from the current 21 percent, adding that its charter allows them to invest up to 30 percent of its entire investable fund in stocks.
De Quiros cited that SSS, which provides benefits to Philippine private sector workers, has roughly P286 billion worth of investable fund.
If SSS board decides to raise its publicly listed stocks holdings to 30 percent, it would mean additional P20 billion in placement.
Analysts said the Philippine Stock Exchange index (PSEi) may reach the 5,000 level this year amid strong investor confidence.
De Quiros earlier said that the pension fund is planning to increase its revenues from contributions.
http://mb.com.ph/articles/325886/sss-increase-equity-portfolio
State-run Social Security System (SSS) said Thursday that it plans to boost its investment in the equities market as the pension fund is looking at increasing its holdings in power and mining.
Emilio de Quiros Jr., SSS president and chief executive said the agency will raise its equity holdings from the current 21 percent, adding that its charter allows them to invest up to 30 percent of its entire investable fund in stocks.
De Quiros cited that SSS, which provides benefits to Philippine private sector workers, has roughly P286 billion worth of investable fund.
If SSS board decides to raise its publicly listed stocks holdings to 30 percent, it would mean additional P20 billion in placement.
Analysts said the Philippine Stock Exchange index (PSEi) may reach the 5,000 level this year amid strong investor confidence.
De Quiros earlier said that the pension fund is planning to increase its revenues from contributions.
http://mb.com.ph/articles/325886/sss-increase-equity-portfolio
Stock News 2011: Swiss Reinsurance to insure $250-million trade financing of ADB
Image via Wikipedia
s part of an innovative agreement to boost exports and imports in developing Asia, re-insurance giant Swiss Re will insure $250 million of trade finance conducted via the Asian Development Bank’s (ADB) trade finance program.
The move marks the first time that the Swiss Re Group, through its commercial insurance unit Swiss Re Corporate Solutions, has provided insurance via a trade program run by a multilateral development bank and also the first time ADB’s Trade Finance Program has offset risk with a private insurance company.
Asia’s economy is growing rapidly, but that is largely due to the exporting prowess of a handful of countries led by the People’s Republic of China, along with a few others such as the Republic of Korea and Singapore.
Many other Asian nations, by contrast, find it difficult to export or import key goods because they struggle to get the trade finance they need from international and local banks.
To fill that gap, the ADB’s Trade Finance Program provides guarantees and loans to banks to enable them to provide trade finance, particularly in so-called frontier economies.
http://mb.com.ph/articles/325896/swiss-reinsurance-insure-250million-trade-financing-adb
s part of an innovative agreement to boost exports and imports in developing Asia, re-insurance giant Swiss Re will insure $250 million of trade finance conducted via the Asian Development Bank’s (ADB) trade finance program.
The move marks the first time that the Swiss Re Group, through its commercial insurance unit Swiss Re Corporate Solutions, has provided insurance via a trade program run by a multilateral development bank and also the first time ADB’s Trade Finance Program has offset risk with a private insurance company.
Asia’s economy is growing rapidly, but that is largely due to the exporting prowess of a handful of countries led by the People’s Republic of China, along with a few others such as the Republic of Korea and Singapore.
Many other Asian nations, by contrast, find it difficult to export or import key goods because they struggle to get the trade finance they need from international and local banks.
To fill that gap, the ADB’s Trade Finance Program provides guarantees and loans to banks to enable them to provide trade finance, particularly in so-called frontier economies.
http://mb.com.ph/articles/325896/swiss-reinsurance-insure-250million-trade-financing-adb
Thursday, July 7, 2011
Stock News 2011: Filinvest City introduces California lifestyle
Image via Wikipedia
Californians are known for living the best of both worlds; they enjoy a laid-back, leisurely lifestyle amid the excitement of a cosmopolitan hub. The skyscrapers of Los Angeles and San Francisco complement the sand and surf where residents can unwind.
The Levels of Filinvest Land, Inc. takes inspiration from this popular West Coast state by offering a relaxed suburban living inside the fast-paced business district of Filinvest Corporate City.
The Filinvest Corporate City (FCC) is a masterplanned urban center and central business district sprawled over 244 hectares of land south of Metro Manila. It accommodates an impressive mix of residential, commercial and business establishments, providing round-the-clock amenities within a self-sustaining community.
According to FLI cluster head and senior vice president Francis Ceballos: “The Levels is a perfect residential sanctuary for career-driven individuals who aspire to achieve a balance between professional success and blissful personal life. It allows them to build a career while raising a family or indulging in their passions every single day.”
With FCC at the junction of four major roads, namely: Alabang-Zapote Road, the South Luzon Expressway, the National Highway, and the Skyway, The Levels becomes an enviable home for families with members working in Makati or at CALABARZON industrial and techno zones. In fact, it is an easy half-hour drive from the Makati CBD while situated at the forefront of the country’s next growth region – the South Luzon area.
http://mb.com.ph/node/325756/filinve
Californians are known for living the best of both worlds; they enjoy a laid-back, leisurely lifestyle amid the excitement of a cosmopolitan hub. The skyscrapers of Los Angeles and San Francisco complement the sand and surf where residents can unwind.
The Levels of Filinvest Land, Inc. takes inspiration from this popular West Coast state by offering a relaxed suburban living inside the fast-paced business district of Filinvest Corporate City.
The Filinvest Corporate City (FCC) is a masterplanned urban center and central business district sprawled over 244 hectares of land south of Metro Manila. It accommodates an impressive mix of residential, commercial and business establishments, providing round-the-clock amenities within a self-sustaining community.
According to FLI cluster head and senior vice president Francis Ceballos: “The Levels is a perfect residential sanctuary for career-driven individuals who aspire to achieve a balance between professional success and blissful personal life. It allows them to build a career while raising a family or indulging in their passions every single day.”
With FCC at the junction of four major roads, namely: Alabang-Zapote Road, the South Luzon Expressway, the National Highway, and the Skyway, The Levels becomes an enviable home for families with members working in Makati or at CALABARZON industrial and techno zones. In fact, it is an easy half-hour drive from the Makati CBD while situated at the forefront of the country’s next growth region – the South Luzon area.
http://mb.com.ph/node/325756/filinve
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