Stock News 2012: Anchor Land allots P4.5 billion for projects, land banking

Condominiums (Photo credit: mjb84)

In a briefing, Anchor Land chief finance officer Neil Y. Chua said funding for this year’s projects will come from a mix of bank loans and internally-generated cash.

Anchor Land president Elizabeth Ventura said the company intends to further strengthen its position in the industry by continuing to create new markets, expanding its current bestsellers, and boosting its portfolio of commercial projects that should provide more recurring income in the near to medium term.

The new projects include Oxford Parksuites, Clairemont Hills, Admiral Baysuites II, SoleMare Parksuites Phase III, One Executive Suites and One Soler.

Aiming to duplicate the success of Wharton ParkSuites in Chinatown’s “university belt”, the company is building another residential condominium to be called Oxford Parksuites, targeting those who send their children to prestigious Chinese learning institutions in the area.

Ventura said the company is pursuing a low-density development in San Juan City, dubbed Clairemont Hills which will feature clusters of three-story townhomes and a medium-rise condominium at the center.

Anchor Land likewise acquired a prime property near its Admiral Hotel redevelopment project along Roxas Blvd. The company intends to put up a premium commercial office building that will be fully leased out to businessmen and investors.

Capitalizing on the robust take-up of its most successful project by far, the company will implement Phase 3 of SoleMare Parksuites, offering bigger and better amenities. The entire project, consisting of four medium-rise condominium towers, is located within Pagcor’s Entertainment City, which is seen to be Asia’s next Las Vegas.

One Executive Suites will serve as the residential component of Two Shopping Center in Pasay City, Anchor Land’s successful foray into the commercial development segment. It will cater exclusively to traders and wholesalers in the Baclaran bargain shopping district.

Another commercial development in the pipeline is the 18-story One Soler, which is located in Divisoria, one of the country’s oldest commercial and trading centers.

Anchor Land reported a 49 percent jump in net profit last year P842 million, marking the fifth year of consecutive income and revenue growth since its listing in 2007.

Revenues reached over P3 billion while earnings per share amounted to P2.41, up 48 percent from the year-ago level.

Chua said he expects the firm’s net income to increase further this year to hit P1 billion on the back of new project launches.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=798682

Stock News 2012: Swift sells P500-million Mandaluyong property to DMCI

Swift Foods Inc. is selling P500 million worth of property located at its headquarters in Mandaluyong City to DMCI Project Developers Inc.

In a disclosure to the Philippine Stock Exchange on Friday Swift said its board approved the sale of three parcels of land on Sheridan St. with a total area of 11,116 square meters at P45,000 per sqm.

The sale is in line with Swift’s efforts to pay down its debt.

Based on earlier filings with the local bourse, Swift said it would pursue the sale of non-performing assets to settle outstanding obligations.

Despite its liquidity problems, Swift management said it would continue to find ways to address pressing matters.

Only its farm in Palawan will remain operational and continue to produce quality Swift Sariwanok chicken, Swift said.

Swift incurred a net loss of nearly P70 million in the nine months ending September 2011, slightly higher than the P68.9 million loss recorded a year before on lower sales.

Net sales slid 33 percent to P304.34 million.

In the third quarter of 2011 alone, Swift’s net loss amounted to P12.35 million or a decrease of 75.5 percent from the P50.38 million posted the previous year.

http://www.philstar.com/Article.aspx?articleId=790644&publicationSubCategoryId=66

Stock News 2012: EEI profits reach P740 million in 2011

South Luzon Expressway Southbound lane from Susana Heights to San Pedro. (Photo credit: Wikipedia)
Yuchengco-led construction firm EEI Corp. said it posted net earnings of P740 million last year, up 12.6 percent from P657 million in 2010.

In a disclosure to the stock exchange, EEI also said its board approved the declaration of a cash dividend amounting to 10 centavos per share.

EEI expects to sustain its upward trajectory this year, driven by increased construction activity by the private sector coupled with improving operations overseas.

Total construction backlog from domestic projects amounted to P11.62 billion as of end-September 2011.

EEI’s 49-percent owned subsidiary in Saudi Arabia had a backlog worth P13.61 billion while its units in Singapore and New Caledonia reported backlogs worth a combined P566.7 million.

EEI is keen on bidding for road and expressway projects under the government’s Public-Private Partnership (PPP) program as it seeks to further boost its profitability.

The Aquino administration is targeting to bid out up to 16 PPP projects worth as much as P142 billion. Among these include the P20.18-billion North Luzon Expressway-South Luzon Expressway Connector Road; P19.69-billion CALA (Cavite and Laguna Side) Expressway; P11.3- billion Light Rail Transit 2 East Extension; P10.15-billion Mactan Terminal 2 Airport Development; and P8-billion New Bohol Airport.

http://www.philstar.com/Article.aspx?articleId=790654&publicationSubCategoryId=66

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Stock News 2012: BPI holds record P700-B assets under management

BPI Direct Savings Bank logo (Photo credit: Wikipedia)
The Bank of the Philippine Islands (BPI) has reached a record P700 billion in assets under management (AUMs) as of end January this year.

BPI Asset Management and Trust Group (BPI-AMTG), a BPI subsidiary, is the overall fund manager for BPI assets that includes managing mutual funds, unit investment trust funds (UITFs), the Odyssey funds, and other traditional trust products such as those in escrow, reserves of pre-need companies, corporate and institutional funds, pension and provident funds.

BPI Investment Management Inc. (BIMI) is a wholly-owned subsidiary of BPI, is the fund manager and principal distributor of the six ALFM mutual funds, as well as the Bahay Pari Solidaritas Fund and Ekklesia Mutual Fund.

BPI serves as investment advisor to all mutual fund managed and distributed by BIMI.

The largest portfolio is the wealth management, accounting for roughly 40 percent of total followed by the institutional accounts taking approximately 24 percent. Then, traditional trust products accounting for 22 percent, and the Odyssey funds for 14 percent.

The Peso Fixed Income Funds group ballooned to about P67.3 billion in January 2012. It is a mixed of unit investment trust fund (UITF) and mutual funds and includes the BPI Short Term Fund, BPI Premium Fund and the BPI Institutional Fund, which combined amounts to over P13 billion.

The ALFM Peso Bond Fund remains the single largest mutual fund managed by the BPI fund managers. In fact, it is also the country’s largest mutual fund, and among the more popular investment instruments for individual investors.

Also part of the huge Peso Fixed Income Funds are the Odyssey Peso Cash Management Fund, the Odyssey Peso Income Fund, the Odyssey Bond Fund and the Odyssey Tax-Exempt Peso Fixed Income Fund.

The Odyssey funds as managed by fund managers that came from the acquisition by BPI of the ING asset management group. In fact, the Odyssey funds alone amount to P92.03 billion.

Meanwhile, the Global Fixed Income Funds amount to roughly P17.8 billion. Three of the largest funds are the ALFM Dollar Bond Fund (P7.5 billion), the Odyssey Philippine Dollar Bond (P4.2 billion), and the BPI Global Philippine Fund (P3.8 billion).

Peso Equity Funds grew to approximately P24.7 billion, and the Global Equity Fund grew in the vicinity of P4.5 billion.

BPI defines mutual funds as a collective investment scheme, which pool money from a large number of shareholders and invest in a portfolio-which may include money market, bond/fixed income or equity securities.

http://www.philstar.com/Article.aspx?articleId=790300&publicationSubCategoryId=66

Stock News 2012: GT Capital sets price range for IPO

Three keys logo by Warja Honegger-Lavater. (Photo credit: Wikipedia)
GT Capital, the flagship investment firm of taipan George S.K. Ty, has set the price range for its initial public offering at P415-P470 each share to raise as much as P23 billion.

The maximum offer price is 10.6 to 25 percent lower than the original price indicated in the company’s prospectus.

GT Capital is selling up to 41.217 million shares to raise between P17.1 billion and P19.37 billion.

In case of strong demand, GT Capital has allotted 6.182 million common shares worth P2.9 billion for the greenshoe option.

Including the overallotment option, GT Capital is expected to raise up to P22.28 billion.

As much as 33 million will be sold via an initial public offering while up to 8.217 million shares will be sold by the company’s shareholders Ausan Resources Corp., Grand Titan Capital Holdings and Titan Resources.

The selling shareholders are expected to generate a maximum P3.86 billion from the share sale.

GT Capital is the main vehicle for the management of the various interests of the Ty family in banking, real estate, power generation, automotive and life insurance.

The pricing and allocation of shares for the international offer will be on April 3.

The domestic roadshow kicked off yesterday while the the international roadshow commences today with Singapore as the first leg.

The domestic offer period will run from April 10 to 16.

Listing has been tentatively scheduled on April 20.

Post-IPO, the holding firm will have a market capitalization of P74.26 billion.

Around 60 to 70 percent of the offer shares will be sold overseas while the balance will be offered to local investors.

UBS is the sole global coordinator and international bookrunner for the share sale while First Metro Investment Corp. is the sole domestic underwriter.

Proceeds from the IPO will be used to accelerate key growth projects of the group’s property unit and acquisition of additional stakes in property and power businesses.

http://www.philstar.com/Article.aspx?articleId=789516&publicationSubCategoryId=66

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Stock News 2012: Ayala Land to invest P60B in Makati

Real estate giant Ayala Land Inc. has committed to invest an unprecedented P60 billion over the next five years in various development projects designed to strengthen the status of Makati City as the country’s unrivaled capital for business, lifestyle, entertainment and culture.

ALI president Antonino Aquino said in a briefing Thursday that the budget represents the single biggest investment that the company will make in a single city and a testament to the “aggressive stance” that the real estate company is taking to sustain its “high growth strategy.”

The P60-billion capital expenditure budget will be spread out across six districts within Makati City where it intends to put up mixed use developments, but about half of it will go into the continuous redevelopment of the Ayala Center, including the Makati central business district.

Another P20 billion will be invested in the development of the Sta. Ana district—on the former Sta. Ana racetrack—into an entertainment-centered area, with the balance going into the Makati South (on the corner of EDSA and McKinley Ave., heading toward Forbes Park), Makati North (near the Makati Medical Center) and Ayala Triangle districts.

According to Aquino, ALI’s decision to invest a significant amount in Makati City was prompted by renewed optimism and confidence in the Aquino administration as well as the country’s economic prospects.

http://business.inquirer.net/50517/ayala-land-to-invest-p60b-in-makati

Stock News 2012: Cavitex Finance launches tender offer for $160-M MCTR notes

Cavitex Finance Corp. has launched a cash tender offer to buy the $160-million 12-percent notes due 2022 that the Manila Cavite Toll Road Finance Co. (MCTR) issued in 2010.

Cavitex is a Cayman-based company owned by a group led by businessman Luis J.L Virata.

The tender offer will run until March 30 unless extended or terminated by the purchaser. A total of 160 million remains of the outstanding notes.

The total consideration for each $1,000 principal outstanding amount of notes validly tendered is the price equal to $1,000 plus accrued and unpaid interest from the last payment date but not including the settlement date.

Cavitex said the total consideration includes an early tender premium of $30 per $1,000 principal outstanding amount of notes payable.

In line with the tender offer, Cavitex is soliciting consents of the noteholders to enact certain proposed amendments in order to eliminate most of the restrictive covenants.

The tender offer and consent solicitation are conditioned upon the holders of notes representing more than 90 percent of the aggregate amount of notes outstanding.

Bank of America Merrill Lynch is the manager for the tender offer and consent solicitation.

http://www.philstar.com/Article.aspx?articleId=785119&publicationSubCategoryId=66

Stock News 2012: Century Properties pre-sells 20% of condo

Century Properties Group (CPG) has already pre-sold 20 percent of the 645-unit Acqua Livingstone, the first residential building designed by upscale fashion brand Missoni around the globe.

Livingstone is the fourth tower to rise in CPG’s six-tower Acqua Private Residences riverside project in Mandaluyong City, which is estimated to generate total sales of around P15 billion.

The new tower, which follows the brisk sellout of the first three – Niagara, Sutherland and Dettifoss – is now 20-percent sold in just a few weeks since its launch. The entire Acqua Private Residences project is estimated to cost about P7 billion.

CPG managing director Marco Antonio said the company expects to sell out the entire Livingstone tower within the year due to the market’s robust reception.

“At the current pace, we can sell everything in a few months. It depends on the appetite of the market,” he said.

Livingstone will be kitted out in Missoni’s trademark striped designs and flamboyant colors. Unit sizes range from 27 square meters to 140 sqm, with a selling price of an average of P145,000 per sqm.

“We were fascinated by the project, very hi-tech and modern. Century Properties’ culture of passion, creativity and quality proved the perfect fit,” said Vittorio Missoni, marketing director and shareholder of Italy’s Missoni S.p.A.

http://www.philstar.com/Article.aspx?articleId=785117&publicationSubCategoryId=66

Stock News 2012: RLC opens its 30th mall in Calasiao, Pangasinan

Robinsons Land Corporation is opening on March 15, 2012 its first full service mall in Calasiao, Pangasinan – the 30th in its steadily growing chain of commercial centers.

According to RLC president Frederick Go, Robinsons Place Pangasinan is the newest and among the biggest shopping malls in the region, with a gross floor area of approximately 32,000 square meters and a gross leasable of approximately of 25,000 sqm built over a 6-hectare lot.

Go said RLC chose Calasiao for its first mall in Pangasinan because the first class municipality is strategically located between Dagupan City and San Carlos City, both thriving commercial areas of the province.

Connected via a major highway, Calasiao is just 15 minutes from Dagupan and 25 minutes from San Carlos City.

Aside from Robinsons Place Pangasinan, RLC malls in Central and Northern Luzon include two malls in Pampanga, and one each in Tarlac, Ilocos Norte, Bulacan and Cabanatuan.

Go said the two-level Robinsons Place Pangasinan is already over 90 percent leased with Robinsons Department Store, Robinsons Supermarket, Handyman, Robinsons Appliances and Robinsons Movieworld as anchor tenants.

Robinsons Movieworld operates 3 cinemas and a 3D cinema which have total seating capacity of over 1,000 seats. The 3D cinema is the first in the Region and uses the XPAND system.

According to Go, this is the first among all Robinsons Movieworld 3D cinemas to use an active shutter method wherein the 3D glasses are hi-tech devices which is synchronized with the projector to provide the brightest and crispiest image. “All our other 3D systems installed are passive, using Dolby or Master Image systems,” he added.

http://www.philstar.com/Article.aspx?articleId=785090

Stock News 2012: SMC, MVP back Roxas' tollway links proposal

Aerial View of Balintawak Toll Barrier, NLEx (Photo credit: Wikipedia)
Citra Metro Manila Tollways Corp. (CMMTC), backed by the San Miguel Group, and Metro Pacific Tollways Corp. (MPTC) of businessman Manuel V. Pangilinan, have expressed support to a proposal by Department of Transportation and Communication (DOTC) Secretary Manuel Roxas II for government to allow the construction of two major tollways connecting the South Luzon Expressway and the North Luzon Expressway.

“Having two major tollways linking the North and South will indeed be very beneficial to the public. Not only will we decongest EDSA, we will also hasten the flow of traffic and commerce between North and South,” CMMTC president Shadik Wahono said. “Since the San Miguel Holdings-Citra Skyway 3 project and the ‘connector’ road of MPTC will cater to different markets and therefore, serve different purposes, we support the position of Secretary Roxas and Mr. Pangilinan,” he added.

Citra’s proposed North-South link, a 14-kilometer, six-lane tollway with exits in Quirino in Manila and Plaza Dilao, Aurora Blvd., E. Rodriguez Ave., Quezon Blvd., Sgt. Rivera, and Balintawak in Quezon City, is seen to greatly decongest EDSA. MPTC’s connector road, on the other hand, will have four lanes and three exits in Quirino, Espana, and 5th Avenue.

“We don’t mind if the government will allow both Citra and MPTC to undertake their projects. The more that the roads complement each other, the better the traffic throughput would be,” he said.

This was also the position that the San Miguel Holdings-Citra consortium adopted when it announced late last year that it was prepared to spend $1.5 billion for infrastructure acquisitions and development in the country for 2012.

Stock News 2012: Robinsons Land bags Asiamoney award

Robinsons Land Corp. (RLC), one of the country’s largest property developers, was recently awarded Asiamoney magazine’s Best Managed Company Small-Cap category in the Philippines in 2011.

Asiamoney, a leading financial publication based in Hong Kong, said RLC earned the award [because of the sensible way management has run the company’s operations.”

“We are honored and happy that our efforts to steer the company amid these challenging times have been recognized by such a prestigious publication as Asiamoney,” said RLC president Frederick Go.

“The Philippines’ second-largest builder and operator of malls has continued to grow revenues and profits,” noted Asiamoney.

RLC posted a 10 percent growth in net profit for the fiscal year ending Sept. 30, 2011 to P3.97 billion from the P3.59 billion earned in fiscal year 2010 on stronger leasing revenues and residential sales.

It generated total gross revenues of P13.34 billion for fiscal year 2011, an increase of 18 percent from P11.30 billion for fiscal year 2010. EBITDA amounted to P7.14 billion this year, up by 11 percent from the previous year.

“RLC’s plans for the future also look steady,” said Asiamoney, citing the firm’s plan to build three new malls per year, develop two new office properties in the Ortigas district, roll-out its Summit Hotels and gohotels.ph brands and launch P8-billion worth of residential projects.

A leading real estate conglomerate in the Philippines, RLC has built landmark property developments that include 29 malls, 5 hotels, 8 office buildings, 57 residential condominiums, and 31 affordable housing subdivisions throughout the country.

“We will open three new shopping malls, expand two existing malls, continue to complete several office buildings, residential condominium buildings, and housing subdivisions in the region. We are also very excited with this year’s opening of four gohotels.ph in Puerto Princessa, Tacloban, Dumaguete and Bacolod,” added Go.

http://www.philstar.com/Article.aspx?articleId=783002&publicationSubCategoryId=63

Stock News 2012: Philex posts record income

Photo of Manny (Photo credit: Wikipedia)Philex Mining Corp. said its net earnings surged to a record P5.77 billion last year, up 46 percent from P3.96 billion in 2010, on increased metal production and unprecedented global metal prices.

Core net income likewise hit an all-time high of P5.57 billion, 34 percent higher than a year ago. Operating revenues also reached a historic high of P16.13 billion or an increase of 20 percent as gold continued its 11-year bull run in the world market.

Revenues from gold operations climbed 29 percent to P9.29 billion with prices rising 26 percent to an average of $1,536 per ounce.

Revenues from copper production, on the other hand, amounted to P6.09 billion, six percent more than the P5.7 billion recorded a year earlier.

Copper price per pound also improved from $3.63 in 2010 to $3.70 in 2011.

Ore milled slightly went up to 9.49 million tons from 9.36 million tons. The company registered a seven-percent growth in volume of copper to 37.955 million pounds and a five percent rise in gold to 140,113 ounces.

“Philex Mining will continue to lead and will focus on exploring additional revenue streams to maximize the opportunities presented by the world’s growing requirements for gold and copper,” said Manuel V. Pangilinan, chairman of Philex.

Pangilinan declined to give an income guidance for the year but said he expects “global demand and supply for metals are expected to be fundamentally strong throughout 2012.”

For this year, the company has budgeted P2.4 billion for its capital expenditures this year, P1 billion of which will go to the exploration and development of the Silangan mine, which contains the combined Boyongan-Bayugo deposit located at the Surigao mineral district in Mindanao.

Pangilinan said the company continues to scout for new acquisitions given its strong balance sheet. “We’re looking at a broad range of opportunities to see continued growth,” he said.

When asked whether Philex is setting it sights on Apex Mining Corp., Pangilinan said all firms engaged in gold and copper operations are on the company’s radar.

“Our main focus shall continue to be on gold and copper. Anything that will come into operations before the Silangan mine, we are interested,” Pangilinan said.

Pangilinan said the company is also interested in acquiring a stake in Manila Mining Corp. if given a choice.

http://www.philstar.com/Article.aspx?articleId=782500&publicationSubCategoryId=66