Stock News 2013: Century Properties exceeded P20B sales

English: New housing development, Sylvan Drive At the time of Geograph submission, the developer claims 80% of properties are sold, but the estate does not yet appear on the 1:50,000 OS sheet (Photo credit: Wikipedia)

Property developer and publicly listed firm Century Properties Group Inc. (CPG) exceeded its P20-billion pre-sales target for 2012, hitting P21.4 billion.

Century’s pre-sales figure in 2012 was up 16.6 percent from the P18.4 billion recorded the previous year.

The 26-year-old real estate firm said it attained strong growth in sales due to the robust demand for housing and commercial properties from its market base of local end-users, foreigners and Filipinos working overseas.

Century also expanded its portfolio in 2012, becoming an active player in the luxury, middle-income and affordable segments.

“The demand for real estate remains very strong as proven by our robust sales, and the market recognizes that the timing and conditions are indeed ripe for buying good property. The expanding middle class, more job and income opportunities that lead to an increase in purchasing power, low interest rates, and robust remittances—these and more factors contributed to the growth of Philippine real estate this year, and to the growth of Century as a prime developer,” Century Properties chief operating officer Jose Carlo R. Antonio said.

http://business.inquirer.net/104241/century-properties-exceeded-p20b-sales-target-for-2012

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Stock News 2012: ALI, SM Prime win real estate awards

SM Prime Holdings (Photo credit: Wikipedia)

Ayala Land Inc. and SM Prime Holdings, Inc have been recognised for their high standards by the Asia Pacific Real Estate Association (APREA) in the APREA Best Practices Awards 2012.

The APREA Best Practices Awards are open to all real estate companies and trusts listed on a regional stock exchange. As with previous years, there has been overwhelming response from high-quality organizations from countries around the region, including Australia, India, China, Japan, Malaysia, New Zealand, Singapore and the Philippines. In all, organizations from nine different jurisdictions lodged submissions.

Winners were chosen based on how an organization has contributed to providing greater transparency and comparability in their local market and the region. Submissions were also judged on the extent of which they have adopted recommendations in the APREA Best Practices Handbook in the categories of market disclosures, accounting and financial reporting, property valuation, portfolio performance reporting and corporate governance.

Ayala Land won awards for the best Philippines submission and merit awards in the areas of market disclosure and portfolio performance reporting. It also won an award as the best property development organisation in the Emerging Markets category. SM Prime won a merit award in the area of corporate governance.

Lim Swe Guan, CFA, chairman of the board of APREA says, “We are delighted with the level of best practices demonstrated by the companies who submitted for the awards this year. We continually encourage members to adopt the most up-to-date valuation techniques, adhere to international financial reporting standards and follow good corporate governance. Combined with a greater transparency of portfolio performance and provision of reliable timely information to investors, we believe this will lead to higher investor confidence and wider support for the industry. We are confident that with the support of our members, who are leaders in their field, we can make real estate a crucial part of every investor’s portfolio.”

Peter Mitchell, chief executive officer of APREA said “We would like to extend our congratulations to Ayala Land and SM Prime Holdings as industry leaders in best practices. These awards are held annually to highlight the importance of the recommendations in APREA’s Best Practices Handbook, which has emerged as a clear benchmark for the region for managing and reporting performances since it was first published in 2009.”

APREA has developed best practices to streamline performance measurement and reporting for the real estate investment industry in the region. The APREA Best Practices Handbook, currently in its second edition, is intended to be a living document and will be regularly modified, updated and added to. It contains a series of recommendations for adoption by the industry in the following areas:

• Accounting and financial reporting guidelines

• Property valuation Corporate governance

• Portfolio performance reporting

• Market disclosures

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=866158

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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 2011: Grepalife-managed mutual funds surpass P3-B sales in Q3

Image via WikipediaImage via WikipediaImage via Wikipedia
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

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

Stock News 2011: SSS to increase equity portfolio

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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: Philex's 2011 shipments rise 58%

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Philex Mining Corporation, the country’s top gold producer, registered a 57.5 percent jump in the estimated value of ore production from its Padcal mine to P8.12 billion in the first half of 2011 from P5.16 billion in the same period last year.

The higher estimated production value is due to higher metal prices in the world market as well as higher output from the mine.

Based on the firm’s latest and previous disclosures to the Philippine Stock Exchange, output was 7 percent higher in the first semester the year at 4.66 million dry metric tons (DMT) from 4.36 million DMT in the same period in 2010.

For June alone, Philex reported that the estimated value of production amounted to P1.4 billion, 48 percent higher than the P947 million worth of ore mined in the same month last year.

http://mb.com.ph/node/325587/philex

Stock News 2011: FLI offering P3-billion bonds

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Filinvest Land Inc. (FLI) reported that its Executive Committee has approved its plan to issue and float via public offering of a five years and three months unsecured fixed-rate peso denominated debt securities (Retail Bonds) worth up to P3 billion.

In a disclosure to the Philippine Stock Exchange, FLI said proceeds from the retail bonds issuance will be used by the corporation to additionally finance capital requirements for 2011.

Issue date is targeted within June 2011, subject to SEC approval. The planned P3 billion retail bonds has been assigned the highest rating of PRS Aaa by Philratings.

Last March, PhilRatings also maintained the highest rating for FLI’s P5 billion bonds, composed of the P500 million bonds (due in 2012) and the P4.5 billion bonds (due in 2014).

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://mb.com.ph/node/322006/fli-offering-p3billion-bond

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Stock News 2011: Meralco says customers to see lower bills

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Filinvest Land Inc. grew its net profit last year by 46 percent to P2.95 billion, on the back of a double-digit growth in real-estate revenue and recurring rental earnings from shopping mall and office space.

Benefiting from the robust property market, total 2010 revenue surged by 45 percent to P8.25 billion, as FLI realized higher earnings from real-estate sales and rental of commercial space.

Real-estate sales hit P5.65 billion, 54 percent higher than a year before, while rental income from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang posted a 19-percent year-on-year growth to P1.41 billion.

http://business.inquirer.net/money/topstories/view/20110317-326011/Filinvest-nets-P295B-in-2010

Stock News 2011: UCPB income up 44%

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The United Coconut Planters Bank (UCPB) has posted an unaudited net income of P2.39 billion in 2010, surpassing its P2.2-billion target for the year, and exceeding the previous year’s P1.66-billion profit by 44 percent.

“Higher loan and investment volumes, better margins, hefty trading gains and lower fund cost propelled last year’s earnings growth,” UCPB executive vice president and chief finance officer Cesar Rubio said.

Loan portfolio expanded by 16 percent to P54.77 billion, while trading and investment securities by 14 percent to P50.07 billion. The volume expansion, along with the 11-percent improvement in margins, boosted the bank’s interest income by 15 percent, to P7.83 billion. Non-interest income went up by 32 percent to P2.22 billion, bolstered by substantial increase in trading gains.

http://www.philstar.com/Article.aspx?articleId=661765&publicationSubCategoryId=74

Stock News 2011: BoI investments jump 183% as of Feb

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New projects registered with the Board of Investments (BoI) from January to February 15 this year jumped 183 percent to P11.398 billion from P9.917 billion in the same period last year.

BoI executive director Lucita P. Reyes said the investments represent the combined cost of 29 projects approved for the first one and a half month period this year. There were only 22 projects registered with the BoI in the same period last year.

Based on the BoI data, these new projects are expected to generate 3,661 jobs once they go into full commercial operation.

"We have good prospects this year, this will be a very good year because of the thrust of the government to continue improving the investment environment," Reyes said.

Last year, the BoI registered P301 billion worth of investments, surpassing its 2010 target of P287 billion.

For 2011, the BoI has set a lower investments target of P296 billion because the agency has decided not to register anymore the independent power project administrators, which account for a significant share of the agency’s project approvals in 2010.

http://www.mb.com.ph/node/305311/boi-inve

Stock News 2011: Anchor Land builds 7 property projects

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Anchor Land Holdings, Inc. said it is taking full advantage of the bullish real estate market with seven simultaneous projects this year, underscoring the company’s status as one of the country’s emerging developers today.

The projects range from commercial developments to luxury residential suites and the expansion of its best-selling mid-rise condominium project at the ASEANA Business Park in Parañaque City.

“This is our vote of confidence in the Philippine economy in general and the property sector in particular,” said ALHI chairman Stephen Lee Keng. “It is also our way of living up to our motto of 100 percent commitment to deliver all projects on time, without sacrificing the quality and beauty of our projects.”

Lee said construction works are in full swing in four of the projects: The SoleMareParksuites Phase I near Macapagal Boulevard at the ASEANA Business Park, Two Shopping Center along Cuneta Avenue in Pasay City, the Anchor Skysuites along Ongpin Street in Binondo, and the Wharton Parksuites along Masangkay Street, also in Binondo.

SoleMareParksuites and Two Shopping Center are being developed by ALHI subsidiary Posh Properties Development Corp. (PPDC) while Anchor Skysuites is being undertaken by Gotamco Realty Investment Corporation (GRIC). Wharton Parksuites is a project of another subsidiary, Manila Towers Development Corp. (MTDC).

http://www.mb.com.ph/articles/301801/anchor-land-builds-7-property-projects

Stock News 2011: MRC Allied raising P1 B via private placement

MRC Allied Inc. may opt to sell shares via private placement to raise about P1 billion for its mine exploration activities instead of the earlier planned P750-million primary common or preferred share offering.

In an informal briefing, MRC chief finance officer Vicente Laza said they are more inclined towards the fastest means to raise fresh funds since they want to start exploration activities in their two recently acquired mine sites as early as possible.

Since the private placement of shares will dilute existing shareholder, Laza said it’s a possibility that the firm’s major shareholder, Menlo Capital Corporation will be one of the investors in the private placement.

He explained that a rights offering will take at least six months to complete and stringent requirements for rights offers will not give them the flexibility to rechannel funds for the acquisition of more mine sites if the opportunity arises.

MRC chief information officer Miguel Bitanga said they are looking to acquire more mining properties in the next five months with a target of buying three more mine sites this year.

http://www.mb.com.ph/node/298364/mrc-allied-rai

Stock News 2010: First local bond swap generates brisk demand, may top P144.5-billion mark

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MANILA, Philippines — The first local bond exchange of the Aquino administration may beat January last year's level of P144.5 billion, the Bureau of Treasury announced on Saturday.

The government's domestic bond swap program has attracted holders of more than P140 billion of 2011 and 2034 treasury bonds that are eligible to be exchanged for new 2020 and 2035 benchmark bonds, National Treasury Roberto Tan said.

"Great appetite," said Tan describing the domestic bond swap that ended Friday. The amount of bonds offered for exchange is "over P100 billion for 25 years and over P40 billion for 10 years," he added.

The government has targeted a minimum issue size of P30 billion each for the 10-year and 25-year benchmark bond. A minimum coupon of 5.875% was set for the 10-year bond, and 8.125% for the 25-year bond. Both are offered at par.

On Friday, the treasury bureau ended the offer period for the bond exchange.

The government has set the minimum coupon rates for at least P60 billion worth of new 10- and 25-year bonds offered in exchange for older notes at 5.875 percent and 8.125 percent per year, respectively.

Both securities to be priced at par.

http://www.mb.com.ph/node/292233/fir

Stock News 2010: SMDC Ups Rights Offer Price to P6.38/Share

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MANILA, Philippines – As its market price continued to rise amid a bull run, SM Development Corporation has decided to set its stock rights offer price at P6.38 per share, well above its earlier price range, for a higher total offering size of P11.69 billion.

In a disclosure to the Philippine Stock Exchange, SMDC said the offer price still represents a discount of 18.19 percent to the 15-day volume-weighted average price of SMDC shares from the trading days covering August 26 to September 17, 2010.

SMDC is offering 1.83 billion shares stockholders at the rate of one rights share for every three common shares held. The offer price range was earlier set between P5.45 and P5.73 per share. Closing price was P9.00 per share yesterday.

The residential property development arm of SM Investments Corporation, SMDC plans to launch its stock rights offering on October 18 to October 22, 2010 for stockholders as of October 6. The shares will be listed at the bourse on November 3, 2010.

Stockholders subscribing to the issue will have to pay for only half of the shares upon subscription while the balance of 50 percent will be paid in full on the sixth month from the listing date although they may opt to pay in full on the third month after listing.

SMDC president Henry Sy Jr. said proceeds from the offer will be used by the company for its land banking and project development expenses.

http://www.mb.com.ph/node/278310/

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Stock News 2010: Globe Asiatique has not been getting money from Pag-IBIG

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MANILA, Philippines - Globe Asiatique Realty Holdings Corp. has not received a single centavo from Pag-IBIG Fund (Home Mutual Development Fund) for more than two months now or even before the adverse publicity about it, according to its owner Delfin Lee.

Lee stressed that Globe Asiatique does not owe Pag-IBIG Fund a single centavo and has not been remiss in its obligations even up to this time. Nevertheless, he said, Pag-IBIG Fund has stopped releasing money to the company.

The Globe Asiatique official also emphasized that it has been using its own money to build the houses sold to ordinary Filipinos.

He said the housing loans are granted not to developers like Globe Asiatique but to the Pag-IBIG members, who, in turn, use the proceeds to buy houses from developers like Globe Asiatique.           

“It is not Globe Asiatique which approves the loans but Pag-IBIG,” he said. “Globe Asiatique only processes the application upon certification from Pag-IBIG that the applicant is a bonafide member.”

Lee reiterated that it is Pag-IBIG Fund and not Globe Asiatique which receives, processes and approves applications for membership so that the housing loan can be availed of.

Incumbent Vice President Jojo Binay, who now chairs Pag-IBIG Fund, has also clarified in news reports that appeared Sept. 8 that the money of the agency is safe and intact in the midst of bad publicity against Globe Asiatique.

Lee said Globe Asiatique protects the money of Pag-IBIG Fund through its buy-back guarantee which is for five years and not just two years as given by other developers.

This way, when the borrower fails to pay the Pag-IBIG loan, it is Globe Asiatique which assumes the obligation, he said.

http://www.philstar.com/Article.aspx?articleId=610234&publicationSubCategoryId=66

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Stock News 2010: Sell Fil-Estate Land, Inc.

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Fil-Estate Land, Inc.

Recommendation: Sell

ACCORD Capital Equities Corp. is advising investors to sell Fil-Estate Land, Inc. shares following the stock price’s hefty climb in just half a month.

“Shares of Fil-Estate Land traded from P0.38 to P0.41 per share during mid-August,” analyst Justino B. Calaycay, Jr., said. “Today, it closed at P0.54 per share which resulted in a 32% increase in its price which is a good thing,” he said last Friday.

The stock’s price-to-earnings (PE) ratio, at 28x, was way higher than the property industry average of 19x, Mr. Calaycay added.

“Since its PE ratio is higher than the industry average, there could be other property issues more attractive in the eyes of investors… it would be better for equity investors holding Fil-Estate shares to take profit at this time,” he said.

Fil-Estate’s announcement it could end its fiscal year with P50 million in net income, a turnaround, could already be taken into account, Mr. Calaycay said.

Share Price	0.54
High (past 52 weeks)	0.58
Low (past 52 weeks)	0.26
Market Cap. (M)	1,809.00
Price-Earnings Ratio	-28.01
Earnings Per Share	-0.04

Daniel Anne Nepomuceno-Rodriguez

September 6, 2010

http://www.bworldonline.com/Research/stockpicks.php?id=0667

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Stock News 2010: Buy SM Development Corp.

Image by happy via via Flickr

SM Development Corp.

Recommendation: Accumulate on Weakness

SM DEVELOPMENT Corp. is one of the most attractive stocks to buy nowadays given its rosy growth prospects, according to brokerage firm A&A Securities, Inc.

Technical-wise however, analyst Jeng T. Calma cautioned its share price has already peaked, offering less gain to interested investors.

“SMDC’s closing price of P7.60 per share last Friday is just 40 centavos away from its resistance level of P8 per share — its all-time high,” she said.

A favorable outlook on the property sector, the company’s future expansion plans and profits jumping by 24% to P1.3 billion in the first half all contributed to the rise in SMDC’s share price to P7.60 last Friday from just P7 apiece the other week, according to the analyst.

Ms. Calma advised investors though to wait until the stock’s price fall to at least P7.50 apiece.

“With the market projected to be in the bull-run, I believe there is still room for SMDC’s share price to rise… For now, better wait for some correction,” she said.

Share Price	7.6
High (past 52 weeks)	7.6
Low (past 52 weeks)	3.75
Market Cap. (M)	41,771.70
Price-Earnings Ratio	11.74
Earnings Per Share	0.34

Gloria Krisana L. Gallezo

September 6, 2010

http://www.bworldonline.com/Research/stockpicks.php?id=0668

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Stock News 2010: Buy Filinvest Land, Inc.

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Filinvest Land, Inc.

Recommendation: Buy

FILINVEST LAND, Inc. earned a “buy” tag from brokerage firm Regina Capital Development Corp. given the Gotianun-led developer’s continued expansion.

Last week, Filinvest announced a plan to expand its projects in Cebu City, following the recently launched residential project, Citta Di Mare. The company’s investments and future projects in Cebu would include a business process outsourcing building, hotels and subdivisions.

“Fundamentally, it’s a good buy. It’s trading at a discount with 1.60 book value,” said investment analyst Claire S. Quiray. “Technically, with the current demand, it might break out from P1.32 per share. Next target is at P1.50 and momentum is still rising,” she added.

Filinvest Land shares were last traded at P1.31 apiece.

Elizabeth S. Abadillo, analyst from Angping & Associates Securities, Inc., echoed Ms. Quiray’s view, noting Filinvest’s healthy books and its cheap price.

Share Price	1.31
High (past 52 weeks)	1.31
Low (past 52 weeks)	0.76
Market Cap. (M)	31,767.18
Price-Earnings Ratio	22.11
Earnings Per Share	0.08

Dionna Fe M. Falamig

September 6, 2010

http://www.bworldonline.com/Research/stockpicks.php?id=0669

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