#stock commentary

[juan-castro]

Commentary: Visitors from January to March Decline to 29,383 (May 3, 2021) | AP Securities

Commentary: Visitors from January to March Decline to 29,383 (May 3, 2021) | AP Securities #CEB

Market Event Visitor arrivals from January to March declined to 29,383, from 1.39 million during the same period last year. Opinion The significant 98%year-on-year (YoY) drop is mainly due to the timing of the imposed ECQ last year, wherein travel restrictions were only implemented mid-March. While sustained weakness for air travel demand will continue to be a drag for companies like CEB, we…

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[juan-castro]

Commentary: ICT Solutions Inc. Connects Vis-Min to its National Fiber Backbone (May 3, 2021) | AP Securities

Commentary: #ICT Solutions Inc. Connects Vis-Min to its National Fiber Backbone (May 3, 2021) | AP Securities

Market Event Fiber internet service provider Converge ICT Solutions Inc. has connected Visayas and Mindanao to its national fiber backbone as part of its P6-billion domestic submarine cable project. Opinion CNVRG is eyeing 600k to 700k net subscriber adds for its residential segment, as well as a 10% increase in enterprise revenue, which is seen to translate to a total of P25 Billion revenues.…

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[juan-castro]

Commentary: PAGCOR Net Income in 1st Quarter 2021 Drops by 80% (May 3, 2021) | AP Securities

Commentary: PAGCOR Net Income in 1st Quarter 2021 Drops by 80% (May 3, 2021) | AP Securities #BLOOM

Market Event PAGCOR’s net income in first quarter 2021 (1Q21) dropped by 80% year-on-year (YoY) to P156.2 Million as lockdown measures continue to hamper gaming operations. Opinion With the reimposition of MECQ for another two weeks up until May 14, drag to earnings of casinos will extend up to second quarter 2021 (2Q21). 1Q21 numbers of Okada Manila (GGR down by 41% YoY) also portends weak…

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[juan-castro]

Commentary: Del Monte Philippines, Inc. IPO Aims to Raise P44 Billion (May 3, 2021) | AP Securities

Commentary: Del Monte Philippines, Inc. IPO Aims to Raise P44 Billion (May 3, 2021) | AP Securities #IPO #DMPI

Market Event Del Monte Philippines, Inc. (DMPI) on Wednesday revived its initial public offering (IPO) plan, which aims to raise as much as P44 Billion. Opinion The DMPI IPO will consist of up to 699 Million secondary common shares and an overallotment (OA) option of up to 105 Million shares at a maximum offer price of P54.80. The secondary offer will comprise of shares from Central American…

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[juan-castro]

Commentary: Iron Ore Prices Hit Record High on China Stimulus Programs (May 3, 2021) | AP Securities

Commentary: Iron Ore Prices Hit Record High on China Stimulus Programs (May 3, 2021) | AP Securities #NIKL

Market Event Iron ore prices hit a record-high as aggressive, infrastructure-focused stimulus programs in China fuel booming demand for the key steel-making raw material. Opinion As quoted in Financial Times, Iron Ore (62% Fe) hit an all-time high of $179/ton, up 114% year-on-year (YoY). In a bid to curb soaring iron prices, China announced that it will scrap tariffs on some steel products and…

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[juan-castro]

Commentary: ADB Slashes PHL Growth Forecast to 4.5% (May 3, 2021) | AP Securities

Commentary: ADB Slashes PHL Growth Forecast to 4.5% (May 3, 2021) | AP Securities #PSEi

Market Event ADB slashed its growth forecast for the Philippines to 4.5% (from 6.5%) in 2021. The latest forecast was a “floor” which meant growth rate could be above 4.5%. The estimate took into consideration reimposition of tighter quarantine restrictions in NCR Plus which accounted for half of PH GDP. Opinion ADB’s forecast is the lowest among recent economic forecasts (ranging 5.5 – 6.5%).…

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