First Metro Asset Management Inc

The Bellwether – 115

Releasing the 15th issue of The Bellwether, as published by FMIC’s IAG-Research.

This is a fortnightly publication on market action and outlook.

The following are the highlights of the issue:

San Miguel Corporation (SMC) eyes Php200bn borrowings

Trans-Asia Oil and Energy Development Corporation is RP’s biggest wind energy provider in 3 years, to spend Php51bn for 400MW capacity

LT Group, Inc. (LTG) Tough Basel 3 capital call prompts LTG to eye BPI

LT Group may shed banking arm


San Miguel Corporation (SMC) eyes Php200bn borrowings

SMC sees 10% earnings growth in election year 2013

Food giant and increasingly infrastructure-geared conglomerate SMC sees 2013 earnings up 11%. We estimate earnings to reach Php27.5bn attributable to common on potential reported earnings of Php37.7bn. SMC reported 9mo12 earnings of Php19.2bn to equity holders, 61% up year-on-year (yoy), led by power and brewery businesses. The view is that election spending will buoy the food and beverage (F&B) business. F&B comprised rhum, brandy, gin, beer, meat, poultry and branded consumer products (BCP).

Trans-Asia Oil and Energy Development Corporation is RP’s biggest wind energy provider in 3 years, to spend Php51bn for 400MW capacity

400 MW expansion

Phinma-led Trans-Asia (TA) is raising an estimated Php51.6bn in debt and equity to cover a 400MW three-year expansion in wind energy to make it the country’s largest wind energy provider. Wind power development costs $3m/MW, according to the turbine blades manufacturer of Trans-Asia from Spain called Gamesa.

LT Group, Inc. (LTG) Tough Basel 3 capital call prompts LTG to eye BPI

LT Group may shed banking arm

LT Group may have to drop a plan to consolidate PNB. PNB’s majority owner, also that of LT Group, is reportedly selling out his control (also of Allied Bank) to BPI at Php96/share–for PNB shares. Mr. Tan is the common majority owner of both PNB and Allied, whose merger awaits the SEC approval after the BSP and PDIC’s nod. The merger also awaits foreign regulator’s approval on the change in ownership of PNB and Allied’s offshore subs and affiliates entailed by the merger. PNB shares climbed to an all-time high last November 20, 2012 at Php84.50/share on turnover of Php688mn prior to its trading suspension last month

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Oriental Petroleum (OPM) may Double Earnings on Galoc 2’s Commercialization in 2014

Doubling of Daily Output in 2014.

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