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Releasing the 9th issue of The Bellwether, as published by FMIC’s IAG-Research. This is a fortnightly publication on market action and outlook.

Contents and Highlights:

GT Capital

Rockwell Land Corporation


The following are the highlights of the issue:

GT Capital

We see substantial earnings growth in GT Capital’s (GTCAP) affiliates and subsidiaries for the entire year — Metrobank (MBT),

Toyota Motors (Toyota), Federal Land Inc. (Fed Land), Global Business Power Corpora-tion (GBPC), and Philippine AXA Life

Insurance Corpo-ration (AXA Life) — given the robust results in 1H2012. GTCAP’s 1H2012 core earnings shot up 55%

year-on-year (YoY) to Php2.6bn.

Rockwell Land Corporation

Earnings to Rise 20%, Sales Take-up 70% Higher Versus Year Ago. Rockwell’s earnings are seen to rise 20% to Php1.1bn this

year as completed unit invento-ries are unloaded from existing high-rise projects Edad-es and Grove. At this earnings level, PE

is a high 20.30x. Demand for residential units remains robust with sales take-up higher by 70% year-to-date July 2012 versus

year ago, same period. Based on compa-ny guidance, the reason why 2011 pre-sales (Php4.9bn) were lower than 2010’s

Php6.4bn was due to strong demand outpacing the supply of units, the latter meaning fewer inventories from higher valued

projects like Edades and One Rockwell.


Earnings Downward Revision. Marcventures report-ed Php136.76mn in 2Q2012 earnings or Php112mn in the entire 1H2012.

In 1Q2012, Marc posted a net loss of Php25mn in the absence of shipments, almost the norm for Surigao miners in the

seasonally weak 1Q due to the weather.

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