Angelo Silva
Aug 16, 2013
3 mins
Releasing the 28th 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:
U.S. growth track argues for delayed QE3 exit
Emerging Markets (EM) money flow reversal turns into currency rout: India is weakest link
Bloomberry Resorts Corporation (BLOOM) to erase deficit next year
Philippine Business Bank (PBB) branch expansion and dividends underway
U.S. growth track argues for delayed QE3 exit
Leading indicator index suggests U.S. economy may take time to accelerate
The Conference Board of Leading Economic Index® (LEI) for the U.S.—a closely watched monthly forward-looking barometer of U.S. economic growth - has increased 0.1% in May to 95.2 (2004 = 100, the base year). See Figure 2 on page 3. A collection of indicators that point most reliably to turning points in the overall economy, the U.S. LEI was below the economists’ expected 0.5% and thus signalled a likely weaker-than-expected growth going forward.
Emerging Markets (EM) money flow reversal turns into currency rout: India is weakest link
Tightening view
A Bloomberg expectations survey (of 54 economists) said the Fed will cut bond purchases by $20bn in September 2013. On the other hand, majority of Fed members (14 of them) expect actual Fed rate tightening in 2015, according to a Fed document released together with the June 20 FOMC meeting.
Bloomberry Resorts Corporation (BLOOM) to erase deficit next year
Income next year from breakeven this year
A bigger positive income likely next year. Hopefully, the Php1.2bn capital deficit will be wiped out next year. Research units of stock brokers estimate a Php4.4bn 2013 net income for BLOOM and a further 138% growth in 2014 to Php9bn, according to Bloomberg.
Philippine Business Bank (PBB) branch expansion and dividends underway
16 new branch licenses
Last May, PBB was granted 16 branch licenses by the BSP on top of the 15 restricted licenses, five branches of which will be opened this year out of the planned 19 and expanding the total to 100 by yearend. PBB opened 19 branches in Metro Manila and in the provinces for a total of 78 branch network in 2012. Last May, PBB opened 3 new branches located in Roosevelt, Quezon City; Legaspi Village, Makati; and Cauayan, Isabela – bringing its total branch count to 81.Download the full PDF here! DOWNLOAD
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