Releasing the 32nd 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 32nd issue:
- Chasing the Gaming Dream
- Positioning SMPH for the Next Stage of Growth
- Universal Robina Corporation (URC) Ripe for the Picking
Chasing the Gaming Dream
Gaming outfit Resorts World, a 50-50 joint venture between Genting of Malaysia and Manila’s Alliance Global Inc. (AGI) at the Travellers International Hotel Group (to be IPOed but postponed) is at this point the largest and will be the largest of the four licensees (casinos) in the Entertainment City (EC) three years from now. See Table 1 on page 2.
Positioning SMPH for the Next Stage of Growth
SMDC and HP File for Voluntary Delisting
Following the completion of SM Land’s (SML) tender offer for SM Development Corp. (SMDC) and Highlands Prime Inc. (HP), the SM group is now moving for a delisting of both property companies at the Philippine Stock Exchange. This is in line with the company’s goal of consolidating its property companies under SM Prime Holdings (SMPH) by end of the year.
Universal Robina Corporation (URC) Ripe for the Picking
Strong Domestic Operations
URC’s revenues rose 13% to Php60.1bn from Php53.1bn during the first 9 months of FY2013 on the back of the domestic operations of its Branded Consumer Foods Group (BCFG), which contributed 51% of total revenues. Consolidated net income amounted to Php8.5bn – up 39% from Php6.1bn – driven by BCFG’s volume growth and higher margins.
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