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Daily Summary
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US Tracker
US stocks up boosted by a jump in Verizon.
DOW 21,711.01 +97.58 +0.45%
EPHE 36.96 +0.59 +1.62%
PHI 34.05 +0.14 +0.41%
Peso 50.64
TEL Par 1,724 vs 1,709 TEL Last
Corporate News
MWC unit aims to capture 200.0k service connections by 2022. Laguna Water seeks to expand its customer base to at lease 200.0k and become the third largest players by 2022. Laguna Water plans to spend Php5.0bn capex over the next five years. Laguna Water contributed 6.8% of MWC’s revenues as of 1Q17 and have spent Php227.0mn in the same period. Last 32.5.
City of Dreams 2Q17 net revenues at USD176.2mn (+46.6% YoY). We estimate 1H17 at USD333.6mn (+54.7% YoY). Adjusted 2Q17 EBITDA rose 72% to USD62.8mn due to increased casino revenues. Rolling chip volume jumped 88% to USD3.2bn as win rate improved to 3.5% from 3.4% in 2Q16. Mass market increased 26% to USD169.8mn while gaming machines gained 47% to USD759mn. Non-gaming revenue rose 7% to USD28.1mn. BEL and MRP closed at PhP3.68 and PhP9.03, respectively.
PLC 2Q17 net income surged 104% to PhP470.25mn. In 1H17, net income jumped 153% to PhP895.2mn. 2Q17 gross revenues jumped 55% to PhP1.25bn due to strong growth from City of Dreams Manila and improving gaming market. Last PhP1.63
UBP net income down 1.1% in 2Q17 to PhP2.15bn, 1H17 up 15.2% to PhP4.4bn. This is in line at 48% of our FY17E of PhP9.1bn, and 52% of consensus of PhP8.3bn. Net interest income is up 11% in 2Q17 to PhP4.1b, as loans grew 31.5% while deposits expanded 29.1%. Fee income surged 56.1% to PhP1.4bn, while treasury posted losses of PhP206mn. Gross income grew 11.1% to PhP5.9bn but, opex went up 20.6% thus leading to flat bottom line in 2Q17. We maintain our BUY rating and TP of PhP105, based on 1.5x 2017E PBV.
RECENT REPORTS
Immaterial impact on MBT from possible full provisioning of fraudulent loans.
EAGLE continues to enjoy a home court advantage vs. imports
Robust project pipeline supported by strong balance sheet and asset tactical maneuvering
Speculation of interest from foreign banks shore up share price
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