US Tracker
In a broad-based sell-off, US stocks fell below 22,000 after US-North Korea tensions escalated.
DOW 21,844.01 -204.69 -0.93%
EPHE 35.22 -0.87 -2.41%
PHI 33.01 +0.62 1.91%
Peso 50.795
TEL Par 1,677 vs 1,712 TEL
Corporate News
MEG 1H17 net income rose 11% to P6.7bn, beating the consensus forecast of P12.4bn. This also beat Papa's P11.5bn estimate. The 20% surge in rental income to P5.8bn drove earnings after it hit the 1mn sqm mark. Residential revenue, meanwhile, was flat at P16.8bn.
TEL 1H17 core income up 1.0% YoY to Php11.9bn, in-line with our estimate of Php25.4bn(47%) and consensus estimate of Php22.76bn(53.0%). Recurring income increased by 1.0% as expense management and reduction in subsidies lead to a 10.0% decline in operating expenses, offsetting the 7.0% decline in service revenues. The decline in total mobile subscribers (-14.0% YoY) and blended ARPU (-2.8% YoY) drove the 7.0% decline in service revenues.
RCB 1H17 fell 9.9% to PhP2.4bn, in line with consensus at 52.6% of PhP4.5bn. In 2Q17, net earnings jumped 67% to PhP1.3bn, driven by steady core lending, fees, and managed opex. Loans went up 16%, driven by corporate loans (+15%), SME loans (+26%), and consumer (+14%). NIM improved to 4.26% from 4.06% in end-2016, resulting in net interest income of PhP8.6bn, up 6.7%. However, non-interest income fell 6.9%, thus driving down gross income growth to just 2% to PhP12.4bn. Opex was subdued as it grew just 5% to PhP8.7bn. Capital ratios remained ample with CET 1 of 12.13% and CAR of 15.2%, while asset quality is still solid with NPL ratio of 1.35% and NPL cover at 79.82%.
DMC 2Q17 profit rises 17.94% to PhP4.0bn. This brought 1H17 earnings to PhP7.6bn (+20.8%), in line with consensus estimates (50%). DMC's earnings in the first half were driven by DMCI Homes (+78%), SCC (+24%), and the construction arm (+25%). The remaining segments posted flat to negative income growth. DMC expects a more modest second half as SCC's coal mine is faced with a higher strip ratio. The segments performed as follows:
>The property business was boosted by higher sales and reservations and the switch in accounting method to % of completion.
>DMC's construction arm benefited from higher completion of ongoing projects and lower construction costs.
>SCC's contribution rose 24% from a strong 1Q despite posting flat growth in the second quarter.
>Off grid power fell 5% due to the expiration of Masbate’s ITH.
>Nickel mining was down 5% as well due to lower output despite higher nickel prices.
>Maynilad’s contribution dropped 31% on the delay of implementing the tariff rate rebasing.
PNB 1H17 dropped 37% to PhP2.7bn, largely behind consensus at 38% of PhP7.1bn. Excluding the one-time gain of PhP2.7bn in 1H16, net earnings would have been up 29.7%. 2Q17 alone is down 11% to PhP1.5bn. Loans went up 16%, while deposits rose 17%, thus net interest income gained 8% to PhP10.3bn. Non-interest income plunged 46.7% to PhP3.4bn in the absence of one-time gains last year. Meanwhile opex grew just 6%. Net NPL ratio remained low at 0.25%, while NPL cover was ample at 130%.
SMC core profit rose 21% in 1H17. Income rose on higher sales volume from its beer and foods business, better production yields from oil, and sustained growth from toll roads. Meanwhile, the power segment saw income drop 15% due to the maintenance shutdown of Ilijan and Malampaya. Last 101.60.
GTCAP posted 1H17 net income to common shareholders fell 20.5% to PhP7.2bn, in line at 48% of consensus of PhP14.97bn. Excluding discontinued operations, core net income is up 19% to PhP7.4bn. Revenues grew 18% to PhP108.2bn, driven by Toyota, Federal Land, Pro-friends, and higher equity contributions from associates. Last 1,168
• MBT gained 5% to PhP9.5bn on 21% loan growth with NIM improvement.
• Toyota net income fell 7% to PhP6.8bn despite strong car sales growth of 18% to 85,728 units. Unfavorable FX rates, increased sales of low margin models, and rise in opex cut net margin to 7.8% from 9.7%.
• Federal Land and Profriends net earnings was flat at PhP1.5bn as booked sales grew 18% for FedLand and 14% for Profriends.
• AXA posted net income of PhP854mn, up 13% on 28% growth in annualized premium equivalent to PhP3bn.
• MPI reported core net income rose 12% to PhP6.98bn due to an expanded power portfolio, robust traffic growth, and sustained growth in healthcare segment
MWIDE 1H17 net income at Php927.0bn (-6.0% YoY), in-line with consensus estimate of Php1.6bn (57.0%).
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