20140219-Maybank_KERPL-Daily_Edge_11页_899kb

报告摘要

Daily Edge Summary - 19 February 2014

Core Content

This document provides a detailed analysis of stock market performance and valuations as of 18 February 2014, focusing on the Philippine Stock Exchange Index (PSEi), key stocks, and financial metrics for several companies. It also includes analyst views and upcoming events.

Key Financial Metrics

Metric	Value (PHP)	% Change
PSEi	6,193.97	0.42
Turnover (PHPm)	6,043.68	(8.36)
PLDT ADR (USD)	59.67	0.54
PLDT ADR (PHP)	2,651.14	0.54
Ave interbank rate	2.00	-6.25 bps
PHP/USD rate	44.55	(0.06)

Analysts

Luz Lorenzo – Head of Research / Economist
Laura Dy-Liacco – Analyst
Rommel Rodrigo – Analyst
Lovell Sarreal – Analyst
Katherine Tan – Analyst
Ramon Adviento – Analyst

Top Idea

MWC (PHP25.00): The arbitration case remains the biggest factor affecting the share price.
- Maintain HOLD with a target price of PHP23.40.
- 2013 net earnings of PHP5.75b were in line with expectations.
- 4Q13 net earnings dropped 5% YoY but increased 6% QoQ.
- A one-off gain of PHP656m on trust liability boosted net income.
- Adjusted EBITDA was 3% lower than estimated.
- East zone concession was the main earnings driver, contributing PHP5.45b.
- New investments in subsidiaries (Laguna Water, Boracay Water, Clark Water) grew 45% to PHP220m.
- Equity earnings rose 42% to PHP294m due to the start of operations of Kenh Dong Water.

Market Talk

EDC re-energized power plants in Unified Leyte, restoring 511.5 MW of generation capacity.
This restored 73% of the 700.9 MW capacity damaged by Typhoon Yolanda.
The company is continuing to monitor and test the units.

Valuation and Earnings Table

Stock	Share Price (PHP)	Target Price (PHP)	Upside (%)	Recommendation	Net Profit (PHPm)	EPS (PHP)	EPS Growth (%)	PE (x)	DPS (PHP)	Yield (%)	BV/share (PHP)	P/BV (x)	Gearing (%)	ROA (%)	ROE (%)
MWC	25.00	23.40	(6)	HOLD	5,752	2.27	1.1	11.0	0.60	2.4	10.91	2.3	69.3	7.2	18.6
BDO	81.00	88.00	9	BUY	19,780	5.52	(5.6)	14.7	-	-	42.29	1.9	-	1.2	11.5
BPI	89.00	93.50	5	HOLD	20,315	5.71	5.6	15.6	1.80	1.7	27.30	3.3	-	1.8	17.5
CHIB	57.50	57.75	0	HOLD	5,910	4.14	8.3	13.9	1.20	2.1	29.46	2.0	-	1.5	12.5
EW	26.50	31.80	20	BUY	12,618	9.40	11.3	23.2	65.00	3.6	350.81	5.1	117.7	7.3	21.5
MBT	82.25	96.00	17	BUY	16,213	5.91	0.2	13.5	1.20	2.1	48.34	1.7	-	1.2	13.5
PNB	86.00	111.00	29	BUY	5,432	5.00	(28.8)	13.0	1.00	2.2	58.04	1.5	-	1.4	12.8
RCB	42.80	60.00	40	BUY	5,623	4.41	12.5	9.7	1.00	2.3	32.98	2.0	-	1.6	12.6
SECB	118.10	122.50	4	BUY	5,369	4.85	3.1	13.3	2.20	2.8	12.93	2.0	-	1.6	23.8
DMPL	23.30	35.20	51	BUY	9,52	0.61	(13.7)	3.8	0.45	1.9	7.14	2.5	(6.9)	8.7	15.2
RRHI	62.50	77.50	24	BUY	3,433	2.51	32.6	14.9	0.38	2.2	29.08	2.1	(76.5)	5.9	9.0
ALI	27.20	37.80	39	BUY	9,52	0.61	(13.7)	3.8	0.45	1.9	7.14	2.5	(6.9)	8.7	15.2
FLI	5.41	6.65	23	BUY	804	0.23	17.2	2.1	0.07	2.3	2.42	2.5	(14.1)	1.3	9.9
PNB	86.00	111.00	29	BUY	5,432	5.00	(28.8)	13.0	1.00	2.2	58.04	1.5	-	1.4	12.8
RCB	42.80	60.00	40	BUY	5,623	4.41	12.5	9.7	1.00	2.3	32.98	2.0	-	1.6	12.6
SECB	118.10	122.50	4	BUY	5,369	4.85	3.1	13.3	2.20	2.8	12.93	2.0	-	1.6	23.8
DMPL	23.30	35.20	51	BUY	952	0.61	(13.7)	3.8	0.45	1.9	7.14	2.5	(6.9)	8.7	15.2
RRHI	62.50	77.50	24	BUY	3,433	2.51	32.6	14.9	0.38	2.2	29.08	2.1	(76.5)	5.9	9.0
CIC	25.90	36.50	41	BUY	592	2.26	20.2	13.0	0.56	2.2	10.36	2.5	(47.4)	1.6	23.8

The Week Ahead

19 Feb: Roxas Holdings, Inc.
24 Feb: Island Information & Technology, Inc.
25 Feb: Del Monte Pacific Limited
26 Feb: Roxas and Company, Inc.

Key Takeaways

MWC's performance is heavily influenced by the ongoing arbitration case, which could last up to a year.
Despite a 5% YoY growth in net income, the company's share price remains under pressure due to regulatory uncertainty.
EDC's re-energization efforts have restored a significant portion of power generation capacity.
The document outlines key financial metrics and valuations for various stocks, including earnings, price targets, and growth rates.

展开完整摘要