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James Loyola

BDO Securities sees PSEi at 8,700 in 2017

The Philippine Stock Exchange index (PSEi) will manage to close at the around the 7,800 level this year and surge 12 percent to around 8,700 in 2017 on the back of strong growth in corporate profits. "Because we think earnings growth next year will be around 10 to 11 percent. We think market multiple will hold at roughly the same level," said Banco de Oro (BDO) Securities Corporation Research Head Dante Tinga Jr. during the launch of BDO Nomura Securities, Inc. He said price to earnings ratio is seen to settle at around 18 to 18.5 times earnings per share amids the backdrop of low interest rates. "We're looking at around 8 to 9 percent earnings growth this year. Last year’s growth averaged 5 percent, so there is an uptrend in terms of …

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RLC launches P6-B Westin-branded condo

Robinsons Land Corporation, through its upscale brand Robinsons Luxuria, has launched The Residences at The Westin Manila Sonata Place which is expected to generate P6 billion in sales. The project, which is a strategic partnership with Starwood Hotels and Resorts, the company behind the prestigious Westin chain of hotels. This is the first Westin-branded residential and mixed-use development in Southeast Asia. RLC said The Residences at The Westin Manila Sonata Place is set to transform the local property landscape by fusing world-class hotel experience with luxury residential living to create redefined value. “Our commitment to serve and offer the best quality residential developments to match the discerning taste of our clients remains strong,” said RLC President Frederick Go. He added that, “we are pleased to partner with Starwood Hotels and Resorts, working with their …

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Aboitiz maintains P60-B capex in 2017

Aboitiz Equity Ventures, Inc. is investing almost P60 billion next year for the continued expansion of its subsidiaries engaged in the power, food, cement and property development businesses. In an interview during the weekend, AEV Senior Vice President and Chief Financial Officer Manuel Lozano said their capital expenditure (capex) budget is P58 billion this year and they will allot “probably next year also P50-plus billion again. Its about the same.” Lozano said their power business, through Aboitiz Power Corporation, will continue to get the lion’s share of the capex “because we still have a lot of projects that are onging.” “We have Therma Visayas and Cebu, Pagbilao, and Manolo Fortich in Mindanao. The biggest is power. Probably more than three-fourths of that (capex) will be power,” he said. Lozano also noted that Pilmico Foods …

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Double Dragon investing P6.6 B to double hotel rooms

Double Dragon Properties Corporation, through subsidiary Hotel of Asia, Inc., is doubling its 2020 expansion goal from 1,000 to 2,000 JinJiang Inn hotel rooms in different parts of the Philippines at a cost of about P6.6 billion. “This accelerated expansion aim is in line with the expected surge in Chinese business activities and tourists in the Philippines,” the firm said in a disclosure to the Philippine Stock Exchange. DoubleDragon Chairman Edgar Sia II had said, “We believe that the hospitality industry will continue to be one of the fastest growing segments in the county and it is an ideal way for us to increase our leasable portfolio in line with our focus of creating recurring revenue backed by appreciating assets.” Hotel of Asia's subsidiary is the exclusive master franchisee of JinJiang Inn in …

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Vista Land to invest P4.4 B in 2nd Boracay project

Vista Residences, the condominium arm of Vista Land & Lifescapes, Inc., is looking at developing another mixed-use project worth around P4.4 billion in Boracay following the strong interest generated by its P2.2 billion Costa Vista Boracay. “We're excited about the results and the interest. So we're planning to an additional launch. We're exploring to get additional property in the area,” Vista Residences President and managing director Elizabeth Kalaw said in an interview. She noted that Costa Vista Boracay generated a lot of interest and “we realized that there are so many people who want to have a place in Boracay. So we do not want to let go of this market.” According to Kalaw, the market is driven by tourism since Boracay gets about 2 million visitors a year. “So it's expanding. What’s …

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ArthaLand to launch P11.5-billion Cebu project

Green developer ArthaLand Corporation, the boutique real estate arm of the Po family, is expanding outside Metro Manila with the planned launch of its P11.5-billion Cebu Exchange office tower. In a press briefing, ArthaLand President Angela De Villa-Lacson said they are investing R8 billion for the Grade-A office development, which is designed to address the IT and business process outsourcing industry’s growing demand for quality space in Cebu. De Villa-Lacson said the project is a joint venture development with Arch Capital Group which is partly owned by the Ayala Group. Arthaland owns the land and 60 percent of the project while Arch Capital holds the remaining 40 percent equity. The project will rise at the property that ArthaLand recently acquired along Salinas Drive, across the Cebu IT Park and beside the Waterfront Hotel. To be …

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BDO US$ notes 3x oversubscribed

BDO Unibank, Inc. (BDO) has priced its $300 million in Fixed Rate Senior Notes at 2.630 percent with a maturity of five years. With demand coming primarily from Asian investors, the transaction was three times oversubscribed and is the lowest ever coupon for any US dollar bond for a Philippine issuer. In a disclosure to the Philippine Stock Exchange, the bank said the notes will be issued on October 24, 2016 under its Medium Term Note (MTN) Program. The bonds were rated Baa2 by Moody’s. The Senior Note issue is part of its liability management initiatives to tap longer-term funding sources to support dollar-denominated projects and effectively refinancing outstanding bonds worth $300 million maturing in February next year. Standard Chartered Bank and UBS AG acted as joint lead arrangers for the transaction. BDO is also …

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RFM profits rise 9% to P683 million

Food and beverage company RFM Corporation reported a 9 percent improvement in net income to P683 million for the first nine months of 2016 compared to the same period last year. In a disclosure to the Philippine Stock Exchange, the firm said total revenues reached P8.73 billion, up 3.8 percent from the P8.41-billion revenues posted for the same period last year. RFM President and CEO Jose A. Concepcion III said that sales of branded consumer goods such as ice cream, pasta, and milk, posted strong growth during the first nine months of 2016. Despite the onset of La Nina, ice cream sales sustained its double-digit rise behind the push for availability, affordability and visibility. The firm’s milk products continued to post strong growth behind strong sales of the white milk line. A TV campaign …

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Nenaco to Udenna: Show proof of acquisition

Negros Navigation Co., Inc., (NENACO) is asking the Uy family holding firm Udenna Corporation for proof that it has acquired a substantial stake in the company before it can get representation in its board of directors. In a press briefing, NENACO Corporate Secretary representative Lorenzo Tanlu said that while Udenna has announced its acquisition of about 21 percent of 2Go, it has yet to show documents and reports to prove this. He noted that their partner KGL Investment B.V. has yet to inform them formally about the sale of its interest to the Uy group of the Phoenix Petroleum Corporation. KGL has a 40 percent stake in KGLI-NM Holdings Inc., a joint venture with NENACO that has a 60 percent stake in NENACO. In turn, NENACO has an 88.31 percent interest in 2Go …

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ICTSI buys back $345-million debt

International Container Terminal Services, Inc. (ICTSI) has successfully repurchased $345.45 million of its outstanding perpetual securities via a tender offer. The firm said the repurchase was funded by its $375-million issuance of new senior perpetual securities. The liability management exercise allowed ICTSI to further strengthen its capital structure while realizing significant cost savings. ICTSI Senior Vice President and Chief Financial and Compliance Officer Rafael D. Consing said “this capital management exercise is strategic and value accretive in many respects.” “The two most important of which are the extension of the call duration on almost half of ICTSI's outstanding senior perpetual securities, and securing guaranteed annual cost savings from the lower distribution rate,” he added. Consing noted that, “we are pleased to have achieved these objectives particularly given the volatile market backdrop.” Last October 13, …

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