Philippine Stock Exchange: Market Updates – December 17, 2013

Moody’s Maintains Positive Outlook On Philippine Banking
Moody’s Investors Service says that it is maintaining its positive outlook on the Philippine banking system for the next 12 to 18 months, as it has been since December 2012. Moody’s says that the positive outlook for the banking system is based on an assessment of five factors: operating environment – positive; asset quality and capital – stable; funding and liquidity – stable; profitability and efficiency – stable; and systemic support — positive. It also noted that the government’s improved fiscal strength will add to its ability to extend support to the banks when necessary. On average, Moody’s rated banks in the Philippines receive 1-2 notches of uplift in their average long-term deposit ratings of Baa3 from their standalone credit ratings.

AC Increases MWC Stake
Ayala Corporation (AC) announced that it acquired 140 million common shares of Manila Water Company, Inc. (MWC) representing a 5.7% interest in the water utility. The shares were acquired from Mitsubishi Corporation that will effectively increase AC’s stake in MWC from 43.1% to 48.8% while Mitsubishi will remain a shareholder with 1.2% interest.

APX Scales Down Mines Expansion
Apex Mining Company, Inc. (APX) has shelved the expansion program for 3,000 tpd (tons per day) capacity of its Apex Mines in Maco, Compostela Valley. The new program of expansion approved by the Board will increase the capacity of the Apex Mines from 850 tpd to 1,500 tpd capacity. APX believes that this is a more realistic target considering the ore disposition in the Apex underground mines in Maco.

AP Unit Awarded Two SCs
AP Renewables, Inc. (APRI), a wholly owned subsidiary of Aboitiz Power Corporation (AP), has been awarded two geothermal service contracts both located in North Cotabato. Though still at the early stages of pre-development, Kapatagan Sibulan and Talomo-Tico projects will cover geothermal concession areas in Mindanao.

FGEN Signs Contracts With Siemens
First Gen Corporation (FGEN), through its wholly owned subsidiary First NatGas Power Corporation, signed an equipment supply contract with Siemens AG and a constructions services contract with Siemens, Inc., for the engineering, design, procurement, construction, and completion of an approximately 414 MW San Gabriel Combined Natural Gas-Fired Power Plant in Santa Rita, Batangas City,

PSB To Issue Unsecured Subordinated Debts
Philippine Savings Bank (PSB) will issue Php 3 billion in Unsecured Subordinated Debt with a term of ten years and a call option on the 5th year containing a loss-absorption feature to comply with BSP Circular 781 on the Basel III Implementing Guidelines on Minimum Capital Requirements.

PGOLD Cash Dividend Declaration
Puregold Price Club, Inc. (PGOLD) declared regular and special cash dividends in the total amount of Php 0.30 per share. Php 0.20 per share will be given out as regular dividends and Php 0.10 as special dividends. Both transactions have set ex-dates on 27 December 2013 and will be distributed in favor of all stockholders of record as of 6 January 2014, payable on 30 January 2014.

MBC Cash Dividend Declaration
Manila Broadcasting Company (MBC) approved the declaration of a cash dividend of Php 0.18 per share to be paid on 31 January 2014 to stockholders of record as of 10 January 2014. MBC shares will trade ex-dividend on 7 January 2014.

SOC Share Buyback Transactions
South China Resources, Inc. (SOC) repurchased 110,800 and 239,000 shares from the open market last Friday, 13 December and yesterday, 16 December respectively. Both buyback transactions were executed at a purchase price of Php 1.00 apiece.

LOTO Share Buyback Transactions
Pacific Online Systems Corporation (LOTO) repurchased a total of 13,700 shares from the market yesterday. 8,000 shares were bought back at a price of Php 15.38 apiece and 5,700 shares at Php 15.28 apiece.

PSE All Shares
Close : 3,564.05
Volume : 1,038,949,910
Value : 5,487,443,391.59

Foreign Buying = Php 2,806,667,751.65
Foreign Selling = Php 3,698,396,109.21
Net Foreign Selling = Php 891,728,357.56
Total Foreign = Php 6,505,063,860.86

Philippine Stock Exchange (PSE)

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