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VOL 1,451,776,417 ADV 95
Holdings (-0.62%) and Services (-0.45%) were left in the red zone, while Industrials led the gainers
to 7,814.16 (1.45%), with Jollibee Foods Corporation [pse:JFC] advancing the most in the index,
+2.71% to P143.80, supported by net foreign buying of P38.81 million.
We can expect PH manufacturing PMI to cross to expansion territory in July given the anticipated PIPER CHAUCER E. TAN
gradual increase of consumer demand amid the reopening of the economy. Recovery in the Engagement Officer/Research Associate
manufacturing sector could start from food manufacturing firms, then the rest would follow depending +63 (2) 8588-1928
on the guidelines of the government.
CLAIRE T. ALVIAR
Research Associate
+63 (2) 8588-1925
GLOBAL NEWS
Ground Floor, East Tower
Private survey of China’s factory activity PMI beat expectations in June. Caixin/Markit PSE Center, Tektite Towers
manufacturing PMI printed at 51.2 in June, better than 50.4 economists’ expectation. The recent Ortigas Center, Pasig City
figure is also higher than 50.9 of the official PMI. [Private survey features a bigger mix of firms while PHILIPPINES
the official PMI polls mostly big businesses, and state-owned].
DISCLAIMER
The better-than-expected survey result of manufacturing PMI in China may indicate as a beginning The opinion, views and recommendations
of economic recovery. This performance could also mean that global demand is slowly getting contained in this material were prepared by
stronger as many countries already reopened economies. the Philstocks Research Team, individually
and separately, based on their specific
sector assignments, contextual framework,
personal judgments, biases and prejudices,
time horizons, methods and other factors.
The reader is enjoined to take this into
COMPANY NEWS account when perusing and considering the
contents of the report as a basis for their
stock investment or trading decisions.
SELL Global-Estate Resorts, Inc. [pse:GERI] Furthermore, projection made and presented
in this report may change or be updated in
First quarter financial results were impacted by the Taal eruption at the start of the year , followed by between the periods of release. Ergo, the
the coronavirus pandemic. On a bright side, the company believes that it will recover soon given the validity of the projections and/or estimates
geographic spread of its property portfolio across the country, along with its strategic recovery plans. mentioned are good as of the date indicated
and may be changed without immediate
First quarter results: notification.
• Revenues, -18% y/y, to P1.5 billion This report is primarily intended for
information purposes only and should not be
• Real estate sales, -16% y/y t0 P1.0 billion.
considered as an exclusive basis for making
• Leasing operations, -3% to P186 million investment decision. The recommendations
contained in this report is not tailored-fit any
• Hotel revenues, -13% to P149 million particular investor type, situation, or
objective and must not be taken as such.
We see bigger negative impact of lockdown measures on its financials in the second quarter of the Determining the suitability of an investment
year, and we see demand from its business to remain weak throughout the year, compared to last year remains within the province of the investor.
performance. Our estimates are based on information we
believe to be reliable. Nevertheless, nothing
Immediate support is at P0.79, while resistance is at P0.85. Second support is peg at P0.75. in this report shall be construed as an offer
of a guarantee of a return of any kind and at
Target Price (TA): Php 0.79 any time.
Rating Definitions:
BUY - More than 15% upside base on the target price
in the next 9-12 months