Globe Telecom, RFM, San Miguel: Philippine Stocks Preview
Shares of the following companies may have unusual price changes in Philippine trading. Stock symbols are in parentheses, and share prices are as of 12 p.m. in Manila yesterday.
The Philippine Stock Exchange Index increased 1.5 percent to 3,990.49.
Bank of the Philippine Islands (BPI PM): The nation’s No.3 bank by assets posted 2010 profit that “significantly” exceeded 2009 earnings, President Aurelio Montinola said. The bank expects loans to rise 10 percent this year and is “always on the lookout” for acquisitions, he said. The stock gained 0.8 percent to 54.50 pesos.
Globe Telecom Inc. (GLO PM): The mobile phone services provider was lowered to “underweight” from “neutral” by James Sullivan, an analyst at JPMorgan Chase & Co. The analyst has a 12-month share price estimate of 620 pesos. The stock fell 0.3 percent to 778 pesos.
Philippine Long Distance Telephone Co. (TEL PM): The nation’s biggest phone company was cut to “neutral” from “overweight” by JPMorgan’s Sullivan. The analyst has a 12- month share-price forecast of 2,400 pesos. The stock was unchanged at 2,500 pesos.
RFM Corp. (RFM PM): The food and drinks manufacturer said 2010 profit rose 71 percent to 625 million pesos ($14 million), a stock exchange filing showed. The stock rose 0.6 percent to 1.70 pesos.
San Miguel Corp. (SMC PM): The biggest Philippine food and beverage company may price a planned share sale at between 150 pesos and 250 pesos each, a stock exchange filing showed. The amount of 250 pesos is the "high end" of the range, the company said in the filing. The stock jumped 11 percent to 178 pesos.
To contact the reporter on this story: Ian C. Sayson in Manila at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org