Aboitiz, Manila Electric, SM Prime: Philippine Stocks Preview
Shares of the following companies may have unusual moves in Philippine trading. Stock symbols are in parentheses, and prices are as of the previous close, unless stated otherwise.
The Philippine Stock Exchange Index rose 0.9 percent to 3,875.81.
Aboitiz Equity Ventures Inc. (AEV) : The company is planning capital expenditure of 49 billion pesos ($1.13 billion) this year, the Philippine Daily Inquirer reported, citing Chief Financial Officer Stephen Paradies. Aboitiz Power Corp. (AP) , a unit of the company, has set a 46 billion-peso capital- spending program for coal-power projects, according to the report. Aboitiz Equity fell 0.1 percent to 40.70 pesos. Aboitiz Power added 0.9 percent to 28.80 pesos.
Anglo Philippine Holdings Corp. (APO PM): The company posted a 560.8 million-peso profit last year and will pay 5 centavos a share in dividend, a stock exchange filing showed. The stock lost 0.6 percent to 1.59 pesos.
Manila Electric Co. (MER) : The largest Philippine power retailer is in talks with potential partners to invest in power generation assets, Joe Zaldarriaga, a spokesman at the Manila- based company, said in a March 25 phone interview. The stock jumped 8.2 percent to 248.60 pesos.
Megawide Construction Corp. (MWIDE PM): The construction company said its 2010 net income increased to 335 million pesos from 71 million pesos a year earlier, a stock exchange filing showed. The stock rose 0.8 percent to 8.48 pesos.
Nickel Asia Corp. (NIKL) : The largest Philippine producer of the metal posted a 388 percent increase in profit to 1.48 billion pesos last year, BusinessWorld reported, citing company documents. The company will pay 35 centavos a share in dividend and expects higher nickel prices and sales this year, the daily said, citing the document. President Gerard Brimo couldn’t be reached for comment in his office. The stock gained 2.7 percent to 20 pesos.
San Miguel Corp. (SMC) : The nation’s biggest food and drinks company plans to bid for five power-generating assets that government will sell to private investors, the Philippine Daily Inquirer reported, citing President Ramon Ang. Ang didn’t respond to a text message on his mobile phone and couldn’t be reached for comment in his office. The stock rose 0.5 percent to 157 pesos.
SM Prime Holdings Inc. (SMPH) : The largest Philippine shopping mall operator will open as many as two malls in China this year, Teresita Sy-Coson, vice chairwoman at parent SM Investments Corp. (SM) , said in an interview on March 25. Manila-based SM Investments has not been affected by the crises in Japan and the Middle East and is “continuing” with its targets this year, Sy-Coson said. SM Prime gained 4.7 percent to 11.48 pesos. SM Investments rose 0.8 percent to 519.50 pesos.
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