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SM group nears deal to buy Ortigas holding firm

THE SM Group is nearing a deal to acquire a controlling stake in the holding firm behind Ortigas & Co. and its vast landholdings, an official yesterday said.
“It’s getting nearer and nearer. Financing is ready. We are just waiting for further instruction,” Henry T. Sy, Jr., vice-chairman of Sy-led holding firm SM Investments Corp. told reporters after the annual stockholders meeting of subsidiary Highlands Prime, Inc.

But Mr. Sy was unable to state a timetable for the purchase.

His camp had confirmed back in February it was currently discussing the acquisition of a majority interest in OCLP Holdings, Inc. subject to finalization among various Ortigas shareholders, earlier reports showed.

A buy-in, analysts had said, could result in a profitable synergy of property assets and development know-how.

Mr. Sy said that Ortigas’ shopping mall portfolio, consisting of Greenhills and Tiendesitas on C-5 Road, were “nice properties,” and would not affect the foot traffic of nearby SM Megamall operated by SM Prime Holdings, Inc. in Ortigas Center, Mandaluyong City.
“When we put up [SM] Megamall, they said it would eat up our share in [SM] Makati and [SM] Cubao. It did not. It’s just matter of creating and expanding our own market reach,” Mr. Sy explained.

In the meantime, Highlands Prime, Inc. and casino developer Belle Corp. -- both SM units -- are banking on the launch of new projects this year in order to improve their respective full-year earnings, which fell from the previous year.

Highlands Prime will be launching Aspenhills, a 27-hectare lot development in Tagaytay City that is expected to rake in P1.3 billion in sales, as well as a new, yet unnamed residential development in Batangas.

The company is spending a total of P400 million for these projects, the company said.

As of this month, Highlands Prime’s sales since the start of the year has reached P240 million versus P97 million in the same period last year, driven by renewed interest in the company’s Tagaytay City developments, said Roel B. Parian, Highlands Prime finance vice-president.

“We hope to reverse whatever performance we’ve had in 2011,” Mr. Parian said while declining to cite a specific profit target.

Belle, for its part, it will be diversifying its mix of real estate projects beyond casino developments.

Belle will be adding nine more holes this year to its 18-hole Tagaytay Midlands golf course, a filing showed.

Construction of the first six phases of the company’s Lakeside Fairways residential development is meanwhile in full swing. -- Franz Jonathan G. de la Fuente


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8 PH companies named top firms in Southeast Asia (includes SM)

MANILA, Philippines - An investment publications has named SM Investments Corp. (SMIC), Ayala Corp., Megaworld, Banco de Oro Unibank (BDO), Bank of Philippine Islands (BPI), Globe Telecom, Philippine Long Distance Telephone Co. (PLDT) and San Miguel Corp. (SMC) as the top companies in the country.

Hong Kong-based Alpha Southeast Asia made the announcement after it revealed the results of its second annual poll to find Southeast Asia’s top companies. The magazine said the awards are based on tallied votes among 460 investors, pension funds, hedge funds, equity and fixed income brokers and analysts with investment interests in the region. Companies in each country were ranked on their financial management, adherence to corporate governance, corporate social responsibility (CSR) and investor relations’ strategy, transparency and disclosure.

Jose Sio, chief financial officer (CFO at SM Investments, was named as the best CFO in the Philippines.

Across the region, the award for Best CFO in Southeast Asia went to Jeann Low, CFO at SingTel. The award for the Best Annual Report in Southeast Asia went to Keppel Corp. while the award for the Strongest Commitment to Sustainable Energy in Southeast Asia went to Thai Oil.

In its statement, Alpha Southeast Asia also said a distinguishing feature of its poll is that it not only names investor favorites, but also names the companies perceived to have “poor management access and investor relations (IR)” by the same group of investors. In the Philippines, Lepanto Consolidated Mining, Metropoitan Bank & Trust Co. and Security Bank Corp. were noted for their “poor and unpredictable investor relations’ strategy.”

Most organized investor relations went to BDO, Megaworld and SMIC while companies with the best senior management IR support are BPI, Globe Telecom and PLDT.

Firms cited for having the strongest adherence to corporate governance are Ayala Corp., Megaworld and SMIC while those with the most consistent dividend policy are Globe Telecom, PLDT and SMC.

Companies with the best strategic CSR are Ayala Corp, San Miguel Corp. and SMIC; the most improved IR citation went to SMC. The best annual report in the Philippines award was bagged by Ayala Corp.

Now in its sixth year of publication, Alpha Southeast Asia is an institutional investment magazine focused on Southeast Asia’s banking and capital markets.-  A Amio


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SMIC launches P10-B issue

SY-LED SM Investments Corp. (SMIC) yesterday started selling P10 billion worth of retail bonds after bagging the regulators’ approval earlier this month, the company said in a statement yesterday.

The company has an option to issue P5 billion worth of additional bonds, according to earlier reports.

The fixed-rate bonds are being issued in two tranches: Series C will mature in seven years while Series D will mature in 10 years, with coupon rates of 6.0000% and 6.9442%, respectively. The offer period will end on July 6, 2012, with an issue date of July 16, 2012, SMIC said.

It added that the bonds shall be issued in minimum denominations of P20,000 each, and in multiples of P10,000 thereafter.

BDO Capital & Investment Corp., BPI Capital Corp., China Banking Corp., and First Metro Investment Corp. are serving as joint lead underwriters for the bond offer.

With the overallotment option, SM Investments expects to bag P14.883 billion in net proceeds, the company had earlier said.

The firm allotted a record P56.80-billion capital budget for this year -- a 20% increase from the year previous -- to fund mostly mall and condominium projects. -- Cliff Harvey C. Venzon


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Recommendation: Hold

ANGPING & Associates Securities, Inc. is advising equities investors to hold on to shares in SM Investments Corp. amid the stock’s consolidation.

“SM is fundamentally good,” said analyst Elizabeth S. Abadillo. “SM holds 2% of the tourism market share in Asia-Pacific.”

SM expects to book double-digit growth for the second quarter, topping its first-quarter performance, with growth driven by core businesses such as banking, real estate, mall development and retail.

The company earned P6.04 billion in the first quarter, up by 12.48% from a year ago.

SM shares closed at a three-day low of P718 per share last Friday, from P720 the previous day. Ms. Abadillo said a good entry-point would be the stock’s support, which is at P700 per share. Resistance, meanwhile, was pegged at P750 apiece.

The brokerage placed the stock’s price-to-earnings ratio for the year at 8.13 times, cheaper than competitor Ayala Corp.’s 23.52. — Karen Joyce Q. Ang


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Belle records drop in H1

LEISURE PROPERTY developer Belle Corp. realized a double-digit profit drop in the first semester versus year-ago levels on weaker real estate revenues and higher administrative expenses, a filing with the Philippine Stock Exchange showed.

Belle, an affiliate of Sy-led SM Investments Corp., saw its January-to-June net income decline by 11.38% to P90.48 million from P102.10 million in the same period last year.

Revenues went down by 38.07% to P222.58 million versus P359.40 million, year-on year.

This comes as sales of real estate and club shares, which comprised a bulk of revenues, decreased by 43.31% to P192.12 million from P338.87 million in 2011, while administrative and general expenses rose by 23.23% to P46.85 million from P38.02 million.

Total costs and expenses declined by 21.16% to P192.71 million from P244.42 million last year, due largely to lower unit sales of real estate and club shares for the period.

For the second quarter alone, Belle saw its net income fall by 27.02% to P38.01 million from P52.08 million last year, while revenues for the period amounted to P125.63 million, a 21.22% drop from last year’s P159.46 million.

Overall costs and expenses from April to June, meanwhile, fell by 6.92% to P101.63 million versus P109.19 million in the same period last year.

Belle is currently devoting “significant resources” for the early 2013 completion of Belle Grande Manila Bay, the company’s integrated resort and gaming complex that will rise on a 6.2-hectare site within the state-run Bagong Nayong Pilipino Entertainment City.

So far, Belle already had raised around P4 billion via a stock rights issue in September last year to shoulder 13.9% of Belle Grande’s construction costs.

Philippine Amusement and Gaming Corp. has issued Belle one of the four integrated casino permits in Entertainment City. The other permits went to Travellers International Hotel Group, Inc., Bloomberry Resorts Corp., and Tiger Resorts Leisure and Entertainment, Inc.

Last month, Belle announced it has partnered with Macau-based Melco Crown Entertainment, Ltd. for the development of Belle Grande, reducing the stake and involvement of Leisure & Resorts World Corp., the company’s original partner in the project.

Further details on the partnership are expected to be hammered out by next month.

Belle, incorporated in 1973 as Belle Resources, entered the property sector with the development of the Tagaytay Highlands International Golf Club in 1989, data from its Web site show.

Since 1989, Belle said it has launched a total of 19 real estate projects, two golf clubs, and one country club, with a total gross land area of approximately 600 hectares in Tagaytay City and Batangas.

Moving forward, the company said that for 2012, it expects to reverse the drop in its net income last year to P200.52 million versus the year previous.

This will reportedly be on the back of new residential and golf course launches both in Tagaytay City and Batangas.

Belle shares were unchanged at the close of trading last Friday at P4.90 apiece from its previous close. -- Franz Jonathan G. de la Fuente


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SM continue to move downwards after it shows a Weak Bearish Signal yesterday by way of a Kijun Sen Cross and Chikou Span is confirming the bearishness of the stock. Notice how the Kijun Sen has attracted the price of SM when it stayed in a horizontal line while price continued to rise before the consecutive fall. Remember that whenever Kijun Sen move in an horizontal fashion, price will be attracted by it and will come near it.

SM is now in the mercy of the Kumo or Cloud. RSI is quite low at this time although not yet oversold. In case we will have a bullish reversal pattern tomorrow from our candlestick then this will signal a reversal. Bullish reversal patterns such as Piercing Line, Hammer, Doji, Harami are some of the patterns we will monitor tomorrow.


Can Kumo stop the price of SM from going down?


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After the 3-day ascend, is SM going to retrace this time? Candlestick registered today is a Doji which means that after the 3-day ascend, the buyers and the sellers are in equilibrium. Since the Doji is found after the ascend, this may mean that the bears are starting to counter the bulls. For those who are still holding SM should monitor this stock intently and act accordingly. In case the Doji will not be confirmed tomorrow via long red candlestick or gap down, next resistance will be around 787 or 50% Fibonacci Retracement level. Currently we are knocking at 61.8% Fibonacci Retracement level.


Will SM retrace at 61.8% Fibonacci Retracement level?


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SM has been moving sideways for quite sometime now but we are seeing a possible spike to 773 as Kijun Sen on weekly chart moves at this level. Will it happen this week?


SM may touch Kijun Sen


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kaso mukang pababa ulit
For how long, do you think? I think we will find out in the coming weeks


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Never naging green sa port ko ang SM. Ave price of 800+ :(

Pag bumaba ng below 700 buy na lang ako.


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SM Cup and Handle



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SM to Merge Related Retail Businesses into SM Retail
(29 February 2016. Pasay City, Philippines) – Today the Board of Directors of SM Investments
Corporation (SM) approved the merger of its retail arm, SM Retail Inc. (SM Retail) with several
related retail companies.
The related companies operate leading local retail chains including Ace Hardware, SM Appliance
Center, Homeworld, Our Home, Toy Kingdom, Watsons, Kultura, Baby Company, Sports Station and
several other specialty stores. Together they operate 1,374 outlets and in 2015 delivered total
revenues of PHP 53 billion.
The merger will complement the existing retail portfolio of SM Retail Inc., which includes 53 SM
department stores, 44 hypermarkets and 213 supermarkets as well as majority stakes in the local
operations of Alfamart, Forever21, Crate & Barrel and other specialty and apparel retailers in
addition to a minority stake in Uniqlo.
The combined entity will have 1,927 outlets and 2.4 million sqm of gross floor area across a diverse
portfolio of food, household appliances, DIY, furniture, apparel, footwear, pharmaceuticals/cosmetics
and specialty retailing stores. The portfolio will serve a wide range of Filipino consumer needs in
both staple and discretionary goods categories and will continue to leverage extensive synergies
across the SM group.
Post-merger, SM will own 77.3% of the enlarged SM Retail Inc.


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