April 11, 2012- Morning Linkfest

1.) EDC moves to raise P7B for old debt (BWorld) 

EDC signed a notes facility agreement on April 4 with RCBC Capital Corp. and SB Capital Investment Corp. which will stand in as joint issue managers and joint led arrangers.  The new fixed rate corporate notes will have a tenor of 10 years at an interest rate to be determined prior to their issuances.

EDC had already issued P12 billion worth of fixed rate bonds in 2009 to refinance its maturing debt. The company had an outstanding yen-denominated loan of about P11 billion, earlier reports show.  The P12-billion bond issue had two tranches, with P8.5 billion due in June 2015 and P3.5 billion due in December 2016.

2.) East West Bank sets IPO price range (ABS CBN) 
East West Bank is raising P5.2-6.6 Bil in an initial public offering this year to be launched on April 20,2012 set at a price range of P18.5-23.50 per share.  Pricing will be finalized on April 18, with listing set for May 7.  Proceeds will be used to fund branch expansion, with an aim to increase its loan portfolio by 20-25% this year.  

3.) GMA Network upbeat on Q1 after 2011 profit drop (BWorld)

GMA7 expects a stronger Q1 after profits dipped nearly 40% last year to P534 Mil.  The firm has received commitments for 85% of its target advertising revenues.  Guidance for the year is Php2.8 Bil.  

4.) Robinsons Land to open 3 new malls, expand 2 others (ABS CBN)

RLC will open three new malls and expand two existing ones to boost its chain of commercial centers.  In March, the company opened its full service mall in Calasiao, Pangasinan.  Robinsons Place Palawan is slated to open in May, and Robinsons Magnolia in July.  Two mall expansions in Tacloban and Bacolod have recently been completed.  Total gross leasable area will reach 917,000 square meters at end September this year, while 2013, RLC expects another 100,000 sqm of GLA with four new malls and one expansion, all outside Metro Manila.   

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4 Responses to April 11, 2012- Morning Linkfest

  1. imbangklase says:

    Hi FT, been a long time since you started posting again. :p I was just wondering what you think of the macro economic outlook that we have today.. hmm dow’s down again, higher than yesterday.. hmm do you think it’s good to liquidate foreign heavy stocks in the mean time? or do you have any insights as to what could make the overall sentiments positive again? Seems that everything’s pointing downwards (ahaha in my naive opinion).

    thanks in advance 🙂

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    • I know this may sound weird, but I think the right strategy is to buy during the downdays. Most traders call it as pullbacks. When stocks fall to their longer term moving averages, you should be thinking of buying. We’re still in a long term uptrend so I find nothing wrong with the overall market. True, sentiment wise– we’re correcting, but find low risk entries to nibble. still in an uptrend, – tel, mbt, pgold, ac, (bdo after the rights offering announcement). Just pick your favorites. Just be patient and stay disciplined for a longer haul. Long term trendlines are still up. (Short term- sell a portion if it helps you sleep at night). – especially if you’re levered.

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  2. imbangklase says:

    Hi FT, what do you think of the macro economic outlook that we have today? Seems that something bad is bout to happen? do you have any insights regarding any positive catalysts that could stop the 5 day slump of Dow? hmm. seems to be getting worst everyday.. Is this a good time to re-plan and liquidate foreign heavy stocks?

    Thanks in advance 🙂

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    • Hello, I recently just read a research released by COL’s Coling the Shots- They wrote there that the EIP strategy rewarded the peso cost averagers around 20% in the model portfolio while the other stocks recommended in the EIP (17 of them) rewarded investors by about 28%. Those are ytd numbers. They can fall, but the timing is really a difficult thing to do for most people, which is why peso cost averaging works, especially to fundamentally sound companies that you like to buy and hold perhaps for a year or two. For instance, while some bluechips have just consolidated, maybe 10% off of their highs, I believe that any liquidation will only be trimming positions (say half) but not entirely liquidating the whole portfolio into cash. I can’t get market timing very perfectly, but instead of selling, I think the stance is where to increase your positions and add.
      Hope this helps. I’ll try to come up with a post soon re those kinds of questions.
      -Faceless Trader

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