Bloomberg News

Philippine Stocks: Banco de Oro, Philex Mining, Robinsons Land

October 28, 2011

Oct. 28 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close in Manila.

The Philippine Stock Exchange Index increased 1.6 percent to 4,333.72, the highest close since Sept. 9.

Banco de Oro Unibank Inc. (BDO PM), the nation’s biggest bank by assets, climbed 5.3 percent to 56.30 pesos, the highest close since Sept. 19, after Jose Sio, chief financial officer at parent SM Investments Corp. (SM PM), said the bank’s earnings will help drive a doubling in SM’s profit in six to seven years. SM shares added 0.8 percent to 557 pesos.

Philex Mining Corp. (PX PM), the largest Philippine metals producer, advanced 1.9 percent to 24.50 pesos, the highest close since Oct 17. So-called core net income this year may be “north of” 5 billion pesos ($117 million), Chairman Manuel Pangilinan said.

Robinsons Land Corp. (RLC PM), the nation’s second-largest mall builder, climbed 2.3 percent to 12.46 pesos, the highest close since Sept. 19, after Macquarie Group Ltd., raised its valuation and earnings estimates for the builder.

Macquarie raised its net-asset-value estimate for Robinsons by 21 percent and increased its 2012 earnings-per-share forecast by 7 percent on growing profits from residential projects and malls, Alex Pomento, an analyst at the brokerage, wrote in a note released today.

--Editor: Shiyin Chen

To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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