Bloomberg News

Ayala, Cebu, IPVG, JG Summit, Philex: Philippine Equity Preview

March 13, 2012

Shares of the following companies may have unusual moves in Philippine (PASHR) trading. Stock symbols are in parentheses and prices are as of the previous close, unless stated otherwise.

The Philippine Stock Exchange Index (PCOMP) rose 0.6 percent to 5,005.75.

Ayala Corp. (AC) : The owner of the largest Philippine builder plans to boost capital spending 38 percent this year to a record 91 billion pesos ($2.1 billion), 75 percent of which is for unit Ayala Land Inc. (ALI) and Globe Telecom Inc. (GLO) , Chief Executive Jaime Augusto Zobel de Ayala said. Ayala decreased 0.1 percent to 413 pesos. Ayala Land fell 1.7 percent to 20.65 pesos. Globe gained 0.3 percent to 1,200 pesos.

Cebu Air Inc. (CEB) : The nation’s largest budget carrier posted a 47 percent drop in profit to 3.62 billion pesos last year on higher oil prices, a stock exchange filing showed. The stock was unchanged at 68 pesos.

IPVG Corp. (IP) : The company’s affiliate Conqueror Space Ltd. signed a preliminary agreement with a Canadian-Chinese venture for the rights to build and operate mineral refineries in India, a stock exchange filing showed. The stock was unchanged at 1.28 pesos.

JG Summit Holdings Inc. (JGS) : The company said profit rose 32 percent to 21.59 billion pesos last year, boosted by the sale of its stake in Digital Telecommunications Philippines Inc., a stock exchange filing showed. The stock gained 2.4 percent to 25.70 pesos.

Philex Mining Corp. (PX) : The nation’s biggest metals producer is looking at investments overseas, including Indonesia and Myanmar, Senior Vice President Michael Toledo said. The stock fell 0.5 percent to 21 pesos.

To contact the reporter on this story: Ian 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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