ITrade by DA Market Securities

04/09/2025

📊 Market Recap
US Markets
S&P 500 –0.69% (6,415.54), Dow –0.55%, Nasdaq flat.
Bonds sold off; US10Y yield at 4.277%.
Concerns over budget pressures pushed ~80% of S&P names lower.
Commodities
Gold $3,600.50/oz (+1.37%) → fresh all-time high, central banks adding reserves.
WTI $65.70 (+1.22%), Brent $69.20 (+1.15%), copper +1.94%.
Foreign Exchange (FX)
USD firmer: PHP 57.509/$ (–0.5%), JPY 148.27, EUR 1.1647.
Asia/Region Markets
Nikkei –0.96%, Hang Seng +1.67%, Sensex +0.44%.
Indonesian banks pressured on political liquidity fears.
🇵🇭 Philippine Market
03 September, 2025
PSEi: 6,128.89 (–0.18%), range 6,076–6,145; value ₱5.58B; volume 1.15B shares.
Foreign flows: Net outflow ₱368.8M Tuesday; YTD net foreign selling $701M.
Breadth: 84 advancers, 111 decliners, 59 unchanged.
Most active: EMI ₱484M, AP ₱444M, SM ₱362M, ALI ₱354M, BPI ₱299M.
Valuation: 2024F P/E 10.4x; 2025F P/E 9.9x (vs. LT average 15.5x).
Technical view: Support 6,060; resistance 6,700–6,750; breakout level 7,000.
🏦 Macro & Policy
BSP Gov. Remolona: Policy in a “Goldilocks” spot after cut to 5.0%; inflation outlook anchored below 2% for 2025.
Another cut not urgent; remittances steady, exports remain a concern.
Philippines eyeing re-entry to JPMorgan GBI-EM index (dropped in 2024 for illiquidity).
Aug PMI steady at 50.8 vs 50.9 in July.
🏢 Corporate Highlights
AC (₱543): Temasek-linked ABC Impact invests in AC Health (~16% stake).
ALI (₱28.70): ₱15B sustainability bonds; launched Laurean Residences (65-storey luxury Makati tower).
MER (₱544): Subsidiary MIESCOR acquires 400k CFS shares for ₱74M.
TEL (₱1,123): Google laser sites for underserved areas; ESG rating upgraded to BBB.
GLO (₱1,505): Upgrading MM network; partnered with Bolttech for device-as-a-service.
JFC (₱235.60): Exploring Canadian supply chain partnerships.
AGI (₱7.35): Similar Canadian supply chain strategy for overseas growth.
VITA (₱0.55): Buying breeder farm assets in Davao del Sur (~₱280M).
SM (₱806): Share buy-backs; renewable expansion via SM Green Power.
Maynilad IPO: Decision expected Oct 2025; cornerstone investor secured.
ACEN (₱2.18): Divested diesel assets → now pure-play renewable.
🛢 Mining & Metals
PH gold output 29,036 kg in 2022 (+15% YoY); exports topped $1B (+13%).
Mining plays (APX, LC, BC, OGP) active as gold hits records.
📈 Outlook
PSEi consolidating around 6,100 with thin volumes and foreign outflows.
Positives: Lower rates, stable peso, and corporate expansion (ALI, ACEN, JFC, TEL, GLO).
Strategy: Selective buyers of property, infra/utilities, consumer, and REITs on pullbacks.
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⚠️ Disclaimer: This recap is for informational purposes only and not intended as investment advice or solicitation. Market data are based on sources deemed reliable but accuracy, completeness, and timeliness are not guaranteed. Securities investing carries risk, including possible loss of principal.

03/09/2025

📊 PSEi Technicals & Market Highlights
02 September, 2025
🔹 PSEi Technicals
Support: 6,300–6,400 (strong support zone)
Resistance: 6,700–6,750 (near-term resistance) | 7,000 (psychological barrier / breakout level)
P/E valuation: 10.3x 2025F vs. 15.5x long-term average
Strategy: Protect gains when overbought; accumulate if oversold
📈 Market Summary
Net foreign selling Tuesday: $6.415M
Net foreign selling September MTD: $9.013M
Net foreign selling YTD: $701.129M
💡 Economy & Policy Updates
BSP cut policy rate to 5%, lowest since Nov 2022; dovish stance but cautious outlook.
Inflation expected below 2% for the rest of 2025; BSP forecasts 1.7% in 2025, 3.3% in 2026.
Peso and 10Y bond yields flat; remittances steady.
Philippines seeks re-entry to JPMorgan GBI-EM index.
🏢 Corporate Highlights
ALI (₱28.70): Plans ₱15B sustainability bonds; launches Laurean Residences luxury tower.
ACEN (₱2.18): Fully divested diesel; now pure-play renewables firm.
TEL (₱1,123.00): Launching space-optic internet; MSCI ESG upgraded to BBB.
GLO (₱1,505.00): Metro Manila network upgrades + device-as-a-service program.
JFC (₱235.60): Expanding Canada supply chain to support global growth.
AC (₱543.00): AC Health secures Temasek-linked investment to scale hospitals & clinics.
MER (₱544.00): Tightens control over frontline services via subsidiary acquisition.
VITA (₱0.55): Buying breeder farm in Davao del Sur; +8% output.
🌍 Global Context
Gold: New record at $3,532/oz (Sept 2).
Wall Street: Lower on bond yields, trade uncertainty. Kraft Heinz down, PepsiCo up.

📌 Takeaway:
PSEi remains range-bound with strong support at 6,300–6,400. Lower rates and improving liquidity should support selective accumulation, particularly in property, infra, and ESG-linked names.
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⚠️ Disclaimer: This post is for informational purposes only and not intended to solicit buying or selling of securities. DA Market Securities, Inc. uses reliable sources but makes no warranties as to accuracy or completeness. No liability shall be incurred for any damages related to use of this data.

02/09/2025

📊 Market Overview — 01 September 2025 (PH)

PSEi 6,140.35 (−0.25%); range 6,114–6,171; turnover ₱3.6B; Breadth: Adv 110 vs Dec 96.

Foreign flows: Net outflow $2.6M (Mon); YTD net foreign selling $694.7M.
Region: Asia mixed — Japan/Korea softer on chip weakness; HK firmer. Indonesia snapped a 5-month win streak amid political unrest.
Global funds (Aug 31): Net buyers India $694.6M; net sellers Taiwan $334.8M, Korea $303.8M, Philippines $47.9M.
Commodities & FX: WTI $64.91 (+1.4%), Brent $68.41 (+1.4%), Gold $3,551.80/oz (+12.5%); USD/PHP 57.215.

🏦 Macro & Policy
• BSP cut RRP −25 bps to 5.00% (lowest since 2022); Gov. Remolona says stance is “Goldilocks.”
• Inflation projected

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29/08/2025

📊 Market Overview
• PSEi fell -1.33% to 6,190.19 (range: 6,190–6,279) on ₱5.85B turnover as foreigners remained net sellers ($13.5M Thu; Aug MTD -$56.4M; YTD -$678.6M).
• Region mixed: S&P 500 +0.32%, Nasdaq +0.53%, Nikkei +0.51%, Hang Seng -0.81%. US 10Y 4.21% (-5.8 bps).
• FX & Commodities: PHP 57.11/USD (firmer), WTI $64.14, Brent $68.12, Gold $3,470.80; copper & nickel higher.

Macro & Policy
• BSP cut RRP by 25 bps to 5.00% (inflation below target); Gov. Remolona: policy in a “sweet spot.” Reserve ratio down to 5%, path to 0% by 2029. Barclays sees room for another 25 bps cut in Oct.
• July exports +17.3% YoY (vs est. 10.5%), imports +2.3% YoY; trade deficit narrowed to $4.05B.

Global Movers
• Berkshire raises Mitsubishi stake (10.23%); Nvidia guides ~$54B FQ3 sales; Ajinomoto to build ¥23.8B PH factory; BYD pressured on tariff concerns.

Corporate & Sectors (PH)
• ACEN (₱2.25): 2 GW pipeline in Australia; 600-MW Laos wind COD; $55M infusion to ACEN Renewables Intl.
• MER (₱533.50): Expanding into strategic energy diversification incl. SMR studies.
• SM (₱760): Ongoing buy-backs; RSI near 30 watch.
• TEL (₱1,222): Neutral pending Konektadong Pinoy IRR clarity.
• DITO (₱1.01): Warns IRR should not hinder connectivity goals.
• CEB (₱35.25): Shifting flights to Clark hub to ease NAIA congestion.
• FNI (₱1.29): Bravo elected chairman; governance overhang as Sy on leave.
• PAL (₱3.90): Trip.com partnership expands Asia ticketing access.
Trading Lens

• Index levels: Support 6,300–6,400 (now below—watch for reclaim); resistance 6,700–6,750/7,000. PSEi 2025F P/E ~10.3x vs 15.5x LT avg.

• Tilt: Rate-sensitive defensives & quality compounders (MER, ICT, PGOLD). Monitor banks for NIM drift amid BSP cuts.

📌 This report is for informational purposes only and not a solicitation to buy/sell securities. DA Market Securities, Inc. uses sources believed reliable but does not guarantee accuracy or timeliness. No liability for losses incurred. Not for reproduction or redistribution.

28/08/2025

📊 PSE Market Recap — August 27, 2025

The PSEi rebounded strongly, closing +128.10 points (+2.08%) at 6,273.34, recovering from earlier weakness

Market breadth: 117 advancers vs. 100 decliners, 39 unchanged

Turnover: ₱8.65B on 890M shares traded

Foreign flows: Net selling at ~₱41M; August MTD net outflow $42.9M, YTD net outflow $665M

Most active: BDO (₱2.18B), ICT (₱1.27B), ALI (₱1.23B), MER (₱868M), SM (₱663M)

Top gainers: ICT (+7.0%), BDO (+6.9%), SMPH (+4.6%)

Laggards: AEV (-3.4%), AREIT (-2.0%), MONDE (-1.4%)

🔎 Technical View:
Support: 6,300–6,400 (strong base)
Resistance: 6,700–6,750 near term; 7,000 psychological barrier
P/E: 10.1x 2025F vs. 15.5x long-term average

💡 Investor Insight:
Markets were supported by expectations of a BSP rate cut today, following easing inflation (July 0.9%, lowest since 2019) and Q2 GDP growth at +5.5% YoY, among Asia’s strongest

✅ Disclaimer:
This market update is for informational purposes only and not intended as investment advice or a solicitation to buy/sell securities. DA Market Securities, Inc. makes reasonable efforts to ensure data accuracy but does not guarantee completeness or timeliness. Investors should make independent decisions and seek professional advice when necessary.

27/08/2025

📉 PHILIPPINE MARKET OVERVIEW | August 26, 2025

🇵🇭 PSEi plunged -2.17% to 6,145.24 (intraday range: 6,145–6,272) on a strong ₱13.28B turnover. Market breadth showed weakness with 81 advancers, 112 decliners, and 64 unchanged.

🔻 Foreign selling intensified, with $35.7M outflows Tuesday.

August MTD: -$42.2M

YTD: -$664.4M

📌 Heavyweights dragged down the index:

BDO -8%
ICT -7.4%
TEL -4.5%

📊 TECHNICAL LEVELS & VALUATION

🟠 Support: 6,300–6,400 (critical “must hold”: 6,003)

🔵 Resistance: 6,700–6,750; psychological level at 7,000

⚖️ Valuation: PSEi 2025F P/E ~10.3x vs 15.5x long-term average

🌎 GLOBAL & REGIONAL MARKETS

🇺🇸 US Markets closed higher:

Dow +0.30%, S&P 500 +0.41%, Nasdaq +0.44%

US 10Y yield eased to 4.266% as focus shifted to Nvidia’s earnings

⚠️ Policy Watch: Trump’s push to remove Fed Gov. Lisa Cook raised concerns over central bank independence.

Gold firmed on safe-haven demand

Bitcoin reversed to $109,000

Asia equities reacted negatively to the headlines

💸 Asia Fund Flows (Aug 26):

✅ Net Buying: Indonesia (+$177.9M)

❌ Net Selling: Taiwan (-$466M), Korea (-$375.5M), India (-$177M), Thailand (-$188.3M), Malaysia (-$121M), Philippines (-$35.9M)

🇯🇵 Japan:

TOPIX -0.4%, Nikkei -0.3%

Nikon +21% on news of a potential stake increase by the parent of Ray-Ban

🏦 BSP expected to cut policy rate to 5.00% (from 5.25%) at Thursday’s meeting amid easing inflation and slowing growth.

🧊 July inflation cooled to 0.9% (lowest since Oct 2019)

📉 RRR reduced from 10% → 5%, aiming for 0% by 2029

🔮 Two more cuts possible in 2025, with Aug 28 in play

📈 Q2 GDP:

+5.5% YoY, +1.5% QoQ

NEDA targets +5.6% growth for H2

FX (vs USD):
PHP 57.08 (weaker)
JPY 147.45

CORPORATE & SECTOR HIGHLIGHTS

AC (₱565 | RSI 33): Targets ~12% ROE by 2026 (from 9.6%)

SM (₱770): Continues share buy-backs; expands renewables via SM Green Power

MER (₱546): Signed RE deal with The Peninsula Manila; explores SMR tech

CNVRG (₱14.98): Pushes for tighter cybersecurity under Konektadong Pinoy IRR

ALLHC (₱1.40): Artico Mandaue cold storage now 100% RE-powered

FNI (₱1.23): Dropped up to -19% after chairman’s detention; H1 net income +200% to ₱622.1M

📌 IPO Watch:

Hann Holdings defers IPO (timing-related)

MPI/MPTC listing still pending debt strategy

💵 DD (₱9.80): Prepares ₱10.9B bond issue; rated PRS Aaa by PhilRatings

🚀 Telcos & Starlink: Exploring roles in DICT’s Konektadong Pinoy IRR. Possible entry of foreign satellite infra may force adaptation by local players (GLO, TEL, CNVRG, DITO)

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This report is provided for informational purposes only and is not intended to solicit buying and selling of securities or to participate in any particular trading strategy. DA Market Securities, Inc. makes reasonable effort to use reliable, comprehensive information, but makes no representation or warranties as to the accuracy, completeness, or timeliness of the data provided. DA Market Securities, Inc. shall not have liability for any damages of any kind relating to such data. This report may not be reproduced or published for any purpose.

18/08/2025

📊 Market Recap
PSEi closed at 6,313.89 (+0.35%)

Range: 6,283.51 – 6,333.78

Advancers/Decliners/Unchanged: 100 / 87 / 53

Value turnover: ₱7.62B | Volume: 748M shares

Net foreign inflow: ₱212.77M

Month-to-date: $32.27M net foreign buying | YTD: $560.3M net foreign selling

Global markets:

US equities rose for the 4th straight week on rate-cut optimism.

S&P 500 +1.2%, Dow +0.9%, Nasdaq +1.4% — all near record highs.

Asian markets mixed; Japan’s Nikkei 225 up, China flat on weak credit growth.

Currency: PHP at 56.975 per USD (flat).

Commodities: WTI crude $64.06 (+0.55%), Brent $67.20 (+0.71%), gold $3,371.50/oz (-0.32%).

🏦 Macro & Policy
BSP: Gov. Remolona reaffirmed possible two rate cuts in 2025, one likely on Aug. 28, if inflation outlook remains stable.

Inflation: July CPI steady at 3.4%, core inflation trending lower.

ADB Outlook: PH to remain ASEAN’s fastest-growing economy in 2025, supported by infra and consumption.

🏢 Corporate Updates
JG Summit (JGS, ₱48.90): H1 net income ₱9.5B, reversing ₱2.1B loss last year. Gains driven by URC and Cebu Pacific.

Globe (GLO, ₱1,735): H1 NI ₱10.2B (-29% YoY); Q2 NI ₱5.46B; capex ₱25B. Launching ₱25B preferred share sale.

ICTSI (ICT, ₱252.00): Record H1 NI $483.84M (+15% YoY) on higher volumes.

SM Prime (SMPH, ₱33.00): Q2 NI ₱12.8B (+10% YoY); expanding malls & offices.

ACEN (₱5.85): Q2 NI ₱3.45B (+42% YoY) on RE expansion; 6,000MW target by 2030.

Ayala Land (ALI, ₱28.20): H1 NI ₱14.2B (+8% YoY); launching ₱57B projects in H2.

San Miguel Food & Bev (SMFB, ₱110.00): H1 NI ₱23B (+15% YoY).

LT Group (LTG, ₱13.10): H1 NI ₱14.97B (+17% YoY), boosted by banking and to***co.

TEL (₱1,315): Q2 NI ₱9.11B (+6.1% YoY); trimmed capex to ₱63B; eyes positive FCF by 2026.

Century Pacific Food (CNPF, ₱35.00): Acquired plant-based food brand Loma Linda to expand alternative protein portfolio.

DoubleDragon (DD, ₱9.58): Issuing ₱10.9B bonds to finance Hotel101 expansion.

Meralco (MER, ₱342.00): Awarded $2.7M USTDA grant for modular reactor feasibility study.

MWC (₱40.15): Closing ₱37.8B Wawa Water acquisition by Sept 30.

DMCI (₱10.26): Subsidiary awarded 25-year nickel mining rights in Palawan.

AGI (₱13.40): Q2 NI ₱5.3B (+25% YoY), with growth in property, liquor, QSRs, and gaming.

FDC (₱12.15): Q2 NI up 44% on stronger banking, property, and power businesses.

CREC (₱3.05): Q2 NI ₱305.5M on higher RE capacity.

MRSGI (₱1.90): Q2 NI ₱132.9M (+20% YoY) on sales and store expansion.

ATI (₱12.80): Q2 NI ₱1.5B (+48.5% YoY) on strong cargo throughput.

📈 Trading View
Support: 6,300 | Resistance: 6,700–6,750; 7,000 psychological barrier.

Valuation: PSEi at 10.3x 2025F P/E (vs. LT avg 15.5x).

Bias: Positive, supported by corporate earnings momentum, foreign inflows, and dovish BSP stance.

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This report is provided for informational purposes only and is not intended to solicit buying and selling of securities or to participate in any particular trading strategy. DA Market Securities, Inc. makes reasonable effort to use reliable, comprehensive information, but makes no representation or warranties as to the accuracy, completeness, or timeliness of the data provided. DA Market Securities, Inc. shall not have liability for any damages of any kind relating to such data. This report may not be reproduced or published for any purpose.

15/08/2025

Market Recap

PSEi closed 6,291.85 (-0.53%), with 84 advancers, 106 decliners.

Sectors: Gains in Industrials, Banks, Miners/Oils; declines in Services & Property.

Foreign flows: Net buying of ₱100.92M; August net foreign buying now ₱29.45B, YTD net selling ₱592.80M.

US markets: Pulled back from record highs after July PPI (+0.9% MoM) surprised to the upside — highest in 3 years — lifting bond yields and tempering Fed rate-cut hopes.

Currencies: PHP strengthened to ₱56.925 (-1.43%), JPY at 147.77, EUR at 1.1657.

Commodities: WTI crude $63.85 (+1.56%), Brent $66.73 (+1.31%), gold $3,382/oz (-1.04%), wheat up 3.25%, coffee +1.94%.

PSEi Technicals: Support at 6,300–6,400; resistance at 6,700–6,750 and 7,000. P/E valuation at 10.3x 2025F vs. 15.5x LT average.

Macro & Policy
BSP:

Gov. Remolona hinted at two rate cuts in 2025, one possibly on Aug 28; benchmark rate at 5.25%.

Core inflation seen at 3.1% by 2027; liquidity ample, FX reserves strong.

GDP:

Q2 2025: +1.5% QoQ, +5.5% YoY (above 5.4% est.); NEDA targets 5.6% growth in 2H 2025 on easing inflation & public spending.

Regulation:

BSP orders banks to remove icons/links to e-gambling sites from e-wallets; Senate pushes broader restrictions.

Corporate Highlights
DigiPlus (PLUS) – H1 NI ₱8.4B (+61% YoY) on 47% revenue growth; launched PlaySafe Alliance. Regulatory risks remain despite growth.

ICT – JV with Subic Bay Metropolitan Authority for port expansion.

SMC – San Miguel Food & Beverage H1 NI ₱23B (+15%); MRT-7 partial ops target late 2025; flood-control proposal reiterated.

ALI – ₱57B H2 project launches (estates, malls, residential); ₱12.7B Cebu mall upgrades.

ACEN – Secured financing for RE projects; 6,000MW target by 2030.

LTG – H1 NI ₱14.97B (+17%) from banking & to***co gains.

TEL – Q2 NI ₱9.11B (+6.1%); trims capex to ₱63B; aims for positive FCF by 2026.

CNPF – Acquired Loma Linda plant-based food brand, boosting alt-protein portfolio.

Ayala Corp. (AC) – Raised iPeople stake to 36.3% via ₱351M deal.

JFC – Q2 NI ₱3.21B (+5.6%) on higher same-store sales and network expansion.

SMPH – To launch Signature Series luxury residences in Makati.

MER – Awarded $2.7M USTDA grant for small modular reactor study.

CNVRG – Cut 2025 revenue growth forecast to 10–12% (from 14–16%) on churn & project delays.

DD – ₱10.9B bond issuance for Hotel101 expansion.

MWC – Closing ₱37.8B Wawa Water acquisition by Sep 30.

DMC – Won 25-year nickel mining rights in Palawan.

AGI – Q2 NI ₱5.3B (+25%), growth across property, liquor, QSRs, gaming.

FDC – Q2 NI +44% from banking, property, power, hospitality.

CREC – Q2 NI ₱305.5M on higher RE output & capacity.

MRSGI – Q2 NI ₱132.9M on sales growth & store expansion.

ATI – Q2 NI ₱1.5B (+48.5%) on higher cargo volumes.

Key Takeaways
Macro: Growth momentum supported by easing inflation and BSP’s dovish tilt, but US inflation surprise may delay Fed cuts and impact peso flows.

Equities: Select large caps (banks, property, consumer, REITs) positioned to benefit from rate cuts; watch for volatility from external inflation & policy shifts.

Commodities: Oil prices stabilizing in low $60s could ease inflation pressures; wheat & coffee price upticks may feed into food costs.

Risks: Regulatory tightening on gaming, geopolitical tensions (PH-China, Taiwan-China), possible Trump tariff effects.

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This report is provided for informational purposes only and is not intended to solicit buying and selling of securities or to participate in any particular trading strategy. DA Market Securities, Inc. makes reasonable effort to use reliable, comprehensive information, but makes no representation or warranties as to the accuracy, completeness, or timeliness of the data provided. DA Market Securities, Inc. shall not have liability for any damages of any kind relating to such data. This report may not be reproduced or published for any purpose.

14/08/2025

📊 Market Overview

PSEi: 6,313.80 (-13.13 pts, -0.21%)

Range: 6,293.16 – 6,341.02

Advancers/Decliners/Unchanged: 89 / 100 / 53

Value turnover: ₱5.69B | Volume: 722M shares

Net Foreign Selling: ₱367.6M

Month-to-date: net foreign selling at $2.9M

YTD: net foreign selling at $614.6M

Global Markets:

US indices fell as traders took profit after inflation data rally.

Japan Nikkei 225 eased but held near record highs; HK and Shanghai mixed.

Currencies: PHP closed at 57.11/$ (weaker from 57.072).

Commodities:

WTI crude: $62.67 (-0.62%)

Brent crude: $65.77 (-0.44%)

Gold: $3,415.30 (+0.47%)

🏦 Economy & Policy
BSP: Gov. Remolona reiterated possibility of two rate cuts in 2025, one likely Aug. 28.

NEDA: Q2 GDP growth at 5.5% is sustainable into H2, driven by consumption and infra spending.

Philippines: ADB expects PH to remain one of ASEAN’s fastest-growing economies.

🏢 Corporate Highlights
JFC (₱215.00): Q2 net income ₱3.43B (+14.7% YoY); H1 net income ₱6.55B (+16.4% YoY). Strong performance from domestic brands; accelerating store expansion globally.

ICT (₱247.00): Partnered with Subic Bay Metropolitan Authority to develop port facilities; part of long-term capacity expansion.

SMC (₱127.50): Unit San Miguel Food & Beverage posted ₱23B H1 NI (+15% YoY). Ramon Ang reiterated proposal to help solve MM flooding for free.

SMC Infrastructure: Continuing work on MRT-7 and Bulacan airport; aiming partial MRT-7 operations by late 2025.

ALI (₱28.00): Launching ₱57B worth of projects in H2; focus on estates, malls, and residential towers.

ACEN (₱5.82): Signed financing agreements for wind and solar projects; targets 6,000 MW RE capacity by 2030.

LTG (₱13.00): H1 NI ₱14.97B (+17% YoY) on stronger banking and to***co segments.

TEL (₱1,315): Q2 NI ₱9.11B (+6.1% YoY); cutting capex to ₱63B; aims for positive FCF by 2026.

CNPF (₱35.00): Acquired plant-based food brand Loma Linda; expansion into alternative proteins.

DD (₱9.58): Issuing ₱10.9B bonds at 7.7% coupon to fund Hotel101 expansion.

MWC (₱40.15): Closing ₱37.8B Wawa Water acquisition by Sep. 30.

DMC (₱10.26): Subsidiary secured 25-year nickel mining rights in Palawan.

📈 Technicals
Support: 6,300–6,350 | Resistance: 6,700–6,750

Valuation: PSEi at 10.3x 2025F P/E vs. 15.5x long-term average.

Overbought RSI: MER, ICT | Oversold RSI: CNVRG, COAL

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This report is provided for informational purposes only and is not intended to solicit buying and selling of securities or to participate in any particular trading strategy. DA Market Securities, Inc. makes reasonable effort to use reliable, comprehensive information, but makes no representation or warranties as to the accuracy, completeness, or timeliness of the data provided. DA Market Securities, Inc. shall not have liability for any damages of any kind relating to such data. This report may not be reproduced or published for any purpose.

13/08/2025

📊 Market Overview
• PSEi: 6,289.85 (+35.49 pts, +0.57%)
• Range: 6,260.17 – 6,299.41
• Advancers/Decliners/Unchanged: 105 / 84 / 53
• Value turnover: ₱13.73B | Volume: 756M shares
• Net Foreign Buying: ₱239.51M
• Month-to-date net foreign buying: $10.53M
• YTD net foreign selling: $611.73M
• Global Markets:
• Wall Street surged >1% after US July CPI matched forecasts, boosting rate cut hopes by Sept.
• S&P 500 & Nasdaq hit fresh records.
• Japan’s Nikkei 225 reached a record high on tariff & rate optimism.
• Currencies: PHP strengthened slightly to 57.072/$ (from 57.095).
• Commodities:
• WTI crude: $63.06 (-1.28%)
• Brent crude: $66.06 (-0.80%)
• Gold: $3,399.30 (-2.64%)

📈 Sector & Technicals
• PSEi valuation: 10.3x 2025F P/E (vs. 15.5x long-term avg).
• Support: 6,300–6,400
• Resistance: 6,700–6,750; 7,000 (psychological breakout level).
• Strategy: Protect gains when overbought; accumulate if oversold.

🏦 Economy & Policy
• GDP: 2Q25 at +1.5% QoQ, +5.5% YoY (above 5.4% estimate).
• NEDA targets 5.6% growth in 2H25, driven by easing inflation & public spending.
• BSP:
• Gov. Remolona hinted at two possible rate cuts in 2025, one likely on Aug 28.
• Core inflation may reach 3.1% by 2027.
• 91-day T-bills at 5.287%.
• Liquidity remains ample; FX reserves sufficient.

🏢 Corporate Highlights
• BDO (₱138.30): H1 net income ₱40.6B (+3% YoY); expects record earnings to continue; lending growth broad-based.
• BPI (₱117.50): Considering more bond issuances for refinancing & liquidity.
• CNVRG (₱17.40): Guides 10–12% revenue growth for 2025.
• JFC (₱215.00): Q2 results due Aug 14; expected growth from stronger consumer spending.
• BLOOM (₱3.60): H1 income ₱1.9B (-52% YoY) on Solaire North weakness.
• GTCAP (₱664.00): H1 core net income ₱18.11B (+31% YoY).
• LTG (₱13.10): H1 income ₱14.97B (+17% YoY), driven by PNB & Fortune To***co.
• TEL (₱1,315.00): Q2 NI ₱9.11B (+6.1% YoY); capex cut to ₱63B; aiming positive FCF by 2026.
• MWC (₱40.15): Closing ₱37.8B Wawa Water acquisition by Sep 30.
• DMC (₱10.26): Subsidiary secured 25-year nickel operating rights in Palawan.
• FGEN (₱16.80): Q2 NI ₱4.71B (+5.2% YoY) on lower costs.
• MREIT (₱14.48): Capital stock hike from ₱3B to ₱8B for asset infusions.
• CNPF (₱35.00): Acquired plant-based brand Loma Linda.
• DD (₱9.58): Issuing ₱10.9B bonds at 7.7% coupon for Hotel101 expansion.
• SMPH (₱23.65): ₱7B SM Megamall upgrade.
• DNL (₱4.99): Q2 NI ₱714M (+1% YoY).

🌏 Key Risks & Tailwinds
• Tailwinds:
• Lower rates & easing inflation to boost consumption, property, & banking.
• OFW & BPO inflows remain strong.
• Risks:
• US tariff policies (inflationary), higher transport/electricity costs, China tensions.

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