Monthly Archives: August 2015

Accord Capital Daily Highlight, August 28, 2015

Posted on August 28, 2015 by research

OUTLOOK: Following a sea of red last Monday that threatened to pull the market into bearish territory, the welcome whiff of a positive news cycle breezed providing a clearing on the horizon. Philippine GDP came in line with most forecast … Continue reading →

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PHILIPPINES AND CHINA Presentation slides

Posted on August 27, 2015 by research

PHILIPPINES AND CHINA The Philippines have limited trade exposure to China with only 11% of total exports going to the regional economic giant. But the Yuan’s recent devaluation has rattled ASEAN currencies, including the Peso. Meanwhile, a strong US dollar … Continue reading →

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Accord Capital Daily Highlight, August 26, 2015

Posted on August 26, 2015 by research

OUTLOOK: Things have become more interesting – and more difficult to grasp. The China narrative changed a bit with the PBOC’s infusion, a similar track it took in early-June. The same question begs – how sustainable is this? Recent experience … Continue reading →

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Market Daily for Tuesday, 25 August 2015

Posted on August 25, 2015 by research

August 25, 2015 HIGHLIGHTS: The IMF says Philippine GDP may have accelerated in 2Q15 The Department of Finance believes PHL can handle weak Peso GTCAP buys stake in Property Company of Friends for PhP7.2bn AEV gets US$400m loan for acquisitions … Continue reading →

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Accord Capital Daily Highlight, August 25, 2015

Posted on August 25, 2015 by research

OUTLOOK: The PSEI has technically breached the “bear market line” which we marked at 6846.53 – a 20% retracememt off the 8136.97 peak. The first support line for the bears is at 6510. There are three things an investor my … Continue reading →

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Accord Capital Weekly Highlight, August 24 to 28, 2015

Posted on August 24, 2015 by research

OUTLOOK: The cycle of negative news continued through the weekend. Though investors have been on edge since the local market fell off its lofty heights in April, there were hopes that the drop is just part of the usual corrective … Continue reading →

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COMPANY UPDATE: DMCI Holdings, Inc. (DMC)

Posted on August 20, 2015 by research

DMC 1H15 Results 1H15 net income up 28% to P6.6bn on earnings growth from SCC, mining, power and water units; construction takes hit from delayed PPP projects but may recover on gov’t spending. Trading at discount. HOLD.

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Accord Capital Daily Highlight, August 20, 2015

Posted on August 20, 2015 by research

OUTLOOK: The main question at this point is how far the rout in Chinese equities poses a drag to domestic sentiments. At this point, unless a strong 2Q GDP comes out next week (or at least levels that would satisfy … Continue reading →

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Market Daily for Wednesday, 19 August 2015

Posted on August 19, 2015 by research

August 19, 2015 HIGHLIGHTS: Personal remittances accelerates to 5.8% in June DMC reports 1H15 net income of PhP6.6bn, up 28% y-o-y on higher unit contributions MEG to build two new high-end malls in Fort Bonifacio  

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Accord Capital Daily Highlight, August 19, 2015

Posted on August 19, 2015 by research

OUTLOOK: The technical view of the market leaves investors with a lot of gnawing questions on the further sustainability of the bull market run. To cite a few bearish patterns – a head and shoulders formation that broke last May; … Continue reading →

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