PH: "The Infrastructure Play" - which stocks?

[drbubb]

PH: "The Infrastructure Play" - which stocks?

 

 

Pulse of Philippines: Unblocking the infra backlogs

• We hosted a roadshow for institutional investors and met with selected corporates which we think will benefit,
directly or indirectly, from the government’s push for an infra-driven economy

• Proliferation of unsolicited proposals from infrastructure proponents was noted; conglomerates generally remain
bullish on the Philippine infra story despite setbacks on the government’s pace of PPP project roll-outs

• Banks: positive should infrastructure projects materialise, but no near-term impact for now

• Outside Metro Manila, Cebu-based property developers and retail operators continue to reap gains from the BPO
sector, and tourism-driven demand and consumption

 

Exploring growth and bright spots of an infra-driven economy. We met with active participants in the infrastructure
space – San Miguel Corp.(SMC), Ayala Corp.(AC), DMCI Holdings, Inc.(DMC), Metro Pacific Investments Corp.(MPI), and Megawide Construction Corp. (MWIDE).

 

We also looked at indirect beneficiaries, the banks- BDO Unibank, Inc.(BDO) and Metropolitan Bank & Trust Co. (MBT) - which can take advantage of infra-driven loan growth.

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> DBS Reseach report: Pulse of Philippines: Unblocking the infra backlogs

 

 

Ayala Corp.(AC) ... 5-yrs : 2-yrs : 6-mos : 10d / PE: 22.4 : Yield : 0.65% : Last: P880.00

 

DMCI Holdings, Inc.(DMC) ... 5-yrs : 2-yrs : 6-mos : 10d / PE: 14.4 : Yield : 1.82% : Last: P13.22

 

Metro Pacific Investments Corp.(MPI) ... 5-yrs : 2-yrs : 6-mos : 10d / PE: 17.5 : Yield : 2.04% : Last: P6.68

 

Megawide Construction Corp. (MWIDE) ... 5-yrs : 2-yrs : 6-mos : 10d / PE: 34.5 : Yield : n/a : Last: P19.34

 

San Miguel Corp.(SMC) ... 5-yrs : 2-yrs : 6-mos : 10d / PE: 11.5 : Yield : 1.30% : Last: P108.00

 

AC - PE: 22.4 : Yield : 0.65% : Last: P880.00
DMC - PE: 14.4 : Yield : 1.82% : Last: P13.22
MPI - PE: 17.5 : Yield : 2.04% : Last: P6.68
MWIDE - PE: 34.5 : Yield : n/a : Last: P19.34
SMC - PE: 11.5 : Yield : 1.30% : Last: P108.00