麦格理-菲律宾-股票策略-菲律宾策略：专家纷纷看好-20170914-macquarie-philippines strategy the experts give their thumbs up

《麦格理-菲律宾-股票策略-菲律宾策略：专家纷纷看好-20170914-macquarie-philippines strategy the experts give their thumbs up》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、PHILIPPINESPhilippinesStrategyPhilippinesectoralvaluationsTheexpertsgivetheirthumbsupPEREPSchP/BROEYield(x)(%)(x)(%)(%)ConclusionCo2018E2018E2018E2018E2018EBanks14.022.81.712.51.5RecentmeetingswiththreeexpertsintheirrespectivefieldshavelentfurtherConsumer26.110.2

2、3.815.01.4Conglos18.314.62.212.51.1supporttoouroverweightviewonthePhilippines.TheexpertslargelyrefuteProperty25.111.53.012.61.4mostmacroconcernsfrominvestorsandalsoputinperspectivetheless-Telcos15.210.93.121.64.0Utilities15.24.82.517.13.3than-stellarcorporateearni

3、ngsresultsinthelast2Q17season.Philippines16.614.22.514.11.6Source:Companydata,MacquarieResearch,ImpactSeptember2017;pricesasof13September2017Expert1:TheNielsenCompany.Themainareaofdiscussionwastheconsumersector,andtheybelievethatconsumptionwouldbeshowingPhilippin

4、etoppicksvaluationimprovementaftera2Q17hamperedbyahighbaserelatedtoelections.PEREPSchP/BROEYieldWhilecompetitionisasintenseasever,theoft-cherishedgoalofmany(x)(%)(x)(%)(%)Co2018E2018E2018E2018E2018Econsumercompaniesofpremiumisationisgraduallyhappening.ThisisaMPIPM

5、16.1(0.7)1.27.91.3productofrisingincomelevels,wherekeymacrodriversofremittancesandMEGPM11.316.91.110.51.1outsourcingareintact.URCPM26.910.23.814.41.9PGOLDPM20.812.42.613.40.6ALIPM23.314.13.415.71.1Expert2:ColliersPhilippines.AsoneofthelongestestablishedpropertyBD

6、OPM15.326.61.711.81.5consultantsinthecountry,themostpleasantsurprisecamefromthebigACPM16.55.32.213.80.5MBTPM11.121.91.111.11.1improvementintheoutlookfortheofficesector.Inadditiontonew-foundSource:Companydata,MacquarieResearch,demandcomingfromoffshoregaming,demandf

7、romBPOshaverecoveredSeptember2017;pricesasof13September2017quitewellin2Q17.Furthermore,residentialpropertyhasalsoperformedwellthroughmuchstrongertake-up,withthebestperformancecomingfromhigh-Philippinetoppicks-ratings,mktcap,endandaffordablesegments.volatilityExpe

8、rt3:AsianDevelopmentBank.AsanentitythathasworkedveryMktcapTPShpricecloselywithpreviousgovernmentsinthePhilippines,datingbackdecades,CoUS$mPPVolRecMPIPM4