COL FINANCIAL DAILY NOTES (10 MAY 2018)
"Maintain HOLD with fair value estimate of Php891.00. We are maintaining our HOLD
rating on SM given its solid fundamentals and also because the current market price is a 3.2%
premium to our fair value estimate. SMPH remain very stable as it continues to expand its mall
portfolio. Meanwhile, the growth prospects of SM Retail remain positive as revenues growth
remains robust and margins have room to expand. Lastly, we continue to like BDO given its
strong position to capitalize on the country’s favorable economic prospects. The accelerating
growth of the bank’s core businesses should also continue to support net income despite the
expected decline in trading income."
