notes: AP/ABOITIZ POWER, SECB/SECURITY BANK CORPORATION (18 JUN 2018)

COL FINANCIAL DAILY NOTES (18 JUN 2018)

We are removing AP from our COLing the Shots list after it delivered below expected first quarter earnings results. On the other hand, we are adding SECB to our COLing the Shots stock picks list. SECB has fallen by 18.1% for the year to date period, underperforming both the PSEi and the PSE Financials Sector Index most likely due to its weaker than expected first quarter earnings results. Nevertheless, core operating performance remained strong as loans grew by 20% and margins expanded by around 25 basis points.