DOWNLOAD
Country: Philippines
SM Investments Corporation
- Sector: Banking and Real EstateRetail
- Sub Sector: Diversified Conglomerate
- Country: Philippines
- Bond: SMPM 5.375 29
- Indicative Yield-to-Maturity (YTM): 4.851%
- Credit Rating : M/P
Detailed Information
Access this content:
If you are an existing investor, log in first to your Metrobank Wealth Manager account.
If you wish to start your wealth journey with us, click the “How To Sign Up” button.
Fundamental View
AS OF 20 Mar 2025- SMIC (SM Investments Corporation) is the obligor for the SMPM 29 bond. In finance, an obligor is the party (individual or entity) that has a legal or contractual obligation to another, in this case, to make payments (principal and interest) on the bond to the bondholder.
- We continue to be optimistic about the growth of SM Investments Corporation (SMIC) given its net income growth of 9% year-on-year (YoY) in Q3 2024. Credit quality remains strong given its net debt to equity ratio of 53.84% along with its dominant market position in multiple sectors.
Recommended Issuers
Who We Recommend
Sultanate of Oman
Bond:
OMAN 6.75 27
Credit Rating:
Ba1 / - / BB+
Korea Electric Power Corp.
Bond:
KORELE 5.5 28
Credit Rating:
AA
Korea Gas Corp.
How may we help you?
Search topics about wealth insights and investments.Security Bank
- Sector: Financial Services
- Sub Sector: Banks
- Country: Philippines
- Bond: SECBPM 5.5 29
- Indicative Yield-to-Maturity (YTM): 4.704%
- Credit Rating : BBB
Detailed Information
Access this content:
If you are an existing investor, log in first to your Metrobank Wealth Manager account.
If you wish to start your wealth journey with us, click the “How To Sign Up” button.
Fundamental View
AS OF 27 Feb 2025- Security Bank is the 7th largest bank in the Philippines by total assets and was established on June 18, 1951. Its dollar bonds provide better yield pickup compared to its nearest comparable. We remain comfortable with the bond given Security Bank’s total capital ratio of 14.20%, which is 400 basis points above the minimum regulatory hurdle, which can buffer modest credit losses in its loan portfolios should macroeconomic headwinds worsen.
Business Description
AS OF 27 Feb 2025- Security Bank is the 7th largest bank in the Philippines by total assets and was established on June 18, 1951. Security Bank’s businesses include wholesale banking, financial markets, and retail banking. The bank provides commercial banking services such as deposit products, loans and trade finance, domestic and foreign fund transfers, treasury, foreign exchange, and trust services.
- Security Bank's loan portfolio is 32% consumer & MSME, 28% middle market, and 40% corporate as of 3Q 2024.
Risk & Catalysts
AS OF 27 Feb 2025- Any rating downgrade of the Philippine sovereign would have a negative impact on Security Bank.
- Given the current rate cut environment that drives funding costs lower, Its strategy to aggressively capture market share in the retail and MSME segment might allow the bank to deliver faster growth and higher net interest income margin.
- Rapid expansion on higher yielding retail and MSME segments could worsen asset quality and increase credit costs.
Recommended Issuers
Who We Recommend
Sultanate of Oman
Bond:
OMAN 6.75 27
Credit Rating:
Ba1 / - / BB+
Korea Electric Power Corp.
Bond:
KORELE 5.5 28
Credit Rating:
AA
Korea Gas Corp.