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This week in the stock market
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Chart of the week as of December 17, 2024

Stock Watch: BPI, Globe, SM Prime
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(NOTE: The chart above is meant to show stock price. Kindly disregard the % sign.)

In an anticipation for yet again another higher-for-longer rates given US President-elect Donald Trump’s policies, the big three banks’ deposit base should reemerge as advantageous. This, along with still benign asset quality amid consumer push, would position BPI to sustain earnings.

(Disclaimer: This is general investment information only and does not constitute an offer or guarantee, with all investment decisions made at your own risk. The bank takes no responsibility for any potential losses.)

Stock Watch: BPI, Globe, SM Prime
Makati cityscape at night with lights from buildings and cars.

For the second half of 2024, staying in liquid and quality names shall be the core strategy given the fragile but improving economic outlook. From a stock picking standpoint, companies with robust economic motes, exposure to resilient segments of consumption, earnings visibility, and strong cash flow generation capable of weathering high inflation and interest rates are strongly favored. Given recent developments, banks, utilities, shipping and select consumer names are favored.

Stock Call Index Weight Remarks
Bank of the Philippine Islands (BPI) Overweight 9.3% In an anticipation for yet again another higher-for-longer rates given US President-elect Donald Trump’s policies, the big three banks’ deposit base should reemerge as advantageous. This, along with still benign asset quality amid consumer push, would position BPI to sustain earnings.
Globe Telecom, Inc. (GLO) Neutral 1.8% In absence of visible growth drivers beyond GCash, convincing the market to keep GLO as top-of-mind could be tall order. On balance, the winding down of the industry’s capex cycle could free up cash flow, lending a boost to dividend payout.
SM Prime Holdings, Inc. (SMPH) Underweight 7.6% The industry is currently grappling with a supply glut in Metro Manila’s mass market segments, where SMPH holds sizable exposure. This has diverted investor focus toward other developers. However, lower steel prices due to weak China demand could buffer margins.
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