Global investment bank JP Morgan has picked the Philippines as one of its three most-favored stock markets for 2013, marking the fourth straight year that the local bourse is expected to outperform most of its regional peers.
“We are still very bullish for 2013,” JP Morgan Securities Philippines Inc. executive director and head of equity research Gilbert Lopez said in a press briefing on Monday. The two other Asian markets seen by JP Morgan as top market picks for next year are Thailand and India, citing favorable demographics as a common denominator with the Philippines.
At the beginning of 2012, JP Morgan’s emerging market and Asian equity strategist Arian Mowat also cited the Philippines as among its most favored markets along with Thailand and Indonesia. This year, he said the Philippines was still on Mowat’s favored list.
Lopez said JP Morgan had an “overweight” rating on Philippine equities for the last four years. An “overweight” rating refers to a recommendation to buy in excess of the prescribed weight in a closely followed index like MSCI Asia ex-Japan, which JP Morgan expects to rise by 15 percent next year.
JP Morgan does not target local indices like the Philippine Stock Exchange index but Lopez said that based on its price targets on monitored stocks, the PSEi might have room to rise by another 20-25 percent from current levels. The company covers 30 Philippine stocks, at least 27 of which are part of the PSEi.
“The reason we like the Philippines is that in a global context, earnings environment is still good,” Lopez said, adding that JP Morgan was expecting average earnings per share in this market to grow at a faster pace of 17 percent next year from about 12 percent this year. –Doris C. Dumlao, Philippine Inquirer
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September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
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Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
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Third Saturday:
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Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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