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
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
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Accept the National Unity Government (NUG)
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October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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