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THE WEALTH VAULT
A Product of Wealth Securities, Inc.
15 Jul 2010
MORNING NOTES
PSEi performance
HEADLINES
Fed minutes, retail sales limit earnings optimism
ƒ U.S. stocks closed flat on Wednesday (Jul 14) after minutes of the Fed's June meeting showed officials are concerned with the pace of economic recovery. This compounded jitters on weak June retail sales, which declined by 0.5%, or more than twice the 0.2% drop forecast by
Regional performance
economists. The consumer discretionary sector (-0.5%) was among the biggest drags, along with bank stocks (-1.6%). Optimism at the start of earnings season limited declines, with Intel Corp (+1.7%) reporting better-than-expected results. Meanwhile, the pharmaceutical sector (+0.5%) reacted positively to news that an FDA panel recommended Trading snapshot
GlaxoSmithKline’s (+1.8%) diabetes drug Avandia should be allowed to Index Movers
BPI unit’s auto loans grew 38.5% in 1H 2010 (BPI; P46.50)
ƒ Bank of the Philippine Islands’ consumer-banking unit, BPI Family Savings Bank (BFSB) said its auto-loan portfolio grew by 38.5% in 1H 2010. Vehicle sales in the Philippines from January to June reached 82,157 units (+37% yoy), of which 15,189 were sold in June alone—a record monthly figure. According to David Sarmiento, senior vice president at BFSB, BPI accounts for close to 20% of the local banking Index Out-performers
industry’s total auto-loan portfolio, and bank expects further growth in its auto-lending business in the second half given the improved consumer sentiment. Expectations are high that total vehicle sales this year will break the record annual sales of 160,000 units set a few years ago. Ayala Land unit eyes P5-B from Venare project in Nuvali (ALI; P15.25)
ƒ Ayala Land Inc. subsidiary, Alveo Land Inc., eyes to raise P5B in sales from the 74.4-hectare Venare, a new residential project within Nuvali in Canlubang, Laguna which will offer a total of 1,393 lots. Alveo Land Index Under-performers
president Dante Abando said they are investing P2B in the project. Venare will offer lots at P11,800 per sqm, or P3.4M per 250,000 sqm lot. Abando said Alveo Land already generated P833M in sales during the project's launching, representing 16% of total target sales. For the rest of the year, Alveo Land plans to launch 2 high-rise residential projects, one in Angeles, Pampanga and another in Quezon City.
Calendar
Nymex Crude 1-Yr Price Chart
Wealth Securities, Inc.
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This document was prepared by Wealth Securities, Inc. (WSI) for information purposes only. It is not to be considered as an offer to sell, or as a solicitation of an offer to buy. Although reasonable care has been taken to ensure that the information contained therein is accurate and complete, WSI makes no representation as to its accuracy or completeness. No liability is accepted for any loss arising from the reliance on this information. This document cannot be reproduced in whole or in part by the recipient or another person, nor should it be redistributed by the person or the company to whom it was first addressed. All recipients are urged to make their own assessment as to the accuracy of the information contained herein. All information/opinion is subject to change without prior notice.

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