We see little further upside to the value of Ayala Land’s unused land bank going forward with increasing competition from cheaper alternative [offices] for call center and business process outsourcing clients.

While the counter still trades at a discount to our 16.5 times market price-earnings ratio, its current premium over our fair value estimate and strong price appreciation over the past few months suggest that the...

If you’re a savvy institutional investor, you don’t want interest earnings, you want the company to deploy the cash.

They used to chase Filipinos, now they’re going to the biggest markets where there’s no market leader and then going for the local population. It would have been better for the company if it used...

Although San Miguel B has fallen 12 percent from its peak in July last year, we believe that the issue is still far from our 69 pesos fair value target.

Technically, the stock is very much oversold.

It’s good in a sense that it diversifies revenue sources so they are not held captive by any one market.