FREE Market Commentary: PHL Inflation Could Drop Below 4% by 2nd Quarter 2019, says ING

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Market Issue or Event

Philippine inflation could drop below 4% by the 2nd Quarter of 2019, says ING bank.


Our Partner Broker’s View and Commentary

This could very well lead to the rally that investors are waiting for. Should inflation fall below 4% and within the BSP’s target of 2-4%, we are looking at the Consumer sector to lead the way, as corporate earnings should come from a low-base effect in 2018 (with the exception of WLCON and MAXS).

In addition to this, the election-related spending this year poses an upside risk to the sector. We like PGOLD and WLCON, as both are trading at lower levels compared to their peers. We are looking at a double digit EPS growth for PGOLD and WLCON, as earnings will be anchored by their store expansions.

We are also looking at potential recovery plays with MAXS and MRSGI, as MAXS continuous to improve in terms of margins through cost efficiency and revenue enhancement efforts, while MRSGI’s flagship store Metro Ayala Cebu is scheduled to re-open by 2019.


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AP Securities (formerly Angping & Associates Securities)
AP Securities (formerly Angping & Associates Securities)

AP Securities (formerly Angping & Associates Securities) is one of PinoyInvestor’s partners in delivering superior and reliable stock research reports that help Filipino investors make smart stock investing decisions! Learn more about them here.