{"id":322119,"date":"2023-03-11T12:56:41","date_gmt":"2023-03-11T04:56:41","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=322119"},"modified":"2023-03-11T12:56:43","modified_gmt":"2023-03-11T04:56:43","slug":"stock-in-focus-metrobank-mbt-13-mar-2023-by-rcbc-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-metrobank-mbt-13-mar-2023-by-rcbc-securities\/","title":{"rendered":"Stock in Focus: Metrobank (MBT) &#8211; 13 Mar 2023 by RCBC Securities"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Summary of Broker&#8217;s Recommendation<\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Stock Code<\/strong><\/td><td>MBT<\/td><\/tr><tr><td><strong>Company Name<\/strong><\/td><td>Metropolitan Bank and Trust Company (Metrobank)<\/td><\/tr><tr><td><strong>Broker<\/strong><\/td><td>RCBC Securities<\/td><\/tr><tr><td><strong>Opinion Issued on<\/strong><\/td><td>13 Mar 2023<\/td><\/tr><tr><td><strong>Recommendation<\/strong><\/td><td>Buy<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>PHP 71.40<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>MBT is the cheapest among the top three banks in the Philippines (together with BDO and BPI), with a 2023 price-to-book ratio of 0.8x, significantly lower than BDO and BPI\u2019s 1.3x and 1.4x, respectively. Furthermore, MBT has the highest dividend yield among covered banks at 5.1%. As such, we currently have a <strong>Buy recommendation on MBT and<\/strong> <strong>Target Price of P71.40<\/strong>.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Analysis and Opinion<\/h2>\n\n\n\n<p>MBT benefits from rising interest rates induced by the BSP\u2019s policy rate hikes as its 2022 net interest margin (NIM) expanded by 18 bps to 3.56%.\u00a0<\/p>\n\n\n\n<p>MBT\u2019s FY2022 net income rose 48% to Php32.8 billion, bolstered by a 14% jump in net interest income and a 4% increase in non-interest income. MBT\u2019s loans and deposits each grew by 15%.<\/p>\n\n\n\n<p>MBT also has solid asset quality with NPL ratio declining by 20bps to 1.90% as of end-2022, while NPL cover remained strong at 172%.&nbsp;<\/p>\n\n\n\n<p>With the full-year economic reopening and possible rate hikes, we estimate MBT\u2019s 2023\/2024F net interest income to increase 20%\/10% respectively. We forecast both 2023F\/2024F net income to increase by 16%.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Check how many brokers recommend this stock<\/h2>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-pinoyinvestor wp-block-embed-pinoyinvestor\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"ApmmGualsi\"><a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-rankings-all-stocks\/\">All Stock Rankings<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;All Stock Rankings&#8221; &#8212; PinoyInvestor\" src=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-rankings-all-stocks\/embed\/#?secret=iHQSAS72IT#?secret=ApmmGualsi\" data-secret=\"ApmmGualsi\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:16px\"><em><em>This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about <a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/our-partner-brokers\/\">our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our recommendation and 1-year Target Price for this stock is<\/p>\n","protected":false},"author":1685,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-322119","post","type-post","status-publish","format-standard","hentry","category-stocks-in-focus","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/322119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/1685"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=322119"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/322119\/revisions"}],"predecessor-version":[{"id":322121,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/322119\/revisions\/322121"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=322119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=322119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=322119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}