{"id":322140,"date":"2023-03-11T09:20:00","date_gmt":"2023-03-11T01:20:00","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=322140"},"modified":"2023-04-05T01:11:52","modified_gmt":"2023-04-04T17:11:52","slug":"stock-in-focus-bdo-unibank-inc-bdo-13-mar-2023-by-rcbc-securities-2","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-bdo-unibank-inc-bdo-13-mar-2023-by-rcbc-securities-2\/","title":{"rendered":"Stock in Focus: BDO Unibank, Inc. (BDO) &#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>BDO<\/td><\/tr><tr><td><strong>Company Name<\/strong><\/td><td>BDO Unibank Inc.<\/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 139.20<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>BDO trades at a 2023 price-to-book ratio (PBR) of 1.2x, lower than its 2017-2019 average PBR of 1.8x. We have a <strong>Buy recommendation on BDO with a<\/strong> <strong>Target Price of Php 139.20\/share<\/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>BDO benefits from the higher interest rate environment as net interest margins (NIMs) expand. As the biggest bank, it stands to benefit from the economic reopening by way of loan and deposit growth. Consequently, its 2022 net interest margin widened to 4.1% from 4.0% in 2021.<\/p>\n\n\n\n<p>Asset quality also improved last year as non-performing loans (NPL) ratio declined to 1.9% from 2.8% a year ago. NPL coverage improved to 167%.<\/p>\n\n\n\n<p>We expect BDO\u2019s 2023\/2024 net interest income to increase 19%\/11% respectively on the back of NIM expansion and sustained loan and deposit growth. Meanwhile, we forecast 2023 and 2024 net income to rise by 18% and 11%, respectively.<\/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=\"pFr9dFi7bG\"><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=wPiWznLVTZ#?secret=pFr9dFi7bG\" data-secret=\"pFr9dFi7bG\" 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 Target Price and recommendation 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-322140","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\/322140","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=322140"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/322140\/revisions"}],"predecessor-version":[{"id":322142,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/322140\/revisions\/322142"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=322140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=322140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=322140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}