{"id":325135,"date":"2023-09-28T00:01:45","date_gmt":"2023-09-27T16:01:45","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=325135"},"modified":"2023-09-28T00:29:51","modified_gmt":"2023-09-27T16:29:51","slug":"stock-in-focus-metrobank-mbt-28-sept-2023-by-rcbc-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-metrobank-mbt-28-sept-2023-by-rcbc-securities\/","title":{"rendered":"Stock in Focus: Metrobank (MBT) &#8211; 28 Sept 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>28 Sept 2023<\/td><\/tr><tr><td><strong>Recommendation<\/strong><\/td><td>Buy<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>PHP 71.10<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>MBT\u2019s stock price has dropped by 12% since reaching its three-month high last July 31. This provides a value play as our target price (TP) for MBT at Php71.10 has a massive upside of 41.0%, including our 2023 dividend yield forecast of 5.7%. MBT is the cheapest among the top three banks with a Price-to-Book Ratio (PBR) of 0.7x.<\/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<h3 class=\"wp-block-heading\">Resilient asset quality <\/h3>\n\n\n\n<p>We expect Metrobank (MBT) to continue to generate steady earnings with less risk as it has the best asset quality. Loan growth may have slowed down to below double-digit levels (9% in 1H 2023), but we believe that this could be boosted by more consumer loans and infrastructure spending, which is a top priority of the PH government.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Earnings recap<\/h3>\n\n\n\n<p>MBT\u2019s net income climbed 34% to Php40.5 billion. Net interest income rose 27% to Php50.6 billion with the 50bps year-on-year (y\/y) expansion of net interest margin (NIM) and gross loans and total deposits growing by 9% y\/y respectively. Fee income climbed by 10% to Php8.1 billion, while trade and FX gains stood at Php3.1 billion. MBT has the best asset quality in the industry with NPL coverage at 184% and NPL ratio at 1.84%.<\/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=\"0issGHcbee\"><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=t7A1UhCMnX#?secret=0issGHcbee\" data-secret=\"0issGHcbee\" 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-325135","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\/325135","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=325135"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/325135\/revisions"}],"predecessor-version":[{"id":325137,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/325135\/revisions\/325137"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=325135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=325135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=325135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}