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Earnings data, long-term deals in Australia lift ACEN’s shares

ACEN Corp.’s shares rose last week, thanks to bullish market sentiment after its first-quarter earnings results and its unit in Australia securing long-term contracts for its solar projects.

Data from the Philippine Stock Exchange showed a total of 78.37-million shares worth P473.43 million being traded from May 2 to 5. Local financial markets were closed on May 1 in observance of the Labor Day holiday.

Shares in the Ayala-led renewable energy platform increased by 2.7% week on week, finishing at P6.17 apiece on Friday from their P6.01 closing on April 28. The rise is a welcome development as the stock has fallen by 19% since the beginning of the year.

“The company’s disclosure on securing long-term service agreements for two of its solar projects in Australia plus the net consolidated income reaching 5x year-on-year growth as of first quarter of 2023 has made it one of the most active stocks this week,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a Viber message.

“As of now, we can expect growth to be sustained with the commissioning of its new power plants. As newly commissioned plants are to be added to their current capacity, we may expect growth to continue but still await its stable operation,” added Mr. Pangan.

As analysts await the stability of ACEN’s newly commissioned power plants, revenue estimates were not provided, Mr. Pangan said.

Mercantile Securities Corp. Head Trader Jeff Radley C. See said ACEN’s overall market sentiment “has been bullish since it has been growing its portfolio of energy companies.”

“The stock is trading near the low end of the range coming from a high of P8.30 from the start of 2023,” he said in a Viber message.

The company reported an attributable net income of P2.44 billion in the first quarter, more than threefold the increase from P752.45 million in the same period last year, driven by higher net generation on better wind resources.

In the same period, ACEN also recorded a 23.5% increase in its consolidated revenues to P9.14 billion from P7.40 billion amid brisk electricity sales.

In a stock exchange disclosure, ACEN said its unit in Australia had secured 20-year service contracts for its solar projects at a price that protects it from low wholesale electricity prices.

The energy service agreements are for ACEN Australia’s 720-megawatt (or 936-MW direct current [MWdc]) New England solar project and 400-MW (520 MWdc) Stubbo solar project. The contracts were secured through the New South Wales (NSW) government trustee’s inaugural tender for renewable generation and long-duration storage.

The New England and Stubbo solar projects can supply power to about 435,000 households once fully operational, helping the NSW government in reaching its target of a 50% remissions reduction by 2030.

The listed energy platform of the Ayala group has about 4,200 MW of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia. The firm said that its renewable share of capacity stood at 98%, among the highest in the region.

ACEN eyes to be the largest listed renewables platform in Southeast Asia, aiming to achieve 20 gigawatts in attributable renewable energy capacity by 2030. The company is also committed to the transition of its generation portfolio to 100% renewable energy by 2025 and to become a net zero greenhouse gas emissions company by 2050.

Mr. Pangan pegged the company’s major stock support this week at P5.80 per share while its initial major resistance at P6.55 per share.

Mr. Pangan pegged the company’s major stock support at P5.80 per share while an initial major resistance at P 6.55 per share.

“We can expect investors’ interest on the company going through this week,” he said.

Mr. See said investors are buying the stock “as the selling pressure is slowly subsiding.” He placed the stock support level at P5.88 per share, while resistance levels are P6.50 and P7.00 per share. — Lourdes O. Pilar

How PSEi member stocks performed — May 5, 2023

Here’s a quick glance at how PSEi stocks fared on Friday, May 5, 2023.

Analysts’ Q1 2023 GDP estimates

PHILIPPINE annual economic growth likely slowed in the first quarter, as elevated inflation and higher interest rates may have dampened consumer spending. Read the full story.

Analysts’ Q1 2023 GDP estimates

Peso likely to trade sideways ahead of 1st quarter GDP report

BW FILE PHOTO

THE PESO is expected to trade sideways against the dollar this week after headline inflation eased in April, and ahead of the release of key economic data at home and in the United States.

The local currency closed at P55.30 versus the dollar on Friday, rising by five centavos from Thursday’s P55.35 finish, data from the Bankers Association of the Philippines’ website showed.

Week on week, the peso strengthened by eight centavos from its P55.38 finish on April 28.

The peso opened Friday’s session at P55.38 per dollar versus the dollar. Its worst showing was at P55.42, while its intraday best was at P55.16 versus the greenback.

Dollars traded went down to $1.29 billion on Friday from the $1.37 billion seen on Thursday.

The peso appreciated against the dollar on Friday amid bets of a pause in the Bangko Sentral ng Pilipinas’ (BSP) rate hike cycle after headline inflation slowed in April, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The better peso performance can be attributed to the better-than-expected CPI (consumer price index) print. Although, the gains of the peso were tempered by the possibility of a rate pause,” a trader likewise said in a Viber message.

Consumer prices rose by an annual 6.6% in April, slowing from 7.6% in March but faster than 4.9% in the same month last year, preliminary data from the Philippine Statistics Authority (PSA) released on Friday showed.

The April headline print was the slowest in eight months or since the 6.3% in August 2022 and was within the BSP’s 6.3-7.1% estimate for the month.

Still, this was the 13th straight month that inflation breached the central bank’s 2-4% target for the year.

For the first four months, inflation averaged 7.9%, higher than 3.7% seen a year ago and above the BSP’s 6% forecast for 2023.

BSP Governor Felipe M. Medalla last month said the Monetary Board will likely look at pausing its tightening cycle at its May 18 review if inflation slowed further in April.

For this week, the trader said the peso could move sideways against the dollar following the slower inflation print and as investors anticipate the release of first-quarter Philippine gross domestic product (GDP) data and US economic reports.

The peso could be affected by April US CPI data to be released on May 10 and the April US producer price index report on May 11, as well as latest jobless claims data, Mr. Ricafort added.

The PSA will release first-quarter Philippine GDP data on May 11.

Economic growth likely eased in the first three months of the year as the boost from pent-up demand following the coronavirus pandemic continues to fade and amid elevated inflation that has resulted in higher interest rates, analysts said.

A BusinessWorld poll of 23 economists conducted last week yielded a median estimate of 6.1% for first-quarter GDP growth.

If realized, this would be slower than revised 7.1% growth in the fourth quarter of 2022, and the 8% expansion recorded in the same period last year.

The government targets 6-7% GDP growth for this year. The economy expanded by 7.6% in 2022.

For this week, the trader sees the peso moving between P55 and P56 per dollar, while Mr. Ricafort expects it to trade from P55 to P55.50. — AMCS

Shares may rise on dovish BSP bets after CPI data

PHILIPPINE STAR/KRIZ JOHN ROSALES

LOCAL STOCKS may rise this week as the market expects the Bangko Sentral ng Pilipinas (BSP) to put its rate hikes on hold after inflation slowed further last month.

The Philippine Stock Exchange index (PSEi) went up by 1.31 points or 0.02% to close at 6,685.66 on Friday, while the broader all shares index increased by 2.42 points or 0.06% to 3,556.06.

Week on week, the PSEi rose by 60.58 points or 0.91% from its close of 6,625.08 on April 28.

“The local bourse inched up by 1.31 points to 6,685.66 following the easing of inflation rate to 6.6% in April. The market’s gain [was trimmed at] the last minute as investors booked some gains to avoid any uncertainties over the weekend,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

Headline inflation eased to 6.6% in April, the slowest in eight months or since the 6.3% print in August 2022, preliminary data released by the Philippine Statistics Authority (PSA) on Friday showed.

This was likewise below the 7.6% print in March and the 7% median estimate in a BusinessWorld poll and was within the BSP’s 6.3-7.1% forecast for the month.

For the first four months, the consumer price index (CPI) averaged 7.9%, well above the BSP’s 2-4% target and 6% forecast for the year.

“The steep decline of our inflation rate to 6.6% last April is expected to raise expectations that the Bangko Sentral ng Pilipinas will pause with its monetary tightening in its May 18 meeting,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“This in turn is seen to help the market climb. Adding to this is the sustained optimistic anticipation of first quarter corporate results,” Mr. Tantiangco added.

BSP Governor Felipe M. Medalla last month said the Monetary Board could consider holding rates steady at their meeting this month if the CPI eased further in April.

The BSP has raised benchmark interest rates by 425 basis points since May 2022 to help bring down elevated inflation, with its policy rate now at a 16-year high of 6.25%.

China Bank Securities, Inc. Research Associate Lance Gabriel U. Soledad said shares may pick up due to profit taking as investors await the release of key economic data.

“While we could still see momentum continuing [this] week — possibly leading to prices rallying towards the 6,720 resistance — we think this will also be accompanied by increasing selling pressure as some investors may take profit and reduce market exposures ahead of key data releases,” Mr. Soledad said in a Viber message.

“[This] week, investors may also take cues from our upcoming March labor force survey and first quarter [gross domestic product] data,” Philstocks Financial’s Mr. Tantiangco added.

The PSA will release the results of its March Labor Force Survey on May 8 and first-quarter GDP data on May 11.

For this week, China Bank Securities’ Mr. Soledad placed the PSEi’s support at 6,720 and resistance at 6,600. — AHH

Headline inflation rates in the Philippines

Philippine annual inflation further slowed for a third straight month in April, as prices of food, transport, and utilities continued to ease. Read the full story.

Headline inflation rates in the Philippines

Bottom 30% inflation rate in the Philippines

Philippine annual inflation further slowed for a third straight month in April, as prices of food, transport, and utilities continued to ease. Read the full story.

Bottom 30% inflation rate in the Philippines

PHL sweeps obstacle course race

JUN LOMIBAO

PHNOM PENH — It’s hard to win a Southeast Asian Games (SEAG) gold medal, much less win consistently.

But the Filipino obstacle course race team did more, making a clean sweep of the four events here after going six-of-six three years ago in Manila.

For that, they deserve a perfect 10 mark.

“The formula for the athletes’ success and triumph is simple and straightforward: Dedication, commitment, professionalism, patriotism and love for family and self,” said the Pilipinas Obstacle Sports Federation (POSF).

As in the SEAG at home, the 12-man POSF delegation was simply a cut above the rest in the “Kingdom of Wonder.”

World record setters Mark Julius Rodelas (25.092) and Precious Cabuya (32.372) anchored a gold-silver finish in both the men’s and women’s division of the individual play the other day.

Yesterday, Jayr de Castro, Mervin Guarte, Elias Tabac and Ahgie Radan reigned supreme in the men’s team relay (24.47) while Mhick Tejares, Sandi Abahan, Tess Nocyao and Mecca Cortizano dominated the distaff side (33.72), breaking the global marks along the way. — Olmin Leyba

Bachmann sees Team PHL campaign going as planned

PHNOM PENH — Five days’ worth of closely watching Team Philippines in action is more than enough to give Philippine Sports Commission Chairman Richard Bachmann confidence this Southeast Asian Games campaign is going to go as planned.

“So far I’m very happy (with the performance),” said Mr. Bachmann after seeing the 840-strong contingent stay inside the Top 3 behind rampaging host Cambodia.

“We had a good start and we’re all hoping sana ma-maintain.”

At the rate the Filipino bets are going right now, Mr. Bachmann even sees a possible Top 3 finish.

“It looks like we’re getting there after all these golds are coming and wala pa doon sila (world No. 3 pole-vaulter) EJ (Obiena), (world champion gymnast Caloy) Yulo (and other top prospects). I guess we’re going to hit that (Top 3) also. I’m just hoping the trend, our gold and silver (production) will continue,” said Mr. Bachmann.

He said he can feel the athletes’ strong determination to reap success here.

“They’re all in high spirits and willing to rack up those golds. As long as that continues, we’ll get our goal,” he said.

The former Alaska team governor and PBA 3×3 chairman is having a blast watching all the action especially in sports he’s not familiar with before. 

“You all have to remember this is my only first time. I’m only used to basketball. Now I’m seeing a full round of all sports so I’m very excited trying to go to our games,” said Mr. Bachmann, who is always seen sitting on the stands with Pinoy fans. — Olmin Leyba

PHL tankers open bid with silver and bronze medals

PHNOM PENH. — A silver and a bronze raised hopes of a decent finish for the Philippines in the 32nd Southeast Asian Games swimming competition last Saturday at the Morodok Techo Sports Complex here.

The men’s team had a promising start after Jerard Jacinto copped the bronze in the 100m backstroke with a time of 55.99, breaking his own national record of 56.27 set in the 2019 World Junior Championships.

Singapore’s Quah Zheng Wen ruled the event in 55.22, while Indonesia’s Farrel Armandio Tangkas clocked 55.80 for the silver.

Mr. Jacinto’s bronze is the men’s squad’s first medal since the 2019 SEA Games after it was left holding an empty bag in Vietnam, where the Philippines finished last in swimming with one gold, three silvers, and three bronzes — all coming from the women’s crew.

“I think it’s a very good sign,” said national head coach Archie Lim. “It shows that if you really try, if you really push it, there’s always a chance. It shows that he took a chance and got a medal.”

The quartet of Teia Salvino, Miranda Renner, Xiandi Chua, and Jasmine Alkhaldi ended the day on a high by taking the silver in the women’s 4x100m freestyle, clocking 3:47.96.

Singapore finished over two seconds faster at 3:44.29 for the gold, while Thailand bagged the bronze in 3.50.01.

Mr. Lim said the four exceeded expectations in the event where the country failed to medal last year.

“They won a silver as a group, so we’re hoping that it serves as a motivation in the next few days that if we really just work together and really try hard, there’s always a chance to get a medal,” said Mr. Lim.

Medals in the men’s 50m backstroke, men’s 100m breaststroke, men’s 50m freestyle, men’s 4×200 freestyle relay, women’s 50m backstroke, women’s 200m freestyle, and women’s 200m individual medley were being disputed Sunday. — Jun Lomibao

PHL 3×3 squad bows to Cambodian naturalized players

PHNOM PENH — The 3×3 side of Gilas Pilipinas’ redemption drive in the 32nd Southeast Asian Games ended in tatters.

Twice.

Gilas men’s 3×3 fell short of its bid to reclaim the lost crown after a disappointing bronze last time, bowing to a Cambodian squad composed of three American-born naturalized players, 20-15, in their last shot at glory at Morodok Techo Stadium’s Elephant Hall 2.

Its female counterpart suffered the same fate, falling to a well-oiled Vietnamese opponent in the finale, 21-16.

The twin losses in the half-court left a pall of gloom as the Gilas Pilipinas 5-on-5 squad prepares to kickstart its own “redeem” campaign on Tuesday against Malaysia.

Almond Vosotros (six points), Joseph Sedurifa (four), Lervin Flores (four) and Joseph Eriobu (one) fought valiantly but the host team’s taller and heftier crew proved too much to overcome in the end.

Sayeed Pridgett, a 6-foot-6 product of Montana, dropped 10 while 6-foot-8 Brandon Peterson banged in six and 6-foot-2 Darrin Dorsey posted four in breaking the hearts of Gilas men’s 3×3. Tep Chhorath, the only local in the Cambodian team, hardly saw action and went scoreless.

“Everybody knows puro import sila pero we played our best, ” said Gilas 3×3 coach Lester del Rosario, whose charges rallied from an 11-6 deficit and went to within 17-15 before Mr. Pridgett pulled the plug with a dagger deuce and a layup.

Mr. Del Rosario said the team had to scramble on scouting the said naturalized players, whose participation was only announced during the technical meeting here. Unlike FIBA-sanctioned meets, the Cambodia SEAG allows teams to field as many naturalized players as long as they have passports, regardless of the date of issue.

Following this experience, he said the team may consider tapping naturalized players for SEAG 3×3 in the future.

If anything, Gilas 3×3’s experience with Cambodia’s import-laden team gave coach Chot Reyes’ Gilas 5 a clearer look of their Group A opponent on May 11. — Olmin Leyba

Anthony Davis, LA Lakers past GS Warriors by 30 points in Game 3

ANTHONY Davis scored 25 points with 13 rebounds and LeBron James added 21 points as the Los Angeles Lakers rebounded for a 127-97 blowout Saturday over the visiting Golden State (GS) Warriors in Game 3 of the Western Conference semifinals.

The Lakers took a 2-1 lead in the series.

D’Angelo Russell also scored 21 points as the Lakers returned home and found their energy again after a lackluster 127-100 defeat in Game 2. The victory came even as Mr. James did not take a shot from the field in the first quarter and did not score his first basket until 5:22 remained in the first half.

Stephen Curry scored 23 points and Andrew Wiggins added 16 points with nine rebounds for the defending champion Warriors, who also trailed 2-1 in their first-round series against the Sacramento Kings before advancing in seven games.

Klay Thompson scored 15 points for the Warriors, who shot 39.6 percent from the field and had 19 turnovers. Golden State was 29.5 percent from 3-point range after going 50.0 percent from distance in Game 2. The Warriors had the best of the early going as they opened a 30-23 lead after one quarter. The Lakers stormed back in the second quarter, using a 22-2 run to take a 51-42 lead with 2:23 remaining in the first half. Los Angeles led 59-48 at the break.

The Lakers continued their charge into the third quarter, taking their first 20-point lead at 86-66 following a close-range fade-away jumper from Mr. James with 1:01 left in the period. Los Angeles took an 86-68 lead into the fourth quarter and coasted home to the victory.

The Warriors removed Mr. Curry, Mr. Thompson and Draymond Green from the floor with 9:11 remaining and the Lakers up 98-72.

Mr. Davis went 7 of 10 from the field and 11 of 12 from the free-throw line after he was just 5 of 11 from the field and scored 11 points in Game 2. The star forward appeared to play through rib discomfort on his left side after he fell on top of Green in the first half. — Reuters

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