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First tunnel boring machine for Makati subway arrives

Makati subway scale model — BW FILE PHOTO

PHILIPPINE Infradev Holdings, Inc. on Friday received its first tunnel boring machine (TBM) for the Makati subway project, its chief executive officer said.

Philippine Infradev President and Chief Executive Officer Antonio L. Tiu in a tweet on Friday said that the company received the first of five tunnel boring machines for the Makati subway (MkTr) project.

“Our (Infradev Chairman Jin Hua Ren) will accept the TBM in simple ceremonies,” he said.

Construction of the Makati City subway station 5, the main site where tunnel boring machines will be set up, could happen by 2023.

Infradev aims to finish underground civil works at the main site within the two-year period.

The company earlier said its wholly-owned subsidiary Makati City Subway, Inc. executed a legally binding term sheet with Richer Today, Inc. on March 9 to finance the project and acquire lots in and around the station.

Infradev plans to finish the project in seven years. — J.P. Ibañez

House panel approves bill strengthening rural banks

THE HOUSE Committee on Banks and Financial Intermediaries approved a proposed law that will boost rural lenders in the Philippines.

In a hearing on Friday, the committee approved with amendments the Consolidated Bill and the Committee Report on House Bills 4256, 4622, 5143, and 8359 or the proposed Rural Banking Act of 2021.

The bill and report were products of the panel’s technical working group headed by the Bangko Sentral ng Pilipinas.

The measure will still be up for amendments after committee member Lanao del Norte 2nd District Rep. Abdullah D. Dimaporo said the system must focus on making the banks accessible and suitable for the poor.

“I don’t like this bill because banks should be catering to the people. If we think of how to make them successful, to me that is different because a rural bank is for the smaller people, the poor. The bigger banks, I doubt the farmers and fishermen will feel easy into a foreign-owned bank that will be curated with depositors with money,” Mr. Dimaporo said.

“The purpose of the rural bank is to cater to the smaller people who are in the rural areas… The rural banks are mostly established and some of them experience where they are, their places are becoming a big population and big cities and rural banks in those places would like to be big, they will apply to the central bank to become a commercial bank,” he added.

The panel’s chair, Quirino Rep. Junie E. Cua said while he agrees with the concerns of Mr. Dimaporo, the bill will boost the viability of the rural banks to help them cater to the unbanked and underbanked.

Ayala Corp earnings slide 19% in first quarter

Listed conglomerate Ayala Corp. said on Friday its net income slumped 19% to P5.4 billion in the first three months of 2021, as the pandemic continued to hurt its property business, while its banking unit’s profit fell due to a one-time tax adjustment.

In a regulatory filing on Friday, the company said its core net income declined by nine percent year on year to P7.2 billion, but improved 5% from the fourth quarter.

Core income did not include the “significant” increase in Bank of the Philippine Islands’ (BPI) loan loss provisions, as well as the retroactive effect of the law which cut the corporate income tax rate to 25%, and additional remeasurement loss for Manila Water Company.

Ayala Land, Inc. (ALI) saw its net income decline by 36% to P2.8 billion in the first quarter, as revenues slipped by 13% to P24.6 billion.

Property development revenues fell 6% to P16.2 billion, while commercial leasing revenues slumped by 41% to P5.1 billion as operations of malls, hotels and resorts remain restricted. Residential sales reservations jumped 15% to P28.5 billion, as ALI reported robust local demand.

ALI’s real estate investment trust AREIT, Inc. net income soared by 60% to P402.79 million in the first quarter from P251.82 million year on year driven by stable operations and contributions of its new acquisitions.

AREIT’s topline climbed to P679.72 million, 52% higher than last year’s P446.83-million revenues.

“This is driven by the quality and stability of our properties as well as the addition of new assets to our portfolio. Our focus is to ensure that our business operations are optimized and that the company is positioned for growth,” AREIT President and Chief Executive Officer Carol T. Mills said in a separate statement on Friday.

Meanwhile, BPI’s profit declined by 22% to P5 billion in the first three months of the year due to the effect of one-off tax adjustments from the effectivity of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, which reduced the corporate income tax rates to 25% from 30%. BPI’s revenues declined by two percent to P24.3 billion.

Earnings of Globe Telecom, Inc. improved by 11% to P7.3 billion, “as the decline in non-operating charges fully offset the rise in depreciation expenses,” and the lower corporate income taxes. Excluding the impact of CREATE, Globe’s net income fell by 27% to P5 billion.

AC Energy Philippines, Inc.’s profits went up by 24% to P2.4 billion as earnings from businesses here and abroad rose.

Meanwhile, Manila Water’s net income went down by eight percent year on year to P1.3 billion due to lower billed volumes and supervision fees, as well as net foreign exchange gains.

AC Industrials meanwhile trimmed its net loss to P200 million from last year’s P564 million after its global manufacturing businesses and local automotive operations saw improvements.

“In the next three years, we aim to sharpen the components of our portfolio to optimize our returns and further strengthen our balance sheet. We will place greater emphasis on portfolio strategy with a sharper focus on optimizing returns from existing businesses and a disciplined process on capital deployment. In parallel, we will actively explore opportunities for value realization to fund future investments,” Ayala President and Chief Executive Officer Fernando Zobel de Ayala said in a statement.

Ayala shares at the local bourse lost P2 on Friday to close at P725. — K.C.G.Valmonte

JG Summit Q1 profit falls to P122 million

JG Summit Holdings, Inc. posted a P122.19 million net attributable income in the first quarter, down 94% from P1.9 billion in the same period last year.

In a regulatory filing, the Gokongwei-led conglomerate said its core net income stood at P295 million “as margin gains from Universal Robina Corporation (URC) and JG Summit Petrochemicals Group (JGSPG) cushioned the negative impact of the pandemic in Robinsons Land Corporation (RLC), Cebu Air, Inc. (CEB) and Robinsons Bank Corporation (RBank)’s bottomline.”

Revenues stood at P67.64 billion, slightly down from last year’s P67.88 billion.

JG Summit said that the strong performance of its food and banking divisions, better use of its petrochemical plants, and the contribution of its Chengdu real estate project made up for the decline in Cebu Air’s revenues.

Excluding the airline business, JG Summit said its net income would have stood at P5.1 billion and core income at P5.4 billion.

“Our food and banking segments remain stable, while businesses that were heavily impacted by the strict mobility restrictions and quarantine measures have shown sustained quarter-on-quarter recovery since the significant decline during the ECQ last year,” Lance Y. Gokongwei, president and chief executive officer of JG Summit, said.

URC reported a P3 billion net income attributable to equity holders in the first quarter, up 51% from a year ago.

Revenues for the food business inched up by three percent to P34.6 billion as its commodities and international business segments offset the decline seen in the branded consumer foods sales at home.

JGSPG returned to profitability with P48 million in net income in the first quarter, from the P1.1-billion net loss a year ago. Revenues went up by over three times to P9 billion.

“Its cracker utilization is currently over 100% and [first quarter] polymer utilization rate is now at 88%, which are also both better than [the preceding quarter],” JG Summit said.

Cebu Air widened its net loss by nearly six-fold to P7.3 billion in the first three months of the year, as revenues fell by 83% to P2.71 billion.

“The company only flew 7,236 flights and 550,000 passengers in [the first quarter], down by 76% and 88% [versus the same period last year,]” the holding firm said.

Quarter-on-quarter, the number of Cebu Pacific flights jumped by 27% while the number of passengers flown rose by 62%.

“The government’s efforts to set directions for unified view on travel restrictions provided a substantial improvement in bookings, which demonstrates there is still genuinely significant pent-up demand for travel,” Mr. Gokongwei said during the company’s virtual stockholders’ meeting on Friday.

Mr. Gokongwei said they are continuously reviewing Cebu Air’s business transformation plans.

“Our objective is to come out at least 25-30% more efficient versus where we were before the pandemic,” he said.

RBank earnings fell by 33% to P234 million from P350 million in the first quarter last year due to lower trading gains and additional provisions to cushion the impact of the health crisis on asset quality.

RLC saw a 13% profit decline to P2.9 billion, as malls, hotels and offices continue to be affected by quarantine restrictions. Revenues surged by 44% to P16.4 billion, due to the recognition of revenues from its real estate project in Chengdu, China.

The listed Gokongwei-led conglomerate is ramping up its capital expenditures this year by 28% to P47.8 billion from P37.3 billion in 2020.

“Most of our business units plan to spend at the same level or lower than their 2020 spending, except for RLC to further expand its investment portfolio and landbank and URC to improve its recently acquired sugar mill and distillery as well as investments in its supply chain transformation initiatives,” Mr. Gokongwei said.

Meanwhile, another Gokongwei-led listed firm Robinsons Retail Holdings, Inc. (RRHI) said it is “constantly on the lookout” for mergers and acquisitions, the company said in another briefing on Friday.

RRHI said it plans to continue to grow its offline network and improve its e-commerce presence via GoRobinsons.

Shares of JG Summit slipped by 1.59% or 80 centavos to close at P49.50 each, while RRHI shares went up by 15 centavos to end at P49.95. — Keren Concepcion G. Valmonte

Cignal launches satellite broadband service

Cignal TV, Inc. is launching satellite broadband services to expand connectivity for households and businesses outside regular internet reach.

Cignal CONNECT will soon be made available to businesses and organizations in remote areas, including resorts, government offices, dams or mining sites, and military bases.

The service will also connect homes and farms to the internet, the company said in a press release on Friday.

Satellite broadband, Cignal said, would connect customers to online classes and work.

“Cignal CONNECT responds to the clamor for reliable internet capability for all in the light of today’s online classes and work from home requirements for households and businesses,” Cignal and TV5 President and Chief Executive Officer Robert P. Galang was quoted as saying in the statement.

“We are doubling up our efforts to open more connectivity options for the Filipino people, especially those in hard-to-reach areas.”

PLDT Inc. and Smart Communications are currently using Cignal’s satellite broadband technology “to provide connectivity for their selected sites in areas that are difficult to reach through land-based networks.”

Cignal TV is a subsidiary of MediaQuest Holdings, the media arm of the PLDT Group. BusinessWorld is likewise a subsidiary of MediaQuest Holdings through the Star Group of Companies. — Jenina P. Ibañez

First Gen income rises 29% on higher recurring revenues

First Gen Corp. saw its net income attributable to its parent grow by 29% year on year to P4.01 billion ($84 million) in the first quarter, thanks to higher recurring earnings from its natural gas and renewable energy (RE) portfolios.

In a statement, the Lopez-led power generation company said it generated P3.8 billion ($78 million) in recurring net income in the first three months of 2021, a 21% increase from a year ago’s P3.3 billion ($65 million), “from the operations of its 3,495 MW clean, low-carbon, and renewable portfolio.”

First Gen said it also benefited from new contracts, and lower operating and interest expenses.

The natural gas platform reported a 35% rise in recurring earnings to P2.5 billion ($52 million) year-on-year due to higher electricity sales and lower corporate income tax rates afforded to its natural gas plants.

“The 97 MW Avion power plant enjoyed higher electricity sales due to its ancillary services procurement agreement that commenced in June 2020, while the other natural gas-fired plants reaped the benefits of lower income tax rates under the new CREATE (Corporate Recovery and Tax Incentives for Enterprises Act),” First Gen said.

However, these were slightly offset by lower generation from its 420-MW San Gabriel power plant in Batangas.

First Gen said that its gas platform’s attributable net income to its parent rose by 40% to P2.8 billion ($57 million) in the first three months ending March.

The natural gas portfolio accounted for 55% of First Gen’s total consolidated revenues.

Meanwhile, Lopez-led power generation arm’s unit Energy Development Corp. (EDC) saw recurring attributable earnings of P1.3 billion ($27 million) in the first quarter, 4% higher year on year. The amount comes from EDC’s geothermal, wind and solar platforms.

First Gen said that the feed-in-tariff (FiT) rate adjustments, which the energy regulator approved for EDC’s Burgos wind and solar projects covering the years 2016 to 2020, contributed to an increase in the firm’s first quarter revenues.

The government’s FiT scheme aims to encourage the development of emerging renewables power sources by offering a fixed subsidy to RE developers.

EDC’s geothermal, wind, and solar revenues make up 40% of First Gen’s total consolidated revenues during the three months ending March.

Meanwhile, First Gen said that its hydropower platform’s recurring earnings remained unchanged at P0.2 billion ($5 million) compared to how it fared in the same period last year. The company’s hydro plants accounted for 5% of First Gen’s consolidated revenues.

Total revenues from the firm’s electricity sales in the first quarter was “almost flat” at P23.3 billion ($483 million).

“The year 2021 is looking to be a better year, although we recognize that the recent surge and newly-imposed lockdowns has made recovery slower. Nonetheless, we want to move forward and work on projects that will support the economy and increase employment,” First Gen President and Chief Operating Officer Francis Giles B. Puno was quoted as saying.

Shares of First Gen in the local bourse shed 0.8% or 25 centavos to close at P31 each on Friday. — Angelica Y. Yang

Pilipinas Shell turns to profit in first quarter 

Listed Pilipinas Shell Petroleum Corp. posted a P1 billion net profit in the first quarter, a reversal of the P5.5 billion loss it incurred in the same period last year, even as sales volume remained low.

Pilipinas Shell in a statement attributed its P1 billion net income “to its new supply chain strategy, higher premium penetration across all segments and continued cash conservation measures.”

A regulatory filing showed Pilipinas Shell’s first quarter net sales fell by 17.5% to P39.92 billion year on year, as sales volume declined by 31% to 997.8 million liters.

The company said lubricants and bitumen sales are up by 12% and 27%, respectively, “supported by new customer wins and increase in economic activities in some industries.”

However, Pilipinas Shell noted volume delivery remained below pre-pandemic levels, as the number of coronavirus disease 2019 (COVID-19) infections continue to rise and stricter lockdowns are imposed.

“We are now seeing the positive results of the tough decisions we made that ensured our financial resiliency and competitiveness brought about by the COVID-19 pandemic. The difficult decision to transform our refinery into world-class import facility allowed us to avoid the significant losses we incurred during the first half of 2020,” Pilipinas Shell President and Chief Executive Officer Cesar G. Romero was quoted as saying.

The company permanently shuttered its 110,000 barrels-per-day refinery in Tabangao, Batangas as the slump in regional refining margins worsened due to the pandemic.

“We have yet to see fuel demand to go back to pre-pandemic levels. With our refocused and reset strategy, we are well-positioned to meet the country’s energy requirement as the economy recovers from the pandemic,” Mr. Romero said.

Shares of Pilipinas Shell in the local bourse decreased by 6% or P1.3 to close at P20.45 apiece on Friday. — Angelica Y. Yang

Max’s Group swings to profit despite lockdown

A Pancake House branch is seen in Bonifacio Global City.

Casual dining restaurant group Max’s Group, Inc. (MGI) returned to profitability in the first quarter due to a one-time gain from a property sale, which helped offset the 29% drop in system-wide sales as dine-in operations remain restricted amid the pandemic.

In a regulatory filing, MGI reported a P335.98 million attributable net income in the January to March period, a turnaround from the P168.51 million net loss a year ago when the government began implementing strict quarantine measures amid the coronavirus pandemic.

Excluding a P315 million gain from the sale of a subsidiary whose sole asset is land, MGI said the first quarter net loss is at P18 million.

System-wide sales, which include sales of company-owned and franchised stores, fell by an annual 29% to P2.84 billion. MGI noted that restaurants were only allowed to have 50% dine-in operations during the general community quarantine (GCQ) for most of the first quarter. All dine-in operations were prohibited when the enhanced community quarantine was implemented in the third week of March.

“Said restrictions effectively caused a 34% reduction in transaction count due to the restrictions in place this quarter which were not yet in place for most of Q1 2020,” the company said.

MGI, which operates brands such as Max’s and Pancake House, noted that dine-in operations have already been recovering before the ECQ.

“This signals increased market demand and upside growth potential once the country is place back to more relaxed restrictions especially for more traditionally dine-in brands like Max’s and Pancake house. Delivery channel and takeout are still stable contributing a major portion of the Company’s total revenue. The delivery business is and will be a vital part of the Company’s growth,” it noted.

Consolidated revenues dropped by 32% to P1.84 billion.

Operating income stood at P145 million, a 353% increase from a year ago, which MGI attributed to “pivots in business models done throughout the pandemic.

“Our total first-quarter costs and expenses of P1.69 billion stand at 61% versus where we were last year, as opposed to our 68% revenue index. The fact that we were able to generate positive operating income even as we support the national government’s nuanced approach to community quarantines is a testament to how our operating model is built to organically survive and succeed in this evolving business landscape,” MGI President and Chief Executive Officer Robert Ramon F. Trota said in a separate statement.

As of end March, MGI’s store count stood at 667 branches, down from 759 stores in the same period last year.

Asian Terminals Q1 income up 19%

Asian Terminals Inc. (ATI) saw its first quarter net income rise by 19.1% due to cost saving initiatives and the reduced corporate income tax rate.

The company on Friday said net income went up 19.1% to P562.9 million in the first three months from P472.5 million in the same period last year, which it partially attributed to the recent law reducing the corporate income tax rate.

The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which cuts corporate income tax to 25% from 30%, was signed by President Rodrigo R. Duterte in March.

ATI revenues went up 5.5% to P2.72 billion in the first quarter from P2.58 billion last year.

During this period, ATI’s international ports in Manila and Batangas handled 327,000 twenty-foot equivalent units (TEUs) in consolidated container volume, up 5% from last year.

The listed company is spending P6 billion in capital investments this year to bankroll ongoing port expansion and modernization projects and other “growth opportunities.”

“This includes the current upgrade of the Batangas Passenger Terminal and the ongoing yard expansion and extension of berth facilities in Pier 3 of Manila South Harbor,” ATI said. — Jenina P. Ibañez

PSEi climbs on last-minute buying, eased lockdown

COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.

THE MAIN INDEX went up on Friday on last-minute buying and after the government announced updated quarantine restrictions on Thursday.

The Philippine Stock Exchange index (PSEi) gained 32.96 points or 0.52% to close at 6,269.36 on Friday, while the all shares index lost 7.02 points or 0.18% to end at 3,850.98.

COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo said the PSEi closed “miraculously” after “buy-on-close” brokers lifted the market, “creating an artificially positive close and bewildering many.”

“Unfortunately, this artificial climb may have to naturally adjust down and normalize on the next trading day,” Mr. Barredo said in a Viber message.

He noted the market weakened earlier in the day as investors reacted to Wall Street’s decline following the release of US inflation data.

“Although the US did rally last night, the PSE was coming from a holiday Thursday, and it had not yet reacted to markets coming down the day previous,” Mr. Barredo said on Friday.

Financial markets were closed on Thursday in observance of the Feast of Ramadan or Eid al-Fitr.

“The market managed to respect the 6,200 support area with the index ending slightly higher during the last minute of trading, as investors digested the government’s decision to ease the lockdown measures enforced in NCR Plus,” Timson Securities, Inc. trader Darren Blaine T. Pangan said in a separate Viber message.

NCR Plus, which includes Metro Manila and the nearby provinces of Bulacan, Cavite, Laguna, and Rizal, will shift to a slightly looser lockdown beginning Saturday, May 15.

Presidential Spokesperson Herminio “Harry” L. Roque, Jr. said in a statement on Thursday evening that President Rodrigo R. Duterte put Metro Manila and nearby provinces under a general community quarantine “with heightened restrictions” until May 31.

Most sectoral indices closed in the red on Friday except for holding firms, which improved by 113.12 points or 1.81% to finish at 6,344.87.

Meanwhile, mining and oil fell by 128.44 points or 1.39% to 9,071.02; property dropped by 23.07 points or 0.77% to 2,948.41; industrials went down by 65.22 points or 0.75% to close at 8,558.71; services declined by 7.78 points or 0.53% to 1,434.47; and financials lost 4.34 points or 0.3% to end at 1,399.30.

Value turnover soared to P11.06 billion on Friday with 4.18 billion shares switching hands, from the P6.2 billion with 3.63 shares traded on Wednesday.

Decliners beat advancers, 152 versus 50, while 52 names closed unchanged.

Foreigners turned buyers with P2.04 billion in net purchases, a reversal of the P565.86 million in net outflows seen the previous trading day. — K.C.G. Valmonte

BSP makes full award of short-term securities

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) raised P100 billion as planned through its offer of 28-day bills on Friday as yields dropped slightly after the central bank kept benchmark rates steady at its latest policy meeting.

Demand for the one-month securities reached P120.926 billion, more than the P116.024 billion in tenders logged on May 7.

“The results of the auction continue to support the view that market conditions remain normal amid sustained ample liquidity in the financial system,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

Accepted rates for the short-term securities ranged from 1.7625% to 1.8%, a tad wider than the 1.77% to 1.8% band a week earlier. This caused the 28-day bills’ average rate to slip by 0.91 basis point to 1.7739% from 1.783% last week.

The BSP uses the short-term bills and its term deposit facility to mop up excess liquidity in the system and guide short-term interest rates.

The lower yields for the short-term bills came following the central bank’s decision to keep borrowing costs unchanged, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

The BSP held its key interest rate at a record low for a fourth straight meeting on Wednesday, as it continues to support the economy’s recovery from the pandemic.

The Monetary Board maintained the overnight reverse repurchase rate at a historic low of 2%, in line with expectations of 15 out of 17 analysts in a BusinessWorld poll last week. Both the lending and deposit rates were also kept at 2.5% and 1.5%, respectively.

The BSP’s decision to keep rates steady came a day after release of disappointing first-quarter gross domestic product (GDP) data. For the first three months of 2021, GDP shrank by an annual 4.2%, keeping the economy in a recession for a fifth consecutive quarter.

Meanwhile, the central bank lowered its inflation outlook this year to 3.9% from a previous estimate of 4.2%. On the other hand, the forecast for 2022 was raised to 3%, from 2.8% previously. This will put inflation back within the BSP’s 2-4% annual target range. — LWTN

Security Bank net profit down 43%

BW FILE PHOTO

SECURITY BANK Corp. posted a lower net profit in the first three months of 2021 amid a decline in its trading gains as well as its earnings from loans and investments.

The lender’s net income dropped 43% to P1.643 billion in the January to March period from P2.888 billion a year earlier, the bank said in its financial report filed with the local bourse on Friday.

Return on shareholders’ equity was 5.38%, down from 9.7% as of March 2020, while return on assets also dropped to 0.96% from 1.46%.

Net interest income went down by 17.7% to P6.649 billion from P8.085 billion as interest earnings on both loans and investments dropped.

The bank’s net interest margin declined by 29 basis points year on year to 4.39%.

Meanwhile, non-interest income dropped 58% to P2.1 billion. This was dragged by the decline in its gains from securities trading, which shrank by 80% to P689 million from P3.5 billion.

On the other hand, income from service fees and commissions inched up 1% to P1.1 billion, backed by higher gains from bancasurrance, credit card, stockbrokerage and miscellaneous fees.

Total operating income stood at P8.784 billion, down by 33% from the P13.215 billion a year ago.

Security Bank’s gross loans inched down by 5% to P450 billion from a year earlier. By segment, retail loans went down by 12%, while wholesale loans dropped by 2%.

Its gross non-performing loan (NPL) ratio stood at 3.41%, lower than the 3.9% seen in the previous quarter, while its net NPL ratio was at 1.55% (from 1.97%). The bank’s NPL reserve cover improved to 118% from 115% as of end-2020.

On the other hand, the bank’s total operating expenses dropped 49.76% to P5.465 billion from P10.879 billion in the first three months of 2020.

Provisions for credit losses declined 93% to P402 million due to base effects.

Meanwhile, total deposits rose by 3% to P519 billion as of March. Low-cost savings and demand deposits increased by 12%, while high-cost deposits dropped by 5%.

The lender’s assets went down by 9% to P718 billion as of March, while shareholders’ capital inched up by 1% to P121 billion.

Security Bank’s capital adequacy ratio stood at 20.11% at end-March, up from 20.09% as of December 2020, while its common equity Tier 1 ratio was at 19.23% (from 19.19%), both above the minimum regulatory requirements.

“We are fortunate that our strong capital equips the bank to support clients directly through loans and indirectly through significant investments in both our team and our technology to improve customer experience,” Security Bank President and Chief Executive Officer Sanjiv Vohra was quoted as saying.

The bank said it had a total of 315 branches and 772 automated teller machines to date.

Security Bank shares closed at P115.30 apiece on Friday, up by 20 centavos or by 0.17%. — LWTN

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