The BPI disclosures are not very helpful. They release quarter, but not YTD data. Tsk. Let me try to summarize (below commentary)
At P47 with a little ratio and proportion 2009E EPS of around 3.02 is trading at about 15.5X, making it fully valued but not necessarily expensive. Plug in some premium for being a market biggie, and we could see some technical upside. However, consider that the stock is very near its 52-week high and technical indicators show correction due at best. I don't foresee any major movements for BPI anytime soon.
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Net Income 09 08 Var
Q1 P2.9B P1.5B 193%
Q2 P2.4B P2.3B 104%
Q2YTD P5.3B P3.8B 139%
Q3 P2.1B P1.55B 135%
Q3 YTD P7.4B P5.35B 138%
EPS
Q1 P.89 P.57
Q2
Q2YTD P1.63 P1.42
Q3 YTD P2.27 P1.99 140%
Net income 3Q09 - +35% factors in P100M typhoon related impairments
Revenues - +11%
Net Interest Income - +6% (asset expansion, better spread)
Non-Interest Income - +19% (powered by forex and securities trading)
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