ACCORD CAPITAL EQUITIES CORPORATION

Friday, August 24, 2012

PAGE 1

THE DAILY
S.W.I.M.
(STOCK WATCH IN MOTION)
Afternoon

Value

Change

% Chg

PSEi

5,143.35

59.49

1.14%

All Shares

3,429.29

32.53

0.94%

Financials

1,275.54

11.61

0.90%

Industrial

7,836.80

34.07

0.43%

Hldg Firms

4,303.93

102.70

2.33%

Services

1,759.09

4.90

0.28%

Mining&Oil

21,471.24

133.91

0.62%

Property

1,939.05

37.40

1.89%

Mov

MARKET ACTIVITY Friday, August 24, 2012

Volume

MARKET CLOSE (as of 3:30 pm)

2,086,950,768

Trades

17,811

Value (in 000s)

10,571,327,020

Advances

44

Declines

114

Unchanged

36

ECONOMIC NEWS
DBM govt spending up 22%
year-on-year, Govt expected to up
expenditure by 2H 2012
The Department of Budget and Management
(DBM) announced yesterday (August 23,
2012) that, all-in-all, government departments
and agencies have disbursed a total of
P162.55 billion for July 2012, a 21.8%
increase year-on-year. This was also
announced as the highest and fastest yearon-year spending posted by the National
Government for 2012.
According to Budget Secretary Florencio
Butch Abad, disbursements for the
National Government as a whole are being
geared to accelerate for the second half of the
year, alongside increased activity in project
implementation among departments and
agencies.

Infrastructre spending for January-July 2012 have shown increases beyond 60% year-on-year, while Maintenance
and Operating Expenditures have helped increase spending, as seen by the more-than-30% increase vis--vis the
previous year. In effect, the fiscal deficit in July went up by P39.2 billion. Secretary Abad, however, has mentioned
that the fiscal deficit of the government is still within targeted deficit levels for 2012.

Asian equity indices down due to US, global concerns

Asian stock markets saw early declines in index value on the last day of the week. Japans Nikkei 225 lost 1.2% on
early trading, while South Korean KOSPI lost 1%. Australias S&P/ASX 200 also lost the same, at 0.9% downside.
The Dow Jones Industrial saw sharp declines yesterday amounting to a 0.88% decline after the US equities market
reacted negatively after Federal Reserve officials opposed the implementation of additional economic stimuli. The
debate will shift by next week to Federal Reserve Chairman Ben Bernanke, who is scheduled to speak in an annual
gathering of central bankers. The S&P 500 index also dropped by 0.81%, while NASDAQ ended 0.7% less than the
previous days index close.

ACCORD CAPITAL EQUITIES CORPORATION

Friday, August 24, 2012
PAGE 2
European pressure for Greeces economic reform continues to come from the Franco-German partnership of
Chancellor Angela Merkel and newly-elected President Francois Hollande. The two European leaders have said that
they will coordinate on their approach to Greece to keep pressure on the country at the heart of Europes crisis to
overhaul its economy, stressing the importance of the Greek government (led by Greeces new President Antonis
Samaras) to stand by to their obligations and wait for the results of the economic reforms to take root.

CORPORATE ACTION
SM Investments Corporation (SM)
Disclosure # 2012-6282

SM Investments has announced in a press release statement through the PSE that the companys Board of Directors
have approved of the placement of primary common shares worth $150 million to institutional investors via a topup placement. According to undisclosed parties, the shares were sold at a huge discount, estimated at P700.00 per
share. The top-up, as announced, will enable the company to raise additional funds, as well as provide the free-float
liquidity ratios of the company through its publicly-listed SM shares. Proceeds of the additional funding will be used
for refinancing for its obligations, as well as funding for general corporate purposes.
As announced, Macquarie Capital (Singapore) Pte. Ltd. was placed as the underwriter and placing agent.
The share expectedly took a hit today as stock prices ended at P705.00 per share, a 5.37% drop from its previous
closing price of P745.00, which is also the lowest price for the day. Surprisingly, the stocks price also opened up
lower than yesterday at P710.00 per share. Consider the 700-peso mark as the primary support point as
institutional investors will probably peg their prices above the support line. POTENTIAL BUY /ACCUMULATE.

DIVIDEND DECLARATIONS
Symbol
TEL

Type
Cash

EEI

Cash

Symbol
LAND
SMCP1
PERC
LR

Type
Stock
Cash
Cash
Cash

Sources:

AUGUST 2012
Value
Ex-Div
P60.00/common
8/28/2012
share
P0.025/share
8/29/2012
SEPTEMBER 2012
Value
Ex-Div
20%
9/5/2012
P1.50/share
9/6/2012
P0.10/share
9/18/2012
P0.04/share
9/25/2012

Record
8/31/2012

Payable
9/28/2012

9/3/2012

9/27/2012

Record
9/10/2012
9/11/2012
9/21/2012
9/28/2012

Payable
10/4/2012
10/5/2012
10/17/2012
10/23/2012

http://www.dbm.gov.ph/?p=3943
http://www.marketwatch.com/story/asian-stocks-down-as-commodity-tech-shares-fall-2012-08-23
http://www.marketwatch.com/story/us-stocks-retreat-as-stimulus-debated-2012-08-23
http://www.bloomberg.com/news/2012-08-23/merkel-seeks-to-keep-greece-on-reform-path-in-hollande-talks.html
http://www.pse.com.ph/resource/disclosures/2012/pdf/dc2012-6282_SM.pdf
http://business.inquirer.net/78456/sm-investment-raises-150-m-from-sale-of-shares

ACCORD CAPITAL EQUITIES CORPORATION

Friday, August 24, 2012
PAGE 3

The Daily S.W.I.M.

(Stock Watch in Motion)
John Michael Gabriel Vida
Research Analyst
Accord Capital
Equities Corporation
G/F East Tower, PSE Center
Exchange Road, Ortigas Ctr.
Pasig City 1605
Telephone:
02 588 1978
Internet:
www.accordcapital.ph
e-Mail:
johnmichael.vida@yahoo.com

DATA PROVIDED BY: THE PHILIPPINE STOCK EXCHANGE, INCORPORATED

(WWW.PSE.COM.PH)
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INFORMATION PURPOSES ONLY. IT IS NOT TO BE REPRODUCED OR COPIED
OR MADE AVAILABLE TO OTHERS. UNDER NO CIRCUMSTANCES IS IT TO BE
CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION TO BUY ANY
SECURITY. WHILE THE INFORMATION HEREIN IS FROM SOURCES WE
BELIEVE RELIABLE, WE DO NOT REPRESENT THAT IT IS ACCURATE OR
COMPLETE AND IT SHOULD NOT BE RELIED UPON AS SUCH. IN ADDITION,
WE SHALL NOT BE RESPONSIBLE FOR AMENDING, CORRECTING OR
UPDATING ANY INFORMATION OR OPINIONS CONTAINED HEREIN.
THE VIEWS EXPRESSED IN THIS ARE NOT NECESSARILY OPINIONS OF
ACCORD CAPITAL EQUITIES CORPORATION ON THE CREDIT-WORTHINESS
OR INVESTMENT PROFILE OF THE COMPANY OR THE INDUSTRIES
MENTIONED.