Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

Bank of the Philippine Islands / Equity Bottom-Up

*Weak Results: Bank of the Philippine Islands (BPI.PM) [BPI] reported 4Q20 results of PHP 4.2 bn, declining PHP 1.3 bn (23.1%) linked quarter. Results were difficult across the board for BPI, but primarily driven by a justified PHP 885 mn (14.6%) increase in loss provisions – reversing the decline seen in 3Q20. BPI will be holding an analyst briefing on Friday 29 January 2021; and  *Credit Quality Challenges Set To Continue: BPI is still contending with higher than normal NCOs which have caused an accelerated level of net new NPLs at 4Q20 of 65.4%. Given the continued break in credit which shows no signs of abating, we find that BPI’s reserves are short by over PHP 19.0 bn – nearly five years of bottom-line performance.

*Weak Results: Bank of the Philippine Islands (BPI.PM) [BPI] reported 4Q20 results of PHP 4.2 bn, declining PHP 1.3 bn (23.1%) linked quarter. Results were difficult across the board for BPI, but primarily driven by a justified PHP 885 mn (14.6%) increase in loss provisions – reversing the decline seen in 3Q20. BPI will be holding an analyst briefing on Friday 29 January 2021; and  *Credit Quality Challenges Set To Continue: BPI is still contending with higher than normal NCOs which have caused an accelerated level of net new NPLs at 4Q20 of 65.4%. Given the continued break in credit which shows no signs of abating, we find that BPI’s reserves are short by over PHP 19.0 bn – nearly five years of bottom-line performance.  

Bank of Philippine Islands – Lots Of Wood To Chop

Philippines

AyalaLand Logistics Holdings Corp operates in Philippines.

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Ayalaland Logistics Holdings (ALLHC PM)

Bank of Philippine Islands – Lots Of Wood To Chop

BANK OF THE PHILIPPINE ISLANDS: BPI reported a 23.1% linked quarter earnings decline in 4Q20. Results were difficult across the board for BPI,...

Thomas J. Monaco

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