Philippine Banks Review (BDO, SECB, RCB, MBT, PNB, BPI) 7-28-2015

Philippine Banks post the biggest and longest decline since 2013. And the weakest sector in the Philippines right now. I find it hard that some banks are already trading at 10x PE. And are very very interesting in terms of price valuation.

I know most banks have a hard time earning from their trading gains, which brings only around 10-20% additional income to a bank. Other income generation from different sectors are still good in the Philippines.

Most banks broke down from their 2 year uptrend, and is getting closer to 2009 uptrend support (6 year uptrend support). I still recommend BUY on most banks (have BDO, RCB and SECB right now)

Two concerns are EUROPE and US Elliot Wave count is nearing this "decisive" Q3-2015 Q4-2015 and Q1-2016, which has a high probability that Primary Wave IV is coming.

Good Luck !

SPX, China, HK and PSEi 7-28-2015