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 !

Philippine Banks snapshots: BDO, BPI, MBT, PNB, RCB, SECB 12-5-2014

TEL and BDO joined the 'breakout' team 1-22-2014

TEL broke out from 2700 resistance and now in uptrend. Resistance short term is at 2800 then 2830, but I think it can go as high as 2900 if we remain strong. Ex-date and special dividend will be around March 2014 and we could go around 2800-2900 at the time of Ex-date.

BDO just broke out of 74 and now could be turning into uptrend. Initial uptrend resistance is 74.5 and increasing, we have a target of 78 medium term for  the Dec2013 high.

PSEi still looking to hit 6100-6200 based on my initial targets, a sideways pattern for US can fuel PSEi to our initial target before any major move.



Cheers!