BMCs-Best Execs-r2:AMM grid in qxp 12/24/09 9:42 AM Page 55
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Otherobserversnotehehasdemonstratedanabilitytohirethe thebankstillincreasedprofitsby28%inthefirstninemonthsof2009.In
bestpeopleandcreateastrongmanagementbench,anddescribe thethirdquarteraloneMetrobank’searningssurged49%year-on-yearto
Razakasknowledgeable,inclusiveandvisionary. P1.5billion(US$32million).
“Hetoldstaffin2007,wheneverythingwasshootingthroughthe Thisperformancewasinpartdowntoaseriesofefficiencyinitiatives
roof,toholdtheirhorsesandnotlookshort-termbecausethesegood introducedbyMetrobanktocurbcostsandincreasemarginsonlow-cost
timescannotlast.Hehasvision,foresightandleadership.Veryfew deposits.
leadershaveallthat,”saidtheheadofresearch. Butwhatmostimpressedindustryobserversisitsabilitytoimprove
theassetqualityofitsbalancesheetinthepastyear.Investorshavealso
PHILIPPINES
caughtontotheimprovementsatMetrobankandthesharepricehas
jumped91%inthepast12months.
Historicallyconcernshavebeenraisedaboutthequalityofthelender’s
SMALL-CAPCORPORATEOFTHEYEAR assets,andjustafewyearsagoMetrobank’sNPLratiostoodcloserto13%.
EEICorp. Butthebankappearstohaveturnedthingsaround.Itsgrossnon-per-
formingloansdropped26%toP4.8billion,whileitsnon-performingloan
(NPL)ratiofellto4.1%attheendofthethirdquarter,from5.3%during
AstheglobalfinancialcrisishitthePhilippines’economyin2009, thesameperiodlastyear.
manyconstructionfirmsbecamedefensiveandinward-looking,but “Thisyearpeoplehavebeguntorealisethere’sastorythereintermsof
notEEICorp. improvingassetquality,especiallyinthehostileenvironmentweare
Ithasremainedeagertogrowandhasbeenrewardedforitsproac- workingin,”saidoneheadofPhilippinesresearch.
tivesensibilities.EEIsecuredseveralbuildingproj-
ectsoverthepast12months,notablyintheMiddle
East.ItwasawardedaUS$192millioncontractto
helpconstructapetrochemicalprojectinSaudi
ArabiaandgainedaUS$12millioncontracttobuild
electro-mechanicalworksinQatar.
EEIisgenerallymoreambitiousatexpandingout-
sideofthePhilippinesthanmanyofitsdomestic
peers.Assuchithasmorediversifiedrevenues.The
companysaidinitslasttradingupdatethisyearthat
itwas“cautiouslyconfidentofitsnear-tomedium-
termprospects”andwouldcontinuefocusingon
countrieslookingtomodernisetheirenergyand
heavyindustrysectorsintheMiddleEast.
Concernsarerisingaboutthehealthof
economiesinthatregioninlightoftheDubaiWorld
debtrepaymentstandstillinlateNovember.But
observersbelieveEEIwillremainunscathedbecause
ithasfocusedongrabbingcontractswithintheoil
andgassectorsratherthaninthemuchweakerprop-
ertyindustry.
EEI’ssharepricereflectsthecompany’sdiversifi-
cation.Ithassurgedmorethan200%inthepast12
months,easilyoutstrippingthemoremodest57%
gaininthebenchmarkPhilippinesstockexchange
indexoverthesameperiod.
“Whatmadethecompanystandoutthisyearisthat
theyseizedopportunitiesdespitetheglobalfinancial
crisiswhileotherswerebeingdefensive,”saidAlfred
Dy,headofPhilippinesresearchatCLSAinManila.
“TheyhavetakenadvantageoftheboomintheMiddle
Eastandtheirorderbooklooksveryhealthy.”
MEDIUM-CAPCORPORATEOFTHEYEAR
MetropolitanBank&Trust
Giventhetoughyearthattheglobalbankingindustry
hassuffered,anylenderthathasremainedprofitable
deservesattention.InthecaseofMetropolitanBank
&Trust(Metrobank),ithashadtodealwithstorms
bothfinancialandmeteorological.
ForthePhilippines’second-largestlenderhasbat-
tledtheimpactoftheglobaldownturnaswellasa
seriesoftyphoonsthatravagedthecountrythispast
year.Ithasbeenfarfromanidealenvironment,yet
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