De Jesus adds that even with the higher FY2022 earnings base, Maybank expects FY2023’s earnings growth forecasts to be in double-digits at 13% y-o-y, reiterating its 7,800-point year-end target for PSEi. “Note that 2022 is the first full year that the country has fully reopened — further implying that the double-digit earnings growth we’re looking at for this year is coming from real expansion-driven growth.”
Maybank Securities is positive about the Philippines market following robust results for the FY2022 earnings season and a positive outlook. Of all 30 component stocks of the benchmark Philippines Stock Exchange Index (PSEi), 21 have reported earnings that were ahead, or at least in line with expectations, says Maybank’s head of Philippines research Jacqui De Jesus.
The strong FY2022 results have also prompted Maybank to upgrade its current FY2023 earnings forecasts by an average of 3% for the 18 index stocks it covers, reinforcing its positive view of the market.
