[This year's profit] growth would mainly come from the full-year contribution of the new malls and the opening of its largest mall -- the Mall of Asia.

We believe that SM Prime deserves to trade at a premium, given its dominant position in the retail industry, strong earnings prospects and healthy balance sheet.

We believe it was high time to deal with such threats in a decisive manner. This should thus help Arroyo's ability to govern moving forward.

The principal conclusion is that we expect profit growth to continue through our new forecast horizon.

Evidence is accumulating that growth in the fourth quarter slowed in the euro zone. Two-year bonds should profit from this development.

Our profit growth was a bit stronger than we expected.