Technically, the stock is very much oversold.

While the counter still trades at a discount to our 16.5 times market price-earnings ratio, its current premium over our fair value estimate and strong price appreciation over the past few months suggest that the issue has temporarily outrun its fundamentals, with no further upside in the next 12 months.

It's good in a sense that it diversifies revenue sources so they are not held captive by any one market.

We see little further upside to the value of Ayala Land's unused land bank going forward with increasing competition from cheaper alternative [offices] for call center and business process outsourcing clients.

They used to chase Filipinos, now they're going to the biggest markets where there's no market leader and then going for the local population. It would have been better for the company if it used its present strategy when it first did overseas expansion.

If you're a savvy institutional investor, you don't want interest earnings, you want the company to deploy the cash.