JP Morgan is projecting a seismic shift in Philippine property stocks with former industry leader Ayala Land Inc. losing its premium valuation among peers. Palusot? JP Morgan insists it would have recommended a sell on Philippine stocks whether or not Bongbong Marcos won the elections "ALI's premium valuation was anchored on profit growth consistency and outperformance relative to peers; this is no longer the case today," said JP Morgan in a June 30 report which has been widely shared on social media. After leading the industry in profit growth since 2009, JP Morgan expects ALI to place last among the Big Five property companies in the country in terms of net income growth.