SECB: where did this all this come from

Around March this year (2010), SECB was hovering around the low 50s. Now, its parked itself in the low 60s, about 20% higher in just four months.

I was very happy watching the performance of this stock but am still a bit perplexed as to how and why it's beating the other banks. BPI for one has been a bit disappointing to me. Before the last recession wreaked havoc around the Globe, BPI was trading above 60. Now, it doesn't seem like it will return to the level any time soon.

There's a similar story for BDO. It's still significantly far from where it was before the global recession.

So what's with SECB? It appears that their loan growth has been strong and will continue to be very strong. Their current projection is 10%-15% loan growth in 2010.

My broker tells me that even a conservative estimate of less than 10% loan growth shows that SECB provides good value for the buyer even at a price of Php63.00.