Philipines Market Insights 2018.09.27

フィリピン株式ニュースハイライト

News Highlights: The Fed raised overnight lending by 25bps to 2%-2.25%, & foresees another hike in December 2018, 3 for 2019 & 1 increase for 2020. On the local front, BSP Deputy chief Guinigundo hinted a ‘very strong’ action on the central bank’s (BSP) policy meeting today while rates for 7-day term deposit (TDF) fetched 4.4215% (+3bps), 28-day at 4.4877% (+1bps), anticipating results from BSP’s policy meeting.

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各国の株式市場動向

PHILIPPINES

Seller’s mart prevailed, PSEi @7,268: Buyers were reluctant to position as selling pressure prevailed, with sentiment still tentative ahead of the Fed’s policy meeting results. The PSEi lost 63 points at 7,268 (-0.87%), after moving within 7,208-7,343. Financials bore the brunt (-3.6%) but was somehow offset by gains in property (+1.7%). Among actively-traded shares: MPI (-P0.27 at P4.65); BDO (-P5 at P114); SECB (-P12.80 at P156) fell, while AC (+P20.50 at P940); SM (+P7.50 at P873.50); & SMPH (+P1.15 at P36.85) rose. Turnover remained pale at only P4.86bn, with gainers-losers 66-121. Net foreign selling was P520mn.

Eyes on peso, interest rate: Weakness might continue, following the Fed’s rate hike, as participants gauge the latest local central bank’s policy move. Sectors that were heavily bruised from yesterday’s rout might take notice, specifically financials, as players also heed for indications on inflation outlook as well as the peso’s behaviour vis-a-vis the greenback. Immediate support is 7,150-7,200, resistance 7,280.

ASIA

Marts mostly gained: Asian markets were mostly in the green Wednesday ahead of FOMC meeting which traders expects a third interest rate hike by the U.S. Federal Reserve for this year.

WALL STREET

US shares down as Fed raised rates: The Fed raised overnight lending by 25bps to 2%-2.25%, & foresees another hike in December 2018, 3 for 2019 & 1 increase for 2020. DJIA -106 points, 26,385 (-0.4%), Nasdaq Comp. -17pts, 7,990 (-0.21%).

COMMODITIES

Crude eased: Crude oil dropped on Wednesday after U.S. Energy Information Administration (EIA) data showed U.S. crude inventories rose by 1.9 million barrels in the week to Sept. 21. West Texas Intermediate (WTI) dipped $0.71 to $71.57/barrel.

フィリピン国内各企業動向

TEL rolls out VoWiFi with Samsung:

PLDT Inc. (TEL)’s Smart will partly roll-out this Oct. its Voice over WiFi call over a live network service for users of Samsung devices. The move allows users to make a call or send SMS via a mobile unit’s native dealer using WiFi.

Calbee of Japan quits JV with URC:

Japan’s snack confectionary producer, Calbee, Inc., sold its stake in Calbee-URC to Universal Robina Corp. (URC) for P170.6mn. The transaction covered Calbee’s 50% block in the JV firm & will be finalised on 30 Sept. 2018.

New office towers from SMPH:

SM Prime Holdings, Inc. (SMPH) launched ThreeE-Com Centre & topped-off FourE-Com in Pasay City Mall of Asia Coplex. Additional 114k & 190k sqm. gross floor area (GFA) is seen, respectively, to SMPH’s office lease portfolio. ThreeE-Com is 97% leased-out, while FourE-Com will be launched in 2019.

RLC gets power from GBP:

Using ERC’s retail competition & open access (RCOA) scheme, Global Business Power's (GBP) unit signed a power supply agreement (PSA) for 26MW with Robinsons Land Corp. (RLC). The accord covers RLC malls & URC factories in Bacolod, Tacloban, Roxas, Iloilo & Cebu. GBP is 56%-owned by Beacon PowerGen, 30% JGS & 14% Meralco PowerGen.

FEMI subscribes to MGH capital hike via payable offsetting:

Metro Global Holdings Corp. (MGH) furthered the Exchange that in view of the increase in their authorised capital from P2bn to P5bn, P750mn of the P3bn increase will be subscribed by Fil-Estate Management (FEMI), P500mn of which shall be paid via offset of outstanding payables to FEMI.

PERC’s West African Etame block accord extended until 2028:

Last 24 Sept., the gov’t. of Gabon & Etame Marin Consortium signed an amendment to the Etame Marin Production Sharing contract (PSC), extending exclusive exploitation rights to 3 producing oil fields - Etame, Avouma/Tchibala & Ebouri - for another 10 years, with 2 additional 5-year options. The wells have produced more than 100mn barrels of oil since 2002. PetroEnergy Resources Corp. (PERC) holds 2.525% interest in Etame Marin block.

フィリピン経済指標

BSP official hints of ‘very strong’ action:

BSP Deputy chief Guinigundo hinted investors should see ‘very strong’ action on the central bank’s (BSP) policy meeting today. Inflation is seen to remain elevated in the last stretch of 2018 & consensus is for 50bps increase to 4.5%.

TDF rates up:

Anticipating results from BSP’s policy meeting, rates for 7-day term deposit (TDF) fetched 4.4215% (+3bps), 28-day at 4.4877% (+1bps). Tenders reached P52bn for the 7-day note, vs. the P40bn offer.

ADB reduced growth forecast:

ADB lowered its growth outlook for the Phils. to 6.4% for 2018 (from 6.8%), +6.7% for 2019 (from 6.9%). ADB sees moderated growth in agri output & exports, higher inflation & continued global monetary tightening.

CMP head says 12% tax would kill mining industry:

Chamber of Mines (CMP) chief Gerard Brimo said the extra 5% royalty & local taxes that could total 12% (from the present 4% excise tax) would kill the mining industry. CMP has so far submitted its counter proposal considered better than what Chile, Peru, Canada & South Africa levies their mining sector.

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