Philipines Market Insights 2018.3.1

フィリピン株式ニュースハイライト

News Highlights: SM Prime Holdings, Inc. (SMPH) intends to open 7 new malls & roll out from 12,000-15,000 residential units. The Sy family’s SM Group recently obtained an Environmental Compliance Certificate (ECC) a requirement to proceed with its P100 billion reclamation project, dubbed as Future City, which will rise in a 600-hectare property spanning the cities of Pasay and Parañaque. The Finance bureau (DoF) sees 8% GDP growth for 2018 given an expected increase in infra spending. It sees infra outlays exceeding 5% of GDP. BSP sees February’s inflation at 4%-4.8% from Jan.’s 4%. Higher electricity rates & food prices plus pass-through excise taxes on petroleum & sugar sweetened beverage could lead to price pressures for Feb.

マーケットモニター

各国市場モニター

各国の株式市場動向

PHILIPPINES

Mart weakened, PSEi @8,475: Mart drifted lower, on concerns over US monetary policies given Fed chair Powell’s hawkish view on the US economy. Property (-2.40%) & holdings (-1.69%) led declines. ALI (-P1.40 at P41.10), MRC (+P0.12 at P0.81), SM (-P30 at P940), PXP (+P0.34 at P18.34), & SMPH (-P1.10 at P35.30) led actively-traded stocks, on P9.97bn turnover. Gainers-losers scored 111-96, on P939mn net foreign selling.
Follow-through reaction expected: Wall Street’s late-trade selldown could weigh on regional sentiment, as volatility returns to the greenback. It would be prudent to wait for the market to test a solid bottom, until pessimism subsides. Immediate support is 8,350, resistance 8,480.

ASIA

Descent continues: Regional equities fell Wednesday after new Federal Reserve Chairman Jerome Powell’s upbeat assessment of the U.S. economy led investors to expect higher interest rates.

WALL STREET

Effects on Powell’s hawkish outlook: US equities opened higher after gov’t. revised lower its 4Q17 GDP to 2.5%, weakening the case for faster interest rate hike. DJIA -380.83pts, 25,029.20 (-1.50%), Nasdaq Comp. -57.35pts, 7,273.01 (-0.78%).

COMMODITIES

Oil ended lower: Oil prices settled lower on Wednesday after data showed a large build in U.S. crude stockpiles as US output continued to rise.

フィリピン国内各企業動向

SMPH sees P75bn capex for 2018 (+15.4%).

SM Prime Holdings, Inc. (SMPH) intends to open 7 new malls & roll out from 12,000-15,000 residential units. Meanwhile, there are no plans to issue the remaining P20bn bonds this year.

SM Group obtains ECC for P100bn reclamation project.

The Sy family’s SM Group recently obtained an Environmental Compliance Certificate (ECC) a requirement to proceed with its P100 billion reclamation project, dubbed as Future City, which will rise in a 600-hectare property spanning the cities of Pasay and Parañaque. “With an ECC, it’s almost 90 percent approved,” said a source close to the Philippine Reclamation Authority (PRA), the government agency in charge of reclamation projects in the country.

DWC raises ownership in Balay.

DWC bought 26.2mn shares in Balay Holdings, Inc., bringing its ownership to 100%. Balay operates Discovery Shores Boracay that was set up in 2007. The other properties are Club Paradise in Dimakya Island, Coron; Platitos Resto Bar, Sands Lounge, Sunken Pool & Indigo Resto Bar.

CLI plans buyback.

CLI’s board approved P250mn share buyback program over the next 24 months.

フィリピン経済指標

DoF upbeat, sees +8% GDP.

The Finance bureau (DoF) sees 8% GDP growth for 2018 given an expected increase in infra spending. It sees infra outlays exceeding 5% of GDP.

Higher prices seen for Feb.

BSP sees February’s inflation at 4%-4.8% from Jan.’s 4%. Higher electricity rates & food prices plus pass-through excise taxes on petroleum & sugar sweetened beverage could lead to price pressures for Feb.

New MSCI fund to be launched.

PhilEquity teamed-up with MSCI for a new local fund that reflects the 23-firm MSCI Phils. Index. The fund will be official launched once regulatory clearances are obtained.

Tieng-BEL proposal on Sangley Point still in place.

A consortium composed of Wilson Tieng, submitted a new plan for 2,500ha. reclaimed lot in Sangley Point, Cavite into an airport. To recap, Tieng’s ARRC & BEL submitted a $50bn proposal for an airport & seaport hub. No details were given as to what the new proposal would be.

Oil firms to sign MoA on PUV subsidies.

DoE & oil firms scheduled today the signing of MoA on subsidy provision for public utility vehicles (PUVs). DoE wants oil firms to treat the fuel subsidy scheme as part of their corporate social responsibility (CSR) programs.

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