Philipines Market Insights 2018.3.13

フィリピン株式ニュースハイライト

News Highlights: PLDT Inc. (TEL) confirmed plans to refinance P16bn worth of maturing debt in 2018 vis peso bank loans. Ayala Corp. (AC) raised its capex for 2018 by 44% to P249bn to support the parent’s investment plan & growth strategies of ALI, GLO & MWC. AC Energy of Ayala Corp. (AC) is developing 75MW wind project in Sidrap, Indonesia, which will come online 1Q18. SM Investments Corp. (SM) plans P66.3bn capex for 2018, P50bn of which will be for SMPH’s mall expansion & residential unit projects, P5.2bn for retail business. Manila Electric Company (MER) has earmarked P21bn in capex for regulatory year 2019 from P18bn target for 2018. The Philippine’s upcoming 1.46bn renminbi Panda bonds (approx. P12bn) obtained ‘AAA’ with stable outlook from China Liane Credit Rating.

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

Bourse starts week green, PSEi @8,453: Optimists won, lifting local gauges 80 points up at 8,453 (+0.97% day-on-day), inspired by Wall Street’s strong overnight ascent Friday. Save for mining/oil (-0.7%), sectors rose led by financials (+1.5%) & property (+1.2%). ALI (+P0.25 at P42); UBP (+P0.25 at P91); FGEN (+P0.72 at P17.40); MBT (+P0.70 at P96.70); & BDO (+P4.30 at P66.20) led actively-traded shares. Turnover was P7.2bn with gainers-losers at 106-109.
Mixed tone: Given yesterday’s run-up, another mixed session is seen Tuesday, ahead of fund managers’ reception to the upcoming inflation results in the US. Select large caps might lend support, especially those with good earnings prospects & capex initiatives this year. Meanwhile, some second- & third-tier plays might be in focus, although caution is flagged for shares that have been historically illiquid. Immediate support is 8,400-8,430, resistance 8,470-8,480.

ASIA

Started the week strong: Regional marts started the week higher thus extending an upbeat lead from Wall Street on Friday following a favorable U.S. February jobs report that may have eased investors’ worries about inflation.

WALL STREET

Mixed plays: Shares were mixed as industrial shares weakened on concerns issues within this category might take reprisal sanctions on US tariff for steel & aluminum, while others heeded for latest inflation data. Meanwhile, tech shares rose, aiding Nasdaq’s advance. DJIA -157pts, 25,178 (-0.62%), Nasdaq Comp. +27pts, 7,588 (+0.4%).

COMMODITIES

Oil continues to drop. Oil prices settled lower Monday following fed expectations that U.S. output will continue to rise this year, erasing price gains scored late last week on a lower weekly U.S. oil-rig count. West Texas Intermediate (WTI) dipped $0.68 to $61.36/barrel.

フィリピン国内各企業動向

TEL confirmed refinancing plan:

PLDT Inc. (TEL) confirmed plans to refinance P16bn worth of maturing debt in 2018 vis peso bank loans. Supplemental funding will come from the possible sale of TEL’s block in Rocket Internet, subject to market conditions.

AC ups capex by 44%:

Ayala Corp. (AC) raised its capex for 2018 by 44% to P249bn to support the parent’s investment plan & growth strategies of ALI, GLO & MWC. At the parent level, AC has set P51.8bn in capex to finance its subscription to BPI’s rights offer & investments in AC Energy, AC Industrials, AC Education & AC Health.

AC Energy details regional & domestic projects:

AC Energy of Ayala Corp. (AC) is developing 75MW wind project in Sidrap, Indonesia, which will come online 1Q18. Also, its 50% economic stake in the 2x668MW super-critical coal fired plant in Bataan of GNPower Dinginin, is slated for commercial operations in 2019, with the 2nd unit set to be completed 2020. AC Energy delivered P3.5bn net income in 2017 (+31%).

FamilyDOC of AC to install 33 new clinic in 2018:

From 25 clinics served in 2017, FamilyDOC of AC Health will open 33 new FamilyDOC clinics for 2018.
SM earmarked P66bn capex: SM Investments Corp. (SM) plans P66.3bn capex for 2018, P50bn of which will be for SMPH’s mall expansion & residential unit projects, P5.2bn for retail business. The balance will be for SM’s banking units BDO & CHIB.

SMC unit to raise $650mn:

SMC Global Power’s board approved $650mn worth of securities issuance to finance projects. Part of the amount will be the peso-based redeemable perpetual notes. SMC Global aims to complete the 300MW Masinloc coal-fired plant in Zambales.

Batangas-Lucena route will soon be an hour’s stretch:

San Miguel Corp. (SMC)’s tollways unit plans to spend P14.85bn to extend SLEx by more than 56km. from Sto. Tomas Batangas to Tayabas, Quezon. The move would reduce travel time between Sto. Tomas to Lucena from 4 hours to 1 hour. Completion is slated in 2021.
MER capex for 2019 +17% at P21bn. Manila Electric Company (MER) has earmarked P21bn in capex for regulatory year 2019 from P18bn target for 2018. Bulk of the capex will be used for network requirements for load & customer growth.

DD plans P6.8bn to P7.5bn share sale:

DoubleDragon Properties Corp. (DD) plans to sell up to 135mn common shares with 15mn shares over-allotment at P50 apiece. Proceeds will help in the expansion of industrial leasing & hospitality business that would add 200k sqm. leasing space to DD’s leasing portfolio by 2020. DD also raised its 2020 net income goal to P5.5bn from P4.8bn. Offer run is 25 April - 02 May, listing on 09 May.

FGEN unit signed PSA with MER for 414MW:

First Gen Corp. (FGEN)’s fully-owned First NatGas Power (FNGPC), entered into a power supply agreement (PSA) with MER for 414MW baseload capacity. FNGPC will source the power from the 414MW San Gabriel combined cycle natural gas-fired plant in Batangas. The sale of electricity will start upon approval of the ERC of the PSA. Expiry date is on 23 Feb. 2024, unless extended by the parties.

CAT Tarlac lot sale to ALI subject to closing conditions:

Central Azucarera de Tarlac, Inc. (CAT) said the completion of the sale of 290ha. land in Bgy. Central, San Miguel, Tarlac City to ALI is subject to certain closing conditions. Estimated amount however is seen at ‘more than P1bn’

FNI’s P1bn capital raising exercise pending SEC’s clearance.

Global Ferronickel Holdings, Inc. (FNI) is still waiting for SEC’s clearance for the follow-on offer of up to 250mn common shares at P4/share. Net proceeds will be used by FNI for Cagdianao mine in Surigao del Norte & payment of loan of unit Platinum Group Metals from Taiwan Cooperative Bank.
PERC unit synched to Luzon grid. PetroEnergy Resources Corp. (PERC)’s 65%-owned, 12MW Maibarara Geothermal plant-2 (M2) was synchronized to the Luzon grid last 09 March 2018. The other owners are PHEN at 25%, PNOC-Renewables Corp. at 10%.

フィリピン経済指標

Panda float gets high rating:

The Philippine’s upcoming 1.46bn renminbi Panda bonds (approx. P12bn) obtained ‘AAA’ with stable outlook from China Liane Credit Rating. The agency sees Phil. GDP to grow 6.8% in 2018 with stable inflation outlook.

GSIS prepares lot sale:

GSIS is selling two lots measuring 627,645sqm. & 109,212sqm. in the Port Area of manila for a min. of P20bn. The lots are near Manila North Harbor’s Pier 2 & NN’s ferry terminal in Tondo. Meanwhile, GSIS is also looking at 25-year lease & dev’t. of the 3ha. Coconut Palace in CCP, Pasay City.

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