Philipines Market Insights 2018.3.22

フィリピン株式ニュースハイライト

News Highlights: Aboitiz Power Corp. (AP) said the cease & desist order (CDO) on the business license case of Pagbilao Energy Corp. (PEC) has been revoked & dismissed by the Municipality of Pagbilao & RTC of Lucena City. PCC cleared Robinsons Land Corp. (RLC) & Shang Properties, Inc. (SHNG)’ joint luxury residential condo development in BGC. Chelsea Logistics Holdings Corp. (CLC) expressed its intent to convert its common shares into preferred to raise funds for shipping & logistics operations, including opportunities in airports & ports. Alloy MTD Phils. partnered with BCDA for the dev’t. of the 220ha. National Gov’t. Administrative Centre (NGAC) in the New Clark Green City.

マーケットモニター

各国市場モニター

フィリピン株式市場動向

PHILIPPINES

Bourse down, PSEi @7,909: Concerns on the prospect of Fed rate hike cast concerns among jittery players, pulling the PSEi lower to 7,909. Property (-2.32%) & holdings (-2.27%) led declines even as mining/oil rose (+1.81%). Among actively-traded shares were: ALI (-P1.25 at P39.75), URC (-P0.30 at P149.70), BDO (-P3 at P142), MBT (-P0.95 at P84.15), and PXP (+P3.36 at P14.16), on P9.52bn turnover. Losers edged out gainers, 139-85, with net foreign selling at P1.51bn.
Caution emphasized: Some players might adopt another wait-and-see stance, given the mart’s fall from the 8,000 zone. Most might keep their attention on the local central bank’s meeting & forex trend, given the US Fed’s rate hike. Accumulate gradually & seize on this dips to position excess cash. Immediate support is 7,850, resistance 8,000.

ASIA

Mostly ended lower ahead Fed meeting: Asian markets settled mostly lower Wednesday, where early gains softened on low trading volumes, partly because of a Japanese public holiday. The declines were also due to expectations of an interest-rate hike in the US and updated economic projections from the central bank.

WALL STREET

Slight drop on interest rake hike: Fed raised interest rates by 25bps & hinted of 2 more this year, underscoring the US economy’s strength. US GDP is seen to rise 2.7% for 2018, inflation at 1.9%. Meanwhile, US equities had a choppy session as traders debated on either 3 to 4 rate hikes this year. DJIA -44pts, 24,682 (-0.2%), Nasdaq Comp. -19pts, 7,345 (-0.3%).

COMMODITIES

Ended higher on US inventory decline: Oil prices ended at its highest level in nearly seven weeks Wednesday, following a surprise weekly decline in U.S. crude inventories and also bolstered by renewed geopolitical risk to global output. West Texas Intermediate (WTI) climbed $1.45 to $65.17/barrel.

フィリピン国内各企業動向

AP unit resumes operations:

Aboitiz Power Corp. (AP) said the cease & desist order (CDO) on the business license case of Pagbilao Energy Corp. (PEC) has been revoked & dismissed by the Municipality of Pagbilao & RTC of Lucena City. As such, PEC may now proceed with the commercial operations of its power plant.

RLC-SHNG JV in BGC gets PCC clearance:

PCC cleared Robinsons Land Corp. (RLC) & Shang Properties, Inc. (SHNG)’ joint luxury residential condo development in BGC. The 50-50 JV will undertake the project on 9,118sqm lot in McKinley Parkway cor. 5th Ave. Both are looking at converting part of the project into serviced apartments & commercial spaces.

CLC to convert common to preferred shares:

Chelsea Logistics Holdings Corp. (CLC) expressed its intent to convert its common shares into preferred to raise funds for shipping & logistics operations, including opportunities in airports & ports. CLC has P2bn authorised capital & the preferred shares will be redeemable at the option of the issuer. All other details will be announced later.

CLC has no pact with a third telco player:

Chelsea Logistics Holdings Corp. (CLC) clarified to the Exchange that it has not signed a definitive agreement or engagement with any party to operate as the 3rd telco player.

LR-GEG Boracay casino to yield $100mn revenues:

Leisure & Resorts World Corp. (LR)-Galaxy Entertainment (GEG) 23ha. casino project in Boracay is seen to bring in at least $100mn in annual revenues, a substantial portion of which will be remitted to gov’t. in fees & royalties. LR meanwhile, will get a share in gaming receipts plus lease income. Pagcor already issued a prov. casino license for the $500mn project.

フィリピン経済指標

Loan eyed for NGAC project in Clark Green City:

Alloy MTD Phils. partnered with BCDA for the dev’t. of the 220ha. National Gov’t. Administrative Centre (NGAC) in the New Clark Green City. Phase 1A will cost P13bn that will include 40ha. sports facility for SEA Games in Nov. Alloy MTD is looking at P9.5bn loan for the project that will be patterned after Putrajaya of Malaysia & South Korea’s Sejong City.

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