Philipines Market Insights 2018.4.18

フィリピン株式ニュースハイライト

News Highlights: U.S. shares rallied on the back of NFLX’s & UNH’s positive earnings surprise (DJIA +213pts, Nasdaq +124pts). Asian marts, though, were left directionless despite China’s 6.8% 1Q18 GDP, with the local main index sliding to 7,723, weighed by retail-related stocks. DOT says GEG is looking for another casino venue amid Boracay concerns, while index-member RLC sets P25bn as 2018 capex. Overall, IMF sees PH outperforming CH & VIE in GDP terms for 2018.

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

Retail stocks primed PSEi’s descent to 7,723. Investors shrugged-off Wall Street’s ascent, as concerns reverberated on the fate of consumer spending trend. Retail-related shares led the fall, primed by PGOLD (-P4.75 at P47.20); JFC (-P3 at P288.60); & SMPH (-P0.50 at P33.50), accounting for about 18% of turnover. The PSEi slumped 146 points at 7,723 (-1.9%) with all sectors red led by financials (-2.2%) & holdings (-1.8%). Pessimists prevailed, 57-161, on P6.77bn turnover.
Wait-and-see mode. After piercing 7,800, participants at home are likely to stay cautious for further supply pressure, given the market’s inability yesterday to heed to Wall Street’s recovery. Some might wait until other fund managers finish on their exit exercise, specifically the large caps with noticeable selling. Meanwhile, check for momentum build-up esp. for shares beaten by the rout. Immediate support is 7,700, resistance 7,800-7,850.

ASIA

Torpid regional session. China’s GDP failed to bring direction to Asian marts as bourses mostly eroded Monday’s gains on continued investor worries centered on trade & the Middle East conflict.

WALL STREET

US equities advanced. Shares rallied as Netflix & UnitedHealth earnings impressed players. Fund managers also believe it’s better to focus on tangible gains than assess the prospective outcome of protectionism. DJIA +213pts, 24,786 (+0.9%), Nasdaq Comp. +124pts, 7,281 (+1.7%).

COMMODITIES

Oil moves up. Oil prices rise amid API data reportedly showing fall in U.S. crude supplies of roughly 1mn barrels in decline as of last week’s posting. West Texas Intermediate (WTI) rose $0.36 to $66.58/barrel.

フィリピン国内各企業動向

DoT says Galaxy scouting for another casino venue:

Galaxy Entertainment (GEG) is looking for another venue for its casino project instead of Boracay. This was relayed by DoT chief Teo. Leisure & Resorts World Corp. (LR) meanwhile, said they continue to hold talks with GEG & both have not reached any final decision on the planned Boracay resort.

RLC capex at P25bn:

Robinsons Land Corp. (RLC) plans P24.6bn capex for 2018 (excludes China), 56% of which will be for new malls, offices & hotels, 19% land banking, 13% residential & 12% mixed-use. The 4 new malls in Iloilo, Tuguegarao & Bukidnon would raise leasable area to 1.508mn sqm. (+9%).

Energy learning institute set up by GBP:

Global Business Power (GBP) launched its P300mn learning institute in Iloilo City to initially train their employees on power plant operational & maintenance contingencies. GBP plans to ramp its RE portfolio to 300MW from 2019-2023. After 2023, the firm targets 1,500MW at P4bn-P5bn, 30% of which will be from RE. GBP is 56%-owned by Beacon PowerGen, 30% JG Summit Holdings, Inc.(JGS) & 14% Meralco PowerGen.

NRCP implements reinsurance IT solution:

National Reinsurance Corp. of the Philippines (NRCP) selected DXC Technology for its life reinsurance business that would help improve efficiency, promote automation, among others. DXC will implement core reinsurance solution (SICS), specifically in protecting of large complex policies, highvalue multinational risks & treaty portfolios. NIKL 1Q18 volume shipment +1%: Nickel Asia Corp. (NIKL) sold total of 3.09mn WMT of nickel ore in 1Q18 (+1%), but value fell to P1.85bn (-16%) due to shipments of more lower-grade ore & increased exports from Indonesia. Average nickel price on 1.09mn WMT of ore exports was $17.07/WMT (-46%).

フィリピン経済指標

IMF sees Phils. outpacing Vietnam & China for 2018:

IMF sees 6.7% GDP growth for Phils. vs. China & Vietnam’s 6.6%. IMF believes the local eco. is on track to sustain momentum on solid demand & robust investments.

10-year TBond yield at 6.213%:

Bureau of Treas. (BTr) awarded 10-year Treas. bonds at 6.213%, 2.9bps higher from prior auction. Bids received reached P17.3bn versus the P10bn float.

PEZA boldly underscored validation of existing contracts:

PEZA branded the 2nd tax reform plan as ‘unconstitutional’, as this would invalidate existing gov’t. contracts with investors. PEZA cited the Bill of Rights of the 1987 Constitution, where no law impairing the obligation of contracts shall be passed.

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