Philippines Market Insights 2017.1.9

フィリピン株式ニュースハイライト

News Highlights: San Miguel (SMC) unit, SMC Consolidated Power Corp. was ordered by the Environmental Management Bureau (EMB) regional office to stop its operations inside its coal-fired plant in Limay, Bataan after the ash spill incident. Meanwhile, the BSP believes that the Philippine economy is well-positioned to face a string of global shocks but is recognizing certain risks for the local markets to experience some hiccups.

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

Mart maintains momentum, PSEi @ 7,248: Local bourse sustained its strong start for 2017 due to the development in the US markets. PSEi added 39 points to close at 7,248.20 (+0.54% day-on-day), with all sectors in green, save for mining and oil (-0.32%). Among actively-traded shares were ALI (+P0.35 at P34.50); GLO (+P0.99 at P1,684.00); and SMPH (-P0.67 at P30.00), on P8.56bn turnover. Gainers and losers were even at 101, while net foreign buying reached P361mn.

Might keep its pace: With the momentum on its side, local mart is seen to add modest gains tracking positive economic data from the US. Also, the optimism in our local equities might push investors to accumulate more shares. Immediate support 7,170, resistance 7,320.

ASIA

Marts closed mixed on Trump's Toyota threat: Asian equities were mixed but mostly higher as US president-elect Donald Trump threatens Toyota on slapping higher border tax if it builds new plant in Mexico.

WALL STREET

Equities higher on positive jobs data: Shares closed higher after the US nonfarm payrolls added 156,000 (178,000 estimate) jobs for the month of December, with unemployment rate rising to 4.7%. Dow Jones inched closer to the elusive 20,000 level, while Nasdaq and S&P closed at all-time highs.

COMMODITIES

Crude slightly higher on a rising dollar: Oil futures rose higher but dipped intraday upon the release of US jobs data. West Texas Intermediate (WTI) for February settled $0.23 cents higher to $53.99/barrel.

フィリピン国内各企業動向

SMC ordered to shut coal plant operations: San Miguel (SMC) unit, SMC Consolidated Power Corp. was ordered by the Environmental Management Bureau (EMB) regional office to stop its operations inside its coal-fired plant in Limay, Bataan after the ash spill incident. Moreover, the agency directed the nearby Petron Bataan Refinery to stop dumping newly-generated bottom ash in the area while the ash spill incident was being investigated. The 2 directives were issued by regional director Lormelyn Claudio of EMB Region 3 based in San Fernando City, Pampanga, dated 06 January. EMB has ordered the company to attend the technical conference scheduled Monday, 09 January, at the EMB Region 3 office in Pampanga.

MPI tollway unit hopes to start Cavitex-C5 flyover next month: Metro Pacific's (MPI) tollway unit aims to start the phase 1 of the Cavitex-C5 South Link next month. Albeit the right of way and the construction traffic management with Citra/ Somco still remains to be an issue. Cavitex asked San Miguel Corp. (SMC) and the Citra group of Indonesia, the operator of South Luzon Expressway, for a permission to build a flyover across SLEx, but the two firms have yet to sign the memorandum of agreement. The new expressway is expected to be complete in 2019, which then would add 40,000-45,000 vehicle traffic per day, on top of the 130,000 vehicles currently using Cavitex.

SMPH keeps capex steady: SM Prime Holdings (SMPH) is keeping its capex budget steady for this year at P50bn-P55bn, the bulk of which is for its mall operations and residential business. To help in funding, SMPH will undertake another bond offering worth P10bn-P15bn. Note that in 2016, it spent P53bn in capex and raised P10bn proceeds from the sale of peso-denominated, 10-year Series F retail bonds at 4.2005%.

MEG speeds up Iloilo condominium development: Encouraged by strong demand, Megaworld Corp. (MEG) is speeding up the development of a residential condominium projects in Iloilo. It is launching the 155-unit south wing of Saint Honore in Iloilo Business Park that is estimated to generate around P1.35bn in sales and will be completed in 2021. This is the fourth residential project in the township and has enjoyed robust take-up. The North Wing is already 85% sold.

フィリピン経済指標

BSP notes economic strength but recognizes risks to local markets: The BSP believes that the Philippine economy is well-positioned to face a string of global shocks but is recognizing certain risks for the local markets to experience some hiccups like: (1) Diversion from the planned 3 rate hikes this 2017 by the US Fed, (2) rising populism and inward-looking policies, (3) retreat from multilateralism, (4) weather disturbances, (5) internal political noise and (6) delays in infrastructure PPPs.

DBP names new chief: Cecilia Borromeo recently sworn in as the new president of Development Bank of the Philippines (DBP). Borromeo assumes post today, 09 January. The new DBP chief was a former executive of Land Bank of the Philippines.

First Commercial Bank of Taiwan starts its Philippine operations: Taiwan-based First Commercial Bank has started operating in the Philippines in December 2016. This is the third Taiwanese lender to enter the country following the passage of RA 10641 in July 2014. Also recently, the BSP updated its foreign exchange rules to accommodate the big-time entry of funds from foreign banks to their branches, easing current regulations.

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