Philippines Market Insights 2017.10.10

フィリピン株式ニュースハイライト

News Highlights: Ayala Land (ALI) and SSI Group (SSI) joint venture firm, SIAL CVS Retailers, is ‘exploring options’ to grow the FamilyMart chain, which is rumored to be offered to prospective investors with about 72 stores rolled out to date. Meanwhile, government hauled P1.302tn in tax revenues for the first nine months, falling short of its P1.35tn goal despite a better-than-expected performance in September, according to preliminary data from the Department of Finance (DOF).

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 advanced, PSEi @8,367: Market gained as selective buying prevailed for local investors. PSEi closed 56 points higher to 8,367 (+0.68% day-on-day), with sectors broadly in positive territory. Among actively traded shares were: AC (+P24 at P1039), CNPF (-P0.24 at P15.76), ALI (+P0.4 at P43.3), MER (-P0.2 at P285), and MAC (+P0.24 at P15.52), on 6.1bn turnover. Losers edged out gainers, 82-104, with net foreign selling at P248.98mn.
Push-and-pull trading likely to continue: Market might attempt to pierce through 8,400 as players weigh on domestic prospects and earnings for leads. However, some slight pullback might also be on the radar as others might want to pocket gains until the infra program by the administration gains traction. For now, players should take advantage on the dips for good window opportunities. Immediate support is 8,300, resistance at 8,400.

ASIA

China stocks take the lead: Marts started the week positive, led by the rise in China stocks after their weeklong holiday.

WALL STREET

Shares retreated: Equities ended lower as selloff in healthcare, industrials and financials weighed on the main gauges. Moreover, thin trading was seen as US bond markets were closed in observance of Colombus Day.

COMMODITIES

Oil futures gained ground: Crude futures managed to eke out some gains as it finds support from OPEC to probably take additional measures next year to rebalance the oil market. West Texas Intermediate (WTI) rose $0.29 to settle at $49.58/barrel.

フィリピン国内各企業動向

ALI & SSI JV FamilyMart might be for sale:

Ayala Land (ALI) and SSI Group (SSI) joint venture firm, SIAL CVS Retailers, is ‘exploring options’ to grow the FamilyMart chain, which is rumored to be offered to prospective investors with about 72 stores rolled out to date. In comparison, competitor 7Eleven (SEVN) has 2,000 store network.

MER inked a power supply deal with Solar Philippines:

Meralco (MER) signed a power supply agreement (PSA) with Solar Philippines Tarlac Corporation (SPTC) at a rate of P2.9999/kWh. Both parties are set to file the Energy Regulatory Commission (ERC) application on or before 20 October. Effectivity of this PSA is upon approval by the ERC.

GLO approved shelf registration up to P40bn:

Globe Telecommunications (GLO)'s board approved an increase in shelf registration up to P40bn (from P20bn), after raising 2017 capex to $850mn (from $750mn). 1H17 capex amounted to $550mn.

MEG to see P7.2bn from office rentals:

Megaworld Corp. (MEG) eyes P7.2bn from office rentals for 2017, out of its P12bn net income target. Leasing income is seen at P10bn-P12bn by 2020. MEG sees 1mn sqm office space by yearend, with online gaming operators' (POGO) share likely to hit 10%.

Smart to double LTE in Marikina & QC:

PLDT Inc. (TEL)'s Smart Communications aims to double its LTE in Marikina & Quezon City while growing 3G. The upgrade will improve coverage of 700 & 1800MHz frequencies that would widen & improve indoor coverage, & cell site capacity to handle data traffic.

SHLPH & QEV MOA for Electric Vehicle Charging Infra Network:

Pilipinas Shell Petroleum Corporation (SHLPH) and QEV Philippines have signed a memorandum of agreement on 05 October 2017 to put up the first electric vehicle fast charging infrastructure network in the country. The first installations of the charging stations will happen in December 2017 with 100 pilot sites using Shell’s retail stations in Metro Manila as EV charging post.

SMC Global PRS Aaa for retail bonds:

SMC Global gets 'PRS Aaa' for its planned P20bn retail bonds with oversubscription option of P5bn. The firm's total capacity is 3,063MW or 14.7% of national grid. Last 5-year, P15bn float yielded 5.1923%.

PAL to launch 3x/week flights from CEB-BKK:

Philippine Airlines (PAL) will launch 3x/week flights from Cebu – Bangkok (CEB-BKK) starting Dec 2, 2017 using its 199-seater Airbus A321.

LMG sells 65.92% of Chemphil:

LMG Chemicals Corp. (LMG)'s board approved the sale of Chemphil's 65.92% block in the company. This followed the withdrawal of Newmanholdings of its planned tender offer at P2.97/share last Oct. 12, 2017.

フィリピン経済指標

BIR still fails to meet collection targets:

The government hauled P1.302tn in tax revenues for the first nine months, falling short of its P1.35tn goal despite a better-than-expected performance in September, according to preliminary data from the Department of Finance (DOF). For September alone, the P138.17bn income was 6.2% higher than the P130.12bn programmed for the month and 21.5% higher than the same period last year.

DA expects farm sector to grow 6.2%:

The Department of Agriculture (DA) expects the local farm sector to grow by 6.2% by yearend, with Q3 performing similarly to Q2 and a better performance by Q4. The farm sector has been surpassing government targets as it grew 5.28% in Q1 vs. the 2% forecast, and expanded to 6.18% in Q2 vs. the 5% forecast.

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