Philippines Market Insights 2017.10.11

フィリピン株式ニュースハイライト

News Highlights: Ayala Land (ALI)'s capex for mixed-use Alviera estate in Porac, Pampanga (joint venture with Leonio Land Holdings) was raised to P100bn, after the project was expanded to 1,800ha. (+64%). Petorn Corp (PCOR) said Philippine National Oil Comp. (PNOC) violated the renewal provision of its 3 lease contracts covering the $3bn Bataan refinery, 24 bulk plants & 67 gas stations. Meanwhile, investment pledges climbed 33% to P381.17bn in the first nine months, about 76% of the Board of Investments (BoI) target for this year as investors are keenly exploring opportunities in energy, infrastructure and agribusiness.

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 edges on 8,400 mark, PSEi @ 8,398: Mart reaches record highs on Tuesday as the benchmark tests the 8,400 mark intra-day, led by gains in Financials and Holdings. Among actively traded shares were: AC (+P11.00 at P1,050.00), SM (+P21.50 at P940.00), ALI (unch. at P43.30), PXP (-P0.18 at P8.70), and URC (-P0.20 at P149.80), on 7.17bn turnover. Losers outpaced gainers, 91-103, with net foreign inflows at P496.23mn.
Upward momentum might continue: Mart might lift the benchmark past the 8,400 mark as it mimics Wall Street's bullishness, though gains could be tapered off as some investors take the recent rally to bag profits. Immediate support 8,300, resistance 8,450.

ASIA

Marts mostly up: Asian markets mostly closed higher, shrugging off the softer close from Wall Street, as investors remain optimistic ahead of the looming Q3 earnings season. South Korea surged 1.64% as large cap tech posted robust gains on profit expectations.

WALL STREET

Bullishness continues: US benchmarks continued bullish momentum, closing higher on Tuesday as investors remain optimistic ahead of corporate earnings season. Walmart gave the Dow a big boost after its plans to focus on existing stores and e-commerce to boost growth.

COMMODITIES

Crude rose ahead of export cuts: Crude oil prices posted its biggest gain in 2 weeks after Saudi Arabia said it would cut oil exports in November. West Texas Intermediate (WTI) climbed $1.34 to $50.92/barrel.

フィリピン国内各企業動向

ALI raises capex to P100bn:

Ayala Land (ALI)'s capex for mixed-use Alviera estate in Porac, Pampanga (joint venture with Leonio Land Holdings) was raised to P100bn, after the project was expanded to 1,800ha. (+64%). 60% of capex will be for leisure, with talks already ongoing with foreign locators. Other items for this venture are as follows: (1) an agreement was signed with De La Salle University (DLSU) for a 23ha. La Salle Botanical Garden; (2) 1st phase (or 20 lots) of 64ha. Alviera Industrial Park already 95% sold to PEZA locators engaged in food, logistics & warehousing

PCOR accuses PNOC of violating lease contracts:

Petron Corp (PCOR) said Philippine National Oil Comp. (PNOC) violated the renewal provision of its 3 lease contracts covering the $3bn Bataan refinery, 24 bulk plants & 67 gas stations. PCOR conveyed these properties at book value to PNOC, in return for its leasehold right.

CLI reservation sales rose 26%:

Cebu Landmasters Inc. (CLI)'s 9-month reservation sales reached P3.7bn (+26%), P1.26bn of which came from Garden series residential condo; P815mn from Cebu IT Park; and P577mn Casamira economic housing

Phinma Property eyes dev’t of 2.5ha for residential:

Phinma Property plans 150 units of horizontal residential for its 2.5ha in Sasa district, Davao City, possibly late 2018. The firm is also constructing its 5th (of 12) 5-storey condominium building, Arezzo Place, targeted to be fully sold in 2020.

MRC signs solar contract with DoE:

MRC Allied (MRC)'s fully-owned Menlo Renewable Energy (MRen), signed a solar energy service contract with the Department of Energy (DoE) for the development of 100MW solar plant in Bamban, Tarlac. This will be done via MRen's 75%-owned Sunray Power, that will use solar energy sources within the area for 25yrs.

フィリピン経済指標

Investment pledges +33% - BoI:

Investment pledges climbed 33% to P381.17bn in the first nine months, about 76% of the Board of Investments (BoI) target for this year as investors are keenly exploring opportunities in energy, infrastructure and agribusiness. Despite the domestic growth of 55.66% to P368.68bn, foreign investments slid 74.82% to P12.48bn.

IMF maintained GDP forecast @6.6%:

International Monetary Fund (IMF) retained its GDP forecast for 2017 to 6.6% amid continued robust demand driven by investment and consumption and a supportive growth in fiscal policy. Note that IMF slightly revised 2018 GDP growth forecast to 6.7% (from 6.8%).

August exports +9.3%, imports +10.5%:

August trading data showed a rise both in exports and imports amid indications of a strong 3Q economic activities. Philippine Statistics Authority (PSA) reported merchandise exports increased 9.3% to $5.5bn, while imports climbed 10.5% to $7.9bn. Thus, total external trade in goods increased 10% in August to $13.4bn, widening August trade deficit to $2.4bn.

Factory production +2.8%:

August factory production increased 2.8% on higher output of construction-related materials. Growth in manufacturing is expected to continue to improve in the 4Q, with construction products as the key drivers for the sector.

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