Philippines Market Insights 2017.11.06

フィリピン株式ニュースハイライト

News Highlights: No sanctions will be imposed by the Bangko Sentral ng Pilipinas (BSP) on BDO Unibank, Inc. (BDO) following June’s card skimming issue, as the BSP said BDO remains compliant. Ayala Corp. (AC) via unit AC Industrial Tech. Holdings, will export 300 KTM motorcycles to Thailand this Dec. Manila Electric Co. (MER), through wholly-­‐owned  MSERV,  and  Mitsubishi  Motors  Philippines  Corp.  are  teaming  up  to put  up  more  electric  vehicle  (EV)  charging  stations  in selected  offices  of the Department  of Trade and Industry (DTI) and Department  of Environment  and Natural Resources (DENR). Meanwhile,  BSP issued Circular 979, assigning lower risk weight of 20% (from the present 75%) on performing loans to micro small & medium enterprises (MSME) as long as these are guaranteed by a qualified credit surety fund (CSF) cooperative

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 recedes after record-­‐high, PSEi @ 8,376: Investors bucked the rally after the mart tipped as high as 8,605 intra-­‐day,  ending slighly below the 8,400 mark. All sectors ended in red except Mining and Oil (+0.60%), while Holdings (-­‐2.12%)  and Services (-­‐2.02%)  took the brunt. Among actively traded shares were: SM (-­‐P13.00  at P967.00), AC (-­‐P29.00  at P1,061.00), ALI (unch. at P44.00), BDO (unch. at P144.00), and URC (-­‐P1.00 at P142.00), on 9.79bn turnover. Losers edged out gainers, 77-­‐108, with net foreign buying at P620.44mn. 

Earnings  in  focus:  Mart  could  use  prior  session's  run  down  as  a  buying  window,  with  focus  on 9M17 or Q3 earnings disclosures as they come. Downward pressure might come from some who would opt to cash in on their gains as they reposition their portfolio this week. Immediate support 8,300, resistance 8,475.  

ASIA

Shares mixed: Shares ended mixed on Friday as bourses struggled for direction following a lack of movement from US shares. South Korea and Hong Kong led gains in the region.

WALL STREET

Shares gained on jobs growth: US shares gained on Friday as US jobs data for October added the most workers in a year and jobless rate fell to its lowest since 2000 -­‐   a rebound from September's slowdown amid hurricanes Harvey and Irma.

COMMODITIES

Oil prices continue to soar: Crude oil prices continued to climb after Baker Hughes reported that the number of oil rigs in the US fell by 11 rigs, the largest decline in the number of oil rigs this year. West Texas Intermediate (WTI) climbed $1.10 to $55.64/barrel.

フィリピン国内各企業動向

AC to export motorcycles to Thailand:

Ayala Corp. (AC) via unit AC Industrial Tech. Holdings, will export 300 KTM motorcycles to Thailand this Dec. Exports to China will start Feb 2018. The firm targets to sell 4k units locally next year, plus export 4k overseas.

BDO  escapes  sanction  on  card  skimming  issue:

 No  sanctions   will  be imposed by the Bangko Sentral ng Pilipinas (BSP) on BDO Unibank, Inc. (BDO) following June’s card skimming issue, as the BSP said BDO remains compliant.

MER partners with Mitsubishi on EV charging:

Manila Electric Co. (MER), through  wholly-­‐owned  MSERV,  and  Mitsubishi  Motors  Philippines  Corp. are teaming up to put up more electric vehicle (EV) charging stations in selected offices of the Department of Trade and Industry (DTI) and Department of Environment and Natural Resources (DENR).

MER cautions of higher electricity rates:

MER cautioned of higher average electricity rates due to rising international fuel prices. 9M17 generation charge  was  +5%  at  P4.30/kWh.  MER  cited:  (1)  coal/MT  at  $83.71/MT (+48%);    (2)   natural    gas   at   $7.11/GJ   (+15%);  (3) crude prices at $51.09/barrel (+31%).

ICT supports waiving off accreditation fee:

International Container Terminal Services, Inc. (ICT) unit, Subic Bay Int’l Terminal (SBIT), supported the Subic Bay Metropolitan Authority (SBMA)’s termination of $200 accreditation   fee  for  new  logistic   firms   that  will  transact   &  conduct business  in  the  freeport  zone.    SBIT  sees  increased   volumes  from  the move.

CEB might remove hedging policy:

Cebu Air (CEB) is reviewing its fuel hedging  policy,  with  the  possibility  of  moving  completely  away  from  it, taking cue from American and Chinese airlines who did better without it historically.  CEB also lost roughly $40mn a few years back on a bad hedge.

PAL to launch direct flights on Dec:

Philippine Airlines, Inc. (PAL) set to launch direct flights from Cebu this Dec. covering Cebu to Siargao, Camiguin,  Ozamiz  &  Legazpi,  plus  Cebu­‐Bangkok  (BKK).    Cebu-­‐Beijing flights will start this month. PAL aims to ferry 16.5-­‐17mn pax in 2018 on strong China tourist demand.  The target is faster than 2016’s +12%.

ABS & GMA contest TV ratings leadership:

ABS­‐CBN Corp. (ABS) and GMA Network contest their leadership in TV ratings, with ABS maintaining leadership   in  nationwide   ratings   and  GMA  in  urban   households.   ABS claims  it had  an  average  national  audience  share  of 46%  in October  vs. GMA’s 33%. On the other hand, GMA said it had a higher average total day audience share of 41.7% in October, vs. ABS’s 38.1%

ANS’s AG&P bags $200mn LNG terminal in India:

Atlantic, Gulf and Pacific Company (AG&P), 27%‐owned  by A. Soriano Corporation (ANS), bagged the set-­‐up of $200mn liquefied natural gas (LNG) import terminal on India’s Karaikal Port.  This sea­‐to‐land structure is set for completion mid-­2019, and AG&P will secure an initial supply of 1mn tons of LNG per year vs. total capacity of 10mn.

CAL shareholders ask reconsideration on delisting:

Austrian trader Alfred Reiterer, who represents about 14% voting rights for small shareholders of Calata Corp. (CAL), is asking the Exchange (PSE) to reconsider its plan to delist the agricultural  products  distributor  so they could  gain control  and hire a new management.

フィリピン経済指標

BSP assigns lower risk weight for MSMEs:

BSP issued Circular 979, assigning lower risk weight of 20% (from the present 75%) on performing loans to micro small & medium enterprises (MSME) as long as these are guaranteed by  a  qualified  credit  surety  fund  (CSF)  cooperative.    This should improve credit line to MSMEs. (Note: Overall impact on NPL & provisioning  minimal,  with  MSME  share  to  total  lending  (net  of exclusions), at 7% or P529bn)

NEDA  pushes   single  window   approach   for  businesses: 

The   National Economic and Development Authority (NEDA) is pushing for the implementation of a single window approach in the processing of business permits to enhance ease doing business in the country.

DOF proposes flat tax for the self-­‐employed:

The Department of Finance (DoF) proposed  a flat 8% tax on self-­‐employed individuals  & professionals on gross sales, or schedular personal income tax with allowable deduction. Meanwhile,   VAT  threshold   for  this  category   will  also  be  raised   from P1.9mn to P3mn, exempting small businesses with total annual sales of P3mn & below from paying VAT.

SSS reviews possibility of unemployment insurance:

SSS is studying the feasibiity of offering unemployment insurance based on their pending reform  act.   The plan is to do this via a tie-­‐up w/ private  insurance  firms, on the condition the unemployed has no fault on their own.   This is in anticipation   of  the  rising  use  of  AI  or  artificial  intelligence   to  perform human functions.

SEC fast-­‐tracking IOSCO membership:

SEC submitted for congressional approval  proposed  changes  to  the  Securities  Regulation  Code  (SRC)  to fast-­‐track its full membership  in IOSCO, a global association  of securities & futures market regulators.   Instead of changing the bank secrecy law however,   SEC  proposed   to  look  into  bank  accounts   only  if  there’s  an ongoing probe.

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