Philippines Market Insights 2017.11.20
フィリピン株式ニュースハイライト
News Highlights: Metro Pacific Investments (MPI) plans P100bn capex for 2018 (vs P56bn in 2017) and will register P30bn bonds with the Securities & Exchange Commission (SEC). Furthermore, MPI’s Maynilad eyes 26 water projects to expand its reach. On the economic front, The share of the national government’s debt to gross domestic product (GDP) further declined to 41.7% in 3Q (vs. 2Q17’s 42.4% and 3Q16’s 43%) as economic expansion outpaced the increase in obligations. Triggered by Unioil’s gas rollback of as much as P4.75/liter, diesel by P3.50/liter, the Department of Energy (DoE) reconvened a task force to probe the price adjustments made by industry players
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フィリピン株式市場動向
PHILIPPINES
Mart ends up higher on bargain‐hunting, PSEi @ 8,311.08: PSEi ends Friday session up 1.27% or 104.6 pts to 8,311.08. Philippine economy expanded 7.1% in the first three months in office of President Duterte on the back of robust public infrastructure spending and private construction, and growth in agriculture. All subindices were up last friday, led by property , up by 2.12 percent, followed by holding firms, up by 1.39 percent and industrial up by 0.88 percent. Among actively traded shares were: MER (+P3.40 at P322.00), BDO (+P0.10 at P146.20), ALI (+P1.20 at P42.75), PGOLD (‐P1.65 at P47.85), and AC (+P13.00 at P1,013.00), on 5.63bn turnover. Gainers outpaced losers, 98-‐91, with net foreign buying at P199.55mn.
Downward pressure might reverse to upward trend: Mart might continue to trade higher today on the back of healthy economic indicators, with the country’s debt-‐to-‐GDP ratio declining to 41.7% and better‐than-expected GDP growth expansion last Friday. Immediate support 8,250,resistance 8,400.
ASIA
Asian marts gain ground: Asian bourses were mostly up last session taking cue from Wall Street’s upbeat performance. Chinese shares likely to be in focus after a warning by state media that one of the nation’s hottest stocks was climbing too fast triggered a selloff.
WALL STREET
Shares lower: U.S. equities dropped on Friday, when the gap between two-and 10-year Treasury yields hit the tightest level in a decade, adding to concern about the pace of future economic growth. Volumes may be lower than average this week due to the Thanksgiving holiday in the U.S.
COMMODITIES
Crude prices higher on shutdown of major pipeline: Shutdown of major pipeline in the US & expectations for an extended curb on production lifted oil prices. West Texas Intermediate (WTI) inched up $1.41 to $56.55/barrel.
フィリピン国内各企業動向
MPI allots P100bn capex for 2018:
Metro Pacific Investments (MPI) plans P100bn capex for 2018 (vs P56bn in 2017) and will register P30bn bonds with the Securities & Exchange Commission (SEC). Of the P30bn, P10bn will be for the initial tranche. The P100bn will allotted for toll roads (P38bn), Meralco (P21bn), rail (P17bn), water (P12bn) & P6bn each for logistics & hospitals.
MPI eyes 26 water projects for expansion:
Metro Pacific Investments Corporation (MPI)’s Maynilad eyes 26 water projects to expand its reach. Of the 26, 8 are for full concession, 2 international, 11 bulk water, 1 waste treatment, 4 mixed classification. MetroPac Water believes external market is 85mn households, versus Maynilad’s 9mn & Manila Water Company, Inc. (MWC)’s 13mn.
ABS reviews venture GLO after losses:
ABS‐CBN Corp. (ABS) is reviewing its mobile venture with Globe Telecom (GLO), with losses seen at P100mn for 2017 (vs P1bn initial estimate). The service was launched 2013 with GLO providing the infrastructure & ABS pays a fee for its use. ABS has gathered mobile subscribers of 946,000 as of Sept.
PCOR gets approval to refinance $750mn notes:
Petron Corporation (PCOR) obtained note holders’ consent to refinance $750mn in undated subordinated capital notes issued in 2013.
CLI to develop P4bn mixed-use project in Davao City:
Cebu Landmasters Inc. (CLI) plans to develop a P4bn mixed-‐use project in Davao City, which would include an international‐branded hotel (Ascott Ltd.), convention facilities, four residential towers and a “boutique” retail podium.
Dennis Uy acquires 177‐ha property in Clark:
Dennis Uy’s Udenna Group, owner of listed companies Chelsea Logistics Holdings Corp. (CLC) and Phoenix Petroleum Philippines, Inc. (PNX), announced its strategic expansion of a 177-ha property in the Clark Freeport Zone after buying out Global Gateway Development Corp. The property would be renamed to Clark Global City, with locators to enjoy tax benefits from the Freeport Zone and anchor projects such as Medical City. It will have more than 52,000 square meters of office spaces, ready for occupancy.
BSC signs non‐binding term sheet w/ Thai firm:
Basic Energy Corporation (BSC) signed a non‐binding term sheet with VEPC of Thailand, for the possible purchase of 12.5% equity. VEPC’s units have been awarded the engineering, procurement & construction (EPC) contract of a solar farm in Myanmar.
MRC signs MoU with CEEC:
MRC Allied, Inc. (MRC) signed a memorandum of understanding (MoU) with China Energy Engineering Corp. Ltd. (CEEC) to explore the possibility of venturing into LNG in the Phils.
フィリピン経済指標
DoE reconvenes task force on oil prices:
Triggered by Unioil’s gas rollback of as much as P4.75/liter, diesel by P3.50/liter, the Department of Energy (DoE) reconvened a task force to probe the price adjustments made by industry players
DoE sets new standards for automotive diesel:
The DoE issued new standards for automotive diesel oil to further improve fuel quality and lessen its impact on the environment. Specifically, the new Philippine National Standard (PNS) for automotive diesel oil contains revised technical provisions to upgrade fuel quality requirement, such as reduced sulfur content limit in compliance with Euro‐4 emission standard, and test methods for more accurate evaluation of fuel quality.
Gov’t readies $200mn panda bonds:
The Philippine government prepares its 27-‐Nov launch of $200mn renminbi‐denominated panda bonds that will be exempt from documentary stamp tax (DST). Underwriter is Bank of China.
PH debt‐to‐GDP down to 41.7%:
The share of the national government’s debt to gross domestic product (GDP) further declined to 41.7% in 3Q (vs.2Q17’s 42.4% and 3Q16’s 43%) as economic expansion outpaced the increase in obligations.
BPO & gaming firms boost demand for office space:
Business process outsourcing (BPO) firms and online gaming companies are driving up demand for office space in Metro Manila, leading to record growth and high occupancy rates, as per JLL, a leading property consulting firm. The BPO industry still accounts for bulk at 80%‐90% of office demand.
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