Philippines Market Insights 2017.11.29

フィリピン株式ニュースハイライト

News Highlights:   Metropolitan  Bank & Trust Company  (MBT) got an order from BSP to add P4.45bn  to its reserves  to cover the P1.75bn  internal  fraud.   Maria Victoria Lopez was slapped a case of data falsification  & qualified theft. San Miguel Corporation  (SMC) was fined P769.3mn by SEC for late filing of reports when it acquired a block in MER.  SMC was ordered to settle the amount in 15 days. On the economic front, the Bangko Sentral ng Pilipinas (BSP) governor said the overall business confidence  index of the Business Expectation  Survey improved to 43.3% in the 4Q from 37.9% in 3Q, with businesses  (esp. export sector) more optimistic with the gradual weakening of the peso against the dollar.

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  remains  weak,  PSEi  @   8,292:  Mart remained  weak amid lack of fresh  catalysts that  bolster  optimism.  Among  actively  traded  shares  were:  MER  (­‐P4.00  at P313.00), MBT (+P1.95 at P95.85), TEL (-P70.00  at P1,500.00),  GTCAP (­‐P38.00  at P1,162.00),  and SCC (-P2.65  at P35.35), on 8.82bn turnover. Losers outpaced gainers, 75-­‐115,  with net foreign selling at P51.77mn.

Might recover: Mart is likely to see some recovery today, tracking overnight gains from Wall Street. Some weakness  might still be seen, though, as investors remain bearish on the  market’s  inability  to  hold  gains.  Watch  out  for  updates  following  North  Korea’s missile launch test. Immediate support 8,200, resistance 8,370.

ASIA

Shares mixed: Most major Asian indexes closed mixed on Tuesday, following a narrowly mixed close on Wall Street overnight.  With little data due during  the session,  markets turned their attention to events later this week.

WALL STREET

Shares rallied: US shares rallied after Fed­‐nominee Powell supported lighter regulations on the financial  sector.   Consumer  confidence  for November  was also up at 129.5  vs economists’  estimate  of  124.  US  Commerce  bureau  said  the  balance  of  trade  widened 6.5%  to  $68.3bn  last  October  due  to  higher  imports  of  industrial  supplies,  consumer  & other goods.

COMMODITIES

Prices lower: Oil prices were under pressure as investors weighed the impact of an upcoming meeting among major oil producers on U.S. shale prices. West Texas Intermediate (WTI) slid $0.36 to $57.75/barrel.

フィリピン国内各企業動向

MBT to add P4.45bn to its reserves:

Metropolitan Bank & Trust Company (MBT) got an order from BSP to add P4.45bn to its reserves to cover the P1.75bn internal fraud.  Maria Victoria Lopez was slapped a case of data falsification & qualified theft.

RCB increases authorized capital to 2.6bn:

Rizal Commercial Banking Corporation (RCB) board approved to increase their authorized capital from 1.4bn common shares to 2.6bn shares at P10 par value.   A special meeting will be called on 29 Jan. 2018 for the approval.

ALI’s  SEDA  capitol  got  incentives:

Ayala  Land,  Inc.  (ALI)’s  Seda  Capitol Central  in  Bacolod  City  received  BOI  incentives  for  its  P662mn  project. Plan is to build an 8-­‐storey hotel with 154 rooms & suites.

RRHI partnered with PayMaya:

Robinsons Retail Holdings, Inc. (RRHI) partnered with PayMaya for cashless payment technology.  This will start in Galleria Mall & cascade to its network.

SMC was fined P769.3mn by SEC:

San Miguel Corporation (SMC) was fined P769.3mn by SEC for late filing of reports when it acquired a block in MER. SMC was ordered to settle the amount in 15 days.

MER sees 3.5% sales volume growth:

Manila Electric Company (MER) chief Oscar Reyes sees 3.5% sales volume growth for 2018 versus +4.5% for 2017 & +9% in 2016.   Slower growth outlook stemmed from higher energy efficiency & increased solar rooftop penetration.

ACR might take a stake on per-­‐project basis:

Alsons Consolidated Resources, Inc. (ACR) partner, Toyota Tsusho Corp., might take a stake on per­‐project  basis as ACR raises its renewable energy mix to 20% of total output by 2022­‐23, or 149.3MW.  However, ACR needs to finalize the EPC (eng’g, procurement & construction) esp. for 15.1MW run-­of­‐river  hydro in Sarangani.

MAC declares P70mn cash dividend:

 MacroAsia  Corporation  (MAC)  67%-­ owned  MacroAsia  Catering  declared  P70mn  cash  div,  P46.9mn  of which covers MAC’s share.  Payable date is 19 Dec 2017.

AGF shareholder entered an agreement:

AG Finance, Incorporated (AGF)shareholder, RYM Business  Mgmt., entered an agreement  with ISOC Holdings for the sale of the former’s 67% in the company.   (RYM is engaged in info gathering consultancy & distribution services headed by Atty Dayandan.)

FNI  worried  30%  corp.  tax  might  be  a  burden:

 Global  Ferronickel Holdings, Inc. (FNI) chief Dante Bravo said higher tax rate on the mining industry  would add burden  to the 30% corp. tax being paid.   He also said some players might not even survive if commodity prices are down.

フィリピン経済指標

Business confidence higher in Q4:

The Bangko Sentral ng Pilipinas (BSP) governor said the overall business confidence index of the Business Expectation Survey improved to 43.3% in the 4Q from 37.9% in 3Q, with businesses (esp. export sector) more optimistic with the gradual weakening of the peso against the dollar.

Gov’t borrowings higher by 37.3% in 10­‐mo:

The government’s gross borrowings  as of end-October rose 37.31% to P661.76bn  from P481.96bn in the same period last year. Bulk of local borrowings  came in the form of fixed­‐rate Treasury bonds amounting to P259.82bn, while another P57.94bn was raised through the sale of Treasury-­‐bills.

EU investors remain bullish on PH:

Despite negative  statements  from the President, the European Union (EU)’s ambassador said political and trade relations between the EU and PH are going well, with PH exports to EU increased by 34%.

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