Philippines Market Insights 2017.2.1

フィリピン株式ニュースハイライト

News Highlights: BDO Unibank, Inc. (BDO) is bullish on its growth prospects on the back of strong economy citing that economic activity will remain robust amid the urbanization of cities outside NCR like Cebu and Davao. Note that it has just completed its P60bn stock rights offer on strong demand. BDO will use the P59.75bn net proceeds it generated to expand its loan segment for the next three to five years. Meanwhile, DoubleDragon Properties Corp. (DD) is aiming to have at least 30 operational CityMalls by end-2017, on track to meet its 100 count goal by 2020. Lastly, on the economic side, preliminary data released by the BSP showed that domestic liquidity (M3) increased to P9.5tn in December 2016, 12.4% higher YoY, but lower than the 12.7% registered in November.

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各国市場モニター

各国の株式市場動向

PHILIPPINES

Mart fell on immigration woes, PSEi @7,229: Local benchmark plunged, tracking Wall Street’s latest decline amid immigration woes. PSEi slumped 107 points, closing at the intraday low of 7,229 (-1.46% day-on-day). Among the sectors, services (-1.58%) and industrial (-1.42%) logged the most losses during the session. Actively-traded shares were: BDO (-P2.20 at P112.60); ALI (-P0.30 at P35.55); and ICT (-P0.5 at P77.45), on P5.28bn turnover. Losers outnumbered gainers at 126-66, with net foreign selling at P152mn.

To take cue from Fed: Mart might be heading on another round of negative session as investors are likely to wait on the sidelines ahead of Fed’s policy decision. Although status quo is widely anticipated, we expect the market to take cue from any reading from Fed regarding the impact of US President Trump’s policies in the US. Immediate support 7,160, resistance 7,300.

ASIA

Bourses declined on aversion of risk: Marts ended broadly lower as US President Trump’s immigration policy generated risk aversion.

WALL STREET

Shares fell amid travel-ban controversy: Equities declined amid travel-ban controversy and weaker consumer confidence data at 111.8 in January from 113.3 in the previous month. Meanwhile, the Fed started its 2-day meeting and will announce its policy decision today at 2pm ET.

COMMODITIES

Crude up as traders assessed new policies impact on oil: Oil eked out gains, but ended negative for the month as traders tried to figure out the potential impact of US President Trump’s policies on the industry. However, concerns over the growing output from US shale-oil producers were visible as the market saw some late-session pullback in the oil prices. West Texas Intermediate for March gained $0.18 to close at $52.81/barrel.

フィリピン国内各企業動向

BDO bullish on growth prospects for 2017: BDO Unibank, Inc. (BDO) is bullish on its growth prospects on the back of strong economy. Economic activity will remain robust amid the urbanization of cities outside NCR like Cebu and Davao, President and CEO Nestor Tan said. Upon the recently concluded P60bn stock rights offer, BDO's capital adequacy ratio (CAR) increased to 15.7%, higher than the 12.9% in 9M16. On the other hand, the bank expects its loan portfolio to expand around 15% for the year, with plans to add another 50-70 branches to beef up its network.

BDO successfully raised P60bn from stock rights offer: BDO Unibank, Inc. (BDO) has completed its P60bn stock rights offer on strong demand. BDO will use the P59.75bn net proceeds to expand the bank's loan segment for the next three to five years. Through the stock rights offer, BDO issued 716mn rights shares priced at P83.75 each, then BDO's total issued and outstanding shares now stood at 4.37mn.
RCB hired former AMLC official as compliance head: Rizal Commercial Banking Corp. (RCB) hired Richard David Funk III, former deputy director and group head and investigation of Anti-Money Laundering Council (AMLC), as chief compliance officer. Funk, who has 20 years of experience in anti-money laundering and compliance, will replace Rafael Reynante.

DD aims to have 30 CityMalls in operation by end-2017: DoubleDragon Properties Corp. (DD) is aiming to have at least 30 operational CityMalls by end-2017, on track to meet its 100 count goal by 2020. The focus is provincial expansion. In February alone, DD is set to open 5 new CityMalls. DD believes that in the next 2-3 years, the shift from traditional retail to modern retail in the provinces will already touch the inflection point and by that time, CityMalls are likely to be the major beneficiaries.

HOUSE missed P2bn worth of sales: 8990 Holdings (HOUSE) missed an estimated P2bn in sales due to project delays. It was only able to launch 9 developments in 2016 instead of 14. Five projects (3 in Davao, 1 in Iloilo and 1 in Bacolod) have been deferred and HOUSE attributed it to government transition that caused some policy changes like the 10-30% open space requirement for subdivisions. Thus, it was not able to secure permits timely. HOUSE indicated that sales may have ended flat in 2016 versus 20% growth guidance. The actual results are set for release on Feb 7.

MPI healthcare unit invests in another hospital: invests Metro Pacific’s (MPI) hospital unit, Metro Pacific Holdings Inc. (MPPHI) invested P133.5mn cash to Delgado Clinic Inc. (DCI), owner and operator of the Dr. Jesus C. Delgado Memorial Hospital (JDMH) via subscription to preferred shares representing approximately 65% of the total expanded capital stock of DCI. The investment would enable JDMH to upgrade its equipment and facilities and expand its capacity to serve the community. The general hospital is located in Kamuning Road, Quezon City. JDMH is MPHHI’s 8th hospital in Metro Manila, joining Makati Medical Center, Asian Hospital, Cardinal Santos Medical Center, Manila Doctors Hospital, De Los Santos Medical Center, Our Lady of Lourdes Hospital, and Marikina Valley Medical Center.

JFC teams up with STI for agri school: Jollibee Foods Corp. (JFC) teams up with STI Education Services Group (STI) to establish an academic institution with programs in agro-entrepreneurship, agricultural technology, logistics and quick-service restaurants. The joint venture partners will transform STI College – Tanauan to be the initial vehicle for the collaboration. Both firms envision a farm-to-table school that would develop the technical and entrepreneurial skills of students.

フィリピン経済指標

M3 sustains growth in December: Preliminary data released by the Bangko Sentral ng Pilipinas (BSP) showed that domestic liquidity (M3) increased to P9.5tn in December 2016, 12.4% higher YoY, but lower than the 12.7% registered in November. Domestic claims grew by 16.7% in December on the back of robust growth in credit from the private sector. M3 growth remains in line with the BSP's inflation outlook and economic activity.

Tax reforms would lift economic growth - BSP: The central bank (BSP) said that the tax reform program would lift economic growth in the next couple of years. The lowering of income and corporate taxes will translate immediately to higher consumption, which in turn would be beneficial for the government in terms of investments for infrastructure, human development and social protection for the poor.

Bank lending sustains growth in December: The Bangko Sentral ng Pilipinas (BSP) reported in its preliminary data that outstanding loans of commercial banks grew by 16% in December, inclusive of reverse repurchase placements (RRP) with BSP. Growth in production loans was driven primarily by increased lending in information & communication (40.9%), real estate activities (20.6%), electricity, gas, steam and airconditioning supply (19.6%), financial and insurance activities (15.6) among others. Loans for household consumption also grew by 22.8% in December on sustained growth in credit card loans, vehicle loans and salary loans.

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