Philippines Market Insights 2017.2.8

フィリピン株式ニュースハイライト

News Highlights: Globe Telecom, Inc. (GLO) announced a core net income of P16bn for full year 2016. This was 6% higher YoY and about 4% better than our P15.4bn estimate. Service revenues grew by 6% to P120bn driven by the solid growth in data-related products across all segments and robust subscriber growth for both mobile and broadband. 8990 Holdings, Inc.’s (HOUSE) 2016 net income was nearly flat at P3.8bn, +2% YoY. Gross profit dropped 2% to P5bn but operating expenses declined by 11% to P1.53bn. Meanwhile, inflation rate accelerated to 2.7% in January, higher than the 2.6% registered in December and more than twice faster than the 1.3% in January 2016. The uptick was driven by higher price adjustment in housing, water, electricity, gas and fuel.

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 slipped on profit-taking, PSEi @7,262: Local mart declined as investors opted to bag profits following yesterday’s gains. PSEi fell 31 points to 7,262 (-0.44% day-on-day), with holdings (-0.85%) and financials (-0.33%) closing lower. Among actively-traded shares were: MBT (-P1.60 at P79.40); GTCAP (+P47.00 at P1,268.00); and AC (-P20.00 at P780.00), on P6.59bn turnover. Losers outnumbered gainers at 108-93, with net foreign selling at P326.57mn.

Might continue losses: Mart is expected to suffer another day of losses as with the lack of major catalyst, investors are likely to focus on events globally, particularly on the uncertainties in the European elections. Meanwhile, the release of Globe Telecom’s (GLO) earnings results earlier today might also set the tone at the start of the trading session. Immediate support 7,200, resistance 7,300.

ASIA

Bourses lower on uncertainties: Marts were broadly lower as concerns over upcoming European elections fueled uncertainty.

WALL STREET

Equities rose on strong earnings: Shares pared bigger gains, ending modestly higher as strong corporate earnings were overshadowed by four-year high trade deficit ($502.3bn) data.

COMMODITIES

Crude fell on stronger dollar: Oil prices dipped amid stronger US dollar. Traders were also on a wait-and-see stance ahead of the release of the weekly data on US petroleum supplies. West Texas Intermediate for March fell $0.84 to settle at $52.17/barrel.

フィリピン国内各企業動向

GLO’s 2016 core profit reached P16bn, +6% YoY: Globe Telecom, Inc. (GLO) announced a core net income of P16bn for full year 2016. This was 6% higher YoY and about 4% better than our P15.4bn estimate. Service revenues grew by 6% to P120bn driven by the solid growth in data-related products across all segments and robust subscriber growth for both mobile and broadband. EBITDA rose by 9% to P50bn as operating expenses and subsidy grew by only 3%. EBITDA margin improved by 2 percentage points to 42%. We retain our Hold rating on GLO. Its massive investments in data-related services or transformation may take a couple of years more before they translate into significant profit growth.

HOUSE posted 2% profit growth for 2016: 8990 Holdings, Inc.’s (HOUSE) 2016 net income was nearly flat at P3.8bn, +2% YoY. Gross profit dropped 2% to P5bn but operating expenses declined by 11% to P1.53bn. The processing of permits affected the performance. HOUSE was supposed to launch 14 new projects in 2016 but 8 of these have been delayed as it had to submit additional requirements to obtain the necessary permits. For 2017, HOUSE is looking to launch 11 new projects, including the 8 delayed projects. Management gave a profit guidance of P4bn to P5.4bn for 2017.
TEL to expand fiber network to 4.4mn homes by end-2017: PLDT Inc. (TEL) is targeting 4.4mn homes by end-2017 for their ultra-fast fiber-to-the-home (FTTH) service. TEL aims to reach more homes in various parts of the country, President and CEO Manny V. Pangilinan said. In 2016, TEL's fiber network has reached 2.5mn homes, and will add 1.9mn more for 2017.

SMC ventures into RE: San Miguel (SMC) via SMC Global Power has been shortlisted in 2 Asian firms, in hopes to relieve electricity consumers from higher bills resulting from the feed-in tariff (FiT) subsidies extended to renewable energy (RE) producers. The move to diversify into RE sources was known to be strategic, given the fact that as the global renewable sector matures, the cost of RE technologies worldwide drops correspondingly.

BSC and PHEN consortium drilling has reached target depth: The consortium between Basic Energy Corporation (BSC) and Phinma Energy Corporation (PHEN) for the geothermal service contract reported that the drilling done in Mabini, Batangas has reached the target depth of 1,679m. The exploratory well will be tested for temperature, pressure and permeability.

Maynilad earmarks P13.2bn for 2017: Maynilad Water Services will spend P13.2bn in 2017 for its water and wastewater infrastructure projects. P8.2bn would be used for projects to enhance water supply and pressure in its concession area, while more than P4.2bn would be allotted for water sources and operations support programs. Maynilad Water Holding Co. is a consortium among DMCI Holdings, Metro Pacific Investments and Marubeni Corp.

Uy becomes board member in 2GO: Listed firm, 2Go Group, Inc. (2GO) recognizes Dennis Uy as its shareholder and Board member, following its last Board meeting on 06 February, contrary to the opposition of other existing shareholders led by 2GO president Sulfico Tagud.

フィリピン経済指標

Inflation +2.7% in January: Inflation rate accelerated to 2.7% in January, higher than the 2.6% registered in December and more than twice faster than the 1.3% in January 2016. The uptick was driven by higher price adjustment in housing, water, electricity, gas and fuel.

GIR rose to $81bn as of end-Jan: The Bangko Sentral ng Pilipinas (BSP) data showed that gross international reserves (GIR) increased to $81.04bn as of end-Jan 2017, slightly higher from the $80.69bn registered in Dec 2016. The rise in GIR is mainly due to inflows from foreign currency deposits of the gov't, revaluation adjustments of BSP's gold holdings from the increasing gold prices, and income from investments abroad.

BOC revenues reached P35.75 for January: The Bureau of Customs (BOC) has yet again exceeded its revenue target. Revenues collected for January reach P35.75bn, exceeding the P35.51bn target. Higher revenues was mainly due to higher collections from its ports, where 11 out of 17 ports exceeded targets. The bureau also attributed its strong drive against smuggling which translated to better collections.

Pagcor defends offshore licenses: Pagcor stood by its decision to grant offshore gaming licenses. The agency has reasoned that they have been carrying out its mandate within the bounds of its charter to operate, authorize and license games of chance, games of cards and games of numbers in the Philippines.

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