Philippines Market Insights 2017.2.9

フィリピン株式ニュースハイライト

News Highlights: Megaworld Corporation (MEG), together with subsidiaries Empire East Land Holdings (ELI), Global-Estate Resorts (GERI) and Suntrust Properties, has set its capex budget at P60bn for this year.Manila Electric Company (MER) said that power rate in March may rise to P1.44/kWh due to the 5-week maintenance shutdown of the Malampaya gas-to-power facility, which started last Jan 28 and will end on Feb 18. Meanwhile, the central bank's (BSP) auction for P180bn worth of term deposits offered were highly oversubscribed by more than P82bn on excess liquidity in the financial system.

マーケットモニター

T-Bill     16Jan'17 Rate % Bps Chg. Vol

(Pbn)

  Commodities 08 Feb Abs. Chg. % Chg   Forex Value
91-day 1.780 +22.5 6.0   Gold Spot (USD) 1,241.53 7.68 +0.62   Close 49.87
182-day 2.037 +16.1 5.0   Copper (USD/lb) 266.65 3.45 +1.31   High 49.87
364-day 2.276 +39.6 4.0   WTI Crude (USD/bbl) 52.34 0.17 +0.33   Low 49.75
                    Ave 49.82
Total     15.0             Vol (US$mn) 528.00

各国市場モニター

  08 Feb Abs. Chg % Chg
Philippines      
PSEi 7,234.82 (27.82) (0.38)
All shares 4,379.55 (6.22) (0.14)
Financials 1,752.79 (10.71) (0.61)
Industrial 11,127.73 (66.21) (0.59)
Holding 7,362.45 47.24 +0.65
Services 1,414.39 (14.24) (1.00)
Mining and Oil 11,971.85 64.20 +0.54
Property 3,306.91 (35.08) (1.05)
Total volume-mn 5,137.22 1,286.78 +33.42
Total value-Pmn 6,476.51 (115.09) (1.75)
Net foreign Buy (Sell)-Pmn (222.09) 104.48 (31.99)
       
Asia      
South Korea (KOSPI) 2,065.08 (10.13) (0.49)
Jakarta (Composite) 5,361.09 (20.39) (0.38)
Philippines (PSEi) 7,234.82 (27.82) (0.38)
Singapore (Straits Times) 3,066.53 (5.11) (0.17)
Taiwan (Weighted) 9,543.25 (11.31) (0.12)
Malaysia (KLCI Comp) 1,688.50 (0.34) (0.02)
Thailand (SET) 1,589.86 7.34 +0.46
Japan (Nikkei 225) 19,007.60 96.82 +0.51
Shanghai (CSI 300) 3,383.29 17.61 +0.52
Hong Kong (Hang Seng) 23,485.13 153.56 +0.66
Shenzhen (SE Comp.) 1,941.79 14.62 +0.76
       
US      
Dow Jones 20,054.34 (35.95) (0.18)
Nasdaq Comp. 5,682.45 8.23 +0.15
S&P 500 2,294.67 1.59 +0.07
Sun Life (SLF:US) 38.33 (0.09) (0.23)
  P1,911.52    
PLDT(PHI:US) 29.33 (0.55) (1.84)
  P1,462.69    
       

各国の株式市場動向

PHILIPPINES

Mart declined anew amidglobal sentiments, PSEi @7,234:Local mart continued its descent asinvestors assess political developments in the US and Europe. PSEislipped27 pointsto close at 7,234 (-0.38% day-on-day), with property (-1.05%) and services (-1.00%) lagging the most. Among actively-traded shares were: MBT (-P2.10 at P77.30); BDO (-P0.70 at P113.60); and GTCAP (+P11.00 at P1,279.00), on P6.48bn turnover. Losers outpaced gainers at 99-93, with net foreign selling at P222.09mn.

Might sustain downtrend:Mart might continue its downtrend as political uncertainty looms global markets.On the other hand, the BangkoSentralngPilipinas (BSP) is set to release later during the day its monetary policy statement. However, the oversubscribed term deposits indicate that Philippines still has a high level of liquidity. Immediate support 7,170, resistance 7,290.

ASIA

Bourses mixed on lower crude:Bourses across the region ended mixed with mostly trading lower as oil prices reacted negatively on the rising US crude inventories.

WALL STREET

Equities mixed on weak financials:Shares closed relatively unchanged with financials leading the decliners as investors look more closely into the upcoming earnings release and President Trump’s policies.

COMMODITIES

Crude rebound on optimism:Oil prices were higher as investors believe that the rising US crude inventories were not as much of a worry as it purported. Crude inventories in the US rose to 14.2mn barrels from the week of 3 February.West Texas Intermediate for March rose $0.17 to close at $52.34/barrel.

フィリピン国内各企業動向

MEG sets capex at P60bn for this year: Megaworld Corporation (MEG), together with subsidiaries Empire East Land Holdings (ELI), Global-Estate Resorts (GERI) and Suntrust Properties, has set its capex budget at P60bn for this year. About 80% of which will be used for accelerating and expanding projects in various townships across the country while the balance for land acquisition and investment properties. MEG said it will mostly utilize internally-generated funds but will also tap the debt market.

MER likely to raise power rates in Feb-Mar:  Manila Electric Company (MER) said that power rate in March may rise to P1.44/kWh due to the 5-week maintenance shutdown of the Malampaya gas-to-power facility, which started last Jan 28 and will end on Feb 18. Reasons cited were the weakening value of the Philippine Peso and the increase in petroleum product prices.

CPG shareholder sells 10% stake:  Century Properties, Inc. (CPI), the key shareholder of Century Properties Group, Inc. (CPG), sold 1.194bn shares through a special block sale to the existing directors and shareholders of CPG at P0.713/sh. There is no dilution to existing CPG shareholders or change in public float.

Dalmore store to open in Uptown Bonifacio: Emperador's (EMP) British luxury single malt whisky, Dalmore, is set to have its first store opened in Uptown Parade in Uptown Bonifacio by 24 February. This 55sqm store will be home to the most expensive single collection of "the magnificent and bold" Dalmore Constellation, which is priced at P18mn. The store will also be home to the few hundred bottles of vintage collection available of The Dalmore.

フィリピン経済指標

BSP P180bn term deposits oversubscribed:  The central bank's (BSP) auction for P180bn worth of term deposits offered were highly oversubscribed by more than P82bn on excess liquidity in the financial system. 7-day P30bn deposits attracted total bids of P55.498bn with a yield of 3.02%, while the 28-day P150bn deposits lured total tenders of P207.4bn with a yield of 3.41%.

BSP approves virtual currencies:  The central bank (BSP) approved the rules on virtual currency exchanges and similar entities in the country as recognition of the rapid growth of VC-based payments and remittance transactions. This currency is an internet-based form of currency, exhibiting similar properties to physical currencies but allowing for instantaneous transactions and borderless transfer of ownership.

PH is among the least vulnerable to global shocks according to Moody’s:  According to Moody’s Investors Service, the Philippines is among the Asian countries least vulnerable to global shocks. The manageable foreign debt burden and ample foreign currency reserves supported the Philippine economy, making the country better than many of its neighbors.

Nickel miners expressed disappointment on DENR's decision:  The Philippine Nickel Industry Association Inc. expressed their disappointment over the Environment Department (DENR) Sec. Gina Lopez' decision to suspend and shut down the operations of 28 mining companies in the country. The organization said that the action is detrimental to the mining industry and the country's economy as a whole and it find highly irregular than no official of the Mines and Geosciencies Bureau (MGB) was present during the announcement.

Multibillion-peso reclamation project in Manila approved:  Manila Mayor Joseph Estrada has approved another multibillion-peso reclamation project in Manila Bay. This covers the development of 407.42-ha mixed-use commercial and tourism center. Recall that there were two projects previously approved by the Mayor, the P7bn expansion of Manila North Harbor spanning 50 hectares (in 2016) and the development of 148-ha Solar City (in 2013). The construction of both will begin this year.

DENR’s order to shut mines to cost gov’t P654mn in taxes:  The Department of Finance estimates that the forgone local and national tax revenues from communities hosting mines, which are ordered to shutdown by the DENR, are estimated to reach P654mn. The amount may be small to hurt national coffers but may significantly impact local government units.

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