Philippines Market Insights 2017.3.10

フィリピン株式ニュースハイライト

News Highlights: Phoenix Petroleum (PNX) is looking into producing cargo tiles locally as it signed a memorandum of understanding with Philippine Rubber Farmers Association and Dep’t. of Agriculture (DA) for the development of the first-ever local manufacturer of cargo tires at Malacañang. International Container Terminal Services (ICT) unit, ICTSI Oregon, signed a Lease Termination Agreement with Port of Portland to terminate their 25-year lease agreement to operate the container facility at the Port’s Terminal 6 with 31 March 2017 as the effective date. Meanwhile, the central bank (BSP) readies its new circular on anti-money laundering, to be issued later this week or early next week. The Exchange (PSE) would need to secure the commitment of two-thirds of the Philippine Dealings System Holdings Corp. (PDS) before it could take control of PDS.

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 relatively flat ahead of US Fed meeting, PSEi @7,295: Local closed flat as investors await for the upcoming US Fed meeting next week. PSEi added 0.89 to close at 7,295, with sectors ending mixed. Among actively-traded shares were: TEL (+P25.00 at P1,575.00); AC(-P2.00 at P820.00); and BDO (unch.at P123.00), on P6.59bn turnover. Losers continue to dominate gainers at 84-105, with net foreign selling at P60.4mn.

Might add modest gains: We might see our local bourse trading slightly higher as investors will focus on the release of US nonfarm payrolls, which is the final indicator the could give a certain view on the US Fed’s decision to hike interest rates. Also, the recent decline in oil prices could spur some market activity. Immediate support at 7,260, resistance 7,340.

ASIA

Marts lower despite upbeat China data: Bourses in the region closed lower despite China posting positive trade and producer inflation data.

WALL STREET

Equities slightly higher ahead of jobs data: Shares inched higher but relatively flat as the market closely monitor the upcoming US jobs data.

COMMODITIES

Crude dipped further on record US inventories: Oil prices extended losses after investors digest the record build up in US crude inventories and on doubts whether OPEC and Russia output cut deal would be effective in reducing global glut. West Texas Intermediate declined by $1.00 to settle at $49.28/barrel.

フィリピン国内各企業動向

PNX keen to manufacture tires: Phoenix Petroleum (PNX) is looking into producing cargo tiles locally as it signed a memorandum of understanding with Philippine Rubber Farmers Association and Dep’t. of Agriculture (DA) for the development of the first-ever local manufacturer of cargo tires at Malacañang. Parties agreed to invest in the Pilipinas Agila Tyre Manufacturing Co., as well as conducting a feasibility study on the establishment of a factory in Mindanao.

HOUSE chief executive gets board seat in IDC: Januario Atencio III, President and CEO of 8990 Holdings, Inc. (HOUSE), has recently acquired 10,000 shares of Italpinas Development Corporation (IDC) that gave him a board seat in IDC.

ICT signed a Lease Termination Agreement with Port of Portland: International Container Terminal Services (ICT) unit, ICTSI Oregon, signed a Lease Termination Agreement with Port of Portland to terminate their 25-year lease agreement to operate the container facility at the Port’s Terminal 6 with 31 March 2017 as the effective date. Under the agreement, ICTSI Oregon will pay Port of Portland a termination payment of US$11.45mn on or before the termination date and the company shall be relieved of its long-term lease obligations thereafter.

WEB to acquire 15 e-Games stations: PhilWeb (WEB) plans to acquire 15 Pagcor eGames stations as the company continues to be bullish that it will be able to renew its license with PAGCOR in the near future. The shares to be used at these transactions are part of the 354,621,767 shares currently in treasury which the WEB bought from PLDT in 2013 broken down as follows: 81,380,938 shares are held by the Company as treasury shares, 260,392,307 shares are held by PhilWeb Casino Corporation (wholly-owned subsidiary) and 12,848,522 shares are held by Pure Corporate Investments Limited (wholly owned subsidiary).

ANS acquired 60,000 shares of iPeople, Inc.: A. Soriano Corporation (ANS) acquired 60,000 additional shares in iPeople at P12.31/share, resulting to total direct and indirect shareholdings of 82,366,980 shares or about 11% of iPeople’s total outstanding shares.

Bermaz Auto’s IPO plan approved by SEC: The Securities and Exchange Commission (SEC) has approved the plan of Mazda car dealer Bermaz Auto Philippines, Inc, (affiliate of Malaysian conglomerate Berjaya) to sell 83.43mn primary and 71.57mn secondary shares at a maximum price of P8/sh. The proceeds from the primary offer of 83.43mn shares may reach as much as P677mn, about P400mn of which will be used to construct warehouse, body repair and paint facility while P188mn will be for the construction of Mazda showrooms and satellite outlets.

フィリピン経済指標

BSP to roll out new circular on money laundering: The central bank (BSP) readies its new circular on anti-money laundering, to be issued later this week or early next week. The new circular would be aligned with the implementing rules and regulations on the anti-money laundering law amended last year, while also incorporating new recommendations of the Financial Action Task Force (FATF) to allow more flexibility on the online know-your-customer process (KYC). The online KYC could bring unbanked customers into the financial system much easier, especially in remote area.

PSE-PDS merger seen by 3Q17: The Exchange (PSE) would need to secure the commitment of two-thirds of the Philippine Dealings System Holdings Corp. (PDS) before it could take control of PDS. Meanwhile, PSE has already secured the commitment of the Bankers Association of the Philippines’ 28.9% interest, which would raise PSE’s stake to about 49%. The planned merger for PSE and PDS is expected to be completed by 3Q17.

Vehicle sales registered 7.5% increase in Feb: Chamber of Automotive Manufacturers of the Philippines (CAMPI) and Truck Manufacturers Association (TMA) reported a combined sale of 27,040 units in February, 27.8% higher YoY. For 2017, vehicle sales reached 57,465 units, 17.4% higher from the previous year. Toyota Motor Philippines Corporation's market share stood at 47.26%, followed by Mitsubishi Motors Philippines at 16.86%.

DICT welcomes new players: The Dep’t. of Information and Communications Technology may no longer bid out mobile frequencies to attract new mobile telecom players that can challenge the duopoly PLDT Inc. and Globe Telecom Inc. Meanwhile, DICT welcomes any third or fourth player, as long as any local franchise would bring in a foreign partner with legal, technical and financial credibility and capacity to mount a credible and effective competition against the existing telcos.

Bayan Muna Rep. slammed ERC’s power rate hike approval: Bayan Muna Rep. Carlos Isagani Zarate criticized the Energy Regulatory Commission (ERC) for approving the average P0.22/kwh increase of Meralco for 3 straight months. He said that this situation is similar to the 2013 Malampaya shutdown wherein energy players colluded and tried to pass on a P4.50/kwh charge to consumers.

Oppositors’ cited DENR Sec. Gina Lopez’ lack of expertise: Oppositors of the Department of Environment and Natural Resources (DENR) Sec. Gina Lopez cited the Secretary’s lack of technical and scientific knowledge and her alleged disregard for due process in ordering the shutdown of mining operations. The Chamber of Mines, on the other hand, called Sec. Lopez “unfit and unqualified to be the government’s lead regulator in natural resource development.”

Sen. Lacson urged DENR Sec. Gina Lopez to respond adequately: Sen. Panfilo Lacson urged DENR Sec. Gina Lopez to answer questions raised by members of Commission on Appointments (CA) adequately. He added that he was impressed and convinced with Sec. Lopez’ presentation, but he thought that she fell short with her responses to the questions raised.

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