Philippines Market Insights 2017.3.21

フィリピン株式ニュースハイライト

News Highlights: Filinvest Land, Inc. (FLI) posted a net income of P5.35bn for full year 2016, 5% higher YoY. Revenues grew by 7% to P19.5bn largely driven by rental (+15% to P3.38bn) and interest & other income (+49% to P1.68bn). Meanwhile, ABS-CBN Corp. (ABS) reported their 2016 net income at P3.5bn (+39% YoY) bolstered by a full year growth in advertising revenues due to election spending.

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

Wall Street weighed on equities, PSEi @7,316: Local equities declined, mirroring Wall Street’s negative sentiment on Friday. PSEi lost 28 points to 7,316 (-0.39% day-on-day), with most sectors in red, except for holdings (+0.07%). Meanwhile, actively-traded shares were: ICT (-P0.60 at P85.45); MBT (unch. at P80); SM (-P3 at P659), on P7bn turnover. Losers outpaced gainers, 111-64, on P929 net foreign outflows.

Global news might weigh on local sentiment: Cautiousness might ensue as local investors digest the G20 headlines as gauge on the overall sentiment of global financial leaders on trade protectionism. Moreover, we might ride on any indications from US Pres. Trump’s speech earlier today, particularly on the peso-dollar movement. Investors might also decide to stay on the sidelines as the central bank (BSP) is slated to give monetary policy indications on Thursday. Immediate support is 7,250, resistance at 7,350.

ASIA

Marts mixed over G20 headlines: Regional markets were mixed as investors gauged the indications of the latest G20 headlines. Meanwhile, Hong Kong’s Hang Seng Index led gainers as earnings optimism lifts prices higher.

WALL STREET

Cautious tone on global scale, US marts lower: Equities were marginally lower as investors were reluctant to make big bets on the lack of corporate and economic news. Meanwhile, some would also want reassess G20’s decision to drop a pledge to keep global trade free and open on their 2-day meeting in Germany.

COMMODITIES

Oil down: Crude futures logged in losses as players jittered over a growing US shale production and higher inventories. West Texas Intermediate (WTI) lost $0.56 to $48.22/barrel.

フィリピン国内各企業動向

FLI reports 5% growth in 2016 net income: Filinvest Land, Inc. (FLI) posted a net income of P5.35bn for full year 2016, 5% higher YoY. Revenues grew by 7% to P19.5bn largely driven by rental (+15% to P3.38bn) and interest & other income (+49% to P1.68bn). Note that revenues from real estate, which accounts for 73% of the total, were almost flat at P14.26bn compared with P14.05bn the prior year. Residential sales take up grew by 8% to P17.7bn, 87% of which came from the affordable/middle income segment.

ABS booked 39% growth in 2016 net income: ABS-CBN Corp. (ABS) reported their 2016 net income at P3.5bn (+39% YoY) bolstered by a full year growth in advertising revenues due to election spending. Consolidated revenues were recorded at P41.6bn, amid the 11% growth in advertising revenues. Moreover, the rollout of its Digital Terrestrial Television helped boosted its audience share with over 2.3mn boxes sold as of end-December 2016.

RRHI reported 14% growth in core net earnings at P4.12bn: Robinsons Retail Holdings (RRHI) posted 14% growth in core net earnings at P4.12bn for 2016, driven by higher income from operations and other income. During the 4Q16 alone, net income likewise grew by 13% to P1.54bn. Consolidated net sales reached P105.3bn in 2016, increasing by 15.9% due to strong same store sales growth (SSSG) at 6.7%, sales contribution from 72 new stores, as well as the sales from recent acquisitions.

CROWN posted P114.5mn profit in 2016: Crown Asia Chemicals Corporation (CROWN) recorded P114.5mn income after taxes, 14% higher from the previous year. Revenues from its pipe group rose by 29% to P519.97mn. Project sales grew by 27% to P328.09mn. Trade sales increased by 33% to P191.88mn. CROWN will soon launch uPVC roofing materials that have built-in UV protection feature.
MPI unit proposes P12bn Cavite toll road: Metro Pacific Investments (MPI) unit, CAVITEX Infrastructure Corp. (CIC) is looking to build a 9.5km toll road from Kawit to Rosario in Cavite. CIC stated that it has received "no objection" letter from the DPWH referring to Segment 5 of the MCTEP (Manila-Cavite Toll Expressway Project). The company plans to submit the proposal for the project to the Toll Regulatory Board within the year. CIC is a unit of Metro Pacific Tollways Corp. (MPTC), which is a subsidiary of MPI.

SMC sets 5.1923% interest rate for 5-yr bonds: San Miguel Corp. (SMC) has set its interest rate at 5.1923% per annum for its bonds maturing at 2022. SMC will issue up to P15bn in bonds which will be listed on the Philippine Dealing & Exchange Corp. (PDEx) on 07 Apr.

SBS to diversify into property: SBS Philippines Corporation (SBS) is looking to diversify its company business by holding, acquiring or participating in property related investments. However, the proposal is subject to shareholders' approval. The Board sees opportunities that have potential for the property sector given the robust growth of the sector. Its wholly owned subsidiary, SBS Holdings and Enterprises Corp. will undertake future real property investments.

RLC-Roxaco Land-Vanguard opened 2nd budget hotel: Roxaco Land and Vanguard Hotels opened the 2nd of five Go Hotels it agreed to operate in association with Robinsons Land (RLC). The hotel, located along North EDSA in Quezon City, offers 167 rooms catering to business and leisure travelers. Roxaco Land said that the partnership was looking at developing a total of 25 properties in association with RLC.

フィリピン経済指標

BoP deficit widened to $436mn: Data from the Bangko Sentral ng Pilipinas (BSP) reported a deficit of $436mn in February, widest in four months. BoP deficit expanded further amid foreign debt servicing by the national government and BSP's forex operations. Also, the trade deficit contributed to BoP deficit expansion as global oil prices were higher in February, as well as rising demand for imports.

DBP exceeded 30% loan target for MSMEs: Development Bank of the Philippines (DBP) registered 35% expansion in loans for micro, small and medium enterprises (MSMEs), exceeding its 30% initial target. In 2016, MSME loans grew by P2bn. Loans for MSMEs account 10-14% of the total DBP's loan book. For 2017, DBP is looking to expand MSME loans by at least P7bn.

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