Philippines Market Insights 2017.5.16

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フィリピン株式ニュースハイライト

News Highlights: Metro Pacific (MPI) is in talks with Alberto Lina for the acquisition of its logistics firm, Air21 Express. The idea to buy Air21 is still under discussion. Alliance Global (AGI) logged 2% growth in Q1 net income to P5.4bn on higher earnings from property, beverage, and fast-food segments. DMCI Holdings (DMC) property segment is in talks with NTT of Japan to develop a 2-tower office and residential complex in Makati, which can bring around P8bn worth of new property inventory. Meanwhile, OFW remittances for the month of March rose 10.7% YoY to $2.615bn. It was also higher compared with prior month’s level of $2.169bn.

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

Timed to cash out gains for 2 IPOs, PSEi @7,772: Local marts fell as investors bagged in gains in preparation of the 2 initial public offerings (IPO) this week. PSEi dropped by 42 points to 7,772 (-0.55% day-on-day), buoyed by services (-1.54%) and property (-1.41%). Among actively-traded shares were: URC (-P2.60 at P159.90); ALI (-P1. 55 to P37.45); and TEL (-P76 at P1,679), on P7.5bn turnover. Losers outnumbered gainers, 112-85, while net foreign buying reached P109mn.
Saving up for IPOs: We might still see some investors trying to take profits as the market introduces 2 IPOs this week. However, some might also take this opportunity to scout for good prospects ahead of the local GDP data report on Thursday. Have a good eye on bargain stocks. Immediate support, 7,730, resistance 7,820.

ASIA

Most gained on oil rally: Most Asian markets ended positive, merely shrugging off concerns on North Korea's missile launch tests and global cybersecurity attack over the weekend. Optimism rooted mainly on the rally in oil as large oil producer and exporter, Saudi and Russia, both released a statement siding a 9-month extension on the output cut agreement.

WALL STREET

Equities advanced: Share prices ended higher amid rally on oil prices. Dow Jones advanced 85 points to 20,981.

COMMODITIES

Optimism on extension lifts prices: Oil prices rallied amid Saudi Arabia's and Russia's comments on extending its output cut agreement until 1Q18. The extension, however, has yet to be agreed upon by all parties at the OPEC meeting on 25 May. West Texas Intermediate (WTI) climbed $ to $/barrel.

フィリピン国内各企業動向

MPI eyes to buy Air21:

Metro Pacific (MPI) is in talks with Alberto Lina for the acquisition of its logistics firm, Air21 Express. The idea to buy Air21 is still under discussion. Air21 was the former Philippine licensee of US based logistics provider, Federal Express, which is now engaged in door-to door courier delivery, cargo transportation, warehousing, crating, bulk shipments and mailing. Recall that MPI earlier said that it raised its budget for logistics to P8bn from P5bn.

AGI recorded +2% Q1 net income at P5.4bn:

Alliance Global (AGI) logged 2% growth in Q1 net income to P5.4bn on higher earnings from property, beverage, and fast-food segments. Among growth drivers were: Megaworld (MEG) at P1.89bn (+11%), Emperador (EMP) at P1.23bn (+7%), and Golden Arches (GADC) at P0.13bn (+41%). Meanwhile, Travellers (RWM), which registered P0.32bn (-39%) Q1 net income continued to be a drag as VIP revenues declined.

DMC in talks with NTT:

DMCI Holdings (DMC) property segment is in talks with NTT of Japan to develop a 2-tower office and residential complex in Makati, which can bring around P8bn worth of new property inventory.
DMCI Homes would be making its debut in the office property business as part of a two-tower project planned along Pasong Tamo, Makati. Currently, the firm said that they are in talks with other foreign investors, but NTT is said to be in advanced stages already.

DD posts 279% growth in 1Q17 profits:

DoubleDragon Properties Corp. (DD) said that its net income for 1Q17 grew by 279% YoY, which implies a level of P165.5mn. Revenues more than doubled. DD has 15 operational CityMalls with an average occupancy rate of 95.2%.

VLL earns P2.3bn for 1Q17:

Vista Land & Lifescapes, Inc. (VLL) reported P2.3bn in net profits during the first quarter of 2017, 11% higher YoY. Revenues were higher by 14% at P9bn from its residential and leasing operations. Capital expenditures for 2017 is pegged at P35.3bn, while the company is targeting 1mn GFA for 2017, where it currently sits at 951,533.

DNL posted +15% Q1 net income at P633mn:

D&L Industries (DNL) reported Q1 net income at P633mn (+15% YoY), with revenues reaching
P6.3bn (+35%). This was driven by strong domestic demand and 73% growth in export sales. Meanwhile, gross margins improved with high margin specialty products (HMSP) expanding by 0.7ppt to 26%.

WLCON reported P390.5mn Q1 net income:

Wilcon Depot (WLCON) recorded Q1 net income at P390.5mn, with net sales reaching P4.182bn.
Sales grew 14.1% at P3.667bn when the retail operations was still under the parent company, Wilcon Corporation and prior to start of operations by WDI on April 2016. Sales from depot-format stores accounted for 96.7% or P4.045bn of total sales.

Buyers revive majority stake deal – GMA7:

GMA Network, Inc. (GMA7) said that it’s open to revive talks for the sale of a majority stake in its network. GMA7 chief Felipe Gozon added that the owners were talking to the same interested potential investor. Majority shareholders of the broadcaster earlier agreed to sell about 30% of the company to Ramon Ang, but the negotiation bogged down after more than a year of talks.

フィリピン経済指標

Remittances up 10.7% YoY in March:

OFW remittances for the month of March rose 10.7% YoY to $2.615bn. It was also higher compared with prior month’s level of $2.169bn. For 1Q17, remittances reached $6.953bn, +7.7% YoY. Filipinos working in US, Canada, UAE, Japan and Hong Kong were the main contributors.

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