Philippines Market Insights 2017.5.5

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フィリピン株式ニュースハイライト

News Highlights: Aboitiz Equity Ventures' (AEV) core net income grew by 5% to P5.1bn in the 1Q on the back of higher contributions from its business segments. Aboitiz Power (AP) core net income only grew by 4% to P5bn in 1Q, narrowed by the increased interest expense and depreciation. EBITDA posted a 16% gain to P10.7bn. Meanwhile, the central bank (BSP) said that there's more room to keep its accommodative monetary policy stance following the US Fed Reserve's to keep interest rates unchanged.

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各国市場モニター

各国の株式市場動向

PHILIPPINES

Mart up on hawkish Fed, PSEi @7,755: Local mart rallied after the US Fed decided to keep its interest rates unchanged, but maintained its hawkish stance moving forward. PSEi jumped 73 points to close at 7,755 (+0.96% day-on-day), with all sectors ending in gains, save for mining and oil (-0.26%). Among actively-traded shares were: ALI (+P0.40 at P35.90); URC (+P4.10 at P178.30); and JGS (+P1.60 at P85.00), on P7.53bn turnover. Gainers continue to dominate losers at 116-80, with net foreign buying sustained at P22mn.
Might take profits: We might see the mart cooling off a bit as investors bag their profits coming from the latest surge in equities. As first quarter earnings continue to trickle in, investors might reposition their portfolios toward the companies that sustained its strong momentum from the previous period. Immediate support 7,670, resistance 7,820.

ASIA

Bourses mixed on Fed’s hawkish statement: Bourses across the region ended mixed as investors digest the decision of US Fed to maintain policy rates, but hinted a hawkish stance.

WALL STREET

Equities flat ahead of jobs data: Shares closed relatively unchanged as commodities were hit stemming from the latest crude price plunge. On the economic side, investors will monitor the release of jobs data as jobless claims declined to 238,000 from the last week of April.

COMMODITIES

Crude down on continued glut: Oil prices dipped as US crude output continues to rise, putting the market in limbo despite the OPEC agreement to cut output. However, investors are optimistic that the deal will be extended on OPEC’s meeting on 25 May. West Texas Intermediate shed $2.30 to close at $45.52/barrel.

フィリピン国内各企業動向

AEV 1Q net income +5% at P5.1bn:

Aboitiz Equity Ventures' (AEV) core net income grew by 5% to P5.1bn in the 1Q on the back of higher contributions from its business segments. AEV incurred a non-recurring losses of P442mn on forex losses recognized upon revaluation of dollardenominated liabilities and mark-to-market losses on derivatives. With these one-off losses, net income amounted to P4.7bn (-7% YoY).Its power unit, Aboitiz Power (AP) remained its largest contributor at 67% , while income contribution of the Financial Services, Food, Infrastructure and Real Estate unita were at 22%, 6%, 4% and 1%, respectively.

AP 1Q net income +4% at P5bn:

Aboitiz Power (AP) core net income only grew by 4% to P5bn in 1Q, narrowed by the increased interest expense and depreciation. EBITDA posted a 16% gain to P10.7bn. AP recognized a non-recurring loss of P577mn from forex losses on the revaluation of dollar denominated liabilities and mark to market of derivatives. These one-off losses brought its net income to P4.4bn (-13% YoY).

ABS filed lawsuit vs pirate sites:

ABS-CBN Corp. (ABS) filed a $40mn lawsuit against 22 pirate web sites, accusing them of illegal streaming of its television shows and movies. The domains, which include cinesilip.net, pinoychanneltv.me, teleserye.me, pinoychannel.co, and pinoytvreplay.ws, have now been blocked and shut down.

MCP's parent Melco reported 1Q net revenue from COD Manila at $157.4mn:

Melco Crown (Philippines) Resorts' parent company, Melco Resorts & Entertainment Limited (Melco) reported 1Q net revenue at $157.4mn (+65% YoY) from City of Dreams Manila (COD). COD anaged to generate adjusted EBITDA of $61.1mn in 1Q17 (+114% YoY), primarily driven by increased casino revenues. Rolling chip volume rose 60% to $2.4bn in Q1 with win rate at 3.4% vs. 2.8% in the same period last year. Meanwhile, mass market table games drop grew 28% to $153.9mn with
hold rate at 28.7% compared to 27.5% in 1Q16. Gaming machine handle likewise increased 62% at $729.9mn with win rate at 6.2% against 6.1% last year.

IMI posted 1Q net income +33% at $8.7mn (P434.1mn):

Integrated Micro- Electronics (IMI) reported 33% increase in net income at $8.7mn (P434.1mn) in Q1. This was buoyed by 18% growth in revenues at $235.9mn (P11.8bn), which focuses mainly in IMI's core markets - automotive and industrial.

フィリピン経済指標

No need to raise policy rates - BSP:

The central bank (BSP) said that there's more room to keep its accommodative monetary policy stance following the US Fed Reserve's to keep interest rates unchanged. BSP said that the country's inflation remains within the 2%-4% target set despite some uptick seen over the past few months. The next rate-setting meeting of the BSP’s Monetary Board is scheduled on May 11.

BoI approved tax incentives for 2 hotel projects:

The Board of Investments (BoI) granted tax incentives to Altipeak Land Development's P62.4mn Casa Coco Hotel project in San Juan, Siquijor and Ecohotel's P29.1mn Eco Container Hotel in Tagaytay City. The projects are now entitled to income tax holiday incentive of up to six years and additional deduction from taxable income equivalent to 100% of expenses incurred in the development of necessary and major infrastructure facilities.

Metro Manila building owners expressed fears over PEZA's crackdown on online gambling:

Metro Manila building owners have expressed concern over Phil. Economic Zone Authority's (PEZA) crackdown on online gambling firms, with PEZA Director Gen. Charito Plaza stating that 50% of
the building owners hosts business process outsourcing (BPO) firms engaged in online gaming. 90% of PEZA-accredited buildings in Metro Manila have locators engaged in online gambling activities.

PAGCOR grants casino license to Udenna:

Phil. Amusement and Gaming (PAGCOR) signed a provisional license agreement for a $300mn Lapu-Lapu Leisure Mactan integrated resort and casino owned by Udenna Development Corp. Dennis Uy's Udenna will build the integrated resort and casino on a 12ha. prime beachfront property at the Punta Engaño peninsula in Mactan Island, Lapu-Lapu City. The construction of this project will start in 3 months and is lated for completion by 2022, with the casino, retail complex and hotels set to open as early as 2019.

Gov't. may remove Davao Airport from PPP:

The government may exclude Davao Airport from the regional projects line-up under the publicprivate partnership (PPP) program and undertake development first. The PPP project involves the development, operations and maintenance of the five regional airports such as Davao, Laguindingan, New Bohol (Panglao), Bacolod and Iloilo. During the previous administration, the government had pre-qualified the following groups to bid for the project: Philippine Airports Consortium, Maya Consortium, GMR-Megawide Consortium, San Miguel Holdings Corp.-Incheon International Airport Corp. Consortium, and Filinvest-JATCO-Sojitz Consortium.

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