Philippines Market Insights 2017.6.15

フィリピン株式ニュースハイライト

News Highlights: Metro Pacific Investments Corp. (MPI) decided to increase its presence in the power sector by purchasing more stake in Manila Electric Co. (MER). Meanwhile, Tourism Infrastructure and Enterprise Zone Authority (TIEZA) Regulatory Office approved the new tariff rates of Manila Water (MWC) unit, Boracay Island Water. On the industry front, SEC chair Teresita Herbosa is looking to increase the public float for listed companies to 20% and pushes for a 01 July effectivity.

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各国市場モニター

フィリピン株式市場動向

PHILIPPINES

Mart fell ahead of Fed meeting, PSEi @7,917: Local bourse fell as investors turned cautious ahead of FOMC meeting. PSEi shed 72 points at 7,917 (-0.91% day-on-day), with all sectors ending in red, primes by property (-2.47%). Among actively-traded shares were: ALI (-P1.05 at P40.85); GTCAP (+P42.00 at P1,240.00); and URC (-P3.20 at P160.00), on P11.23bn. Losers outnumbered gainers, 132-68, with net foreign buying P645.58mn.

Mart might trade higher: Local mart is expected to regain some of the losses it posted yesterday as investors are seen to reposition their holdings in anticipation of a Fed interest rate hike decision tomorrow. Gains in the financial sector and in other stocks that could benefit from a rate hike might be apparent. Immediate support 7,890, resistance 8,000.

ASIA

Marts rose despite US-led decline: Bourses mostly rose shrugging off overnight Wall Street decline as investors anticipated for a rate hike decision during Fed's meeting.

WALL STREET

Equities rose amid rebound in tech stocks: Shares rose as tech stocks recouped twoday losses. Meanwhile, some investors looked ahead of FOMC meeting.

COMMODITIES

Oil rose on optimism: Crude gained as government data is expected to reveal a decline in oil production. West Texas Intermediate rose $0.38 to settle at $46.46/barrel.

フィリピン国内各企業動向

MPI increases stake in MER:

Metro Pacific Investments Corp. (MPI) decided to increase its presence in the power sector by purchasing more stake in Manila Electric Co. (MER). MPI raised its stake from 41.2% to 45.5% after PLDT Communications and Energy Ventures sold its 25% interest in Beacon Electric Asset Holdings for P21.8bn. MPI will pay P12bn in cash, and the remaining balance to be paid up over the next four years.

TIEZA approves MWC unit tariff adjustment:

Tourism Infrastructure and Enterprise Zone Authority (TIEZA) Regulatory Office approved the new tariff rates of Manila Water (MWC) unit, Boracay Island Water. The new rates will be effective 15 days after its date of publication in 2 newspapers and the filing of a copy thereof with the University of the Philippines Law Center.

PAL to upgrade A330 aircraft:

Philippine Airlines (PAL) would be spending $80mn this year for the reconfiguration of its A330 aircraft, to be used in expanding its services in the ‘mid-market’ destinations. The reconfigured A330 will be utilized for the Manila-Honolulu-Manila route starting this month. Other A330 tri-class planes will be unveiled in July for Melbourne, in August for Sydney, in September for Singapore, in October for Haneda, in November for Narita, and in December for Osaka.

ABA

lowers par value: AbaCore Capital Holdings, Inc. discloses its change in par value from the previous P1 to P0.20. The lower par value aims to entice new investors to invest in SBA at a price closer to market value.

フィリピン経済指標

SEC to set minimum public float to 20%:

SEC chair Teresita Herbosa is looking to increase the public float for listed companies to 20% and pushes for a 01 July effectivity. The improving market conditions and higher public float would translate to better liquidity, she added. SEC warned that noncompliance from the said directive will result to administrative sanctions and higher tax rate.

BIR misses May target:

The Bureau of Internal Revenue missed its collection target of P175.09bn for May, 10% short of its P157.37bn collections. Large Taxpayer Service contributed the bulk of collections with P104.29 or 66.3%. Collections YTD has reached P719.95bn, 9% higher YoY, but short of the P759.29 target.

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