Philippines Market Insights 2017.8.14

フィリピン株式ニュースハイライト

News Highlights: GT Capital is allocating P50bn capital expenditure this year, slightly lower than the P52bn set aside last year as Global Business Power (GBPC) has already been sold to the MVP Group. Globe Telecom (GLO) might raise its capital expenditures target for 2017 by $50mn to $800mn to continue funding its data-related projects. On other news, Finance Secretary Dominguez said he is willing to drop the excise tax on sugar-sweetened drinks if Pimentel's Senate Bill No. 1408 is passed in full, as it can generate ~P167bn in net revenues as opposed to the P47bn from the sugary drinks tax.

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PHILIPPINES

Mart extended losses, PSEi @7,928: The local bourse suffered its fourth consecutive day of losses as geopolitical tensions between the US and North Korea heightens. PSEi shed 37 points to close at 7,928. Most sectors remained in the red territory, led by property (-1.54%). Among most actively traded shares were SECB (+P8.00 at P252.00); SM (+P0.50 at P829.50); and JFC (-P0.60 at P216.40, on P5.5bn turnover. Losers continued dominance against gainers, 108-60, while net foreign buying reached P252mn.

Might end losing streak: With geopolitical concerns between the US and North Korea suppressed over the weekend, we might see our local bourse trading with modest gains, as supported by the higher finish in Wall Street last Friday. Property companies such as MEG, GERI and VLL are set to release their 1H17 earnings, so we expect more trading activity on the said sector. Immediate support at 7,850, resistance 8,000.

ASIA

Bourses retreated further on geopolitical tensions: Bourses suffered more losses after President Donald Trump reiterated his stance against North Korea.

WALL STREET

Shares took a breather despite US-NoKor rhetoric: Equities edged higher as investors remain cautious on placing their trades as developments between the US and North Korea unfold.

COMMODITIES

Crude up on oversupply woes: Oil prices ended higher even after the International Energy Agency reported that OPEC’s compliance with the output cut deal had declined to 75%, which led to a slower crude market rebalancing. West Texas Intermediate (WTI) climb $0.23 to $48.82/barrel.

フィリピン国内各企業動向

GTCAP earmarks P50bn for CAPEX:

GT Capital is allocating P50bn capital expenditure this year, slightly lower than the P52bn set aside last year as Global Business Power (GBPC) has already been sold to the MVP Group. Of the amount, GTCAP spent P34.2bn in the first half.

GLO to raise 2017 capex target to $800mn:

Globe Telecom (GLO) might raise its capital expenditures target for 2017 by $50mn to $800mn to continue funding its data-related projects. On other news, GLO commercially launched the $250mn Southeast Asia-United States submarine cable system on 11 August for the enhancement of international connectivity.

VLL list P5.5bn fixed rate bonds:

Vista Land (VLL) listed its P5.5bn 7-year and 10-year fixed rate bonds in the Philippine Dealing & Exchange Corp. (PDEx) platform. The newly listed VLL Bonds due 2024 and 2027, which carry an interest rate of 5.7512% and 6.2255% p.a. respectively, is the first tranche of the P20bn bonds under the shelf registration approved by the SEC.

MWIDE joins Clark Airport bid:

Megawide Construction (MWIDE) joins the bidding for the new passenger terminal of Clark International Airport worth P12.55bn. MWIDE is eyeing to participate in both EPC and O&M (operations and maintenance), given its experience in Mactan Cebu International Airport.

DMCI gets P11.7bn worth of contracts:

DMCI Holdings' construction arm was able to get P11.7bn worth of new contracts in the 1H17 such as the Cavite-Laguna Expressway project of MPCALA Holdings, Inc., the 62-storey Anchor Grand Suites of Anchor Land, the Bued Viaduct and Roadway of Private Infra Dev Corporation, the LRT 2 East (Masinag) Stations under the Department of Transportation, and the civil works for a thermal power plant for engineering procurement and construction contractor JGC Philippines. This brings the order book of DMCI to P26.8bn, 4% lower than same period last year's P27.9bn

フィリピン経済指標

DOF might remove sugar tax if Senate passes DOF-backed bill in full:

Finance Secretary Dominguez said he is willing to drop the excise tax on sugar-sweetened drinks if Pimentel's Senate Bill No. 1408 is passed in full, as it can generate ~P167bn in net revenues as opposed to the P47bn from the sugary drinks tax. The SB 1408 aims to lower personal income tax(PIT) rates along with revenue-enhancement measures to make up for the anticipated reduction in tax collections resulting from the PIT cuts.

Gov't sets aside 2018 budget of P27.72bn for rail:

The government has set aside P27.7bn of 2018 budget to upgrade the country’s rail infrastructure,P6.58bn of which is allotted for the Phase 1 of the Mindanao Railway Project (MRP). Other distributions are as follows: P7.08bn for the North-South Railway Project Phase II, connecting Tutuban, Calamba City, Batangas, Legazpi City, and Matnog; P2.5bn for the North-South Commuter Railway Project, connecting Tutuban to Malolos City; P1.33bn for the Light Rail Transit Line 1 Cavite Extension; P1.2bn for the LRT Line 1 North Extension Common Station; P895.33mn for the LRT Line 2 East Extension: P895.33 million; and P608mn for the LRT Line 2 West Extension

BoI sees investment approvals to exceed P500bn end-2017 target:

The Board of Investments (BoI) said that investment approvals for 2017 may reach as much as P540bn, 10% higher than the initial high-end target of P500bn as many investors are indicating interest to invest and expand in the country. From January to July, the BoI reported that its investment approvals reached P294.8bn (+40%).

DENR ceases operations of Ipilan Nickel Corp (INC):

The Department of Environment and Natural Resources (DENR) issued a cease-and-desist order to INC, a subsidiary of Global Ferronickel Holdings Inc, for operating without a valid environmental compliance certificate. Upon inspection by the Environmental Management Bureau, INC constructed a mine yard within its mining area despite the order and the operations were releasing dangerous pollutants brought about by the silt deposition from the road.

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