Philippines Market Insights 2018.2.22

フィリピン株式ニュースハイライト

News Highlights: Ayala Land, Inc. (ALI) board approved to raise P20bn via retail bonds & bilateral term loan(s) to partly finance gen. corp. rqmts. Union Bank of the Philippines, Inc. (UBP) raised P3bn LTNCDs as part of its P20bn plan. PAL Holdings, Inc. (PAL) deferred plans to build the P20bn annex to NAIA-2 with the proposed ‘super consortium’ to rehabilitate the whole airport system. Golden Haven Memorial Park, Inc. (HVN) issued 150mn common shares to Cambridge Group (CGI) at P20.0935/share via private placement, to mark its foray into mass housing. The Phil. Competition Commission (PCC) plans to raise by June the P1bn threshold for reporting M&A deals.

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

Profit-taking capped PSEi, closed 8,613: Mart fell 109 points at 8,613 (-1.25%) as investors heeded for guidance on consumer price readings. Except for mining & oil (+2.64%) & services (+0.41%), property (-1.38%) & industrials (-1.3%) weakened. NOW (+P0.48 at P15.06), PXP (+P2.86 at P18), ALI (-P1.00 at P45.00), URC (-P5.80 at P146.20), and SM (-P14.00 at P985) led actively-traded shares, on P9.53bn turnover. Losers edged out gainers, 128-82 on P516mn net foreign selling.
Following US equities’ trail: Sentiment could glide with Wall Street’s overnight weakness, although some players might seize on this dip to position ahead of resumption of trades in China’s market. Speculatives might take the favor from locals, in the absence of other new leads from large caps. Immediate support is 8,550, resistance 8,650.

ASIA

Marts ended strong. Asia-Pacific markets ended higher after a choppy start Wednesday, following the first down day on Wall Street in seven sessions.

WALL STREET

Ended in the red: Shares in Wall Street fell, as bond yields climbed to a 4-year high of 2.957% after the release of the Fed minutes. DJIA -166pts, 24,797 (-0.7%), Nasdaq Comp. -16pts, 7,218 (-0.22%).

COMMODITIES

Oil closed slightly lower: Oil prices dipped Wednesday on concern that expanding U.S. stockpiles knocked the steam out of OPEC’s cuts for another week. West Texas Intermediate (WTI) shed $0.82 to $61.08/barrel.

フィリピン国内各企業動向

ALI prepares note issuances:

Ayala Land, Inc. (ALI) board approved to raise P20bn via retail bonds & bilateral term loan(s) to partly finance general corporate requirements. ALI will also raise up to P5bn through the issuance of Qualified Buyer Notes (QBN) with 5-year tenor to refinance its short-term loans. ALI also approved the grant of 13.68mn common shares at P45.07/share for its ESOP.

UBP LTNCD fetches 4.375%:

Union Bank of the Philippines, Inc. (UBP) raised P3bn LTNCDs as part of its P20bn plan. The notes will have 5-year & 6 months tenor at 4.375% & will mature 21 Aug. 2023.

PAL temporarily shelves NAIA-2 Annex plan:

PAL Holdings, Inc. (PAL) deferred plans to build the P20bn annex to NAIA-2 with the proposed ‘super consortium’ to rehabilitate the whole airport system. PAL said they’re in talks with Pagcor where to build the annex & evaluation of the unsolicited proposal could take 2 months.

HVN expands from deathcare to mass housing:

Golden Haven Memorial Park, Inc. (HVN) issued 150mn common shares to Cambridge Group (CGI) at P20.0935/share via private placement, to mark its foray into mass housing. The P3bn meanwhile, will be used to acquire Bria Homes, or 9.99mn shares at P301.42/share. Given this, HVN’s free float will decline from 14.84% to 10.59%.

WEB gets green light for extra EGS rollout:

PhilWeb Corp. (WEB) received Pagcor’s clearance for the deployment of additional 21 Electronic Gaming System (EGS) nationwide. The move will require conversion from Instawin EGS to WEB’s EGS.

PPC sees 20% income growth for 2018:

Pryce Corp. (PPC) sees 2018 earnings growing by 20% to P1.5bn with an expected 15% increase in sales volume. PPC also expects the expansion of its LPG terminals in Sogod, Cebu & Balingasag, Misamis Oriental to be finished by July & Aug. 2018.

CIC has new arm to handle innovations:

Concepcion Industrial Corp. (CIC) formed Cortex Technologies to create rapid innovations across CIC firms on ideation, design & development of new products. This unit will leverage on the Internet of Things (IoT) that will provide consumers with solutions of convenience, control, efficiency & savings. Among the services include smart air conditioning.

フィリピン経済指標

New rules from PCC:

The Phil. Competition Commission (PCC) plans to raise by June the P1bn threshold for reporting M&A deals. PCC is also preparing new rules on leniency to combat cartels by granting immunity from suit, among others. PCC also plans to put inspection guidelines that will authorise them to search business premises for records. PCC will also have rules on forbearance that will forbear from applying RA10667 provisions for a limited time on an entity, or group of entities that met specific, stringent conditions.

Samurai bond float studied:

The Phil. gov’t. is looking at $500mn-$700mn Samurai bond float later this year, part of which could finance the budget. Also, dev’t. plans are being prepared for the 2,600sqm. Shibuya lot that will house the chancery of the Phil. Embassy of Japan.

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