Philipines Market Insights 2018.10.9

フィリピン株式ニュースハイライト

News Highlights: Manila Electric Company (MER)’s overall rate would fall from P10.0732/kWh to P9.9766/kWh this Oct. while SM Prime Holdings, Inc. (SMPH) aims to spend P120bn in the next 2 years to finance its expansion until 2020. Meanwhile, representatives from Udenna Corp., Telenor Group, NOW, consortium of Davao-based TierOne Communications Int’l. & Chavit Singson’s LCS Group of Cos. & another unidentified local firm, bought bid docs for the 3rd telco slot yesterday.

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

Bourse recovered ground, PSEi @7,210: MOC sell-down weighed on bourse, PSEi @7,050. Last-minute selling erased early session’s gain, pulling the PSEi 27 points lower at 7,050 (-0.39%). Industrials (-0.7%) & holdings (-0.51%) fell, offsetting gains in mining/oil (+1.2%) & services (+0.23%). Among actively-traded shares: SM (-P4 at P866); SMPH (-P0.30 at P34); JFC (-P4 at P243); & BDO (-P1.20 at P114) fell, while GLO (+P60 at P2,330); TEL (+P25 at P1,415); & MWIDE (+P0.58 at P14.60) sustained gains. Turnover remained thin at P3.97bn, with gainers-losers at 71-115. Net foreign selling was P528mn (-40% d-o-d).
Buying support: Possible bargain hunting might aid local equities’ advance, with several blue chip stocks languishing in oversold territory. Attention however, may stay sector-specific, favouring those with upcoming headlines (e.g., telcos) or M&A prospects. Meanwhile, stay alert for potential repeat of prior session’s MOC sell-down, with participation still pale & sentiment glued to inflation concerns. Immediate support is 7,000, resistance 7,080-7,120.

ASIA

Marts ended lower: Asian markets dropped on Monday led by Chinese stocks following PBOC’s move to cut bank’s reserve requirement by 1 percentage-point at a time of fears the impact of the China-US trade war will deepen.

WALL STREET

US equities mixed: Gauges were mixed, with DJIA rising 39 points at 26,486 (+0.15%) ahead of earnings results from select names. Tech shares meanwhile weakened, pulling Nasdaq Comp. 52 points lower at 7,735 (-0.67%).

COMMODITIES

Crude slightly fell: Crude ended lower on Monday on reports that US is softening its stance against Iran crude exports but decline was limited by hurricane-related disruptions in Gulf of Mexico and a reported explosion at a key oil refinery in Canada. West Texas Intermediate (WTI) shed $0.05 to $74.29/barrel.

フィリピン国内各企業動向

MER Oct. tariffs lower:

Manila Electric Company (MER)’s overall rate would fall from P10.0732/kWh to P9.9766/kWh this Oct., on reduced power supply agreement (PSA) charges. Households consuming 200kWh would see a reduction of P19.32 in their Sept. bill.

SMPH plans 2-year, P120bn spending:

SM Prime Holdings, Inc. (SMPH) aims to spend P120bn in the next 2 years to finance its expansion until 2020. The amount does not include yet potential acquisitions. SMPH has also not yet felt the impact of inflation & higher interest rate, with 3Q results in-line with growth target.

SM wants to take minority stake in businesses to be acquired:

SM Investments Corp. (SM) vice-chair Teresita Sy-Coson, said they might favor businesses where they get minority stake instead of taking majority. She prefers the target firms to be run by main proponents. In 2017, SM bought 34.5% in Nenaco, the parent of 2Go Group & early 2018, 34% in Goldilocks.

RCB teams up with biggest bank in SoKor:

Rizal Commercial Banking Corp. (RCB) & South Korea’s biggest bank, KB Kookman, signed a business cooperation agreement for banking services. No other details were given.

PCOR gets green light for P20bn bond float:

Petron Corp. (PCOR) obtained SEC’s clearance for the issuance of P20bn Series C & D bonds. The Series C will expire 2024 at 7.8183%, D on 2025 at 8.0551%.

ICT to start Manila port expansion soon:

International Container Terminal Services, Inc. (ICT) got PPA’s clearance to start expansion of berths 7-10 in Manila Int’l. Container Terminal (MICT). The initial phase will start 15 Oct., 2nd (berths 9-10) on 19 Feb. 2019. The move would strengthen servicing of larger vessels.

CLC interested in Sasa Port, Davao City:

Chelsea Logistics Holdings Corp. (CLC) submitted its P16bn unsolicited proposal to DoTr for Sasa port’s modernisation. The 25-year concession will cover 4 phases to rehab port facilities. Sasa will handle container, general cargo & passenger ships for local & int’l. markets.

CLC launches oil tanker & RoRo vessel:

Chelsea Logistics Holdings Corp. (CLC) launched M/T Chelsea Providence & M/V Salve Regina last 05 Oct., at the Manila North Harbour Port. M/T Chelsea Providence is an oil tanker that can carry up to 54mn liters of petroleum, M/V Salve Regina is RoRo that can carry more than 500 passengers & 41 vehicles. Regina will service Batangas-Caticlan route.

STI updates total student population:

STI Education Systems Holdings, Inc. (STI)’s updated student population for the first semester of school year 2018-19 is 85,797. The data covers June & Aug. 2018 enrolees for STI Education Services, STI West Negros Univ. & iACADEMY.

DFNN unit sold shares in Betwin:

DFNN, Inc. (DFNN)’s subsidiary, LuckyU, Inc., sold 1.7mn shares in Betwin Tech Services at P1/share. Betwin handles computer data, data processing systems, storage & analysis.

Ex-date 10 Oct. 2018:

Megawide Construction Corp. (MWIDE) P0.12, payable 12 Nov. Vista Land & Lifescapes, Inc. (VLL) P0.2252, payable 29 Oct.

フィリピン経済指標

Evercrest Golf Club at the auction block:

BSP will auction Evercrest Golf Club & Resort golf course in Nasugbu, Batangas of Orient Bank’s Jose Go for P1.65bn. Interested parties may get in touch with BSP’s Asset Management unit. BSP took over the golf course as partial payment for emergency loans obtained by Orient in the late 1990s.

5 firms bought 3rd telco slot bid docs on first day:

NTC chief Cordoba said representatives from Udenna Corp., Telenor Group, NOW, consortium of Davao-based TierOne Communications Int’l. & Chavit Singson’s LCS Group of Cos. & another unidentified local firm, bought bid docs for the 3rd telco slot yesterday. NTC is hopeful more firms would participate before 07 Nov.’s submission deadline. In recap, the other firms that expressed interest included China Telecom, South Korea’s KT Corp., LG Uplus Corp. & Vietnam’s Viettel.

Loan for MRT3 delayed:

MRT3’s loan remains delayed, pending the status of 48 train coaches from China’s CRRC Dalian. DoTr said the audit made showed certain defects that included weight measurements that did not conform to what was required in the contract. The loan provision from Japan would amount to max. of 38.1bn yen, or P18bn, at 0.1% interest with repayment in 28 years after a grace period of 12 years.

Solar rates of ‘Solar Para Sa Bayan’ questioned:

Members of Phil. Solar & Storage Energy Alliance (PSSEA) questioned the ‘low’ electricity rates offered by Leandro Leviste’s Solar Para Sa Bayan Corp. PSSEA said the firm charged Paluan, Mindoro Occidental customers more than P15/kWh, not the P2.98/kWh cost Leviste claimed.

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