Philipines Market Insights 2018.12.13

 

フィリピン株式ニュースハイライト

News Highlights: Hints China might ease its ‘Made in China 2025’ industrial policy lifted Wall Street. On the local front, Udenna Corp. & its unnamed foreign partners submitted a revised unsolicited proposal for Cebu Light Rail Transit (LRT) at $1.5bn while SEC cleared the merger of 2GO Group & Negros Navigation (Nenaco) with 2GO as surviving entity. Meanwhile, Budget chief Diokno said gov’t. spending on infra reached P665bn in the first 10 months of the year (+50%).

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

MOC boost enabled gauges to advance, PSEi @7,488: MOC-push aided the bourse’s close to positive terrain, after falling to an intra-day low of 7,426. The support stemmed from expectations of improved outcome of US-China trade talks & results from the local monetary policy’s meeting. The PSEi scored 37 points up at 7,488 (+0.5%) led by gains in holdings (+1.8%). Gainers among key index movers were: SM (+P24.50 at P945); JGS (+P2.40 at P52.40); & AEV (+P2.30 at P53.90), while declines were led by BDO (-P3.30 at P126.70); GLO (-P42 at P1,970); & LTG (-P0.28 at P16.64). Participation improved to P7.95bn (+81%), while gainers-losers scored 98-85. Net foreign selling widened however, at P984mn (+202%).
Higher plane: Thursday’s trades would likely take its cue from Wall Street’s optimism, in light of encouraging hints on the potential outcome of US-China trade relations. Eyes are also set on results of BSP’s policy meeting, with general view the committee might keep interest rates unchanged to assist the economy’s growth. Undervalued stocks might come into play & other good bets for 2019. Immediate support is 7,450, resistance 7,550.

ASIA

Marts gained: Asian stock markets ended higher on Wednesday following an up-beat China-US trade talks.

WALL STREET

US equities rallied: Hints China might ease its ‘Made in China 2025’ industrial policy lifted Wall Street, while Pres. Trump said he would intervene in Huawei’s arrest case if it would help secure a trade deal. DJIA +157 points, 24,527 (+0.64%), Nasdaq Comp. +66pts, 7,098 (+0.95%).

COMMODITIES

Crude ended lower: Crude futures dropped on Wednesday as Energy Information Administration (EIA)’s report of 1.2mn barrels drop in US crude supplies for the week ended Dec. 7 failed to meet market expectations. West Texas Intermediate (WTI) shed $0.50 to $51.15/barrel.

フィリピン国内各企業動向

Udenna submits proposal for Cebu LRT:

Udenna Corp. & its unnamed foreign partners submitted a revised unsolicited proposal for Cebu Light Rail Transit (LRT) at $1.5bn. The latest data is 50% lower than the original proposal. The project will include an above ground component from Dalisay to Carcar & Mandaue-Danao. DoTr aims to have phase 1 of Cebu LRT operational by 2020.

H2O will be PH Resorts Group, ups capital stock:

Philippine H2O Ventures Corp. (H2O) secured SEC’s clearance for the change in its name to PH Resorts Group Holdings & hike in authorised capital from P500mn to P8bn.

2GO-Nenaco merger gets green light:

SEC cleared the merger of 2GO Group & Negros Navigation (Nenaco) with 2GO as surviving entity. Approval was given last 10 Dec. 2018 & the effective date of merger will be 01 Jan. 2019.

IRC-Makati LGU starts subway initiative:

IRC Properties, Inc. (IRC) & Makati City gov’t. broke ground last 12 Dec. the $3.7bn Makati City subway project. Preparatory works would soon commence & signing of 30-year concession accord is seen to be signed in 2019. The proposed alignment starting in Ayala Ave. & end near Hospital ng Makati. Completion is slated 2025, with capacity at 700k passengers daily.

DNA enters revised accord to invest in Veritas Genetics:

Philab Holdings Corp. (DNA) has canceled its earlier agreement to invest US$10mn in Veritas Genetics Int’l. Ltd., parallel to Yamakazi Financial Ltd.’s private placement for P500mn. DNA however, will still proceed investing $3mn in Veritas. Also, DNA signed a subscription agreement for Highgarden’s purchase of 71.5mn common shares at P1/share in DNA. This would cover 3.35% of DNA shares.

CROWN unveils new projects:

Crown Asia Chemicals Corp. (CROWN) will supply its pipes to the new passenger terminal of Clark Int’l. Airport with land dev’t. set to start soon. CROWN’s other projects cover Cavitex Coastal C5 link (Cavite-Tagaytay-Batangas Expressway) & Harbour Link Segment 10 stretching from Valenzuela City to Port of Manila.

MRC signs MoA for solar rooftop:

MRC Allied, Inc. (MRC) signed a MoA with a mall in Mindanao area for the supply of at least 1,100 kWp solar photovoltaic (PV) rooftop system. Total investment cost is estimated at P67.4mn. The MoA will be effective upon issue of acceptance certificate & interconnection, among others.

ABA gets cash dividend from unit:

AbaCore Capital Holdings, Inc. (ABA) received P330mn cash dividend from fully-owned Phil. Regional Investment Dev’t. (PRIDE) from the sale of properties in Lemery, Batangas. ABA is studying until 31 JAn. 2019 the possibility of declaring a dividend.

フィリピン経済指標

10-month fiscal infra spending +50%:

Budget chief Diokno said gov’t. spending on infra reached P665bn in the first 10 months of the year (+50%). October capex surged 83% to P94.4bn.

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