Philipines Market Insights 2018.3.6

フィリピン株式ニュースハイライト

News Highlights: JG Summit Holdings, Inc. (JGS) will be removed from the Financial Times Stock Exchange (FTSE) index based on the latest rebalancing, as well as Lopez Holdings Corp. (LPZ) from FTSE small cap. Manila Electric Company (MER) said power rates could move up anew in March due to the peso’s weakness & shutdown of more power plants. San Miguel Corp. (SMC) will issue on 19 March a total of P20bn fixed rate bonds with P10bn over-allotment option. Lastly, the Phil. Competition Commission (PCC) issued circular 18-001 that raises the reporting trigger for M&A deals that need their approval.

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

Mart slightly recovered, but still down; PSEi @8,386: After weakening to an intra-day low of 8,350, the PSEi managed to trim its losses by 72 points at 8,386 (-0.86% day-on-day) even as the weight of Trump’s tariff proposal cast concerns among regional bourses. Sector indices fell except for property (+0.61%) & mining/oil (+0.2%). The drag among actively-traded shares were: SM (-P18 at P952); MBT (-P2 at P96); BDO (-P4 at P151); & BPI (-P0.50 at P117.70). Turnover was light at P6.12bn, with gainers-losers at 117-100.
Trailing Wall Street’s lead: The market, along with regional bourses, could track Wall Street’s overnight advance, as reactions may have been overdone with the trade war rhetoric. Meanwhile, rises might still be capped by potential selling, from some players who have very limited view on upside potentials in equities trading. Trade selectively & within range. Immediate support is 8,370, resistance 8,430-8,450.

ASIA

Most bourses down: Most regional marts fell, as Pres. Trump’s tariff proposal cast fears for a possible global trade war.

WALL STREET

Recovery amid fears from a global trade war: Easing fears from a global trade war aided Wall Street’s advance, especially as US House Speaker Ryan cited risks to the US economy if Trump moved forward to new tariffs. DJIA +336pts, 24,874 (+1.4%), Nasdaq Comp. +72pts, 7,330 (+1%).

COMMODITIES

Oil settled higher: Oil prices scored their largest single-session dollar and percentage gain in nearly three weeks, after a reported drop in crude stocks at the U.S. storage hub in Cushing, Okla. West Texas Intermediate (WTI) rose $1.32 to $62.57/barrel.

フィリピン国内各企業動向

JGS & LPZ removed from FTSE rebalancing:

JG Summit Holdings, Inc. (JGS) will be removed from the Financial Times Stock Exchange (FTSE) index based on the latest rebalancing, as well as Lopez Holdings Corp. (LPZ) from FTSE small cap. The change will be effective on 16 March.

Higher power rates warned for March:

Manila Electric Company (MER) said power rates could move up anew in March due to the peso’s weakness & shutdown of more power plants. MER said March adjustment would include the P0.33/kWh increase that was part of the P1.08/kWh rate hike last February, bringing the overall rate to P9.47/kWh from Jan.’s P8.72/kWh.

SMC prepares bond float:

San Miguel Corp. (SMC) will issue on 19 March a total of P20bn fixed rate bonds with P10bn over-allotment option, for its 5-year Series E bonds due 2023 (fixed interest of 6.25%); -year Series F due 2025 (fixed 6.625%); & 10-year Series G (fixed 7.125%). Listing in PDEx will be on 19 March 2018.
MEG opens school in Cebu township: Megaworld Corp. (MEG) will open its first school venture with the De La Salle Brothers, at its 30ha. The Mactan Newtown township in Cebu. MEG spent P240mn in building the school since 2014.

Lucio Co group won P1.647bn tax refund:

The Court of Tax Appeals (CTA) affirmed a division ruling ordering BIR to refund P1.647bn to Lucio Co & family for erroneous payment of capital gains taxes in the case stemmed from Puregold Price Club, Inc. (PGOLD) 2012 share-swap of the Co family’s Karelia Management Corp. CTA said the share-swap should be tax-free, as the law allows non-recognition of gains when further control of a firm is increased collectively.

TLD eyes IPO:

Torre Lorenzo Dev’t. (TLD) is looking at listing in the bourse between 2020-2023. TLD specializes in student residences, with key projects beside DLSU, Univ. of Perp. Help & UST. TLD also partnered with Dusit Thani for hotels & resorts that includes Dusit Thani Residence Davao & dusitD2 hotel, also in Davao City.

フィリピン経済指標

PCC issued circular 18-001 on M&A deals approval:

The Phil. Competition Commission (PCC) issued circular 18-001 that raises the reporting trigger for M&A deals that need their approval. ‘Size of person’ is defined as P5bn from P1bn previously, while the value of assets of the acquired entity is now at P2bn from P1bn.

SEC warns public against 1Legacy & Wahana Credit/Wahana Multipurpose Bank:

SEC issued a warning to the public against investing in 1Legacy & Wahana Credit/Wahana Multipurpose Bank, as these are not registered with them. Wahana is said to be soliciting investments from the public in return for as much as 12% return per week & 48% monthly interest. The firm acts as lending company for casino players.

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