Philipines Market Insights 2018.5.29

フィリピン株式ニュースハイライト

News Highlights: Megaworld Corp. (MEG) has pre-sold 70% of 6.3ha. Shophouse District in San Fernando City, Pampanga while Cebu Landmasters, Inc. (CLI) partnered with Lyceum of the Phils. Univ. (LPU), where CLI will be project planner & manager for the latter’s Davao Univ. Town Campus in Sun City Road, Buhangin, Davao del Sur. Labor chief Bello III ordered all wage boards to start tripartite consultations to study the impact of the tax reform (TRAIN) & economic situation per region.

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 ended flat at 7,642: Sessions were lackadaisical at the start of the week, as sectors turned-in mixed results. Others also heeded for details on the Treasury’s P30bn retail TBond issuance. After moving within 7,598-7,670, the PSEi scored 4 notches lower at 7,642 (-0.06%) as declines in services (-1.9%) were offset by gains in financials (+0.8%). MBT (-P0.35 at P81.65); ALI (-P0.10 at P41.20); & TEL (-P85 at P1,295) fell, while NOW (+P0.90 at P11.64); SM (+P15 at P882) & BDO (+P1 at P130.80) rose. Turnover reached P5bn, as losers bested winners, 129-74.

Sideways for now: With Wall Street on Memorial Day holiday, sessions might score another flattish performance, as participants review the impact of wage boards’ review on regional wage rate. Select sectors might shine esp. property, for sequel stories on their expansion drive, as well as telco shares. Immediate support is 7,570-7,600, resistance 7,680-7,690.

ASIA

Mixed tone: Asian stocks were mixed on Monday, with optimism about the Korean Peninsula and a new slump in oil prices.

WALL STREET

Closed for Holiday: US Market was closed in observance of Memorial Day.

COMMODITIES

Oil ended lower: Oil prices slumped again on Monday, as investors are concerned about the prospect of major oil producers boosting production, and U.S. output also showed signs of picking up.

フィリピン国内各企業動向

MEG updates pre-selling of Pampanga’s Shophouse District:

Megaworld Corp. (MEG) has pre-sold 70% of 6.3ha. Shophouse District in San Fernando City, Pampanga. MEG sees P1bn sales from the project since its launch June 2017. The project comprised 98 lots ranging 276-680sqm. (or P12mn-P32mn per lot), with ground & 2nd levels for commercial use, the 3rd for business owner’s residence. Lot turnover will start end-2019.

CLI ventures into Campus Township:

Cebu Landmasters, Inc. (CLI) partnered with Lyceum of the Phils. Univ. (LPU), where CLI will be project planner & manager for the latter’s Davao Univ. Town Campus in Sun City Road, Buhangin, Davao del Sur, or less than 10 mins. away from the airport. Dev’t. of the 17ha. mixed-use project will start 4Q18, 5.2ha. of which will be for LPU Davao campus.

FGEN open to team-up with SMC for LNG:

First Gen Corp. (FGEN) is open to team-up with SMC for the $1.2bn LNG terminal in Batangas. SMC earlier said they intend to expand the capacity of 1,200MW Ilijan natural gas which may be expanded by another 1,800MW later on, once LNG is available in the country.

Skytrain to start construction works:

Alliance Global Group, Inc. (AGI)’s InfraCorp Dev’t. Inc. is prepared to start the 2-km, P3bn Skytrain monorail this year after DoTr granted original proponent status. The Skytrain will be open to the public early 2021 & will be run by InfraCorp. prior to the transfer of ownership title to gov’t.

RRHI plans P3.5bn capex for 2018 (+13%).

This covers opening 100-120 new stores across retail brands, or 13 supermarkets, 3 dept. stores, 10-15 Do-It-Yourself stores, 20-30 South Star Drug outlets, among others. From 2.7% SSSG in 2017, the figure is seen to improve to 3%-5%.

FPH ventures into healthcare & education:

First Philippine Holdings Corp. (FPH) bought 68% of Asian Eye Institute & will set up a senior HS program that provides vocational training. FPH is spending P100mn for Asian Eye, & P100mn-P200mn in education this year. The firm launched First School that offers training to locators at First Phil. Industrial Park. Capex for 2018 is at P22bn, P12bn of which will be for ROCK, P8bn for FGEN, the balance for Benpres.

PNX buys into digital payment platform:

Phoenix Petroleum Philippines, Inc. (PNX) bought 75% of Action.Able, Inc. & Think.Able, owners of Pos!ble.net. This digital payment platform was bought for P72mn & will be used for point of sale financial transactions.

FNI will proceed with FOO:

Global Ferronickel Holdings, Inc. (FNI)I will adjust its follow-on offer (FOO) of 250mn common shares at P4 apiece within June 2018. FNI clarified earlier reports of suspension of its FOO.

NIKL aims to ride on EV mart, sees +13% in volume:

Nickel Asia Corp. (NIKL) plans to increase shipment volume by 13% to 20mn WMT. The firm anticipates higher prices as demand outstrips supply, esp. with the use of batteries for electric vehicles (EV).

Companies with Ex-date on 29 May 2018:

SBS Philippines Corp. (SBS) P0.017, payable 22 June.

Companies with Ex-date on 30 May 2018:

Filinvest Development Corp. (FDC) P0.0765, 28 June. City & Land Developers, Incorporated (LAND) P0.0294, 20 June.

フィリピン経済指標

Wage boards tasked to do a review:

Labor chief Bello III ordered all wage boards to start tripartite consultations to study the impact of the tax reform (TRAIN) & economic situation per region. PNOC was also instructed to discuss with oil suppliers to address oil reserves & stockpiling, given the volatile world prices.

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