Philipines Market Insights 2018.6.1

フィリピン株式ニュースハイライト

News Highlights: Potential retaliation from imposition of tariffs on metal imports reignited trade fears, dragging U.S. shares down (DJIA -251pts, Nasdaq -20pts). At home, the central bank sees higher inflation for May on higher oil & rice prices, while bill allowing foreign campuses in PH has been filed in Congress. RLC goes dormitory/shared office space; new residential condo launched by MEG; JV for mall & hotel segment to be formed by CLI.

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

Rebound supported, PSEi @7,497. After trailing 7,457-7,538, sessions recovered at close, pushing the PSEi 27 points higher at 7,497 (+0.4%). Part of the boost stemmed from Wall Street’s reversal of its earlier slide & month-end portfolio closing from some fund managers. Mining/oil (+2.8%) led sectoral gainers, followed by financials (+0.9%), while industrial shares weakened (-0.5%). AC (+P9.50 at P940); BDO (+P2.50 at P130.50); & SM (+P8 at P868) led actively-traded gainers. Turnover zoomed to P17.23bn, as net foreign selling receded to P194mn (from P1.2bn previously). Gainers-losers turned tight, 102-101.
Cautious approach. Another cautious tone might be in place for local shares, with the latest headline on trade tariffs in the US. Others might also heed the local central bank’s warning of higher consumer prices for May, which could raise the prospects for another adjustment in benchmark rates. Sessions would stay stock-specific for now, until fears start to ebb. Trade a range. Immediate support is 7,420, resistance 7,530.

ASIA

Marts recovered. Regional marts recuperated and pared early-week losses Thursday, as easing of Quitaly concerns brought back some appetite in global risk assets.

WALL STREET

US equities down, back on trade spats. US imposition of tariffs on metals imports from Canada, Mexico & the European Union weighed on Wall Street, as it sparked renewed trade spats for retaliatory measures. DJIA -251 points, 24,416 (-1%), Nasdaq Comp. -20pts, 7,442 (-0.3%).

COMMODITIES

Oil prices slid. Oil prices finished lower Thursday, weighed by rising U.S. oil stockpiles and uncertainty surrounding OPEC’s production plans. West Texas Intermediate (WTI) shed $1.03 to $67.18/barrel.

フィリピン国内各企業動向

RLC goes dormitory/shared office space:

Robinsons Land Corp. (RLC) is developing dormitory with shared office spaces, as it targets those who cannot afford to buy their own properties. RLC intends to grow its net leasable space (NLA) by 28% to 518k sqm. & sees 2 industrial warehouse in Calamba providing 33,000 NLA.

New residential condo launched by MEG:

Megaworld Corp. (MEG) launched its new 25-storey residential project on its 34.5ha. McKinley West, called Park McKinley West. Units offered range 48-336sqm. Sales target is at P6.5bn & will be completed in 2022.

JV firm to be formed by CLI for hotel & mall project:

Cebu Landmasters, Inc. (CLI) board approved the formation of a JV for the development of 1.9ha. lot into a mixed-use project with hotel & mall components. The board also approved the purchase of 4.6ha. lot in Bogo, Cebu, presently the site for CLI’s socialised housing compliance & 7.2ha, in Cagayan de Oro, for Velmiro Uptown.

Resort airport terminal to open in July:

Pres. Duterte is expected to grace the launch of the P17.5bn Terminal 2 of Mactan Cebu Int’l. Airport on 07 June. The project is undertaken by GMR-Megawide Cebu Airport (GMCAC) & will start commercial operations 01 July. The terminal would raise capacity to 12.5mn passengers yearly.

Property arm of SMC plans Caticlan hotel:

San Miguel Corp. (SMC)’s San Miguel Properties (SMPI) plans to build 1,000 hotel rooms in Caticlan, Boracay. The first 500 will be completed 2019, the balance in 2020. The hotels would offer P2k/room/night. It would also complement SMC’s planned P3bn bridge project connecting Boracay to Caticlan.

Brewery arm of SMC plans US plant:

San Miguel Brewery plans $100mn brewery in the US, as the firm is in the final stage of checking the license & tax environment. Last year, the firm was set to finalize the purchase of 10ha. in Los Angeles where the 2mn-hectoliter brewery would rise.

AP-TeaM Energy launch Pagbilao plant:

Aboitiz Power Corp. (AP) & TeaM Energy launched their $976mn, 420MW coal-fired plant in Pagbilao, Quezon. The structure stands next to the 735MW Pagbilao power stations 1 & 2.

FNI unit gets supply contract:

Global Ferronickel Holdings, Inc. (FNI)’s subsidiary, Platinum Group Metals (PGMC), signed a supply contract with Baiyin Int’l. Investment Ltd. for the delivery of 1.1mn WMT nickel ore. Basin is a unit of China’s state-owned firm, Baiyin Nonferrous Group Co. Ltd., engaged in non-ferrous metals & operation of smelting & chemical ventures.

フィリピン経済指標

BSP sees higher inflation for May:

Bangko Sentral ng Pilipinas (BSP) sees 4.6%-5.4% inflation in May (based on 2012 base year), faster versus April’s 4.5%. Higher petroleum & rice prices might be offset by reduced electricity rates.

Bill filed allowing for foreign university campuses in Philippines:

Surigao del Sur Rep. Pimentel filed HB3165, or Higher Education Internationalization Act, that would allow foreign universities to set up campuses in the Philippines. Global int’l student population is at 4.6mn & the Phils. is a viable site for future offshore campuses.

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