Philipines Market Insights 2018.6.22

フィリピン株式ニュースハイライト

News Highlights: Wall Street continued booking losses (DJIA -196pts, Nasdaq -68pts) as immigration and tariff issues hurt sentiment. At home, MICC said 23 of 27 mines reviewed were cleared. Property & infra-related news led headlines: EAGLE sees contribution to earnings of Bulacan facility by 2H18; SLI cleared for lot purchase, JV & corp. note issuance; IRC to be renamed Phil. Infradev Holdings.

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 retreated, PSEi hits 7,098. Following the central bank’s move to raise its benchmark interest rate by 25bps, the market retreated on pronounced foreign selling. The PSEi landed 163 points weaker at 7,098 (-2.25%) with all sectors in red led by property (-3.54%) & services (-3.46%). ALI (-P1.20 at P37.05); SMPH (-1.60 at P32.90); JFC (-P9 at P270) led decliners among actively-traded shares. Turnover was P7.6bn, with net foreign selling at P2.3bn. Pessimists bested optimists, 166-36.

Wait-and-see mode. Market participants will be monitoring supply pressure in local equities, specifically to check on the PSEi’s holding power above 7,000. If the same trend in net foreign selling occurs, the next level to watch is 6,750. Meanwhile, watch out for possible positioning from contrarians who are scouting for bargains based on thebourse’s current state. Immediate support is 7,000, secondary at 6,900, resistance 7,130.

ASIA

Slightly calmed, but mostly closed lower. Asian marts closed slightly firmer Thursday, though still in the red, over lack of new developments concerning trade between U.S. & China.

WALL STREET

US shares continued to drop. Waning confidence on the Trump administration’s move to resolve immigration & tariff issues affected US equities. DJIA -196 points at 24,461 (- 0.9%), Nasdaq Comp. -68pts, 7,712 (-0.9%).

COMMODITIES

Oil prices closed lower. Oil booked modest losses Thurday on traders’ assessment of news and comments from prducers tied to the upcoming OPEC summit in Vienna. West Texas Intermediate (WTI) shed $0.17 to $65.54/barrel.

フィリピン国内各企業動向

Bulacan facility of EAGLE will go full operation 3Q:

Eagle Cement Corp. (EAGLE) sees its 3rd facility in Bulacan to start contributing to earnings by 2H18. The 2mn MT line would add to its current 5.1mn MT/year capacity & full operation is seen in 3Q. Meanwhile, the Cebu plant will add another 2mn MT, once completed in 2020. EAGLE sees 2018 earnings of P6.5bn from P4.26bn in 2017.

SLI gets clearance for lot purchase, JV & corporate note issuance:

Sta. Lucia Land, Inc. (SLI) approved the purchase of a total of 63.7ha. land in in Batangas, Davao del Sur, Laguna, Pangasinan, Quezon, Zambales, Iloilo, among others. Also, SLI got approval to enter into JV for 7ha. lot, the biggest of which is in Iloilo City (4.8ha.). SLI will also avail a 7-year corporate note worth P3bn with max. of 19 investors, plus over allotment option of P2bn.

VVT invests in Infracore & additional shares in Southern Grove:

Vivant Corp. (VVT)’s board approved the firm’s investment in Vivant Infracore Holdings, as well as the purchase to & payment for additional shares in Southern Grove Properties & Dev’t. Corp. No further details were given.

IRC will be renamed Phil. InfraDev Holdings soon:

IRC Properties, Inc. (IRC) will have shareholders approve on 20 July the change in its name to Phil. InfraDev Holdings, with its business model as an infra holding firm. Also, IRC’s fully-owned Interport Dev’t. Corp. will change its name to Greater East Metro Dev’t. Corp., which would entail a change in directors & increase in capitalization. IRC will also incorporate a new fully-owned unit that would cover mass transportation projects, named Alternative Metro Transport System.

フィリピン経済指標

85% of mines that were reviewed passed, MICC says:

Mining Industry Coord. Council (MICC) said 23 of 27 mines that were reviewed were already cleared. The remaining 4 however, failed & were unidentified. Finance USec. Again also said the 4 were ‘large-scale’ mines. All findings will be subject to final decision by Pres. Duterte & DENR. MICC will convene again on the last week of July. RPP

signed another deal in Bahrain:

Revolution Precrafted Properties (RPP) signed an accord with Property One Investment in Bahrain. RPP will design & supply up to 500 modular residential villas for Property1 over the next 5 years. Each 200sqm. villa will have 4 bedrooms valued at $320k & up.The latest would add to more than $7.5bn worth of various int’l. contracts.

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