Philipines Market Insights 2018.7.11

フィリピン株式ニュースハイライト

News Highlights: Optimistic earnings sentiment in Wall Street pulled major gauges higher (DJIA +143pts, Nasdaq +3pts). At home, Pres. Duterte signed 2019’s national budget of P3.757tn, while PH 5-month trade deficit widened to $15.766bn. Caticlan-Boracay bridge eyed by SMC; affordable housing developer bought by MEG unit; Net income of P1.2bn for 2018 seen by GSMI.

マーケットモニター

各国市場モニター

フィリピン株式市場動向

PHILIPPINES

Mart gained, PSEi @7,233: Sessions finished on an upbeat mood, inspired by Wall Street’s rise & repositioning by some fund managers in oversold large caps. PSEi scored 46 points up at 7,233 (+0.65%), with all sectors in green led by financials (+1.24%) & industrials (+0.67%). MBT (+P0.95 at P68.80); AC (+P18.50 at P924); BDO (+P1.50 at P131); & BPI (+P2 at P91) were up, while ALI (-P0.45 at P36.55); SM (-P10 at P880); & ICT (-P0.30 at P79) fell among actively-traded shares. Turnout was unscathed at P4.38bn, on P509mn net foreign selling. Market breadth favored optimists, 113-73.

Buying support: Follow-through buying might occur at home, as sentiment trails Wall Street’s optimism. Participants will heed for 2Q earnings announcement & would likely reward those that are likely to surpass, or within their full year growth trajectory. Meantime, punters may take interest in select shares with good macro support in store for 2H. Continue to trade a range by positioning on dips & opting for modest gains, as turnover remains light. Immediate support is 7,200, resistance 7,280-7,300.

ASIA

Tracked Wall Street’s ascent: Trade concerns took a back-seat Tuesday as Asian marts took cue from Wall Street’s overnight advance.

WALL STREET

US shares up: US equities continued to shine on earnings optimism & perceptions global growth can withstand trade tensions. Oil was choppy, as supply concerns in Norway & Libya were capped by US’ hint it would consider requests for waivers from Iranian oil sanctions. DJIA +143 points, 24,919 (+0.58%), Nasdaq Comp., +2pts, 7,759 (+0.04%).

COMMODITIES

Oil closed higher: API report of another U.S. crude supplies’ decline of 6.8 million barrels for the week ended July 6 pushed another rally in oil prices, while global sentiment is pressured by Libyan & Norwegian production concerns. West Texas Intermediate (WTI) inched up $0.18 to $74.03/barrel.

フィリピン国内各企業動向

Caticlan-Boracay bridge eyed by SMC:

San Miguel Corp. (SMC) will submit an unsolicited proposal for the P3bn Caticlan-Boracay bridge. This will be 1.1-km. stretch with completion slated in 2 years & will include a pipe to handle sewage & waste from Boracay. SMC proposes a tariff structure for users of the bridge to recover its investment in 10- 15 years. It would also help in SMC’s current P15bn Caticlan airport expansion.

MEG unit buys into affordable housing developer:

Megaworld Corp. (MEG)’s fully-owned Suntrust Properties, Inc. bought Stateland, Inc. (SI) that would expand MEG’s portfolio by 150ha. SI is engaged in affordable homes in Cavite & Laguna, and has Washington Place (WP) in Dasmarinas, Cavite among its flagship projects. WP offers 1,700 units on 40ha. land.

GSMI aims to double income:

From Ginebra San Miguel, Inc. (GSMI)’s 6 manufacturing plants, 4 more are seen to be built in the next 2-3 years. GSMI sees net income of P1.2bn for 2018, vs. P602mn in 2017.

TFHI remains invested in mining:

Top Frontier Investment Holdings, Inc. (TFHI) is still keen to build its $1.5bn nickel processing facility near its Nonoc mine site in Surigao del Norte. With the use of high-pressure acid leaching (HPAL), the firm aims to generate $600mn in free cash flow each year. TFHI’s investment is carried via Clariden Holdings, that holds mining tenements in several areas. TFHI owns 66% in SMC.

フィリピン経済指標

2019 budget gets green light:

Pres. Duterte signed 2019’s national budget of P3.757tn vs. this year’s P3.767tn. The amount is 19.8% of 2019 GDP from 21.6% for 2018.

5-month trade deficit widened:

PSA said exports fell 3.8% to $5.762bn in May vs. -4.9% in April. This brought 5-month exports to $26.914bn (-5%). Imports meanwhile, was +11.4% at $9.462bn for May vs. +23% in April. The country’s 5-month trade deficit stood at $15.766bn vs. $10.164bn previously.

Horse racing future uncertain:

Phil. Racing Commission said horse racing bets for Metro Turf Batangas, MJC & Phil. Racing Club in Cavite fell 15% in Feb., -25% in March, -18% in April & -22% in May, due to illegal horse racing bookies, tax reform’s 20% DST & full operation of esabong at horse racing offtrack betting stations (OTBs). Last Aug. 2017 however, Solicitor Gen. Calida ruled Gaming Amusement Board (GAB) had no authority on betting activities outside of cockpits. Calida also said Manila Cockers Club’s e-sabong was ‘illegal’.

Revolution Precrafted enters Central American market:

Revolution Precrafted signed its 15th int’l. market with Inversions Laguardia S.A., for the supply of 40 one-bedroom, upper mid-scale residential units worth $85k each in San Salvador, El Salvador. The firm intends to be present in 25 countries by end-2018.

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