Philipines Market Insights 2018.7.25

フィリピン株式ニュースハイライト

News Highlights: Optimistic earnings from tech shares & U.S. gov’t farmer assistance program pushed Wall Street gauges higher (DJIA +197pts, S&P500 +13pts). At home, the finance bureau expressed reservation on SC ruling on expedited release of budget to LGUs. Large-caps led headlines, as MER’s Clark unit applied for ERC approval on 2018 capex, and GLO’s unit obtained Senate clearance for franchise extension.

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

MOC-boost aided bourse’s advance to 7,447: Gauges scored on the green side, aided by MOCpush, as investors lauded the SONA turnout on continuity of the tax reform program. After moving within 7,363-7,400, the PSEi settled 70 points up at 7,447 (+0.95%). Mining/oil (+2.23%) & holdings (+1.7%) primed the ascent. MBT (+P0.10 at P73); ALI (+P0.30 at P39.10); MER (+P12 at P370); & BLOOM (+P0.49 at P10) led actively-traded shares. Market breadth was positive, 107-92, despite net foreign selling of P48mn. Turnover was P4.05bn.

Trouncing past 7,500: Market watchers will heed on local gauge’s strength to trounce past 7,500 given Wall Street’s trail. Some might also position on news of SC clearance on the release of budget support to LGUs, that should hasten project rollouts. Meantime, stay alert for possible selling pressure, as some might divert to US shores plus possible changes in the PSEi mix. Immediate support is 7,420, resistance 7,530-7,550.

ASIA

Marts bounced-back: Asian equities, led by Chinese large-caps & financials, took a breather Tuesday after incurring steep losses the day prior, as participants kept focus on rising bond yields amid Chinese yuan’s decline.

WALL STREET

US equities advanced: Expectations of robust earnings from tech shares given Alphabet’s results (+5% at $1,275) & agri-tied stocks that would benefit from $12bn farmer assistance from the Trump administration glided Wall Street higher. DJIA +197 points, 25,241 (+0.79%), S&P500 +13pts, 2,820(+0.48%)

COMMODITIES

Oil prices climbed: The API’s Tuesday report of a decline by 3.16mn barrels in U.S. crude supplies pushed higher oil prices, further supported by simmering US-Iran tensions plus China’s plans to stimulate its economy. West Texas Intermediate (WTI) inched up $0.84 to $68.73/barrel.

フィリピン国内各企業動向

MER’s Clark unit waiting for ERC’s nod on capex plan:

Manila Electric Company (MER) unit, Clark Electric Distribution Corp. (CEDC), has applied for ERC approval, for the firm’s P258mn capex for 2018. Of the amount, P125mn will go to CEDC’s enterprise asset management system, P30mn for consumer metering.

GLO unit gets Senate clearance for franchise extension:

Globe Telecom, Inc. (GLO)’s Innove Communications obtained clearance from the Senate for the extension of its telco franchise for another 25 years. Innove provides fixed line, broadband & private data network services.

PSB prepares P3bn LTNCD float:

Philippine Savings Bank (PSB) will offer P3bn in long-term negotiable cert. of time deposits (LTNCD) with 5-year, 6 months tenor at 5% per annum. There is an option to upsize, with issue date on 09 Aug. PPC on track with earnings target for 2018: Pryce Corp. (PPC) is on track with its P1.5bn net income target for 2018 (EPS of P0.74), given its 1H18 performance. Ongoing expansion on the firm’s marine-fed terminals & refilling plants would help boost LPG sales volume growth of 15%.

CEB launches Melbourne route:

Cebu Air, Inc. (CEB) will start on 14 Aug. its Manila-Melbourne flight. Fares could go as P9,539, 60% lower versus other airlines.

フィリピン経済指標

DoF expresses reservation on SC ruling on expedited release of budget to LGUs:

Supreme Court (SC) ruled the national gov’t. should immediately release the share of revenues to local gov’t. units (LGUs) & directed the automatic release of increased transfers to LGUs without need of further action. DoF expressed reservation however, after Fitch & Moody’s placed a warning on the SC ruling. DoF said the IRA arrearages could reach P1tn-P1.5tn if retroactively implemented.

Majority of PSALM receivables from SMC power unit:

Due to disputed terms & differences in interpretation of provisions of the IPPA Administration Agreement, PSALM said receivables mounted to P27.2bn as of 2017. Of the total, P22.4bn came from 1,200MW Ilijan gas-fired plant of SMC’s South Premiere Power (SPPC). SMC has disputed the claims & cases remain pending for the resolution of the matter.

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