Philipines Market Insights 2018.8.31

フィリピン株式ニュースハイライト

News Highlights: US shares weakened mid-trade after Pres. Trump said he wants to impose tariffs on $200bn imports from China as early as next week. On the local front, San Miguel Corp. (SMC) plans an MRT loop with an airport express, similar to HK’s MTR while DoE USec. Donald Marcos said PNOC want to look for a partner for an integrated LNG hub using solicited terms, or based on the partner’s own terms of reference.

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

Bourse higher, PSEi @7,853: Local equities scored on the plus side, as players took their cue from expected resolution on US trade issues. Some took comfort on assurance from local economic managers to keep a lid on the budget gap, easing pressure for higher domestic rates. After moving within 7,818-7,875, the PSEi closed 22 points up at 7,853 (+0.28%), led by holdings (+0.83%) & financials (+0.52%). BDO (+P0.50 at P130); GTCAP (+P38 at P890); & MPI (+P0.28 at P5.50) led actively-traded shares, while ALI (-P0.10 at P44.70); SMPH (-P0.15 at P38.85); & ICT (-P0.30 at P94.70) fell. Turnover was P6.25bn, with gainers-losers at 99-97. Net foreign selling stood at P105mn.
Spot buying windows: Sessions may take its cue from Wall Street’s correction, ahead of their long weekend break & Pres. Trump’s latest tariff statement on China. Declines might be limited however, on MOC-push, with month-end portfolio closing. Seize on weakness to reposition, and keep tab of stocks where accumulation on lows is present. Immediate support is 7,800, resistance 7,850.

ASIA

Mostly dropped: Asian markets mostly dropped on Thursday as investors remained cautious despite the wave of optimism that propelled Wall Street to a fourth straight day of records.

WALL STREET

US shares lower: Shares weakened mid-trade after Pres. Trump said he wants to impose tariffs on $200bn imports from China as early as next week. DJIA -137 points, 25,986 (-0.53%), Nasdaq Comp. -21pts, 8,088 (-0.26%).

COMMODITIES

Crude up: Oil prices settled higher on signs of tightening supply. West Texas Intermediate (WTI) rose $0.74 to $70.25/barrel.

フィリピン国内各企業動向

MRT loop eyed by SMC to Bulacan airport:

San Miguel Corp. (SMC) plans an MRT loop with an airport express, similar to HK’s MTR. The planned elevated train system will cover 200km. & connect with SMC’s Bulakan, Bulacan airport to EDSA. Cost is still being finalised, but would be part of the $15bn project cost.

SECB starts $1bn note issuance:

Security Bank Corp. (SECB) has set up US$1bn medium-term note program that will be listed in Singapore Exchange. Citigroup, CLSA, MUFG & UBS were appointed joint lead arrangers.

Buy-in of CSB shares issued at par:

Eternal Gardens Memorial Park subscribed to 1.434mn shares of Citystate Savings Bank, Inc. (CSB) last 17 Aug., at P10/share par value, or P14.348mn. The move would raise additional funds for CSB through Eternal’s purchase of unsubscribed portion of the bank’s capital stock. Both share the same director, Benjamin V. Ramos, who is also president of CSB.

TECH undertakes repurchase plan:

Cirtek Holdings Philippines Corp. (TECH) affirmed plans to repurchase its shares to boost shareholder value. Details however, remain unavailable.

Companies with ex-date on 03 Sept. 2018:

Ayala Land, Inc. (ALI) P0.225, payable 02 Oct.

フィリピン経済指標

PNOC eyes solicited deal for integrated LNG:

DoE USec. Donald Marcos said PNOC want to look for a partner for an integrated LNG hub using solicited terms, or based on the partner’s own terms of reference. ADB meanwhile, describes a solicited tender as one that would require the bank to assist PNOC in structuring the project. DoE has reviewed pre-qualification from 15 groups interested for the project.

Araneta camp to file suit against PNOC:

Unnamed sources claimed Araneta’s Gregorio Araneta, Inc. (GAI) is said to be exploring legal options against PNOC & DoE for sidelining its proposal to build an LNG City in Bataan that was approved by the previous administration. GAI’s partners for the project include Mitsui & Osaka Gas. The LNG facility would have a capacity of 600MW for the initial phase & investment of $1.2bn.

BDO granted P2bn loan to ISOC Land:

BDO signed P2bn loan with ISOC Land, a firm under ISOC Holdings of Michael Cosiquien. ISOC Land intends to finish construction of iLand Bay in Macapagal Blvd., Pasay City, offering 23,541sqm. commercial & retail space. Cosiquien left his post in MWIDE to focus on his family’s cold storage business. In Dec. 2017, ISOC Holdings bought 57% of AG Finance, which was renamed to Ferronoux Holdings.

DENR limits mining areas:

DENR signed an Admin Order (AO) that limits the areas to be mined & developed for mineral agreements (MAs), financial or technical assistance agreements (FTAAs), & other similar mining tenements that have surface metallic mines under dev’t., construction or are already operating. For nickel mines with annual production of 1mn WMT, max. disturbed area has been set at 50ha., while those producing 1mn-3mn, the limit is at 60ha.

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