Philippines Market Insights 2017.1.11

フィリピン株式ニュースハイライト

News Highlights: International Container Terminal Services (ICT) is pursuing the expansion of its Manila port terminal to accommodate bigger vessels. On the economic side, net foreign direct investments inflow in the first 10 months of 2016 rose 22% at $6.2bn versus $5.1bn a year ago on the back of sustained confidence on the country's macroeconomic fundamentals. The draft of the Philippine Development Plan 2017-2022 has projected a 49.2% allocation of the national budget for developmental expenditures. The gov't is looking to spend up to P9tn in 2017-2022 to close the infrastructure gap.

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各国の株式市場動向

PHILIPPINES

Buoyed by telco, PSEi @7,364: Local mart extended its gains for 6th straight sessions, buoyed by telco and property stocks. PSEi closed 88 points higher at 7,364 (+1.21% day-on-day), with services (+2.12%) and property (+1.74%). Among actively-traded shares were: SMPH (+P0.70 at P31.30); GLO (+P36.00 at P1,826.00); and TEL (+P54.00 at P1,590.00), on P8.95bn turnover. Gainers outnumbered losers at 129-74, with net foreign buying at P180mn.

Mart might take a breather: The index might take a breather today and possibly end its 6th consecutive sessions winning streak as investors shift their focus on the upcoming speech of US President-elect Donald Trump on Wednesday, 11am ET. Any strong stance or pronouncements to support financial markets during this conference could give relief to investors and boost the sentiment of the market the following day. Immediate support 7,270, resistance 7,420.

ASIA

Marts mixed on China worries: Marts were mixed as inflation data from China raises uncertainty as to whether how its country would be able to keep its growth on track.

WALL STREET

Equities mixed ahead of Trump’s speech: Shares ended mixed ahead of President-elect Donald Trump's news conference, which could give clarity to his legislative agenda, on Wednesday.

COMMODITIES

Crude down amid worries: Oil prices settled lower amid worries on an increase US output and doubts on the adherence of OPEC to curb crude production. West Texas Intermediate fell $1.14 to close at $50.82/barrel.

フィリピン国内各企業動向

ICT to expand Manila terminal: International Container Terminal Services (ICT) is pursuing the expansion of its Manila port terminal to accommodate bigger vessels. Note that its Manila expansion plan was put on hold amid traffic issues and the previous administration's decision to promote Subic and Batangas as alternative ports. Moreover, ICT also proposes to build Cavite Gateway Terminal within a 6ha property in Tanza, Cavite.

PSB announces LTNCTD details: Philippine Savings Bank (PSB) disclosed its Long-Term Negotiable Certificates of Time Deposits (LTNCTD) offering details, with an issue size of up to P3bn and a tenor of 5 years and 3 months. The interest rate for this offering was set at 3.5% p.a., with quarterly interest payment. Issue date will be on 30 January.

PHA to raise P1bn for capex: Premiere Horizon Alliance Corp. (PHA) is planning to raise P1bn to fund its infra and tourism projects. PHA is looking for options under private placement and stock rights offering to target P1bn. The proceeds amounting to P400mn will be used to fund West Palawan Premiere Development Corp. (WPP) projects in Puerto Princesa City. PHA is currently complying with the Philippine Stock Exchange (PSE) requirements for the stock rights offer.

Audiowav pursues IPO plan: Audiowav Media Onc. will be proceeding with its initial public offering (IPO) plan to raise up to P2.66bn in the 1Q17. The firm is expecting to secure regulatory approval within the next 2 weeks. Audiowav plans to sell up to 900mn primary common shares at an P1.77-P2.96 a piece.

フィリピン経済指標

Foreign investments rose 22% at $6.2bn: Net foreign direct investments inflow in the first 10 months of 2016 rose 22% at $6.2bn versus $5.1bn a year ago on the back of sustained confidence on the country's macroeconomic fundamentals. Net inflows registered in October alone was at $342mn, lower than the $399mn recorded a year ago.

Dev't expenditures to reach 49.2% of nat'l budget by 2022: The draft of the Philippine Development Plan 2017-2022 has projected a 49.2% allocation of the national budget for developmental expenditures. The gov't is looking to spend up to P9tn in 2017-2022 to close the infrastructure gap. The current administration will bank on the proposed tax reforms and increasing local sources of revenue to expand the government's fiscal performance.

Political risk remained low but more unpredictable -Moody's: Global debt watcher Moody's Investor Service (Moody's) reported that political risk in the Philippines remained low, but more unpredictable than before. This unpredictability could negatively affect economic outlook and could hinder expansion. On the other hand, Moody's affirmed that the Philippines is on the right track in making significant improvements in business operating environment and focusing on infrastructure development.

DoE assures ample power supply during Malampaya shutdown: The Department of Energy (DoE) assured that Luzon will receive sufficient power supply during the scheduled maintenance shutdown of the Malampaya facility. However, prices could rise as the power plants shift to the more expensive oil as fuel. Projections show that the highest demand could reach 8,610MW on 9 Feb, while the reserve level is at its lowest at 706MW, which could trigger a Yellow Alert.

Trade deficit widens to $22.4bn as of end-Nov: Trade deficit widened to a record $22.4bn as of end-November from the $10.7bn deficit set in the same period in 2015. Trade deficit reached $2.6bn for the month of November as imports rose by 19.7% to $17.3bn, while exports declined by 7.5% to $4.7bn. Export earnings was reduced to $4.7bn in November with electronics declining the most at 7.9%.

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