Philippines Market Insights 2017.1.12

フィリピン株式ニュースハイライト

News Highlights: Megaworld Corporation (MEG) is set to open 4 new hotels this year.  Meanwhile, debt watcher S&P Global Ratings (S&P) and the World Bank raised growth forecasts for the Philippines. S&P expects our country to grow above 6% until 2019, but a credit rating upgrade is unlikely for the next two years.

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

Mart took a breather,  PSEi @7,321: Local equities took a breather,  opting to take profits from the 6‐day winning streak.  PSEi scored 42 points lower to 7,321 (‐0.58% day‐on‐day),  with  most  sectors  in the  red.   Actively‐traded  shares  were:  SMPH  (‐ P0.30 at P30); AC (+P3 at P796); and SM (‐P10 at P680).   Volume reached P7.1bn, with loser outpacing gainers, 99‐88, and net foreign inflows recorded at P455mn.

Might want to look for more cues: Mart might be going for some tepid gains on the back of Donald Trump’s press conference last night.  Investors might want to opt for more  clues  before  repositioning   themselves   once  Trump  assumes  office  by  20 January.  Immediate support 7,280 resistance 7,370.

ASIA

Marts mixed ahead of Trump presscon: Markets were mixed amid the impending press conference of US President‐elect Donald Trump on Wednesday. However, gainers for the day were backed by encouraging economic data and optimism on Trump's stimulus program.

WALL STREET

Rallied on Trump conference: Equities rallied on Wednesday amid Donald Trump's first news conference. Market will now have to wait upon the translation of his pronouncements into actions and policies once he assumes office starting 20 January.

COMMODITIES

Oil gains on optimism: Oil futures scored gains on the back of signs of Saudi Arabia’s compliance  on  the  output  cut  agreement  and  expectations  from  Donald  Trump’s plans to boost the economy that could help lift energy demand.  Moreover, investors seemed  to have  shrugged  off the  recent  US  data  report  on a weekly  increase  in crude stockpiles.  February West Texas Intermediate rose $1.43 to $52.25/barrel.

フィリピン国内各企業動向

MEG targets to open 4 hotels this 2017: Megaworld Corporation (MEG) is set to open 4 new hotels this year. These are Marriott Courtyard in Iloilo Business Park, Savoy Hotel Boracay, Savoy Newport and Hotel Lucky Chinatown in Binondo. MEG sees tourism as a potential growth driver. To date,  it  owns  3  homegrown  hotel  brands  –  Richmonde,  Belmont  and Savoy.

AC's AC Energy ties up with UPC Renewables Indonesia: Ayala Corporation's (AC) AC Energy Holdings, Inc. has signed investment agreements with UPC Renewables Indonesia Ltd. for the development and operation of a wind farm in Sidrap, South Sulawesi. It costs $150mn and is the first greenfield offshore investment of AC Energy.

RCB thrift banking  arm to expand  outside  Metro  Manila:  RCBC Savings Bank, the thrift banking arm of Rizal Commercial Banking Corp. (RCB) looks to expand its branch network outside Metro Manila. Currently,  the bank has around  half of its branches  in Metro Manila  and plans to lower the figure  as soon  as the expansion  in the provincial  areas  commence.  The savings bank had a branch network of 152 as of end‐June 2016.

フィリピン経済指標

S&P, World Bank pick Philippines as AP growth leader: Debt watcher S&P Global Ratings (S&P) and the World Bank raised growth forecasts for the Philippines. S&P expects our country to grow above 6% until 2019, but a credit rating upgrade is unlikely for the next two years. On the other hand, the World Bank projected  GDP growth of 6.9%, 7.0% and 6.7% for 2017, 2018  and  2019,  respectively.  The  World  Bank  also  predicted  that  the Philippines will outperform its Asian neighbors even China, but will trail behind Cambodia, Laos, Myanmar and India.

TD yields decline amid normal liquidity demand: Both the 7‐day and 28‐ day  term  deposits  were  oversubscribed  as  funds  return  to the  banking system after the holidays. The 7‐day tenor received P49.21bn bids for its P30bn  volume,  while  the  28‐day  tenor  received  P172.05  bids  for  the P150bn volume. Average rate declined to 3.0465% for the 7‐day term deposits,  lower  than  the  previous  week's  3.0722%.  The  28‐day  rates averaged 3.357% from the 3.3778% of the previous week.

Duterte approves up to $2bn fund raising from overseas debt market: According  to  the  treasury,  President  Duterte  has  approved  the  plan  to raise up to $2bn from the overseas debt market to help fund this year’s budget  and  pay off liabilities.  Discussions  with  banking  partners  on the timing of the issuance are already ongoing. Recall that in February 2016, the  Philippines  sold  $2bn  worth  of  25‐year  dollar‐denominated   bonds, priced at a coupon of 3.7%.

Vehicle sales increase by 24.6% in 2016: Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) reported a 24.6% increase in vehicle sales for 2016, exceeding their 329,300‐unit target. Vehicle sales reached 359,572 units, higher from the 288,609 set in 2015. For the month of December, vehicle sales reached 34,104 units or 27.8% increase YoY. Toyota Motors Philippines Corp. remained the market leader in automobiles with 44.14% market share or 158,728 units, followed by Mitsubishi Motor Philippines Corp. and Ford Motor Co.

DENR   to  issue   transport   permit   to  SMC   unit   to  remove   ash:   The Department of Environment and Natural Resources (DENR) said it will immediately grant the transport permit to SMC Consolidated Power Corp. to remove the limestone powder ash from its Limay power plant once the company  files  an application.  San  Miguel  Corp.  (SMC)  president  Ramon Ang said that the stockpiles of limestone powder ash is used for the company's cement production, contrary to earlier reports that those were coal residue.

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