Philippines Market Insights 2017.1.13

フィリピン株式ニュースハイライト

News Highlights: The Prime Minister (PM) of Japan Shinzo Abe, in the first of his two-day visit to the Philippines, has offered fresh aid package worth one trillion yen over the next five years. In the joint press conference with President Duterte, PM Abe said that Japan will create business opportunities through official development assistance (ODA) and private sector investments. Foreign portfolio investments or 'hot money' posted an inflow of $354mn in 2016, exceeding the central bank (BSP) target of $1.1bn net outflow. Meanwhile, Ayala Land (ALI) has opened its first shopping mall in Ortigas Center, called ‘Ayala Malls’ The 30th’. This 28,000sqm mall standing on a 2-ha land is worth P2.5bn in investments. San Miguel Corporation (SMC) is allocating P281bn to finance the expansion of its businesses.

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 shed more points before Trump inauguration, PSEi @7,264: Local equities declined anew as investors continue to take profits, also prior to the inauguration of Donald Trump as the President of the United States. PSEi dropped 57 points lower to 7,264.55 (-0.78% day-on-day), with all sectors taking losses. Among actively-traded shares were: SMPH (-P0.80 at P30.20); URC (+P3.10 at P174.00); and TEL (-P65 at P1,500) on P5.95bn turnover. Losers continue to dominate gainers, 113-69, while net foreign buying reached P176mn.

Downtrend might continue: As our local bourse starts to cool off, we might see more profit taking coming from the recent surge in equities. Also, investors will continue to search for cues and catalysts after the presscon of US President-elect Donald Trump failed to provide clearer details on his key policies. Immediate support 7,200 resistance 7,350.

ASIA

Marts lower after Trump presscon: Bourses across the region were mostly lower after the speech of President-elect Donald Trump. The incoming 45th President of the United States did not shed any light on how the US will boost its infrastructure spending and proposed individual and corporate tax reforms.

WALL STREET

Equities lower after Trump’s speech: Shares fell after President-elect Donald Trump failed to please investors in his first news conference. Trump reiterated his protectionist policy, but failed to give more details on his proposed tax reforms and boosting infrastructure spending. Nasdaq dropped for the first time in 2017, ending its eight-day streak.

COMMODITIES

Oil rallied on China’s growing demand: Oil futures rallied anew after reports that OPEC members have started to cut production and due to forecasts of growing fuel consumption in China. China has accounted for 28mn sold vehicles for 2016, while forecasts show that their net crude imports will rise to 8mn bpd in 2017. West Texas Intermediate for February added $0.76 to settle at $53.01/barrel.

フィリピン国内各企業動向

ALI’s first shopping mall in Ortigas opens: Ayala Land (ALI) has opened its first shopping mall in Ortigas Center, called ‘Ayala Malls’ The 30th’. This 28,000sqm mall standing on a 2-ha land is worth P2.5bn in investments. The mall merges with 20-storey office building that will to BPOs and other local operations.

SMC allots P281bn for big-ticket projects: San Miguel Corporation (SMC) is allocating P281bn to finance the expansion of its businesses. This forms part of its P543bn capex program, of which P262bn has already been spent. Infrastructure accounts for the bulk of the capex.

PCOR looks into a new $10bn refinery: Petron Corp. (PCOR) plans to venture with foreign oil players to put up a new $10bn 250,000-barrel/day refinery in Bicol. The said refinery will supply the whole country. SMC chief Ramon Ang said that he would invite William Wang, chair of Taiwanese conglomerate Formosa Plastics Group to invest in the new refinery.

NIKL ore shipments fall 2% to 19.3mn WMT for 2016: Nickel Asia Corp. (NIKL) reported 19.3mn wet metric tons (WMT) shipment of nickel ore for 2016, or 2% lower from the 19.7mn WMT made in 2015. The decline was mainly due to the lower volumes in shipment and the weakening of nickel ore prices. NIKL sold an average of $20.82 per WMT for 2016, while the same volume would have had averaged $22.64 per WMT in 2015. The Taganito high-pressure acid leachate (HPAL) facility accounted for 42% of its shipments in 2016.

PSPC looks to expand in Clark as it searches for new clients: Phoenix Semiconductor Philippines Corp. (PSPC) will commence its second phase of expansion in Clark as it looks for more clients other than Samsung Electronics. The Phase 2 of the project consists of an 18,000sqm manufacturing building, a 1,000 sqm warehouse spanning and a power utility building. The said expansion is expected to be completed end of August. The added capacity of new facility will be supplied to the new customers.

CAL approved issuance of common shares: Calata Corp. (CAL)'s board approved the issuance of common shares in favor of Jaka Securities Corp. with the following terms: Subscribed shares at 42,334,439 and subscription price at P2.40.

フィリピン経済指標

Hot money posted $354mn net inflow: Foreign portfolio investments or 'hot money' posted an inflow of $354mn in 2016, exceeding the central bank (BSP) target of $1.1bn net outflow. This was largely due to initial public offering by an industrial company, investments in shares of 2 holding companies and a universal bank; and renewed interest in peso government securities.

Japan’s PM Shinzo Abe yields positive results: The Prime Minister (PM) of Japan Shinzo Abe, in the first of his two-day visit to the Philippines, has offered fresh aid package worth one trillion yen over the next five years. In the joint press conference with President Duterte, PM Abe said that Japan will create business opportunities through official development assistance (ODA) and private sector investments. He also said that the joint committee on economic cooperation and infrastructure will be launched through which both private & public sectors will provide strong underpinning for nation building. Japan remains the top trading partner of the Philippines. It also accounts for the country’s second largest foreign direct investments, next to US. Mr. Abe is scheduled to visit Davao today, the hometown of President Duterte.

HSBC also upbeat on the Philippines: A day after S&P Global Ratings and World Bank indicated their bullish outlook on the Philippines, HSBC has done the same by raising its growth forecast for the country. In 2016, the Philippines likely expanded by 6.8% in GDP, according to HSBC beating China, India and Vietnam. For this year, it now expects a growth of 6.5% higher than its 6.3% estimate previously. HSBC sees the government’s infrastructure push as a boost to overall growth.

DOT fails to meet 6mn tourists target: The Department of Tourism (DOT) failed to meet its target of 6mn visitor arrivals in 2016 due to the occurrence of natural calamities during 4Q. Thus, total tally only reached 5.9mn and in December alone, about 200 flights were cancelled due to typhoons. For 2017, the government is looking at a total of 6.5mn visitor arrivals.

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