Philippines Market Insights 2017.1.23

フィリピン株式ニュースハイライト

News Highlights: GN Power Dinginin, together with Leyte IV Electric Cooperative, sought Energy Regulatory Commission’s (ERC) approval for a 16MW agreement from its power plant, while GN Power Mariveles have applied a power supply deal (PSA) of 5MW, to supply with Quezon II Electric Cooperative. Meanwhile, San Miguel Corp. (SMC) said that it will join in the separate auctions for the unbundled 5 regional airports under the public-private partnership program (PPP).

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 lower ahead of Trump inauguration, PSEi @7,232: Local equities ended slightly lower as participants opt to grow defensive ahead of Trump’s inauguration. PSEi lost 13 points at 7,232 (-0.19% day-on-day), with sectors mixed. ALI (+P0.30 at P35.20); BLOOM (+P0.20 at P7.05); BDO (+P0.20 at P111) were among actively-traded shares on P5.7bn turnover. Gainers outnumbered losers, 94-84, with net foreign inflows locked in at P120.9mn.

Might be swayed by Wall Street: After the Trump inauguration, the market might weigh in his policy directives starting this week to better position themselves if his policies would really construe tighter trading opportunities. Similarities, however, between Trump and Duterte’s policies might also mean better trading conditions for both countries. For now, we might want to look further into our country’s direction as the latest GDP report is set to be released this week. In the meantime, Wall Street might spillover its gains on our equities market, but with expectations of a slightly cautious trading day until global and local directives provide clearer trading opportunities. Immediate support is 7,180, resistance at 7,300.

ASIA

China leads gainers, while others wary over Trump: Market bore mixed sentiments on Friday as reluctance on how Trump’s policies would pan out sent market into a cloud of uncertainty. China stocks, however, logged in gains as its latest economic growth of 6.8% for 4Q16 were in line of market’s expectations.

WALL STREET

Equities up as Trump took oath: Shares kicked in higher after Donald Trump took oath as US 45th president. Market rallied on Friday as investors bet on Trump’s corporate tax cuts, deregulation and infra spending, setting expectations of better economic growth and inflation. Expectations were toned down as most opted on how theses would be translated into policy actions.

COMMODITIES

Oil up amid OPEC’s efforts: Oil prices got a boost from indications that major oil producers comply on their output cut agreement. West Texas Intermediate (WTI) for February delivery settled its contract $1.05 higher at $52.42/barrel. However, latest data of increasing US oil rigs drilling might curtail OPEC’s efforts to remove surplus barrels, prompting some to pare some of their gains last Friday.

フィリピン国内各企業動向

GN Power assets to secure PSAs: GN Power Dinginin, together with Leyte IV Electric Cooperative, sought Energy Regulatory Commission’s (ERC) approval for a 16MW agreement from its power plant. Meanwhile, GN Power Mariveles have applied a power supply deal (PSA) of 5MW, to supply with Quezon II Electric Cooperative. The applications are set to be reviewed by ERC next month. Recall that Aboitiz Power (AP) secured the deal to acquire majority of GN Power Mariveles and minority interest in GN Power Diniginin.

SMC to join all auctions on 5 airports: San Miguel Corp. (SMC) said that it will join in the separate auctions for the unbundled 5 regional airports under the public-private partnership program (PPP). The 5 provincial airports in the PPP bundles are the P20.26bn Bacolod-Silay International Airport and the P30.4bn Iloilo International Airport under package 1, and the P14.62bn Laguindingan Airport, P2.34bn New Bohol (Panglao) Airport and P40.57bn Davao International Airport under package 2.
ALI to open 5 more Ayala Malls this year: Ayala Land, Inc. (ALI) will open 5 more malls within 2017 (total of 192k sqm of leasable space). These are located in Quezon City (40k sqm Vertis, 38k sqm in Cloverleaf Balintawak), Marikina (13k sqm in Marikina Heights, 79k sqm along Marcos Highway) and Taguig (22k sqm). The format will be similar to the 28k sqm ‘Ayala Malls The 30th’ in Ortigas, which was opened recently. By 2020, ALI will have over 3mn sqm in mall leasable area from about 1.6mn sqm currently.

DMC unit to start The Celandine condo project: DMCI Homes, subsidiary of DMCI Holdings, Inc. (DMC), is set to commence construction of its condominium tower project in Quezon City. The Celandine will rise along A. Bonifacio Avenue with 47 storeys and 1,566 units. The project offers units ranging from 27.5sqm one-bedroom up to three-bedroom units with 79.5 sqm. The Celandine units will be completed for turnover by October 2021.

SSI enters into JV agreement with Ryohin Keikaku: The 100%-owned Stores Specialists, Inc. of SSI Group, Inc. (SSI) has entered into a 51:49 joint venture (JV) agreement with Ryohin Keikaku Co. Ltd. (RKJ) to further develop the MUJI retail business in the Philippines. The JV is expected to commence operations on April 1, 2017.

MAXS appoints new COO: Max’s Group, Inc. or MGI (MAXS) has appointed Ariel Fermin as new COO (Chief Operating Officer) of Max’s Restaurant, Max’s Corner Bakery and Krispy Kreme. He will assume the post effective May 1, 2017 and will also be the CIO (Chief Innovation Officer). Prior to joining MAXS, Fermin was PLDT’s EVP & Head of Consumer Business. He was also the President of Greenwich and Chowking and the Country Director for Nike Philippines. With decades of experience, his entry into MAXS strengthens the brand’s leadership core.

FOOD partners with Felcra Bhd to expand in Malaysia and Middle East: Alliance Select Foods International Inc. (FOOD) signed an exclusive partnership deal with Malaysia's Felcra Berhad, through its subsidiary Felcra International Venture Private Ltd. (FIV) which will allow FOOD to export its canned tuna in Malaysia and Middle East. FOOD will manufacture JAKIM-certified products, the highest halal permission under the Islamic law.

BSC and PHEN project reports drilling results: Basic Energy and Phinma Energy’s consortium reported that exploratory drilling under the Mabini Geothermal Project has reached a depth of 1,125.8m. Drilling operations will continue up to the target depth of 1,500m. Subject to evaluation of drilling results, well-testing operations will be conducted subsequently on the well. No other information was added.

フィリピン経済指標

Survey shows a median GDP growth estimate of 6.9% for 4Q & FY16: A survey conducted by Business World shows a median GDP growth estimate of 6.9% for both 4Q and full year 2016. Looking at quarterly trend, the estimate for 4Q is slower than 3Q and 2Q actual growth. On an annual basis, the estimate is higher than FY15 and FY14 results. The official 4Q and FY16 GDP is scheduled for release on Thursday, 26 Jan.

Q4 PH GDP likely to grow 7.2%: Moody's Analytics said that Philippines 4Q GDP is likely to expand by 7.2% from 7.1% in 3Q16 on the back of sustained domestic demand, with private consumption and investment both expanding rapidly.

Infrastructure spending 49% higher in November: The Dep’t. of Budget and Management (DBM) reported a 49% increase in infrastructure spending to P30.4bn in November. The growth in disbursements for roads, school buildings, state universities and colleges (SUCs) and health facilities also lifted the fiscal spending by 46.3% to P426bn. Also, the growth in infrastructure spending, particularly road projects were due to the implementation of the Department of Public Works and Highways (DPWH).

House approves estate tax amnesty: The House ways and means committee has approved a bill titled ‘An Act Granting Amnesty in Estate Tax’. The amnesty rate is 6% and penalties are waived. Currently, net estates valued up to P200,000 are exempt from tax and those valued higher are imposed a tax of 5%, 8%, 11%, 15% and 20% depending on which bracket the property belongs. This way, the collection of appropriate estate taxes my significantly improve. At the same time, the properties freed up may be put into productive use.

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