Philippines Market Insights 2017.1.31

フィリピン株式ニュースハイライト

News Highlights: Aboitiz Power (AP) decided to exit from the greenfield geothermal exploration and development project of its wholly-owned subsidiary, AP International Pte. Ltd., in Ijen, East Java Province, Indonesia. Moreover, independent property consultancy firm Colliers International Philippines expects sustained demand for office space. Its confidence stems from the pre-leasing activities of BPOs and growing interest of offshore gaming companies.

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

Mart spooked on latest US pronouncements: Local mart barely moved on Monday amid lack of catalysts and investors getting spooked by US President Trump’s immigration order. PSEi ended relatively flat at 7,336 (+0.04% day-on-day), with sectors closing mixed. Among actively-traded shares were: BRN (-P0.01 at P1.26); MBT (+P2.25 at P81.50); and ALI (+P0.50 at P35.85). Turnover slowed to P4.04bn, while market favored bears, 94-89. Net foreign outflows registered at P234mn.

Looking at Wall Street’s decline: The market might find difficulty to stay on positive light today as investors continued to wary over US President Trump’s order on immigration ban, following Wall Street’s descent on Monday. Moreover, mart might opt to stay on the sidelines and wait for key statements from the Fed on how the balancing of risks and Fed rate hike would materialize within the year on their meeting this week. Immediate support is 7,270, with resistance at 7,400.

ASIA

Japan led decliners for the region: Markets that weren’t on a holiday break closed marginally lower partly caused by US Pres. Trump’s executive order on immigration. Moreover, Japan’s decline (-0.51%) was due to mixed sentiments on economic data. Most Asian markets were closed in observance of the Lunar new Year holiday.

WALL STREET

Immigration ban spooked Wall Street: Equities took a hit following Pres. Trump’s pronouncement on immigration ban. With the latest policy decisions, investors tried to stay on the sidelines ahead of key economic reports and the Federal Reserve meeting this week.

COMMODITIES

Growing US production sent oil prices lower: Crude continued to pose losses as signs of growing US production potentially undermine OPEC’s efforts to ease global supplies. West Texas Intermediate (WTI) for March delivery lost $0.54 at $52.63/barrel.

フィリピン国内各企業動向

AP exits from Indonesian project: Aboitiz Power (AP) decided to exit from the greenfield geothermal exploration and development project of its wholly-owned subsidiary, AP International Pte. Ltd., in Ijen, East Java Province, Indonesia. AP Int’l entered into the agreement with PT Medco Power Indonesia to participate in the exploration and development of a potential 2x55MW geothermal power plant in September 2015. The move would allow AP to focus and allocate its resources for other ongoing and pipeline projects.

ALI invests P16bn for malls: Ayala Land (ALI) mall business unit would have invested around P16bn for the development of 6 shopping centers opening within this year. The 30th opened last 11 January along Meralco Avenue, while other Ayala Malls set to open within the year are: Vertis along North Edsa; Marikina Heights; Cloverleaf in Balintawak; Feliz along Marcos Highway; and One Bonifacio within Taguig’s business district. ALI intends to expand its portfolio to 3mn sqm in leasable space by 2020.

MEG to raise P12bn for 4 townships: Megaworld (MEG) would be raising P12bn from the issuance of 7-year fixed rate bonds to finance the development of 4 of its townships. The amount would represent the initial tranche from the P30bn debt securities program approved. Proceeds would be financing projects within Iloilo Business Park, McKinley Hill, McKinley West and Uptown Bonifacio.

URC plant secures FiT: Universal Robina (URC)'s 46MW biomass power plant in Negros Occidental province secured a feed-in-tariff (FiT) eligible certificate of compliance from the Energy Regulatory Commission (ERC). Under the Renewable Energy Act of 2008, the feed-in tariff for biomass plants will have a fixed rate of P6.63/kWh for the next 20 years.

SCC to start construction of coal plant within the year: Semirara Mining and Power (SCC) is looking to start the construction of a 700MW coal plant in Calaca, Batangas within the year. The said project has already received an environmental compliance certificate (ECC) and approval of a power supply agreement (PSA) and "right of way transmission line." The project is a joint venture between SCC and Meralco (MER)'s unit Meralco PowerGen.

SCC to spend much more for CSR: Semirara Mining and Power Corporation (SCC) has allocated around P320mn (+75% YoY) for Corporate Social Responsibility (CSR) projects this 2017. The bulk of the budget will be for the construction of community, livelihood facilities and for environmental stewardship. SCC said that it is closely working with the DENR and host communities to ensure that its CSR efforts are aligned with the priorities of the national/local government.

UBP and subsidiary ink bancassurance partnership with Insular Life: Union Bank of the Philippines (UBP) and wholly-owned subsidiary City Savings Bank has signed a distribution agreement with Insular Assurance Company. Under the partnership, UBP and City Savings will distribute and sell Insular Life insurance products.

UBP recorded P10.1bn consolidated net income for 2016: Union Bank of the Philippines (UBP) posted a record-high consolidated net income of P10.1bn for 2016, 67% jump from the P6bn recorded in 2015. Net interest income grew by 22% to P14.8bn. Total loan portfolio expanded by 31% to P235.4bn, while total deposits increased to P376.5bn.

PSB raised P3.375bn in its first LTNCTD issuance: The Philippine Savings Bank's (PSB) first time issuance of long-term negotiable certificates of time deposits (LTNCTDs) successfully raised P3.375bn. Proceeds from the issuance will be used for PSB's expansion and diversification of funding sources.
PAL launches new routes from Clark and Cebu: Philippine Airlines (PAL) introduced 8 new routes, namely: Clark-Cebu, Clark-Davao, Clark-Puerto Princesa, Clark-Coron (Busuanga), Cebu-Puerto Princesa, Cebu-General Santos, Cebu-Surigao and Cebu-Coron (Busuanga). The move would allow travellers to reach desired destinations without the need to transit in Manila.

RCI posted P77.9mn net loss for 2016: Roxas and Company, Inc. (RCI) posted P77.9mn consolidated net loss for its fiscal year ending 30 Sept 2016, from the P135.1mn income recorded in 2015. The net loss was mainly due to higher costs and lower real estate sales. Consolidated sales decreased by 23% to P193.9mn, while expenses jumped by 57% to P185.2mn.

フィリピン経済指標

Property consultancy Colliers expects sustained demand for office space: Independent property consultancy firm Colliers International Philippines expects sustained demand for office space. Its confidence stems from the pre-leasing activities of BPOs and growing interest of offshore gaming companies. About one third of office developments due for completion this year have been pre-leased. At the same time, the offshore gaming companies have taken more than 80,000 sqm of office space available. Colliers also cited its expected increase in tourist arrivals beyond 6mn and sustained OFW Remittances.

8 firms to bid for P30bn LRT contract: The Transportation Department (DoTr) said that there are 8 bidders for the Light Rail Transit (LRT) Line 1 contract, namely: Metro Builders Corp., Construcciones y Auxilliar de Ferrocariles of Spain, GE Corp. of the US, Sojitz Corp., Mitsubishi Corp., Marubeni Corp. and Sumitomo Corp. of Japan and Hyundai Rotem of South Korea. The winning bidder of the P30bn contract will supply 120 brand-new light rail vehicles for LRT1. The submission and opening of bids is set to take place on 13 April.

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