Philippines Market Insights 2017.1.5

フィリピン株式ニュースハイライト

SECB ‐ Initial Coverage: We are initiating BUY rating for Security Bank Corporation (SECB). Key elements: (1) the bank’s strategic plan of expanding its branch network across Metro Manila and key areas in Visayas and Mindanao, (2) the P36.9bn equity investment of Bank of Tokyo‐Mitsubishi UFJ (BTMU), and (3) target P/B multiple of 1.59x based on 2017E BV/sh of P140.82.

BLOOM‐ Company Update: We cut our target price (TP) for BLOOM by 4% to P7.54/sh. Nonetheless, our revised estimate still translates to double‐digit upside potential of 18%. Despite BLOOM’s latest strong interim financial performance, we are prompted to reduce our TP to reflect the reversion to the original gaming tax structure, dragging EBITDA estimates used in our valuation.

News Highlights: On the corporate front, Aboitiz Power (AP) said that it has passed its surveillance audit for its 2 subsidiaries, namely, Therma Luzon and Therma South. Meanwhile, banks swarmed the first term auction of the central bank (BSP), following several undersubscribed auctions last month.

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

A spillover optimism pushed PSEi up: Local equities gained buoyed by upbeat economic data in US and spilled over optimism from latest China's manufacturing data. PSEi rose 169 points to close at 7,030 (+2.47% day‐on‐day), with all sectors ending in green, primed by property (+3.60%) and services (+2.94%). Among actively‐ traded shares were: SMPH (+P1.15 at P29.60); BDO (+P2.90 at P114.90); RRHI (‐P0.05 at P73.85), on P7.59bn turnover. Net foreign inflows reached P184mn.

Modest gains seen: Local mart is seen to rise modestly today as stronger economic data globally keep on trickling in. With strong US auto sales, positive reception from the Fed minutes, and upbeat Japan manufacturing gauge, we might see some optimism into today's trades and encourage investors to accumulate more shares that have been beaten down in the past few weeks. Immediate support 6,940, resistance 7,080.

ASIA

Bourses rose following Wall Street's ascent: Marts rose broadly tracking overnight Wall Street's ascent. Meanwhile, Japan rose nearly 500 points on weaker yen and upbeat manufacturing data.

WALL STREET

Equities up following the release of auto sales and Fed minutes: Shares ended higher following upbeat auto sales and the release of Fed minutes. According to the minutes, the Fed may raise interest rates faster‐than‐expected, which reaffirms Chair Yellen's hawkish statement.

COMMODITIES

Crude up amid expectations of lower crude inventories: Oil prices rose on speculations that US crude stockpiles are decreasing, coupled with expectations that major oil producers will abide with the output cut agreement. West Texas Intermediate (WTI) for February rose $0.93 to settle at $53.26/barrel.

フィリピン国内各企業動向

AP passes 3rd party audit: Aboitiz Power (AP) said that it has passed its surveillance audit for its 2 subsidiaries, namely, Therma Luzon and Therma South. The audit, conducted by TUV Rheinland Philippines, Inc., ensures the public that AP continues to conform to the standards of their ISO 9001 certifications. The scope of the audit covers fuel management, ship unloading and coal yard, among others.

RFM sells additional treasury shares: RFM Corporation (RFM) is selling an additional 4.363mn treasury shares at P5/sh. or a total of P21.815mn in value. The shares sold represent less than 1% of the listed shares.

PAL pleads more South Korea flights: Philippine Airlines (PAL) sought Civil Aeronautics Board for more flight frequencies between Philippines and South Korea amid strong travel demand. PAL seeks an additional 1,730 weekly seats from January ‘til 18 February and another 1,270 weekly seats from 19 February onwards. PAL’s request was in accordance with its existing air services agreement between the governments of Korea and the Philippines.

フィリピン経済指標

Term deposit oversubscribed: Banks swarmed the first term auction of the central bank(BSP), following several undersubscribed auctions last month. The week‐term auction offering P30bn gathered P43.991bn total tenders at a yield of 3%‐3.1%. The month‐term auction of P150bn reached P217.523bn at a yield within 3%‐3.495%.

SEC issues new code for listed firms: SEC announced a new corporate governance code for publicly listed firms to strengthen the country’s regulatory framework and corporate governance practices. The new code would improve the functioning of boards, strengthen shareholder protection and promote full disclosure in financial and non‐financial reporting, which would take effect on 1 January. SEC said firms should state in their annual corporate governance reports whether they complied with the code provisions, identify any area of non‐compliance and explain the reasons for non‐compliance, to be able to raise standards to be at par with its regional and global counterparts. Under the new code, all publicly listed companies are required to submit a new manual on corporate governance to the SEC on or before 31 May.

Tighter power supply next month: Luzon should be bracing itself for a tighter power supply next month amid shutdowns of several power plants and the repair of Malampaya natural gas plant. Dep't. of Energy(DoE) said that a ‘yellow’alert might be declared in the Luzon grid for the 5‐day critical period amid Malampaya shutdown starting 28 January to 17 February. Meanwhile, critical period would run from 13‐17 February. Power generation rates are also expected to increase by P1.20/kWh in the March billing, with the use of more expensive fuel and the aftermath of the tight supply.

Government highlights infra spending targets: The Philippine government, in its latest issue of‘EconomyPH’, highlights the increasing infrastructure spending until the end of the term of the current administration in year 2022. From an infra spending of 4.3% of GDP in 2015 to 5.1% in 2016 and to 5.4% estimate for this year, it is expected to rise further and consistently to 7.1% in 2022. The government is hoping to roll out 17 PPP deals between July 2016 to end‐2017.

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