Philippines Market Insights 2017.10.19

フィリピン株式ニュースハイライト

News Highlights: Metropolitan Bank & Trust Company (MBT) is buying out the 40% stake held by partner ANZ Funds Pty Ltd. in their local credit card venture, Metrobank Card Corp. (MCC), for P14.8bn, taking 100% control of this market-leading consumer business. Meanwhile, central bank (BSP) chief Espenilla wants single-digit reserve requirement for banks from the present 20%.

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 plunges after records high, PSEi @ 8,432: Investors took profits throughout the day after the benchmark reached records high, though a rally upon market-on-close limited losses. All sectors ended in red, with Mining & Oil taking the brunt at -3.17%. Among actively traded shares were: AC (-P22.00 at P1,070.00), ALI (-P0.05 at P42.45), SMPH (-P0.30 at P37.00), BDO (+P1.30 at P144.80), and URC (-P1.70 at P144.30), on 9.26bn turnover. Losers edged out gainers, 72-138, with net foreign selling at P650.97mn.
Might trade within range: Mart might see some recovery from yesterday's sell-off, though investors are likely to trade within range as the market seems to lack support to hold up past the 8,500 mark. On-going efforts to fasttrack infra push and tax reform package might provide some optimism. Immediate support 8,350, resistance 8,500.

ASIA

Mostly mixed: Asian equity markets ended slightly higher on Wednesday, taking cue from Wall Street’s bullish performance overnight, though investors seemed to trade cautiously as the key meeting of China’s political elite kicked off.

WALL STREET

Corporate earnings boost benchmarks: The Dow posted its biggest gain in 5 weeks and other benchmarks closed at records as corporate earnings beat estimates.

COMMODITIES

Oil slightly gains: Crude oil prices ended with a slight gain, supported by a fourth straight weekly decline in US crude supplies and escalating tensions in the Middle East. West Texas Intermediate (WTI) inched up $0.07 to $52.04/barrel.

フィリピン国内各企業動向

MBT buying out 40% stake of ANZ Funds Pty Ltd. in credit card venture:

Metropolitan Bank & Trust Company (MBT) is buying out the 40% stake held by partner ANZ Funds Pty Ltd. in their local credit card venture, Metrobank Card Corp. (MCC), for P14.8bn, taking 100% control of this market-leading consumer business.

MER seeks 50-100MW solar power supply:

Meralco (MER) eyes to get 50-100MW solar electricity supply, pending ERC's move on pending petitions. MER has 2 PSAs w/ separate solar firms priced at P4.69 & P5.39/kWh.

TECH aims to list Quintel in NYSE:

Cirtek Holdings Philippines (TECH) aims to become a $1bn company in terms of annual revenues. Moreover, it plans to list recently acquired US-based unit Quintel with the New York Stock Exchange over the next two to three years. The objective is grow the company into a $500mn revenue company in three to five years and complement it with one of two strategic acquisitions to bring it to $1bn company.

SBS unit buys HK-based firm:

SBS Corp. (SBS) fully-owned unit, SBS Holdings, is buying 4.25% in HK-based Joune Holdings Ltd (JHL) for P77mn, which has entered into a purchase deal to acquire HK property holding firm, Maxco Int'l Dev't. The HK lot is 4,641.7sqm.

Okada group studies possible IPO:

Tiger Resort Leisure & Entertainment Inc., the operator of integrated casino and resort Okada Manila, is studying the plans to have an initial public offering (IPO). The group also clarified that they are not aware of any plans for a backdoor listing.

フィリピン経済指標

BSP seeks single-digit reserve requirement:

The central bank (BSP) chief Espenilla wants single-digit reserve requirement for banks from the present 20%. He said the exit from high reserve requirement could avoid too much liquidity in the system that the economy was unable to absorb.

DOF seeks US help on establishing a tax academy: T

he Department of Finance (DOF) is seeking grant from the US government in establishing the country’s first tax academy to train and professionalize the Bureaus of Internal Revenue and of Customs.

Senate to review market share limitation among power generators:

The Senate committee on energy wants to review the market share limitation under the Electric Power Industry Reform Act of 2001 (EPIRA) to reflect accuracy and foster competition in the power generation industry. Under the EPIRA, market share limitations prohibit generation companies from owning more than 30% of the installed capacity of a grid and more than 25% of the installed capacity of the national grid, but Sen. Gatchalian said using installed generating capacity as measure in computing market shares does not show the true dominance of a company, thus needs to be revised.

PCCI seeks fast-tracking of projects:

The Philippine Chamber of Commerce and Industry (PCCI) will submit today a set of resolutions to President Duterte seeking to fast-track infrastructure projects, the implementation of the tax reform program and further easing the process of doing business for micro, small and medium enterprises (MSMEs). For infra, the PCCI is pushing for the government to revive the pure public-private partnership (PPP) scheme.

No proposal yet for casino - QC:

Quezon City government said no formal proposal has been received yet for the set up of casino in QC, specifically located in Vertis North development in Agham Road. Meanwhile, an open letter was reportedly received by the LGU, stating the adverse effect of casino on nearby schools UP, AdMU & PhilSci.

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