Philippines Market Insights 2017.10.30
フィリピン株式ニュースハイライト
News Highlights: The Department of Transportation (DoTr) confirmed original proponent status for San Miguel Corp (SMC)'s P700bn Bulacan international airport. Manila Electric Company (MER) 9M17 core net income at P15.4bn (+3% y‐o‐y) on higher sales volume and higher customer base. On the economic front, The country’s outstanding debt reached a new record high of P6.444tn at the end of September, +5.9% y‐o‐y, as per data from the Bureau of the Treasury. Meanwhile,the Bankgo Sentral ng Pilipinas (BSP) approved excluding loans guaranteed by multilateral financial institutions (MFIs) from regulatory limits on banks' loans to subsidiaries or affiliates.
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各国市場モニター
フィリピン株式市場動向
PHILIPPINES
Mart rebounds upon close, PSEi @ 8,296: Mart offsets losses from early trading hours as it rebounds upon market-‐on-‐close. All sectors ended in green except Holdings, with Financials (+0.86%) and Property (+0.55%) bagging the most gains. Among actively traded shares were: ALI (+P0.55 at P43.35), SM (‐P12.00 at P935.00), BDO (+P3.00 at P138.00), AC (+P12.00 at P1,030.00), and ICT (+P1.00 at P104.00), on 4.6bn turnover. Market breadth was neutral, 95-‐95, with net foreign selling at P531.73mn.
Soft trading ahead of holidays: Trading might be somewhat soft today as investors are likely to continue prior session's last minute bargain-hunting on upbeat Wall Street performance, while also balancing pressure to take profits ahead of the 2-day holidays. Immediate support 8,200, resistance 8,370.
ASIA
Marts mostly up: Japan stocks led gains in the Asian region boosted by a decline of the yen against the dollar, while the Hong Kong benchmark rose after underperforming
WALL STREET
Nasdaq ends at records: The tech‐stacked Nasdaq index stellarly outperformed the Dow at +144pts, a first since 2002, on the back of better‐than-‐expected quarterly results. US markets also cheered 3Q17 GDP which grew 3% vs. the estimated 2.5%.
COMMODITIES
Oil prices up on extended supply cut: Oil prices rose after Saudi Arabia & Russia supported to extend OPEC's supply cut deal by another 9 months, from March 2018. OPEC's next policy meeting is Nov. 30. West Texas Intermediate (WTI) climbed $1.26 to $53.90/barrel.
フィリピン国内各企業動向
SMC orig. proponent for P700bn international airport:
The Department of Transportation (DoTr) confirmed original proponent status for San Miguel Corp (SMC)'s P700bn Bulacan international airport. Project will have 4 parallel runways with capacity of 100mn pax/year (vs. NAIA's 30mn pax capacity).
MER 9M17 net income +3% y‐o‐y:
Manila Electric Company (MER) 9M17 core net income at P15.4bn (+3% y‐o‐y) on higher sales volume at 31,401GWh (+4%) and higher customer base to 6.25mn accounts (+4.6%).
MER’s MGen urges ERC to act on pending PSAs:
Meralco PowerGen (MGen) wants the Energy Regulatory Commission (ERC) to act on its pending power supply agreements (PSA) with MER to ensure the security of supply in Luzon. MER said its 455MW San Buenaventura coal-‐fired plant in Mauban, Quezon (SBPL) is more than 50%-‐complete & will start operations mid-‐2019. SBPL is a joint venture between MGen & New Growth BV, a subsidiary of the Electricity Generating Public Co. Ltd. (EGCO) Group of Thailand. Redondo Peninsula Energy (RP Energy), where MGen has 47% stake, remains pending before the ERC
PCOR files graft case vs. PNOC chief:
Petron Corp. (PCOR) filed a case before the Ombudsman against the Philippine National Oil Company (PNOC) chief Reuben Lista for an alleged 'unexplained wealth'. This is on top of the earlier case filed for breach of its compulsory sale-‐leaseback contract with PNOC
PAL books losses with P6bn payment to gov’t:
Philippine Airlines (PAL) sees losses for 2017 with its P6bn payment to gov't for unpaid navigational fees & the firm plans to secure loans from local banks. Despite this, PAL plans to submit its unsolicited proposal for NAIA-‐2 expansion by end of 2017, with planned spending at $350mn-‐$450mn. PAL is also scouting for a partner that would take 25%-‐30% equity. PAL is also looking for possible partners for airport operations, possibly within the Lucio Tan Group (LTG)
BPI launches LTNCD offer:
Bank of the Philippine Islands (BPI) launched its P5bn, 5-‐1/2 year long term negotiable certificates of time deposit LTNCD (from P30bn plan), offer rub: 26 Oct-‐16 Nov 2017, listing date Nov 24. Indicative rate: 3.625%-‐3.75%
UBP sees double‐digit growth:
Union Bank of the Phil. (UBP) sees double-‐ digit growth in net income for 2017 from P10.1bn in 2016 (+67% y‐o-y) on strong lending & credit line extension to retail clients and SMEs. UBP booked 1H17 earnings of P4.4bn (+11%)
RCB clarifies it is not for sale:
Rizal Commercial Banking Corp. (RCB) is not in talks with BDO or BPI Banks on rumored sale of the bank.
ARA to develop 140‐ha in Caloocan:
Araneta Properties (ARA) plans to transform 140‐ha. in Caloocan into a central business district and funding options are being reviewed. This project is on top of its 340ha. lot in Bulacan called Colinas Verdas in joint venture with Sta. Lucia Land, Inc. (SLI)
HLCM 9M17 net income ‐58% y‐o‐y:
Holcim Philippines Inc. (HLCM) 9M17 net income at P2.3bn (-58%), 3Q17 at P337mn (-81%).
CIC simulated 9M17 at P752mn:
Concepcion Industrial Corp. (CIC)’s 3Q PATAMI (Profit after tax and minority interests) at P182mn (+12% y‐o‐y), simulated 9M17 at P752mn (+9% y-o‐y)
BRN ties up with Rebisco on hydropower:
A Brown Company (BRN) confirmed hydropower projects that will be undertaken via subsidiary, Hydro Link Projects Corp., through a tie-‐up with Rebisco Group.
PA changes primary purpose:
Pacifica Inc. (PA)'s board approved the change in primary purpose to a holding firm + inclusion of 'power to guarantee' as part of its secondary purpose. Par value to be raised from P0.005 to P1/share, then increasing authorized capital from P200mn to P5bn.
BSC acquisitions abroad:
Basic Energy Corp. (BSC) will acquire: 49% of VO Net Biodiesel Asia Co. Ltd that operates 1.2MW in Kalisin, Thailand; 10% of HK-‐based Solmax Power Ltd's 14MW solar plant & 10% in 25MW biomass power in Japan subj. to due diligence; 12.5% in Vintage Eng'g Ltd that owns 220MW solar plant in Minbu, Myanmar.
CHP 9M17 net income ‐63% y‐o-y:
Cemex Holdings Phil. (CHP) 9M17 net income at P688mn (-‐63% y-o-y), 3Q at P202mn (79% q-o‐q), on lower cement volume and prices due to 3Q’s rainy season.
フィリピン経済指標
PH debt hits P6.444tn in 9M17:
The country’s outstanding debt reached a new record high of P6.444tn at the end of September, +5.9% y‐o‐y, as per data from the Bureau of the Treasury.
BSP excludes MFI loans from regulatory limits:
The Bankgo Sentral ng Pilipinas (BSP) approved excluding loans guaranteed by multilateral financial institutions (MFIs) from regulatory limits on banks' loans to subsidiaries or affiliates. This would free‐up funds for lending in large-‐ ticket projects that entice MFI guarantees.
No trading suspension on Nov 13-15:
BSP will not suspend clearing and settlement on Nov. 13‐15, but no clear announcement was given whether foreign exchange (forex), bond trading and open market will go on regular operations for the said dates.
BOI approves P35bn worth RE projects:
The Board of Investments (BOI) has approved 4 Renewable Energy (RE) projects worth P35bn. 3 of these projects were of Currimao Solar Energy Corp., while the other project was that of VS Gripal Power Corp.
PH self-sufficiency in rice up 7%:
Based on data from the Philippine Statistics Authority (PSA), the Philippines’ self-sufficiency in rice improved to 95% from last year’s 88.9%
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