Philippines Market Insights 2017.11.23

フィリピン株式ニュースハイライト

News Highlights:     San Miguel  Corporation  (SMC)  to include  its packaging  segment  into the newly-­‐formed  San Miguel  Food & Bev. (SMFBI)  in the future.  On the economic front, the national government’s budget deficit widened 9% to P235bn in the first 10 months on faster spending, vs. the programmed P482.1bn for FY2017, equivalent  to 3% of GDP. The Department  of Finance (DOF) revises regulations  to reduce the creditable  withholding  tax (CWT) imposed on gold sales from 5% to 1% to encourage more small scale miners to sell their gold produce to the Bangko Sentral ng Pilipinas (BSP).

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  settled  lower,  PSEi  @  8,266: Mart floated on green territory throughout the day before reversing gains upon market-­‐on-­‐close.  Only Property (+0.75%) and Industrial (+0.04%) sectors stayed on green territory. Among actively traded shares were: PXP (-­‐P0.76 at P10.16), ALI (+P0.65 at  P42.70),  AC  (unch.  at  P1,019.00),  SMPH  (+P0.20  at  P35.60),  and  BPI  (+P1.70  at  P101.00),  on 6.93bn turnover. Losers outpaced gainers, 83-­‐109, with net foreign selling at P269.15mn.    

Mixed trading: Trading might be mixed today as foreign inflows could be thinner ahead of the US thanksgiving holiday. An impending rate rise next month in the US might also sustain selling pressure, though overall growth prospects remain intact and should provide some optimism. Immediate support 8,200, resistance 8,360.

ASIA

Shares  broadly  higher:  Asian shares were broadly higher with tech shares fueling gains. Hong Kong's index reached a record high past the 30,000 mark while Japan shares also led gains despite the dollar losing strength.

 WALL STREET

Stocks  mixed  pre­‐holiday:  Stocks end mostly lower before the Thanksgiving holiday, though the Nasdaq managed to eke out another record close. The Fed's policy meeting indicated that a rate rise remains likely next month, while underpinning caution about persistently subdued inflation.

COMMODITIES

Prices at 2year high: Crude oil prices jumped at a 2-­‐year high as the drop in US crude stockpiles added  optimism  to  the  OPEC  deal  extension.  West  Texas  Intermediate  (WTI)  rose  $1.17  to $58.00/barrel.

フィリピン国内各企業動向

SMC to fold packaging biz into PF:

San Miguel Corporation (SMC) to include its packaging segment into the newly­‐formed San Miguel Food & Bev. (SMFBI) in the future.  SMC also plans to raise $3bn by selling 30% of SMFBI, via combined private placement & follow-­‐on offer.

EAGLE's  new  project  eyes  target  in  2020:  

Eagle  Cement   Corporation (EAGLE)  sees  P6.5bn  net  income  for  2018  (+44%  yoy,  EPS  of  P1.30), P4.3bn-P4.5bn for 2017, & recently broke ground its 4th cement line in Malabuyoc,  Cebu, at 2mn MT capacity.  Target completion  is 2020.

UBP senior notes oversubscribed:

United Bank of the Philippines (UPB) issued $400mn, 5-­year fixed rate senior notes under its medum­‐term note plan at 3.369%.   It was rated Baa2 by Moody’s & 8x oversubscribed. (closed P86.90, -‐P0.10)

DMPL's  preferred  offering  shares  approved  by  SEC:

Del  Monte  Pacific Limited (DMPL) to proceed with its $160mn series A preferred priced at $10  apiece.  Proceeds  will  be used  to finance  the  balance  of its $154mn bridge loan facility from BDO Unibank, Inc. (BDO)

フィリピン経済指標

PH booked 10­‐month fiscal deficit of P235bn:  

The national  government’s budget deficit widened 9% to P235bn in the first 10 months on faster spending, vs. the programmed P482.1bn for FY2017, equivalent to 3% of GDP.

DOF cuts withholding tax for gold sales:

The Department  of Finance (DOF) revises   regulations    to   reduce   the   creditable   withholding    tax   (CWT) imposed  on  gold  sales  from  5%  to  1%  to  encourage  more  small  scale miners to sell their gold produce to the Bangko Sentral ng Pilipinas (BSP). Excise tax imposed on gold was retained at 2%.

BOI-­‐approved  projects  grew  38%  end-­‐Oct:

Investments   registered  with and approved by the Board of Investments (BOI) grew 38% YoY end-­‐Oct to reach P408.7bn, with full year goal at P500bn.

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