News Highlights: From P88bn capex in 2017, Ayala Land, Inc. (ALI) sees improved possibility to work on P100bn for 2018. 49% will go to residential projects, 28% leasing, 17% landbanking. Meanwhile, President Duterte ordered the National Economic and Development Authority (NEDA) Board to lift or ease restrictions on eight investment areas with limited foreign participation
Mart recovered, PSEi @ 8,343: Mart recovered yesterday with the Senate’s approval of higher personal income tax. All sectors in green, led by Holdings (+1.27%). Among actively traded shares were: AC (+P1.00 at P1,020.00), PXP (+P0.46 at P10.62), BDO (+P1.40 at P145.90), SM (+P14.50 at P972.50), and ALI (+P0.20 at P42.90), on 4.41bn turnover. Gainers edged out losers, 105-92, with net foreign selling at P202.98mn.
Might continue to trade higher: The Senate’s approval on higher personal income tax might continue to bolster the market today, though trading is likely to be soft as countries abroad celebrate Thanksgiving. Immediate support 8,250, resistance 8,450
Shares lower: Asian bourses were mostly down Thursday, with Chinese firms under pressure since the government tightened rules on lending.
Closed for Holiday
Oil prices higher: US crude hit a 2‐year high in thin trade as the shutdown of a major crude pipeline from Canada and a draw on fuel inventories pointed to a tightening market, despite rising output from US producers. West Texas Intermediate (WTI) inched up $0.56 to 58.56/barrel.
ALI eyes higher capex for 2018:
From P88bn capex in 2017, Ayala Land, Inc. (ALI) sees improved possibility to work on P100bn for 2018. 49% will go to residential projects, 28% leasing, 17% landbanking. If plans push through, ALI is eyeing to float P15bn-P20bn bonds.
DNL submits new mftg facility applications:
D&L Industries, Inc. (DNL) subsidiaries D&L Premium Foods & Natura Aeropack submitted new manufacturing facility applications with the Philippine Economic Zone Authority (PEZA). D&L Premium will cater to export mart, Natura targets health & personal care segments, plus home & baby care. The facilities will sit on 26ha. First Industrial Township in Batangas (to be leased from the Lao family).
VITA approves 1 share:P1.52 debt conversion:
Vitarich Corporation (VITA)’s board approved the debt-equity conversion of Kormasinc, Inc’s P407mn loan at 1 VITA share for every P1.52 debt, which will lead to the issuance of 267.8mn common shares.
APX to double milling capacity in 2‐3 years:
Apex Mining Co., Inc. (APX) aims to double milling capacity to 3k tpd in 2-3 years for its Maco mine in Compostela Valley. 9M17 milling rate is at 1,659tpd.
Duterte orders easing of foreign restriction:
President Duterte ordered the National Economic and Development Authority (NEDA) Board to lift or ease restrictions on eight investment areas with limited foreign participation, including private recruitment, practice of particular professions, contracts for construction, public services, etc.
Mining firms continue to invest in responsible mining:
Mining firms have invested billions of pesos to ensure responsible mining practices in the country, the Philippine Mine Safety and Environment Association (PMSEA)
Supermarket to raise prices:
Supermarket owners are planning to raise prices to offset rising labor costs, depreciation of peso, higher fuel prices and surge prices in raw materials.