Philippines Market Insights 2017.11.27
フィリピン株式ニュースハイライト
News Highlights: Robinsons Land Corporation (RLC)’s board approved to raise P20bn via rights offer, details of which to be determined. Proceeds will finance RLC’s landbanking. Moody’s upgraded the foreign currency deposit rating to medium grade for Philippine National Bank (PNB) & Rizal Commercial Banking Corporation (RCB). On the economic front, the Senate will retain the value added tax (VAT) exemptions enjoyed by housing projects that cost no more than P2mn, despite the Department of Finance (DoF)’s intent to exclude it in the proposed Tax Reform for Acceleration and Inclusion (TRAIN) Act.
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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 firms up, PSEi @ 8,365: Bargain‐hunting prevailed after reaching as low as 8,261 during morning trading, with the mart ending 22pts higher. Property (+0.85%) and Financials (+0.74%) led gains amid light trading due to the Thanksgiving holiday. Among actively traded shares were: ALI (+P1.60 at P44.50), AC (unch. at P1,020.00), MER (-P4.00 at P319.00), TEL (‐P53.00 at P1,586.00), and SM (+P11.00 at P983.50), on 9.11bn turnover. Losers outpaced gainers, 87-‐102, with net foreign selling at P461.28mn.
Push‐pull before gaining ground: Economic fundamentals remain solid & encouraging, though investors might continue to cash‐in on the market’s ascent throughout the day, with volumes likely to pick‐up after thin trade from the US’s Black Friday. Immediate support 8,250, resistance at 8,450.
ASIA
Shares broadly higher: Asian bourses end the week broadly higher, led by Singapore and Hong Kong. Movements in Chinese stocks eased a bit after a heavy sell-‐off from prior session.
WALL STREET
Shares higher on Black Friday: All US benchmarks finished higher, with the S&P 500 and Nasdaq Composite finishing at all‐time highs. Retailers were in focus amid the Black Friday shopping holiday.
COMMODITIES
Prices surge ahead of OPEC meeting: Crude oil prices surged to another 2‐year peak as investors focused on a disruption to a major crude-oil hub in Oklahoma and looked ahead to a key OPEC meeting next week. West Texas Intermediate (WTI) rose $0.93 to $58.95/barrel.
フィリピン国内各企業動向
RLC to raise funds via rights offer:
Robinsons Land Corporation (RLC)’s board approved to raise P20bn via rights offer, details of which to be determined. Proceeds will finance RLC’s landbanking. Preliminary indications show possible 1:3.6 to 4.3 common shares held, depending on final rights price.
Upgraded rating for PNB & RCB:
Moody’s upgraded the foreign currency deposit rating to medium grade for Philippine National Bank (PNB) & Rizal Commercial Banking Corporation (RCB)
SMC confirms P750bn cost for Bulacan int’l airport:
San Miguel Corporation (SMC) confirmed estimated cost of P750bn for an international airport in Bulacan once government approves the budget. Completion slated in 5 years.
BPI issued P12.2bn LTNCD:
Bank of the Philippine Islands (BPI) issued its 5-1/2 year, P12.2bn Long Term Negoriable Certificates of Deposit (LTNCD), maturing May 24, 2024, yielding 3.75%.
PRMX raises ownership in Primex Realty:
Primex Corporation (PRMX) raised its ownership to 98.2% (from 88%) in Primex Realty, which owns the 31‐storey Stratosphere in Salcedo Village, Makati. The firm also owns 2 prime lots in Greenhills which will be the site of Primex Tower.
TUGS Unit buys 60% of ADG:
Harbor Star Shipping Services, Inc. (TUGS) unit, Harbor Star Energy, bought 60% of Astroenergy Dev’t GenSan (ADG), operator of a 25MW solar plant. Capacity is expandable to 75MW, with the first 25MW slated for completion 2Q18.
フィリピン経済指標
Senate retains VAT-‐exemption on affordable housing:
The Senate will retain the value added tax (VAT) exemptions enjoyed by housing projects that cost no more than P2mn, despite the Department of Finance (DoF)’s intent to exclude it in the proposed Tax Reform for Acceleration and Inclusion (TRAIN) Act.
Gov’t to implement fuel marking scheme by 2H18:
The government is set to implement a fuel marking scheme, via an outsourced fuel marking system, by 2H18 to curb about P40bn in tax leakages caused by oil smuggling, as per the DOF.
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