Philippines Market Insights 2017.12.21

フィリピン株式ニュースハイライト

News Highlights:  PLDT Inc. (TEL)  chair MVP said their capex for 2018 will be in the ‘north of P50bn’ in preparation for the entry of a 3rd player, from P38bn in Metro Pacific Investments Corporation (MPI) secured a total of P10bn, 10­‐year, fixed­‐rate term loan from BDO & UBP to finance its investment in various projects.  The country incurred a Balance of Payments (BOP) deficit for the second straight month, with a shortfall of $44mn in November amid the strong withdrawal of foreign portfolio investments or hot money, as reported by the Bangko Sentral ng Pilipinas.

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  ended  flat,  PSEi  @  8,363:  The  banchmark   moved   sideways   in  thin  trading yesterdays as investors focused on non­‐index  stocks.Sectors ended mixed, with Mining and Oil (+1.15%) leading gains while other sectors were broadly flat. Among actively traded shares were: BDO (+P1.10 at P151.40), CEB (+P0.25 at P97.00), JFC (-­‐P0.80  at P243.80), SM (­‐P1.50  at P973.50), and TEL (+P30.00 at P1,480.00), on 5.26bn turnover. Losers outpaced gainers, 84-­‐110, with net foreign selling at P225.82mn.

Weak  &  thin  trading  might  ensue: Trading  might we weaker and thinner today as the mart tracks some weakness from Wall Street, with foreign selling continuously  weighing down on the market. Focus might still be on non‐index stocks with promising potential for 2018. Immediate support 8,300, resistance 8,450.

ASIA

Shares mixed: Markets in the region awaited for  the Bank of Japan's policy decision later in the day. The central bank is expected to hold steady on monetary policy.

WALL STREET

Mart ended slightly lower: Stock­‐market indexes closed marginally lower on Wednesday, with the Dow and S&P 500 retreating from record levels for a second session, as congressional Republicans sent tax­‐cut  legislation to President Donald Trump for his signature.

COMMODITIES

Crude oil ended slightly higher: Oil futures ended higher Wednesday after data showed a  larger‐than-­expected  drop in U.S. crude inventories. West Texas Intermediate (WTI) climbed $0.77 to $58.09/barrel.

フィリピン国内各企業動向

TEL’s allots higher capex for 2018:

PLDT Inc. (TEL)  chair MVP said their capex for 2018 will be in the ‘north of P50bn’ in preparation for the entry of a 3rd player, from P38bn in 2017. Funds will go to TEL’s mobile & fixed­‐ broadband network.

MPI   gets P10bn to finance investments:   

Metro Pacific Investments Corporation (MPI) secured a total of P10bn, 10­‐year, fixed­‐rate term loan from BDO & UBP to finance  its investment  in various  projects.   No other details were given.

AP signs SPA with SunE Solar BV:

AboitizPower  International  signed a share purchase  agreement  (SPA) with SunE Solar BV for the purchase of 100% in Sunedison Phils. Helios BV.  The move would increase AP Int’l. beneficial ownership in Maaraw Holdings San Carlos & San Carlos Sun Power (Sacasun) to 100%.

MER looking for 2 wind power projects:  

Manila Electric Company (MER) MER’s PowerGen is looking at 2 wind power projects that could provide 300MW additional capacity to its portfolio.  Of the total, 150MW is eyed in Ilocos Norte with a JV partner, the balance in Metro Manila.  MER believes, once the coal tax kicks in, wind projects would be more competitive.

MWC’s Boracay Island Water secures P2.5bn loan from BPI :

Manila Water Company, Inc. (MWC)’s Boracay Island Water secured P2.5bn loan from BPI to partly cover its 5­‐year budget.  Boracay Island Water plans P2.2bn capex from 2018­‐2022.

PGOLD renews its P1bn share buyback:

Puregold Price Club, Inc. (PGOLD) has renewed its P1bn share buyback from 15 Dec. 2017 to 14 Dec. 2018, using internal funds. PGOLD’s treasury shares stand at 19,981,471.

GTCAP’s TMP sees 5-10% decline in sales in 2018:

Toyota Motor Phils. (TMP) sees 5%­‐10% decline in sales with the imposition of higher vehicle taxes in 2018. To date, TMP sales stood at 166,601 units (+15.3% y-­o-y).

PCOR to embark on $5bn, 3year refinery expansion:

Petron Corporation (PCOR)  PCOR will embark  on $5bn, 3-­year refinery  expansion  to boost its Bataan refining to 350,000 barrels/day (bpd) from the present 180,000bpd. The 1st phase would cost $1.5bn, 2nd at $3.5bn, & will help produce more petrochem   products. PCOR  earlier  spent  $2bn  to  upgrade  its  Bataan refinery through a project called RMP-­2.

AC Energy makes supply deal with CESI:

AC Energy made a supply deal with AC’s Citicorp  Energy  Solutions  (CESI).   CESI operates  25MW  solar plant in Silay, Negros Occidental. The move would make AC Energy compliant with the renewable portfolio standards (RPS) that require power distributors to secure part of their energy requirement from renewable energy.

WEB unit buys 51% of PAGCOR e-Games site in Butuan:

WEB subsidiary, BigGame, Inc., bought 51% of Pagcor e-­Games’ site in Butuan City from Edmundo T. Misa for P993mn.  Payment shall be made through the issuance of 125,970 WEB common shares at P7.88 apiece.

フィリピン経済指標

BOP on deficit for 2nd straight month in Nov:

The country incurred a Balance of Payments (BOP) deficit for the second straight month, with a shortfall of $44mn in November amid the strong withdrawal of foreign portfolio investments  or hot money, as reported by the Bangko Sentral ng Pilipinas. Outflows in November stemmed mainly from payments made by the government  for its maturing foreign exchange obligations.

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