Philippines Market Insights 2017.12.28

フィリピン株式ニュースハイライト

News Highlights: Metro Pacific Investments (MPI) initiated talks with possible partners from Japan for an LNG terminal & power plant according to PowerGen CEO Rogelio Singson. Meralco PowerGen spent P2.8bn for Redondo Peninsula Energy (RP Energy) for the 600MW Subic coal facility. Meanwhile, the Phil. Competition Commission (PCC) cleared Enrique Razon’s JV with San Lorenzo Ruiz Piat Energy & Razon-led Prime Metro Power Holdings, for the set up of hydropower plants.

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各国市場モニター

各国の株式市場動向

PHILIPPINES

Mart inched on the plus side, PSEi @8,491. The benchmark shied away from 8,500 on thin trades Wednesday, as players focused on hunting for bargains of non-index stocks. All sectors ended higher, led by property (+1.19%) and services (+0.59%). BDO (+P2.20 at P155.80); URC (+P2 at P153); SM (+P5 at P989.50); ALI (+P0.55 at P43.80); & SMPH (+P0.45 at P37.45) led actively-traded shares, on P3.6bn turnover. Gainers-losers were almost even, 103-104, on net foreign buying of P349.46mn.

Soft session likely to continue. Light session is seen, with several fund managers on their holiday break. Second-tier shares & those with positive stories might stir interest among locals, specifically punters. Steer clear from issues that have no prior liquidity track, as the zest could wane once euphoria fans out. Immediate support is 8,400, resistance 8,530-8,550.

ASIA

Mart ended higher: Asian markets ticked on the plus side despite lack of leads, with lead gainers primed by South Korea & Indonesia. Malaysia’s bourse also trended up, a session after its 3-day winning streak.

WALL STREET

US equities ended slighty higher: US equities edged higher Wednesday, led by tech- & healthcare stocks. Volume remained soft as a result of a holiday-shortened week.

COMMODITIES

Oil ended slightly lower: Oil futures paused for technical breathers, following its recent ascent as a result of the pipeline explosion in Libya. WTI slipped $0.33 at $59.64/barrel in Nymex.

フィリピン国内各企業動向

MPI talks with possible partners from Japan.

Metro Pacific Investments (MPI) initiated talks with possible partners from Japan for an LNG terminal & power plant, according to PowerGen CEO, Rogelio Singson. However, no firm agreement has been signed yet. In recap, MPI & Osaka Gas of Japan expressed interest for an integrated natural gas facility that will involve gasification & set up of power plant with capacity of 1,500MW.

MER spends P2.8bn for RP Energy.

Meralco PowerGen spent P2.8bn for Redondo Peninsula Energy (RP Energy) for the 600MW Subic coal facility. The first 330MW of RP Energy is estimated to cost P41bn. Meanwhile, another P700mn was spent for1,200MW Atimonan coal project in Quezon, which would cost P107bn to complete.

SHLPH clarifies not participating in real estate firm:

Pilipinas Shell Petroleum (SHLPH) clarified to the Exchange they have no intention to set up a real estate firm in 2018 & they are not directly participating in renewable energy.

NIKL approves to increase the firm equity in EPI :

Nickel Asia Corporation (NIKL)’s board approved to increase the firm’s equity in Emerging Power, Inc. (EPI) to 91%, following the conversion of advances amounting to P1.5bn. The move is subject to SEC approval.

HVN buys into Bria Homes for P3.014bn.

Golden Haven Memorial Park’s (HVN) board approved the purchase of Bria Homes, Inc. from Cambridge Group for P3.014bn & parallel issuance of 150mn common shares of HVN to Cambridge for the same amount, or P20.0935/share. The issuance is in line with shareholders’ approval last 16 Oct. 2017, for the issuance of 150mn shares via private placement. Completion of the share issuance is on or before 10 Jan. 2018.

MRC plans to partner with electric cooperatives.

MRC Allied, Inc. (MRC) plans to partner with electric cooperatives for off-grid areas with capacity need of 1MW. The plan covers building generation plants using hybrid of solar & other technologies, & coop participation might be limited to the land where the power plant will be built.

フィリピン経済指標

PCC cleared Razon-led firm’s hydropower venture.

Phil. Competition Commission (PCC) cleared Enrique Razon’s JV with San Lorenzo Ruiz Piat Energy & Razon-led Prime Metro Power Holdings, for the set up of hydropower plants. The JV firm’s primary asset will be covered by Chico hydropower service contract in Tabuk, Kalinga. Prime Metro will own 82% of the JV firm

PCC gives green light on another Razon-owned water venture.

Phil. Competition Commission (PCC) cleared Prime Metro-San Lorenzo Ruiz Buildings & Developers Group’s joint venture (JV) for the set up of a water firm that will build facilities along Wawa River in Rodriguez, Rizal. Prime Metro will own 82%.

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