Philippines Market Insights 2017.3.29

フィリピン株式ニュースハイライト

News Highlights: The mid market housing unit Avida Land of Ayala Land (ALI) is ramping up its presence in South Luzon with the launching of the second phase of 21-ha Avida Settings Lipa, Batangas, which has a total inventory of P604mn. Alliance Global (AGI) and Travellers International (RWM) are looking to refinance dollar-denominated obligations maturing later this year with a peso loan. BDO unibank, Inc. (BDO) and Shinkin Central Bank (SCB) of Japan formalized its business cooperation that would cater to SCB's SME clients that are already operating in the Philippines. Meanwhile, the Bureau of the Treasury sold P70bn in three-year retail treasury bonds (RTBs) during its initial offer yesterday. Total tenders reached P86.17bn as the RTBs fetched a coupon rate of 4.25%. The European Union (EU) committed €6.1mn in trade assistance for the Technical Assistance Project Phase Four (TRTA-4) and for the Philippines' inclusive growth goals.

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 surged on bargain hunting, PSEi @7,331: Local mart rallied on bargain hunting amid two consecutive drops. PSEi surged 85 points to close at 7,331 (+1.18% day-onday), with all sectors ending in green except for mining and oil (-0.43%). Among actively-traded shares were SM (+P21.50 at P680.50); BDO (P1.50 at P121.50); and LTG (+P0.76 at P16.40), on P6.62bn turnover. Gainers outnumbered losers at 100-80, with net foreign buying at P53.21mn.

Might track Wall Street gains: Local mart is seen to be swayed on optimism from US after better-than-expected economic data bolstered Wall Street. However,cautiousness might still loom as today marks the start of two years of negotiations between EU and the UK. Immediate support 7,250, resistance 7,380.

ASIA

Bourses higher as investors looked beyond US Healthcare failure: Marts were mostly up as investors shrugged off previous concerns on the failure of the Trump administration in securing enough votes to replace the Affordable Care Act.

WALL STREET

Equities up on stronger economic data: Shares rallied on better-than-expected economic data releases. Consumer confidence index rose to its highest level in more than 16 years at 125.6 in March. Meanwhile, US house prices soared to its highest in nearly 3 years at 5.7% in January.

COMMODITIES

Crude rose despite higher supply: Oil prices rose despite American Petroleum Institute (API) reported crude inventory building up by 1.91mn barrels last week.
West Texas Intermediate gained $0.64 to close at $48.37/barrel.

フィリピン国内各企業動向

ALI’s Avida strengthens its presence in South Luzon:

The mid market housing unit Avida Land of Ayala Land (ALI) is ramping up its presence in South Luzon with the launching of the second phase of 21-ha Avida Settings Lipa, Batangas, which has a total inventory of P604mn. Unit sizes range from 52sqm to 86sqm valued between P4.8mn and P6.5mn while lot only packages cost P1.6mn to P4.6mn. Avida is expecting to generate P3.6bn in sales from several projects in South Luzon this year.

AGI, RWM to refinance dollar debt:

Alliance Global (AGI) and Travellers International (RWM) are looking to refinance dollar-denominated obligations maturing later this year with a peso loan. Currently, AGI has an outstanding $500mn bonds due in August, while RWM has a $300mn bonds maturing in November.

BDO inks business cooperation with Shinkin Central Bank:

BDO unibank, Inc. (BDO) and Shinkin Central Bank (SCB) of Japan formalized its business cooperation that would cater to SCB's SME clients that are already operating in the Philippines. BDO will offer its banking services ranging
from cash management and payment services to forex and other treasury products. SCB has its branches spread across Japan and representative offices in New York, Hong Kong, Shanghai and Bangkok.

SMC-controlled firm eyes 2 hydro projects:

Strategic Power Dev’t. Corporation would build 2 hydroelectric power projects in Apayao
province with a combined capacity of 310MW. The firm sought the Energy Department (DoE) approval to put ip 300MW Putol Unit 1 and a 10MW Putol Unit 2 hydropower projects. Strategic Power is controlled by San
Miguel Corporation (SMC).

CEB taps CHIB for arranging the P4bn loan:

Cebu Air Inc. (CEB) appointed China Bank Capital Corp., investment banking arm of China Banking Corporation(CHIB) as the lead arranger and bookrunner for the P4bn secured term loan facility. The proceeds from the issuance will be used to finance the purchase of new Airbus A330-300. Currently, CEB increased its total fleet of 59 aircrafts upon the delivery of two ATR 72-600 last February.

DMPL raises $150mn from dollar-denominated preferred shares:

Del Monte Pacific (DMPL) is seen to raise a little over $150mn from the sale of its dollar-denominated preferred shares. DMPL’s issue manager said that it’s oversubscribed but they lack time and couldn’t extend the offer period because it will be up against RTBs. The offer period for the sale of 15mn dollar-denominated preferred shares priced at $10/share, with an oversubscription option of up to 10mn shares ended 28 March. The listing
date will be on 07 April. The dividend rate was pegged at 6.625%.

X posted P304.9mn net income in 2016:

Xurpas Inc. (X) recorded a 33% increase in net income to P304.9mn for full year 2016. Revenues jumped by 114% to P1.97bn mainly from its mobile consumer and nterprise units. On the back of its core mobile games business, mobile consumer services contributed P1.24bn in revenues or 63% of X's total revenue. On the other
hand, enterprise services contributed the remaining 33% at P653.1mn.

フィリピン経済指標

BoT raised P70bn from retail bonds offering:

The Bureau of the Treasury sold P70bn in three-year retail treasury bonds (RTBs) during its initial offer yesterday. Total tenders reached P86.17bn as the RTBs fetched a coupon rate of 4.25%. The coupon was higher from the 3.5% rate fetched from the previous auction in September 2016. Investors can avail the RTBs through
banks at a minimum denominations of P5,000.

EU commits €6.1mn trade assistance to Philippines:

The European Union (EU) committed €6.1mn in trade assistance for the Technical Assistance Project Phase Four (TRTA-4) and for the Philippines' inclusive growth goals. The EU and the Philippines commenced the TRTA rogram in 2005. Currently, TRTA-3 had just ended its run and provided assistance on tradepolicy, national quality infrastructure, sanitary and phytosanitaryconformity, among others.

$45bn ecoonomic hub to be developed in Clark:

Clark Development Corporation (CDC) announced the plans for a $45bn economic hub development in the Clark Freeport Zone with the interest from Global Gateway Development Corporation (GDCC). The project will take seven to ten years to complete and could generate 300,000 jobs upon the commencement of operations. The mixed-use economic hub will be divided into four zones namely: Aeropark, Business Park, Town Center and
Logistics Park.

MGB spares cement manufacturers from mining regulation:

Mines and Geosciences Bureau (MGB) issued a circular sparing the need for cement firms and holders of quarry and industrial sand and gravel [ISG] permits to secure a mineral processing permit (MPP). MPP serves grant to a person qualified for mineral processing, which involves conversion of ores, minerals, rocks, mill tailings and other metallurgical by-products into marketable products.

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