Philippines Market Insights 2017.3.30

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フィリピン株式ニュースハイライト

News Highlights: Ayala Corporation’s (AC) wholly-owned subsidiary, AYC Holdings Ltd. through AC International Finance, will transfer its 50.6% ownership in Integrated Micro-Electronics (IMI) to AC Industrial Technology Holdings, Inc. via block sale of IMI shares of the mandatory tender offer rules by SEC on 21 March. AC Industrials, a wholly owned subsidiary of AC, holds its interests in automotive distributorship. Cemex Holdings (CHP) unit, Apo Cement, signed an accord with Sinoma Energy Conservation Ltd. of Chna to build and operate a waste-heat-to-energy facility. Meanwhile, Power Sector Assets and Liabilities Management Corp. (PSALM) cancelled the 650MW Malaya auction, considering the proposal of the Energy Department (DoE) to convert the facility into a liquefied natural gas (LNG) plant.

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 down despite upbeat sentiment in US: Local mart gave up early gains, defying upbeat sentiment from Wall Street. PSEi fell 7 points to close at 7,324 (-0.10% day-on-day), with most sectors ending in red, primed by financials (-0.60%). Among actively-traded shares were: SMPH (unch at P28.50); SM (+P13.50 at P694.00); and BDO (-P1.70 at P119.80), on P14.89bn turnover. Losers outnumbered gainers at 107-79, with net foreign selling at P6.0bn.
Might recover modestly: Local mart is seen to recover some of the losses it posted yesterday, but in a modest note as investors are likely to maintain a liquid position in anticipation of Wilcon Depot's (WLCON) initial public offering tomorrow, 31 March. Immediate support 7,280, resistance 7,360.

ASIA

Bourses mixed despite optimism in US: Marts ended mixed as some investors focused on better-than-expected economic data releases from the US, while others were reluctant to make any big bets.

WALL STREET

Equities mostly higher on hawkish Fed comments: Shares closed mostly higher as investors digested hawkish comments from Federal Reserve speakers, while the latest drop in gasoline supply boosted energy shares.

COMMODITIES

Crude up on smaller-than-expected output: Oil prices rallied after Energy Information Administration (EIA) reported smaller-than-expected weekly rise in crude inventories at 900,000 barrels, along with bigger-than-expected declines in gasoline and distillate stockpiles. West Texas Intermediate for May rose $1.14 to settle at $49.51/barrel.

フィリピン国内各企業動向

AC consolidates IMI under AC Industrials:

Ayala Corporation’s (AC) wholly-owned subsidiary, AYC Holdings Ltd. through AC International Finance, will transfer its 50.6% ownership in Integrated Micro-Electronics (IMI) to AC Industrial Technology Holdings, Inc. via block sale of IMI shares of the mandatory tender offer rules by SEC on 21 March. AC Industrials, a wholly owned subsidiary of AC, holds its interests in automotive distributorship. The move will consolidate AC’s existing assets in manufacturing and vehicle distribution and dealership under AC Industrials. The transaction will have no impact to AC’s consolidated financial statements as this is just a transfer within the Group from one wholly owned subsidiary to another.

AC subsidiary looks to expand in Vietnam:

AC Energy Holdings Inc., subsidiary of Ayala Corp. (AC), is looking to expand footprint in Vietnam citing the similarity of macroeconomic structure with the Philippines. Currently, Manila Water Co. (MWC) is in partnership with local water providers Thu Duc Water and Kenh Dong Water. AC Energy would tag along a local partner that could present good projects and technology, be it in energy, gas or coal.

Court stops Cebu City mayor from closing BDO branches:

Cebu City Regional Trial Court Branch 18 has directed Cebu City Mayor Tomas Osmeña from closing any BDO Unibank, Inc. (BDO) branch. Also, Judge Gilbert Moises has advised the mayor to refrain from issuing any statements in the media. The bank disclosed that it has submitted all the required documents needed by the City Government.

CHP teams up with Sinoma for power facility:

Cemex Holdings (CHP) unit, Apo Cement, signed an accord with Sinoma Energy Conservation Ltd. of Chna to build and operate a waste-heat-to-energy facility. The planned 4.5MW facility would have a capacity to capture excess heat from the cement plant’s kiln and convert it into usable energy, expecting to generate 25,000 MW-h annually. CHP operates 2 cement facilities, namely, Apo Cement in Cebu and Solid Cement in Rizal, with an aggregate installed annual capacity of 5.7mn tons of cement.

CNPF 2016 income +37:

Century Pacific Food (CNPF) recorded its 2016 net income at P2.66bn (+37% YoY), accounting its continued revenue growth and consolidation of recently acquired coconut subsidiary. Revenues rose to P28.3bn (+21%) on the back of the growing coconut exports business. CNPF saw a sustained recovery in demand for original equipment manufacturer (OEM) tuna exports during 4Q, with revenues in that segment ending the year with positive growth. Amid rising commodity prices, CNPF hopes its efforts would strike a balance between growing demand and improving liquidity for 2017.

FNI cuts share sale:

Global Ferronickel (FNI) trimmed the size of its planned share sale to P2bn from prior target of P31bn. SEC approved FNI’s plan to sell 250mn primary shares at an offer price of P8.10/share. Net proceeds from the follow-on offering will be used to refinance maturing debt and fund working capital requirements. Share price closed P2.71 yesterday, 29 March.

フィリピン経済指標

TDFs fetch higher rates; remain undersubscribed:

The term deposits (TDs) fetch higher rates anew as the yield for 7-day TDs reached 2.997% from the previous 2.9896%, while the 28-day TDs fetched a higher yield of 3.3746% from 3.3028% it received last week. TDs remain undersubscribed as the P180bn offering received only P156.91bn tenders. The P30bn offering for the 7-day TDs received P36.16bn bids. For the 28-day, tenders amounted only to P120.75bn for its P150bn offering. Yields were higher as investors expect more rate hikes from the US Fed within the year.

Government debt reaches P6.208tn as of end-February:

The debt of the national government rose to P6.208tn as of end-February as the peso continues to weaken against the dollar. The Bureau of the Treasury (BoT) report showed that domestic debt accounts for P3.99tn, while foreign debt is at P2.22tn.

Fitch affirmed BBB- credit rating; S&P raises forecast:

Fitch Ratings, Inc. (Fitch) has affirmed BBB- credit rating on the Philippines, a notch above investment grade, on the back of strong GDP growth. The credit rating issuer also cited the strong macroeconomic performance despite the political noise surrounding the Duterte administration. On the other hand, S&P Global Ratings (S&P) raised its growth forecast for the Philippines coming from the robust BPO sector. S&P's growth outlook for the Philippines has been upgraded to 6.6%, higher than the 6.4% estimate in January.

Malaya auction deferred ‘til further notice - PSALM:

Power Sector Assets and Liabilities Management Corp. (PSALM) cancelled the 650MW Malaya auction, considering the proposal of the Energy Department (DoE) to convert the facility into a liquefied natural gas (LNG) plant. The bidders, who earlier submitted letters of interest last December, were APT Global Inc., Phinma Energy Corp., Riverbend Consolidated Mining Corp. and AC Energy Holdings Inc.

Ramon Monzon named as new PSE chief:

Ramon Monzon is set to take over the exchange (PSE) by 01 April, a month before the annual stockholders meeting. Monzon has been an incumbent independent director at the PSE since 2015 and chairs its audit committee. The incoming PSE chief is said to have not signed up for a long-term management contract as the contract is set to be renewed on a yearly basis.

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