Philippines Market Insights 2017.3.9

フィリピン株式ニュースハイライト

News Highlights: Aboitiz Power (AP) income stood at P20bn (+14% YoY), attributed to 17% increase in its power generation segment. Core net income stood at P20.6bn (+12%), driven by new coal capacity. Aboitiz Equity Ventures reported a net income of P22.5bn in 2016 (+27% YoY), with power unit as its main growth driver. Ayala Land’s (ALI) unit Alveo is launching 16 projects worth P40bn. It plans to develop properties in Bulacan, Pampanga, Makati, Cavite, Laguna, Tagaytay, Cebu, Davao, Cagayan de Oro, Quezon City, Pasig, Taguig and Alabang. Manila Electric Co. (MER) franchise areas are expected to have their power generation charges increase by P0.58/kWh this month as a result of the 20-day Malampaya maintenance shutdown and the fuel cost recovery approved by the Energy Regulatory Commission (ERC).

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 marginally higher buoyed by recovery from telcos, PSEi @7,294: Local mart recouped losses, ending the day relatively flat after telecom stocks regained from losses. PSEi closed 0.04 point higher to 7,294, with sectors ending mixed. Among actively-traded shares were: TEL (+P96.00 at P1,550.00); PGOLD (-P0.90 at P43.60); and JFC (-P1.10 at P193.80), on P6.60bn turnover. Losers still outnumbered gainers at 98-81, with net foreign selling at P310mn.

Might continue to trade sideways: Local mart is expected to continue to wait on the sidelines ahead of the most awaited Federal Reserve meeting next week. We might see the volume to be on a thin range as investors reposition themselves on the possibility of an interest rate hike. Immediate support at 7,280, resistance 7,320.

ASIA

Marts mixed on concerns over Fed rate hike: Marts ended mixed as investors continued to be concern on the possibility of a Fed interest rate hike.

WALL STREET

Equities down on strong private sector jobs: Shares ended broadly lower after data showed stronger-than-expected private sector jobs addition, signaling an interest rate hike in Fed's meeting next week. Private sector added 298k jobs in February, the most since April 2014.

COMMODITIES

Crude down on higher US output: Oil prices slid by more than 5% yesterday after US reported a weekly jump in crude output, lifting inventories to record high. Energy Information Administration (EIA) recorded a 8.2mn barrel-climb in domestic crude supplies for last week, lifting inventories to 528.4mn. West Texas Intermediate fell $2.86 to settle at $50.28/barrel.

フィリピン国内各企業動向

AP net income +14%: Aboitiz Power (AP) income stood at P20bn (+14% YoY), attributed to 17% increase in its power generation segment. Core net income stood at P20.6bn (+12%), driven by new coal capacity. AP continues to add more capacity to meet its target generating capacity of 4,000MW by 2020. AP's performance were in line with our estimates, but with further consideration on the addition of GN Power assets to their portfolio. We retain our BUY rating for AP, as it continues its efforts to provide sustainable energy sources with a balanced mix in its portfolio.

AEV net income +27%: Aboitiz Equity Ventures reported a net income of P22.5bn in 2016 (+27% YoY), with power unit as its main growth driver. Among AEV units, the power segment made up 65% of 2016 earnings, banking and financial services (21%), food (7%), infrastructure (7%) and land (1%). Core net income stood at P22.8bn (+25% YoY).

SM sets P73bn for capex: SM Investments Corp. (SM) will allot P73bn for its capital expenditures in 2017. SM will allocate P62.7bn for its property arm SM Prime Holdings, Inc. (SMPH) to build new residential units, malls, office and hotels. On the other hand, SM's retail and banking units will receive P5.2bn and P5bn, respectively.

ALI’s Alveo to launch 16 projects: Ayala Land’s (ALI) unit Alveo is launching 16 projects worth P40bn. It plans to develop properties in Bulacan, Pampanga, Makati, Cavite, Laguna, Tagaytay, Cebu, Davao, Cagayan de Oro, Quezon City, Pasig, Taguig and Alabang. The new projects will offer more than 5,000 residential & office units. To date, Alveo has launched 84 developments worth P206bn across 12 locations and sold 83% of the residential and office units introduced since 2002.

MER rates increase by P0.58/kWh: Manila Electric Co. (MER) franchise areas are expected to have their power generation charges increase by P0.58/kWh this month as a result of the 20-day Malampaya maintenance shutdown and the fuel cost recovery approved by the Energy Regulatory Commission (ERC). Sources said WESM prices went up as demand tightened alongside MER’s other suppliers. Recall that ERC approved the implementation of the fuel cost recovery in 3 installments, or P0.2211/kWh each from March until May.

SEVN to open 412 stores: Philippine Seven Corp. (SEVN), local franchise holder of 7-Eleven, will spend around P3.5bn to open 412 stores across the country in 2017. SEVN aims to grow its store network by 20% annually as consumption remains bullish on the consumer sector. The firm expands its network in provincial areas in Visayas and Mindanao as competition in Metro Manila, brought by new entrants intensified over the past 2 years.

CROWN to add uPVC roofing to its products: Crown Asia Chemicals Corp. (CROWN) is gearing up to add uPVC (unplasticized Polyvinyl Chloride) roofing to its portfolio of premium products. The new uPVC long-span and ASA (Acrylic Styrene Acrylonitrile) type roofing materials are expected to be launched in 2H17.

Wilcon’s IPO approved by the PSE: Wilcon Depot, Inc. has secured the approval of PSE for its nearly P8bn worth of Initial Public Offering (IPO). The IPO comprises 1.39bn common shares (34% of outstanding shares) at a maximum price of P5.68/sh. Wilcon will set the final offer price on March 17 in time for the March 20-24 offer period and listing scheduled for March 31. This is the first IPO scheduled for this year.

フィリピン経済指標

BSP to launch new NRPS: The Bangko Sentral ng Pilipinas (BSP) is set to launch a new national retail payments system (NRPS) to offer an innovative solution where one can do all transactions from a single account. The features of the new NRPS includes batch electronic fund transfer and instapay. Batch electronic fund transfer can be a replacement for checks, while instapay refers to the immediate availability of funds.

TDFs remain oversubscribed; fetched lower yields: Term deposit facility (TDF) of the central bank (BSP) remained oversubscribed despite the looming interest rate hike by the US Fed. Yields for the 7-day TDs were lower at 2.9873%, from the previous week's 2.999%. The 28-day TDs also fetched lower yields at 3.3445% from last week's 3.3883%. Bids for the 7-day TDs were oversubscribed at P32.44bn for the P30bn issuance, while the 28-day term had P206.71 tenders for the P150bn offering.

PSALM set new bid date for Malaya Thermal Plant to 30 March: The Power Sector Assets and Liabilities Management Corp. (PSALM) moved the date of bidding for the 650MW Malaya Thermal Power Plant Complex (MTTP) to 30 March. Currently, there are for companies interested for the sale and privatization of MTTP, namely, APT Global Inc., PHINMA Energy Corp. (PHEN), Riverbend Consolidated Mining Corp., and AC Energy Holdings, Inc.

China to buy $1bn agri products from PH: China would be signing an agreement to buy $1bn worth of agricultural products from the Philippines starting this year, in time for the state visit of China Vice Premier Wang Yang in mid-March. This was part of their discussion on the Joint Commission on Economic and Trade Cooperation. China expressed interest to durian, banana, pineapple, coconut, mango, dragon fruit, mangosteen, marang, cacao, rice and coffee.

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