Philippines Market Insights 2017.4.26

フィリピン株式ニュースハイライト

News Highlights: RFM Corporation (RFM) recorded P1bn net income for FY16, 11% higher YoY mainly due to 6% increase in sales revenue to P12.7bn. Meanwhile, SM Prime Holdings (SMPH) plans to open 5 malls outside Metro Manila this year, and will spend at least P50bn every year over the next two years for its expansion projects.

マーケットモニター

各国市場モニター

フィリピン株式市場動向

PHILIPPINES

Optimism prevailed, PSEi @7,700: Local mart rallied amid optimism over French elections. PSEi surged 111 points to close at 7,700 (+1.47% day-on-day), with all sectors ending in green, primed by holdings (+2.00%). Among actively-traded shares were: ALI (+P0.35 at P35.55); BDO (+P1.30 at P120.30); and AC (+P10 at P877.00), on P8.31bn. Gainers outnumbered losers at 113-73, with net foreign buying at P1.45bn.
Might end with tepid gains: Local mart is seen to close with modest gains as investors are likely to consider bagging gains and selectively reposition ahead of some Q1 earning results of companies. Optimism is still expected to sway the local mart, especially now that earnings from the US had given investors some glimpse as to the performance of global companies. Immediate support 7,650, resistance 7,730.

ASIA

Bourses higher on optimism: Marts rose as concerns eased after French elections showed encouraging initial results.

WALL STREET

Equities rose buoyed by earnings: Shares rallied on the back of better-than-expected corporate earnings results coming from Caterpillar and McDonald's. Meanwhile, optimism over French elections continued to sway US shares.

COMMODITIES

Crude up despite output increase: Oil prices rose despite American Petroleum Institute (API) reported a build of 0.90mn barrels last week. West Texas Intermediate rose $0.33 at $49.56/barrel.

フィリピン国内各企業動向

RFM posted P1bn net income in 2016:

RFM Corporation (RFM) recorded P1bn net income for FY16, 11% higher YoY mainly due to 6% increase in sales revenue to P12.7bn. Pasta and ice cream segment grew at 11%, while institutional sales dipped by 6% on weaker flour prices.

SMPH to open 5 malls:

SM Prime Holdings (SMPH) plans to open 5 malls outside Metro Manila this year. The new malls include SM CDO Downtown Premier in Cagayan de Oro, SM Cherry Antipolo in Rizal, SM Center Tuguegarao Downtown in Cagayan, SM City Puerto Princesa in Palawan and SM Center Lemery in Batangas. SMPH will spend at least P50bn every year over the next two years for its expansion projects. Also, SMPH will launch this year 15,000 to 18,000 residential units in high-rise and mid-rise buildings as well as house and lot developments.

2 firms eye TEL stake in MER:

PLDT, Inc. (TEL) said that it is currently in talks with 2 foreign buyers for its 8% attributable stake in Meralco (MER) through Beacon Electric Assets Holdings, Inc. The proceeds would be used to essentially reduce debt at TEL level and a portion to pay the balance installment due to San Miguel (SMC).

Supreme Court lifts TRO for Torre de Manila:

DMCI Homes, property arm of DMCI Holdings, Inc. (DMC), will immediately resume the construction of its Torre de Manila project as the Supreme Court rejects the petition against the 49-story residential project.

CNPF discloses incorporation of North America unit:

Century Pacific Food Inc. (CNPF) received the notice of incorporation of its wholly-owned subsidiary, Century Pacific North America Enterprise, Inc., organized under the General Corporation Law of California. The move of incorporation is part of CNPF’s initiatives to streamline its current business activities in North America.

Chelsea Logistics mulls for an P8bn IPO:

Chelsea Logistics Corp., the logistics arm of Udenna Corp., is keen on listing on the PSE to raise P8bn. The company will offer around 546mn shares priced at P14.63 per share. An estimated proceeds of P7.6bn will be used for expanding its cargo and passenger shipping lines. Chelsea is eyeing for a 05 July debut.

フィリピン経済指標

Investment pledges during Jan-Apr rose to P154bn:

Board of Investments (BoI) reported a 31% increase in investment pledges to P154bn. If all the pledges were to be realized, around 46,018 jobs can be generated from the 194 projects looked upon. BOI expects to sustain growth momentum for investments as the approval of Investments Priorities Plan (IPP) is seen to spur more investors for the country.

Banks sustained momentum in 2016:

Data from the Bangko Sentral ng Pilipinas (BSP) indicated that the banking system remained stable as asset quality improved and there is sufficient capital and liquidity. The banking system assets reached P13.6tn, 12.4% higher YoY, on the back of 16.6% loan expansion to P7.6tn. Banks booked a net income of P153.8bn, 14.2% higher from the previous period. Non-performing loans (NPLs) declined to 1.9% as capital adequacy ratio (CAR) settled at 15.4%.

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