Philippines Market Insights 2017.4.27

フィリピン株式ニュースハイライト

News Highlights: The Board of SM Investments (SM) has appointed Mr. Jose T. Sio (CFO for 26 years) as the Chairman of the Board to succeed founder Mr. Henry Sy, Sr, who has been appointed as Chairman Emeritus, while San Miguel Corporation (SMC) is set to start its P554bn toll road expansion, under joint venture with state-run Philippine National Construction Corp. (PNCC), in early 2018.

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

Stocks ascend anew, PSEi @7,726: Local mart extends rally as investors remain optimistic on the tax reform plans for US under the Trump administration. PSEi added 26 points to close at 7,726 (+0.34% day-on-day), with all sectors posting gains, except for financials (-0.02). Among actively-traded shares were: ALI (+P0.25 at P35.80); GTCAP (+P5.00 at P1,267.00); and BDO (+P0.30 at P120.60), on P6.46bn. Gainers outpaced losers at 98-81, with net foreign buying at P616.7mn.
Might take profits ahead of holidays: We might see our local bourse trading slightly lower as investors might bag profits and stay in the sidelines ahead of the extended weekend. They will also have to wait for more Q1 corporate earnings release before taking some big positions. Immediate support 7,650, resistance 7,770.

ASIA

Bourses higher upon tracking US gains: Marts across the region finished strong on the back of US optimism for Pres. Trump’s tax reform plans.

WALL STREET

Equities down; tax reform in focus: Shares lost traction in Wall Street after Pres. Trump’s plans for tax reform comes under scrutiny. The White House is eyeing on 10% tax for offshore earnings from the current 35%.

COMMODITIES

Crude up on lower US inventories: Oil prices posted minimal gains after US Energy Information Administration (EIA) reported that US inventories slipped by 3.6mn barrels bringing the total to 528.7mn through 21 April. West Texas Intermediate inched up $0.06 to settle at $49.62/barrel.

フィリピン国内各企業動向

SM’s Board announces key organizational changes:

The Board of SM Investments (SM) has appointed Mr. Jose T. Sio (CFO for 26 years) as the Chairman of the Board to succeed founder Mr. Henry Sy, Sr, who has been appointed as Chairman Emeritus. Mr. Sio said SM will expand beyond its core businesses of property, banking and retail. It will be increasing the Group’s exposure in infrastructure and energy.

SMC embarks on a P554bn toll road expansion:

San Miguel Corporation (SMC) is set to start its P554bn toll road expansion, under joint venture with state-run Philippine National Construction Corp. (PNCC), in early 2018. This involves work on the extension of SLEX, Skyway Stage 3 and C6.

TEL launches new streaming box:

PLDT (TEL) partnered with streaming pioneer, Roku, Inc. to deliver the next generation TVolution streaming box. TEL made its announcement at the Asia Pacific Video Operators Summit in Bali, Indonesia. Filipinos will be the first in Asia to stream the best in entertainment using the proven Roku streaming platform. The new TVolution streaming box will come with over 50 streaming channels including popular services such as the TV provider, Cignal, video-on-demand provider, iflix, internet television service, Netflix and video sharing website, YouTube.

MER unit seeks financing for coal project:

Meralco’s (MER) power generation arm, Meralco PowerGen is in talks with local banks for the funding of its P135bn investment to build the 1,200 MW coal-fired power plant in Atimonan, Quezon. Moreover, the unit is also discussing with prospective partners for a plan to sell down by 49% its stake in the project under Meralco PowerGen unit, Atimonan One Energy, Inc. Site preparation works are targeted to start by 3Q, with expected completion of Unit 1 to be in late 2021 and Unit 2 to follow the following year.

JFC and DD joins STI in building academic center:

Jollibee Foods (JFC) and DoubleDragon (DD) partnered with STI Education (STI) in building the first phase of the STI Academic Center and CityMall in Tanauan, Batangas. The groundbreaking also marked the signing of a joint venture agreement among STI, JFC owner Mr. Tan Caktiong, and "Injap" Sia II for the establishment of the agricultural school/commercial complex.

MBT optimistic on lending expansion:

Metropolitan Bank & Trust Co. (MBT) is optimistic on growing its lending, especially on the corporate segment as the government thrust towards aggressive infrastructure spending. The Duterte administration is looking to spend 7.1% of GDP on infrastructure projects by 2022. For 2017, the target budget is set at P3.35tn, which translates to P860.7bn in infrastructure spending. MBT registered 22% growth in its corporate loan segment in 2016.

PHN Board approves sale of US-based unit:

The Board of Phinma Corp. (PHN) approved the sale of Fuld US, engaged in competitive strategy and intelligence consulting, to Accretio Investments Pte. Ltd. Accretio acquired 100 shares, representing 95.09% of the Fuld US’ outstanding shares, at $36,198.30 a piece. This will allow PHN to book a P103,000 gain on the sale of Fuld US.

PXP posted P5.3mn net loss in Q1:

PXP Energy (PXP) reported P5.3mn attributable net loss in 1Q17, cutting losses from the P11.8mn net loss registered in 1Q16. The lower figure was due to the foreign exchange gain of P1.7mn earned in 1Q17 compared with the net foreign currency exchange loss of P6.8mn incurred in the previous year as well as the decrease in overhead cost to P10.1mn in 1Q17 from P13.5mn last year.

WLCON reported P887mn net income in April-December:

Wilcon Depot (WLCON) registered P887mn net income in April-December, with sales reaching P12.3bn. Of the total sales, 96.7% was generated by depot format stores. Sales were augmented by the opening of two new stores in 2016: Molino, Cavite in April and Sta. Rosa, Laguna in September.

フィリピン経済指標

Smaller deficit in March & 1Q17:

The country’s fiscal deficit in March dropped by 17% to P61.5bn. Revenues rose by 14% to P180.2bn while spending increased by 4% to P241.7bn. For 1Q17, the deficit was P83bn, 26% lower year-on-year. Revenues and spending in 1Q grew by 11% to P532.4bn and 4% to P615.4bn, respectively.

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