Philippines Market Insights 2017.5.4

フィリピン株式ニュースハイライト

News Highlights: Metro Pacific Investments Corp. (MPI) posted a 14% increase in consolidated core net income at P3.1bn as of end-March 2017. The growth is due to the increased stake in the power industry. Metro Pacific Investments (MPI) tollway unit is in talks with the current administration over the implementation of overdue toll increases at the expressways in the south and north of Manila. Meanwhile, yields from the term deposit facility (TDF) inched higher as compared from the previous week's auction.

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各国市場モニター

フィリピン株式市場動向

PHILIPPINES

Mart down ahead FOMC meeting results, PSEi @7,682: Local mart declined as investors refrained from making any big bets ahead of the FOMC meeting results. PSEi fell 20 points at 7,682 (-0.27% day-on-day), with all sectors ending in red except for mining and oil (+2.73%). Mining and oil bucked the trend after the Commission on Appointments (CA) rejected Gina Lopez as Environment Department’s (DENR) Secretary. Among actively-traded shares were: ALI (+P0.10 at P35.50); SMPH (-P0.10 at P30.60); and GLO (-P46.00 at P2,000.00), on P6.41bn turnover. Gainers managed to outnumbered losers at 98-92, with net foreign buying at P161mn.
Might end with tepid gains: Mart might continue its sideways path, possibly gaining modestly for the day as investors continue to buy stocks that were previously beaten down by DENR pronouncements. Mining and oil sector is still seen to trade in green today as spill-over effects from yesterday’s Commission on Appointment’s (CA) decision are likely to ensue. Immediate support 7,650, resistance 7,730.

ASIA

Bourses mixed ahead of FOMC latest statement: Marts ended mixed as investors await for the Federal Open Market Committee (FOMC) meeting results.

WALL STREET

Equities mixed as Fed stood pat: Shares ended mixed, with Dow managing to eke out gains after Fed Chair Yellen left policy rates unchanged and indicated that two more interest rate increases are still on the table.

COMMODITIES

Crude up on lower output: Oil prices settled with modest gains after US Energy Information Administration (EIA) reported that domestic crude supplies fell by 900,000 barrels last week. West Texas Intermediate rose $0.16 to close at $47.82/barrel.

フィリピン国内各企業動向

MPI core net income reached P3.1bn for 1Q17:

Metro Pacific Investments Corp. (MPI) posted a 14% increase in consolidated core net income at P3.1bn as of end-March 2017. The growth is due to the increased stake in the power industry. Its power portfolio contribution reached P2.1bn or 52%, followed by tollroads and water at P946mn and P716mn, respectively. Hospitals, rail, logistics and systems group scored promising returns as well at a combined contribution of P236mn. However, tariff delays in rail, toll and water operations continue to dampen investor sentiment.

Tollway unit is in talks with Duterte admin; logistics arm set to be a major contributor - MPI:

Metro Pacific Investments (MPI) tollway unit is in talks with the current administration over the implementation of overdue toll increases at the expressways in the south and north of Manila. Both the Manila North Tollways Corp. and Cavitex Infrastructure Corp. issued a notice of arbitration and statement of claim to the government last year to obtain compensation amounting to about P3bn for NLEx and P877mn for Cavitex. On the other hand, MPI's logistics unit would be spending P8bn to fund expansions and acquisitions as it expects the new unit to be a major contributor. MPI considers 3 acquisitions in the logistic business and plans to build greenfield projects, like distribution centers and warehouse.

TEL mobile unit granted franchise extension:

Smart Communications Inc., mobile unit of PLDT Inc. (TEL) was granted franchise extension for 25 years upon Pres. Duterte's signing of RA10926.

Maynilad set to get a new minority investor - MPI:

Maynilad Water Services is set to get a new minority investor as its parent firm, Metro Pacific Investments (MPI) is in talks with an Asian company for the sale of a roughly 10% interest in the water company for P12bn. The sale will reduce MPI stake in Maynilad to 42.8% from the current 52.8%. Moreover, the terms of the sale were on the premise that the current arbitration case involving the water company would be resolved soon in favor of Maynilad.

SMPH pegged bond rate at 5.1683%:

SM Prime (SMPH) sets its P20bn worth of 7 year bond offering at 5.1683% rate per annum. SMPH planned to issue P15bn Series G bonds, with an option to issue an additional P5bn. The retail bonds will be offered to investors through underwriters on 04-11 May, following the receipt of the permit to sell from SEC. The retail bonds, to be listed with the Philippine Dealing and Exchange Corp., are set to be issued on 18 May. Proceeds would be used to fund its mall and residential expansions.

BLFI income for 1Q17 relatively flat:

BDO Leasing & Finance, Inc. (BLFI) earned P144mn for the first quarter of 2017, almost unchanged from the P143.7mn net income from the same period last year. Interest income rose by 9.3%, however, interest and financing charges grew at a faster rate of 18% to P191mn. Rental income was 6.4% higher at P237mn. Overall, BLFI incurred higher expenses at P556.4mn, contributing to the flat 1Q earnings.

フィリピン経済指標

TDF yields slightly higher:

Yields from the term deposit facility (TDF) inched higher as compared from the previous week's auction. The 7-day tenor was oversubscribed at P65.09 bids for the P30bn offering. Yields for the 7-day reached 3.308%, inching higher from the 3.3068% set in the previous week. For the 28-day tenor, the facility was reduced to P140bn and bids reached only P113.97bn. Yields for the 28- day settled at an average of 3.4589%, slightly higher than the 3.4471% from the previous week.

$770mn worth or projects, pending for ADB approval:

Around $770mn worth of projects are pending Asian Development Bank's (ADB) approval for the country's water and sanitation-related works for implementation in 2017-2019. According to reports, lined up are ADB loans, grants or co-financing for the Lake Laguna Flood/Integrated Water Resource Management Program ($400mn); the second phase of the Angat Water Transmission Improvement Project ($100mn); Metro Manila Water and Sanitation Program ($100mn); the Mindanao Development Program, which has a water component ($100mn); and a Solid Waste Management Sector Project ($70mn). Amounts can still change as project preparation progresses.

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