Philippines Market Insights 2018.1.12

フィリピン株式ニュースハイライト

News Highlights: Manila Electric Company (MER) chief Oscar Reyes said electricity sales grew 4.9% in 2017, slower than 2016’s 8.1%. MER is also preparing $800mn capex for 2 wind farm projects that would produce 300MW. Metro Pacific Investments Corporation (MPI)’s North Luzon Expressway (NLEx) estimates P19bn capex for 2018 for Harbor Link segment 10 & connector road between NLEx & SLEx. In other news, the Bureau of Internal Revenue (BIR) aims to finish the implementing  rules & regulation (IRR) for the tax reform program (TRAIN) by end of Jan.  BIR has identified about 10 rev. regulations  (RR) with 4 already up for public consultations:  income tax; sugar‐sweetened beverage excise tax; VAT & cosmetic procedure tax.

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  corrects,  PSEi  @  8,813: Mart saw a correction in yesterday's trade, going as low as -107pts on profit­‐taking and rising bond yields that investors risk appetite on equities. All sectors declined save for Mining & Oil (+0.29%), while Property (-­1.90%) took the brunt. Among actively traded shares were: ALI (­‐P1.30  at P44.35), SM (-­P22.00  at P1,024.00), BDO (+P0.20 at P165.00), MBT (+P0.20 at P108.00), and URC (-­P4.50 at P167.50), on 7.74bn turnover. Losers edged out gainers, 88­‐120, with net foreign selling at P878.96mn.  

Might  book  modest  gains: Mart might see  some modest gains  today  following yesterday’s correction as some investors would opt to position on beaten up stocks and take cue from Wall Street’s strength. Immediate support 8,750, resistance 8,900.

ASIA

Shares  broadly  lower:  Asian stocks were broadly down on Thursday for a 2nd straight session, continuing  a  global  pullback  from  recent  record  and  multiyear  highs,  with  some  markets pressured by stronger local currencies.

WALL STREET

Shares  rally  to  records:  Energy  shares  led  US  equities  higher  Thursday,  given  crude’s  rise  as  a result of the latest decline in inventories & production.

COMMODITIES

Oil prices ease:  Oil prices ease from 3­‐year highs, after seeing prices rise about 15% over the last month. Prices have been supported by stronger­‐than­‐expected demand fueled by worldwide economic growth, ongoing output limits by OPEC and Russia and a series of global events that have stoked geopolitical tension. West Texas Intermediate (WTI) dipped $0.02 to $63.55/barrel.

フィリピン国内各企業動向

MER electricity sales +4.9% in 2017, slower than 2016’s 8.1%:

Manila Electric Company (MER) chief Oscar Reyes said electricity sales grew 4.9% in 2017, slower than 2016’s 8.1%.   MER sees 2.5%­‐4% electricity sales growth in 1H18, with supply seen adequate to meet demand.  Reyes also highlighted approval to MER’s pending power supply agreements (PSAs) having an impact to future supply.

MER programs $800mn capex for 2 wind farms that could generate 300MW:

MER  is preparing  $800mn  capex  for  2 wind  farm  projects  that would   produce   300MW.   Of  the  total,  150MW   will  be  within  MER’s franchise  area, 150MW  in Ilocos Norte.   MER’s Oscar Reyes said it would take 24 months  to complete  the projects  with debt-­‐equity  on 70-­‐30  mix. The wind projects will be under MER’s Spectrum unit, while MGen will focus on large­‐scale, baseload coal power plants.

MPI’s NLEx eyes P19bn capex for 2018 for Habor Link 10 & NLEx / SLEx connector:

Metro Pacific Investments Corporation (MPI)’s North Luzon Expressway (NLEx) estimates P19bn capex for 2018 for Harbor Link segment  10  &  connector   road  between   NLEx  &  SLEx.     This  however, depends on resolution of tariff adjustments with government.

MPI to complete technical due diligence on MRT3 this month:

MPI aims to complete its technical due diligence on MRT‐3 this Jan. 2018, before the project  is endorsed  by DoTr to NEDA.   MPI offered  to invest  P12.5bn  for the  rehabilitation  of the  train  system  & not  to raise  fares  for  at least  2 years.

PIZZA to open 20 stores in 2018:

Shakey's Pizza Asia Ventures, Inc. (PIZZA) will open 20 stores for 2018, bringing its network to 228 by yearend. Around 24 new stores were opened in 2017, higher than its target of 20. PIZZA aims to have 500 stores in 2022.

VLL to get note holders’ consent on $425mn guaranteed notes due 2022:

Vista Land & Lifescapes, Inc. (VLL)’s fully­‐owned VLL International will get note  holders’  consent  for  its  $425mn,  7.375/5  outstanding  senior guaranteed notes due 2022.   The notes are guaranteed by the firm & subsidiaries, Brittany Corp., Camella Homes, Crown Asia Properties, Communities  Phils, among others.

Big  Boss  Cement  to  open  cement  facility  in  Pampanga:   

Henry  Sy,  Jr.-­ chaired, Big Boss Cement, Inc. (BBCI) is building a cement facility in Porac, Pampanga that would produce 1.5mn bags/month.  Commercial operations will start in March.  BBCI intends to get 3% market share, with existing players able to accommodate 20­‐22mn MT of current demand. Sy owns 95% of BBCI, Anthony Almeda at 4.88%.

フィリピン経済指標

BIR to finish IRR for TRAIN by endJan:

The Bureau of Internal Revenue (BIR) aims to finish the implementing rules & regulation (IRR) for the tax reform program (TRAIN) by end of Jan.  BIR has identified about 10 rev. regulations  (RR) with 4 already up for public consultations:  income tax; sugar‐sweetened beverage excise tax; VAT & cosmetic procedure tax. Meanwhile, the other 4 submitted to DoF include excise tax on vehicle, tobacco, petroleum & DST.

DENR to audit 104 firms granted with IFMAs:

The DENR will audit 104 firms granted with Integrated Forest Management Agreements (IFMAs). DENR chief Cimatu cited the need for compliance  & performance evaluation of IFMA sites, including Dacon Group of Companies  following the shut down of South Davao Dev’t. (SODACO) & Sirawai Plywood & Lumber Corp. (SPLC).

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