Philippines Market Insights 2018.1.19

フィリピン株式ニュースハイライト

News Highlights:  Metro Pacific Investments  Corporation  (MPI) plans to buy 2­‐3 logistics firms, with 1 likely for 2018, to expand its portfolio.  San Miguel Pure Foods Company, Inc. (PF) plans to hold a share sale in 2Q18 to meet the new 15% minimum public ownership (MPO) requirement. Meanwhile, Phil. Treasury bureau (BTr) launched  its $2bn, 10-­year  US bonds due 2028, $1bn of which will be for budget support & infra plan, $1bn to redeem 14 bonds issued between 2019-­2037.  Airline firms’ tax incentives will be removed once DoF’s proposed tax reform package 2 is passed into law.

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 closes on red for 2nd time, PSEi @ 8,821: Back­‐to-back announcements of stock rights offers from two of the biggest banks dragged the benchmark lower for the 2nd session, with Financials (-­2.59%) leading declines. Meanwhile, infra stocks are some of today's most active movers as the benchmark tests 8,900 again. Among actively traded shares were: MBT (­‐P0.50  at P98.20), BPI (+P0.50 at P115.00), BDO (­‐P3.00 at P157.00), ALI (+P0.40 at P45.00), and AC (‐P25.00 at P1,035.00), on 9.98bn turnover. Gainers outperformed losers, 113­‐103, with net foreign inflows at P383.38mn.

Might  trade  sideways: Investors might stay on the sidelines as they await relevant economic indications to  support a  rally, while some would opt  to  wait for  further corrections before positioning. Immediate support 8,760, resistance 8,900.

ASIA

Shares  broadly  higher: Asian shares were broadly higher on Thrusday, aided by strength in Chinese  banks  and  tech  companies  and  after  fresh  record  highs  from  Wall  Street.  China’s economic growth also grew 6.9% in 2017, accelerating for the first time in 7 years.

WALL STREET 

Shares fell: US equities fell Thursday, following declines in energy & healthcare stocks.

COMMODITIES

Oil prices  to rebound: Oil  prices expected to rebound after  the  Energy Information Administration reported another large draw in oil inventories at 6.9mn barrels, significant enough to support a further rise in price. West Texas Intermediate (WTI) slid $0.02 to $63.95/barrel.

 

 

フィリピン国内各企業動向

MPI to buy 2-3 logistics firms, 1 likely in 2018:

Metro Pacific Investments Corporation (MPI) plans to buy 2-­3 logistics firms, with 1 likely for 2018, to expand its portfolio.   Earlier, MPI said it was talking to Alberto Lina for Air21 Express.

PF to hold share sale in 2Q18 to meet minimum public ownership:  

San Miguel Pure Foods Company, Inc. (PF) plans to hold a share sale in 2Q18 to meet the new 15% minimum  public ownership  (MPO) requirement.   SMC will have 95.5%  ownership  in PF after the consolidation  of SMC’s  7.86bn shares   in   SMB   &   217mn   shares   in   GSMI,   with   combined   value   of P336.35bn. PF,  in  turn,  will  issue  4.24bn  shares  to  SMC  &  PF  will  be renamed San Miguel Food & Beverage, Inc.

ALI agrees to waive royalties or AGP of P277mn/year for next 35 years in favor of gov’t:

Ayala Land, Inc. (ALI) agreed to waive royalties or Annual Grantor Payment (AGP) of P277mn/year for the next 35 years in favor of the gov’t., for the Taguig Integrated Terminal Exchange (ITX).  ITX is a 6-­storey building on 5.57ha. lot inside FTI compound that will house a passenger  concourse,  centralised  ticketing  &  retail  establishments. ITX can accommodate 1,200 public utility vehicles, with construction slated 2H18, operation 1H20.

ALI & ETON to invest P53bn over next 10 years to develop 35ha. Parklands:  

ALI & ETON will invest P53bn over the next 10 years to develop the  35ha.  Parklands  mixed-­‐use  township  along  C5 in QC & Pasig.   Initial plans include a regional mall (58k sqm, completion 2019 with 3,500sqm. sports  complex),  residential  condo  (5  towers  of  1,6888  units  &  5 residential buildings of 3,700 units) & an iconic 25-­meter­‐wide bridge connecting Pasig & QC over Marikina River.

PCOR generates $401.957mn from its tender offer:

Petron Corporation (PCOR) generated $401.957mn from its tender offer from holders of its $750mn, 7.5% undated subordinated capital notes.  Settlement will be on 22 Jan. PCOR will us its new issuance of $500mn senior perpetual notes to refinance debt at 4.6% interest.

MER & SPTC to seek ERC’s authority to implement PSA that would bring solar energy pricing to P2.9999/kWh:

Manila  Electric  Company  (MER)  & Solar  Phils.  Tarlac  (SPTC)  will  seek  ERC’s  provisional  authority  to implement  their  power  supply  agreement  (PSA)  that  would  bring  solar energy pricing to P2.9999/kWh.   Hearing for the application was set in February.  SPTC has 150MW solar farm in Concepcion,  Tarlac, with the PSA set at 75MW‐85MW from the 1st to 5th year, 85MW for 6th to 20th.

PSE gets SEC clearance for 11.5mn rights offer at P275 apiece:

The Philippine Stock Exchange, Inc. (PSE) got SEC clearance for its 11.5mn rights offer at P275 apiece.  Tentative date for the offer run is 5­‐9  Feb, listing on 23 Feb. The rights would reduce brokers’ ownership to less than 20%, as required under the SRC.

フィリピン経済指標

BTr launches  $2bn,  10­‐year  US bonds  due  2028:

Phil.  Treasury  bureau (BTr) launched its $2bn, 10­‐year US bonds due 2028, $1bn of which will be for budget support & infra plan, $1bn to redeem 14 bonds issued between 2019­‐2037.  The float would help address govt’s fiscal deficit, seen at 3% of GDP for 2018.

BSP might tighten policy as early as March.

The inflation impact of the TRAIN law  would likely make the Central Bank revise its inflation  forecast (3.4%  this  year)  next  policy  meeting;  consequently,  BSP  may  have  rates hiked sooner than expected, within Q1 this year.

Tax incentives for airline firms to be removed once tax reform package 2 is  passed

Airline  firms’  tax   incentives   will   be   removed   once   DoF’s proposed tax reform package 2 is passed into law.  Meanwhile, DoF wants to keep PAL’s franchise fee of 2% of gross revenues from all income sources,  whether  transport  or  non­‐transport  income. Incoming international passengers, freight & mail, will not be subject to tax.  On CEB’s congressional  franchise, the clause ensuring the airline enjoys a level playing field in the industry in terms of tax treatment, is removed.

TV5 to close Interaksyon news portal by end­‐March:

By end­‐March, TV5 will close its Interaksyon news portal website as part of rationalisation efforts.    All digital  news  will  be under  news5.com.ph.  The  move  would also affect 20 regular staff.

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