Philippines Market Insights 2018.1.31

フィリピン株式ニュースハイライト

News Highlights: San Miguel Corporation (SMC) plans to float P30bn fixed-rate bonds, covering its 3rd tranche of 3-year debt securities program (DSP) of up to P60bn. Manila Electric Co. (Meralco) expects electricity rates to increase in February as capacity fees from power generators start to normalize along with the impact of the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law. Rizal Commercial Banking Corp. (RCB) board approved to raise P15bn in fresh equity Tier 1 capital via a rights offer. Union Bank of the Philippines (UBP) launched the initial tranche of its Long-Term Negotiable Cert. of Time Deposits (LTNCDs) given BSP’s approval for the issuance of P20bn total, in tenors of 5.5-10 years. Robinsons Land Corp. (RLC) launched 7,829sqm. office space in its newly expanded Robinsons Place Ilocos Norte to serve BPOs. Meanwhile, Finance chief Dominguez will delay submission of rationalisation of taxes on tobacco, alcohol, casino, mining & coal by 2 weeks, vs. the 30 Jan. 2018 deadline.

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 took a beating, PSEI @ 8,910.48. Mart ended in negative territory as it closed yesterday down by 148.14 (-1.64%). All sectors ended lower led by Holding and Property sectors that both closed down by 1.85%. Among actively traded shares were: SMPH (-P1.25 at P37.85), ALI (-P0.90 at P45.60), BDO (-P1.00 at P155.50), SM (-P33.00 at P1,090.00), and TBGI (+P0.20 at P0.60), on 10.05bn turnover. Losers outpaced gainers, 58-151, with net foreign selling at P2.02bn.
Mart to enter consolidation. The market is expected to consolidate in the next few days after hitting an all-time high on Monday as investors and traders are now pocketing profits. Investors might also look for a strong base to serve as a cushion to reposition their portfolio for a continuation of the upward trend of the market. Immediate support at 8,840, resistance at 9,050.

ASIA

Marts ended in red. Asian indexes ended in the negative territory on Tuesday, tracking the declines seen on Wall Street in the previous session.

WALL STREET

Mart took a breather: U.S. stocks sold off for a consecutive session on Tuesday, with the Dow took the hit the most after suffering its biggest one-day drop in eight months, as US bond yields is creeping higher. Health-care and energy shares weighed on the main indexes losses

COMMODITIES

Oil prices on a decline. Crude-oil prices settled in negative territory on Tuesday, posting back-to-back session declines on renewed concerns about mounting U.S. crude production. West Texas Intermediate (WTI) slid $1.57 to $63.99/barrel.

フィリピン国内各企業動向

SMC offers P30bn retail bonds to fund capital requirements and refinance debt:

San Miguel Corporation (SMC) plans to float P30bn fixed-rate bonds, covering its 3rd tranche of 3-year debt securities program (DSP) of up to P60bn. The bonds were assigned PRS Aaa with stable outlook by PhilRatings.

MER expects higher charges next month due to normalization of capacity fees and impact of TRAIN:

Manila Electric Co. (Meralco) expects electricity rates to increase in February as capacity fees from power generators start to normalize along with the impact of the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law. MER expects normalization of capacity fees to have the same impact as in prior years. On the other hand, as per MER's computations, the VAT on transmission charge would translate to an additional P0.07/kwh in its rates, while increased coal excise taxes would mean an additional P0.01/kwh at P50 per metric ton of coal.

RCB board approves stock rights offer to raise P15bn in new common equity capital Tier 1:

Rizal Commercial Banking Corp. (RCB) board approved to raise P15bn in fresh equity Tier 1 capital via a rights offer. Terms will be announced later. RCB’s Tier 1 stood at 12.4% as of 9M17, capital adequacy at 15.5%. Proceeds will finance loan growth & investment in technology.

UBP issues first tranche of LTNCD worth P3bn, 5 years & 6 months tenor, indicative rate 4.125-4.375%:

Union Bank of the Philippines (UBP) launched the initial tranche of its Long-Term Negotiable Cert. of Time Deposits (LTNCDs) given BSP’s approval for the issuance of P20bn total, in tenors of 5.5-10 years. The initial LTNCD is worth P3bn, with 5-year & 6 months tenor at indicative rate of 4.125%-4.375%. Offer run will be 30 Jan. to 09 Feb. 2018.

RLC launches 7,829sqm. office space in its newly expanded Robinsons Place Ilocos Norte for BPOs:

Robinsons Land Corp. (RLC) launched 7,829sqm. office space in its newly expanded Robinsons Place Ilocos Norte to serve BPOs. The project is accredited by PEZA, covering 3 of 4 floors.

HOUSE subsidiaries enter CTS Receivables Sale & Purchase Agreement with Dearborn Resources & Holdings amounting to P2.833bn:

8990 Holdings, Inc. (HOUSE)'s subsidiaries entered into a CTS Receivables Sale & Purchase Agreement with Dearborn Resources & Holdings amounting to P2.833bn. The sale is on non-recourse basis & based on the outstanding principal balance.

CLI reallocates IPO proceeds for Jaro, Iloilo, CDO land purchase, Mactan land purchase and savings from Bogo land purchase:

Cebu Landmasters, Inc. (CLI)'s board approved to reallocate IPO proceeds for the ff.: Jaro, Iloilo (almost P60mn); savings from CDO land purchase (P12.94mn); Mactan land purchase (P300mn); & savings from Bogo land purchase worth almost P6mn.

Joseph T. Chua, director of PAL resigns to focus on foreign business:

Mr. Joseph T. Chua has resigned as director of PAL Holdings, Inc. (PAL) effective 29 Jan. 2018 to focus on foreign business.

フィリピン経済指標

DoF to delay submission of rationalisation of taxes on tobacco, alcohol, casino, mining & coal by 2 weeks, vs. the 30 Jan. 2018 deadline:

Finance chief Dominguez will delay submission of rationalisation of taxes on tobacco, alcohol, casino, mining & coal by 2 weeks, vs. the 30 Jan. 2018 deadline. For mining, DoF plans to revise 333 laws that provide fiscal & non-fiscal incentives. For coal, DoF wants to remove VAT exemption of locally-produced coal.

BSP eyes ‘countercyclical capital buffer (CCyB) that will require banks to set aside extra capital as reserve to cover potential losses from excessive loan growth:

BSP is eyeing a ‘countercyclical capital buffer (CCyB) that will require banks to set aside extra capital as reserve to cover potential losses from excessive loan growth. The framework will be issued for comments 1H18.

South Korea to ramp up investments this 2018 in support of PH Govt's Infra program:

Some 12 Korean companies in engineering, construction, power generation and water treatment sectors were in the country yesterday for the Philippine-Korea investment forum on infrastructure and energy. Korea Ambassador to the Philippines Han Dong-Man is positive that South Korean investments in the Philippines will hit higher this 2018 after a slowdown in 2017 (a 92.61% decline to P873.15 million from P11.82 billion in 2016) with planned projects to support the government’s massive infrastructure program.

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