Philippiness Market Insights 2016.12.14

フィリピン株式ニュースハイライト

News Highlights:International Container Terminal Services, Inc. (ICT) has recently completed the Victoria International Container Terminal in Webb Dock in Melbourne, Australia.Jollibee Foods Corp. (JFC) subsidiary, Jollibee Worldwide, will be selling its 55% stake in San Pin Wang for 90mn yuan.  Meanwhile, the rate of jobless Filipinos dropped to its lowest level in 11 years. Based on the Labor Force Survey (LFS) of the Philippine Statistics Authority (PSA), there were 2.04mn jobless Filipinos in October 2016 and they comprised 4.7% of the country’s labor force.

マーケットモニター

T-Bill     14Nov'16 Rate % Bps Chg. Vol

(Pan)

  Commodities 13 Dec Abs. Chg. % Chg   Forex Value
91-day 1.484 +20.3 8.0 Gold Spot (USD) 1,158.54 (3.68) (0.32) Close                49.78
182-day 1.809 +30.4 6.0 Copper (USD/lb) 259.85 (2.05) (0.78) High                49.80
364-day - N.A. 6.0 WTI Crude (USD/bbl) 52.98 +0.15 +0.28 Low                49.74
  Ave                49.77
Total 20.0   Vol (US$mn)             329.20

各国市場モニター

13Dec Abs. Chg % Chg
Philippines      
PSEi 6,880.91 12.02 +0.17
All shares 4,172.65 10.26 +0.25
Financials 1,682.79 16.93 +1.02
Industrial 10,828.78 (54.27) (0.50)
Holding 6,974.36 (4.39) (0.06)
Services 1,277.63 0.06 +0.00
Mining and Oil 12,034.99 0.97 +0.01
Property 3,110.55 10.54 +0.34
Total volume-mn 904.93 (1,743.09) (65.83)
Total value-Pmn 7,207.47 939.33 +14.99
Net foreign Buy (Sell)-Pmn (1,110.28) (669.23) +151.74
     
Asia  
Japan (Nikkei 225) 19,250.52 95.49 +0.50
South Korea (KOSPI) 2,035.98 8.74 +0.43
Taiwan (Weighted) 9,382.14 32.20 +0.34
Shenzhen (SE Comp.) 1,975.88 6.55 +0.33
Thailand (SET) 1,530.21 3.89 +0.25
Malaysia (KLCI Comp) 1,645.28 3.86 +0.24
Philippines (PSEi) 6,880.91 12.02 +0.17
Singapore (Straits Times) 2,955.23 3.04 +0.10
Hong Kong (Hang Seng) 22,446.70 13.68 +0.06
Shanghai (CSI 300) 3,405.04 (4.14) (0.12)
Jakarta (Composite) 5,293.62 (14.51) (0.27)
   
US  
Dow Jones 19,911.21 114.78 +0.58
Nasdaq Comp. 5,463.83 51.29 +0.95
S&P 500 2,271.72 14.76 +0.65
Sun Life (SLF:US) 39.29 0.12 +0.31
  P1,955.66    
PLDT(PHI:US) 26.93 0.07 +0.26
  P1,340.44    
   

各国の株式市場動向

PHILIPPINES

Recouped intraday ahead of Fed meeting, PSEi @6,880:Local bellwether reversed its losses, ending at a gain in the last few minutes of the trading session as players bought stocks that could benefit from the imminent Fed interest rate hike on 14 December. PSEi closed 12 points up at 6,880 (+0.18% day-on-day), with most sectors ending in positive territory, primed by financials (+1.02%). Among actively-traded shares were: URC (-P5.00 at P158.00); AC (-P16.00 at P690.00) & ALI (-P0.50 at P32.50), on P7.21bn turnover. Market breadth was tight at 88-87, with net foreign selling at P1.11bn.

Mart might end on a tepid gain:Coming from a technical rebound yesterday, mart might continue its gains on a modest note as investors await Federal Reserve interest rate decision. Global markets are now certain that the Fed will raise interest rates in its meeting, as evidenced by the 100% probability of a move. This just shows that the US economy is growing and with the focus to shift from monetary to fiscal easing under the incoming Trump administration, investors might feel the ease that despite the tightening of monetary policy, US economic growth will still have a support. Immediate support at 6,800, resistance 6,950.

ASIA

Marts slightly cautious ahead of Fed meeting: Marts ended broadly higher, although somehow muted, as investors prepared their stock positions ahead of the Fed meeting. Meanwhile in China, data showed that industrial output and retail sales in the country accelerated in November.

WALL STREET

Equities rose as investors reposition to benefit from Fed rate hike:Shares rose ahead of the Fed meeting as investors shifted their holdings to financial stocks, which are expected to benefit from the possibility of an interest rate hike decision.

COMMODITIES

Crude up buoyed by optimism:Oil prices edged higher amid expectations that the latest agreement to curb output between OPEC and other major producers could put crude supply and demand into equilibrium more quickly. West Texas Intermediate for January rose $0.15 to settle at $52.98/barrel.

フィリピン国内各企業動向

ICT completes Melbourne terminal: International Container Terminal Services, Inc. (ICT) has recently completed the Victoria International Container Terminal in Webb Dock in Melbourne, Australia. The newly minted terminal will start operations in January, which could handle as much as 1.4mn twenty-foot equivalent units (TEUs) a year.

JFC to dispose stake in China-based noodle restaurant:  Jollibee Foods Corp. (JFC) subsidiary, Jollibee Worldwide, will be selling its 55% stake in San Pin Wang for 90mn yuan.  San Pin Wang, a local Chinese restaurant focused on selling low-priced beef noodle, was acquired by JFC last March 2012.  The move to dispose its assets was to concentrate on businesses with greater potential such as its recent acquisition of Yonghe King.

PNX signed MOU with Noble Clean Fuels Ltd.: Phoenix Petroleum Philippines, Inc. (PNX) inked a non-binding Memorandum of Understanding (MOU) with Noble Clean Fuels Ltd. for a JV arrangement to supply petroleum products and the operation of import terminals across the country.

 

SHLPH to add 50-70 stations next year:  Pilipinas Shell (SHLPH) plans to add 50-70 retail stations next year to boost sales volume growth amid fluctuating global oil prices.  New stations will be company-owned as SHLPH aligns with its global group standards, which requires higher costs for building each station. As such, capital expenditures set aside for each station would be around P25mn-P40mn.  SHLPH sees P1.25bn–P2.8bn capex for its expansion.

ACR to consider IPO for power unit:  Alsons Consolidated Resources (ACR) sees a potential initial public offering (IPO) plant for its power unit.  ACRconsiders listing its power unit once all of its coal plant projects are up and running.  ACR’s power facilities are expected to reach a generating capacity of 588MW by 2020.

TUGS to conduct P1bn follow-on offering:Harbor Star's (TUGS) board approved to raise P1bn via follow-on offering to fund its planned international fleet expansion, domestic feeder vessel services and renewable energy project. TUGS will set a special stockholders' meeting in 1Q17 to have the approval of its shareholders.

フィリピン経済指標

Lowest unemployment rate in 11 years:The rate of jobless Filipinos dropped to its lowest level in 11 years. Based on the Labor Force Survey (LFS) of the Philippine Statistics Authority (PSA), there were 2.04mn jobless Filipinos in October 2016 and they comprised 4.7% of the country’s labor force. This was lower than the 5.6% recorded in October 2015 and the lowest since April 2005. Growth in construction and services fueled job generation.

DoF sets 16.6% tax-to-GDP ratio to boost infra projects: Total tax collections should be at least 16.6% or roughly around P600bn, of the GDP, to fund the infrastructure program of the current administration. Department of Finance (DoF) Undersecretary Karl Chua also added that the government must index taxes to inflation and modernize fiscal incentives to reach the target ratio.

ADB upgrades PH 2016 forecast at 6.8%: The Asian Development Bank upgraded the country’s 2016 growth forecast to 6.8% from the previous’ 6.4%, following 3 straight quarters of strong growth. In addition to that, 2017 growth outlook was upgraded to 6.4% from 6.2% as domestic demand is seen to continue underpinning economic growth.

Moody's sees stable outlook for Philippine banks: Moody's Investors Service (Moody's) gave stable outlook for the Philippine banking system. Among their Asian counterparts, only Philippines and India were given stable outlook in terms of operating environment, asset quality, capital, funding and liquidity, profitability and efficiency, and gov't support. Banks with stable outlook has higher capital buffers and reserves, and has lower NPL ratio.

 

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