Philippiness Market Insights 2016.12.8

フィリピン株式ニュースハイライト

News Highlights: SM Investments (SM) is raising its Series G fixed rate peso bond issuance to P20bn (at 5.1590% due 2023) from the initial P15bn., while DoubleDragon Properties’ (DD) 66%-owned CityMall Commercial Centers (CityMall) and ABS-CBN Corp. (ABS) have signed a partnership agreement for the roll out of cinemas in various provincial areas of the country.  In other news, Supreme Court (SC) finalized its decision to nullify SPC Power Corporation’s right to top the offer of highest bidder Aboitiz Power (AP) for the 55MW Naga gas turbine power plant.

マーケットモニター

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

(Pbn)

  Commodities 07 Dec Abs. Chg % Chg   Forex Value
91-day 1.484 +20.3 8.0   Gold Spot (USD) 1,173.99 4.14 +0.35   Close 49.75
182-day 1.809 +30.4 6.0   Copper (USD/lb) 264.40 (3.60) (1.34)   High 49.76
364-day - N.A. 6.0   WTI Crude (USD/bbl) 49.77 (1.16) (2.28)   Low 49.63
                    Ave 49.70
Total     20.0             Vol (US$mn) 351.30

各国市場モニター

  07Dec Abs. Chg %Chg
Philippines      
PSEi 6,866.81 60.67 +0.89
All shares 4,153.06 36.32 +0.88
Financials 1,689.53 20.99 +1.26
Industrial 10,862.21 33.24 +0.31
Holding 6,966.41 73.10 +1.06
Services 1,282.99 8.20 +0.64
Mining and Oil 12,075.18 (27.42) (0.23)
Property 3,060.29 23.64 +0.78
Total volume-mn 1,100.22 276.78 +33.61
Total value-Pmn 4,977.07 (803.43) (13.90)
Net foreign Buy (Sell)-Pmn 150.12 195.02 (434.34)
       
Asia      
Shenzhen (SE Comp.) 2,090.33 18.89 +0.91
Philippines (PSEi) 6,866.81 60.67 +0.89
Japan (Nikkei 225) 18,496.69 136.15 +0.74
Hong Kong (Hang Seng) 22,800.92 125.77 +0.55
Shanghai (CSI 300) 3,475.75 16.60 +0.48
Singapore (Straits Times) 2,959.84 10.72 +0.36
Thailand (SET) 1,519.63 3.15 +0.21
Malaysia (KLCI Comp) 1,632.47 2.74 +0.17
Taiwan (Weighted) 9,263.89 13.12 +0.14
South Korea (KOSPI) 1,991.89 2.03 +0.10
Jakarta (Composite) 5,265.37 (7.59) (0.14)
       
US      
Dow Jones 19,549.62 297.84 +1.55
Nasdaq Comp. 5,393.76 60.76 +1.14
S&P 500 2,241.35 29.12 +1.32
Sun Life (SLF:US) 39.02 0.34 +0.88
  P1,941.25    
PLDT(PHI:US) 26.81 0.96 +3.71
  P1,333.80    
       

各国の株式市場動向

PHILIPPINES

Mart continued rally, PSEi @6,866:Local mart extended its gains ahead of the European Central Bank (ECB) meeting this week. PSEi added 60 points to close higher at 6,866.67 (+0.89% day-on-day). Financials (+1.26%) led all the sectors, followed by holdings (+1.06%).Among actively-traded shares were URC (-P0.30 at P168.70); ALI (-P0.13 at P32.80); and AC (-P3.00 at P705.00), on P4.98bn turnover. Losers maintained a slim margin over gainers at 89-88, with net foreign buying at P150.12bn

Might climb higher:Mart might extend gains, taking cue from the recent record highs at Wall Street. Also, investors await the European Central Bank (ECB) policy meeting happening later, as overall market sentiment points to the extension of ECB’s bond buying program beyond March 2017. Immediate support 6,800, resistance 6,930.

ASIA

Marts up:Bourses in the region closed higher, led by bank stocks after investors anticipated the announcement of ECB to extend its stimulus program.

WALL STREET

Equities surge: Shares continue to hit record highs with Dow and S&P as investors await the ECB policy meeting. Dow Jones (DJIA) added almost 300 points (+1.55%), while S&P rose by 1.32%.

COMMODITIES

Crude down:Oil prices declined anew as doubts whether production cuts promised by OPEC and Russia would be fulfilled or not. West Texas Intermediate (WTI) for January decreased $1.16 to end at $49.77/barrel.

フィリピン国内各企業動向

SM exercises its oversubscription option for Series G bonds:  SM Investments (SM) is raising its Series G fixed rate peso bond issuance to P20bn (at 5.1590% due 2023) from the initial P15bn. The strong demand prompted SM to fully exercise the P5bn oversubscription option on Dec 2, the end of the offer period. The bonds will be issued on Dec 9 and proceeds will be used for future investments and strategic acquisitions.

DD’s CityMall and ABS tie up for provincial cinema rollout:DoubleDragon Properties’ (DD) 66%-owned CityMall Commercial Centers (CityMall) and ABS-CBN Corp. (ABS) have signed a partnership agreement for the roll out of cinemas in various provincial areas of the country. Ten cinemas are scheduled to open in 2Q17. CityMall plans to roll out cinemas in all of its other CityMall sites.

SC likely to award Naga plant to AP:  Supreme Court (SC) finalized its decision to nullify SPC Power Corporation’s right to top the offer of highest bidder Aboitiz Power (AP) for the 55MW Naga gas turbine power plant.  SC also ordered the reinstatement of the notice of award last 30 April 2014 in favor of AP subsidiary, Therma Power Visayas Inc.  The notice of judgment was dated 28 November 2016.

Awaiting PCC approval to consolidate Lucio Tan’s airline businesses:  PAL Holdings, Inc. (PAL) sought the approval of Phil. Competition Commission (PCC) for its plan to acquire the shares of holding firm owning Air Philippines Corp. (APC).  The Board approved the full acquisition through a share swap transaction of Zuma Holdings shares (60% owned by Cosmic Holdingsand 40% by Horizon Global Investments). The transaction involves a swap of 19 PAL shares for 1 Zuma share.  The move was to consolidate Lucio Tan Group’s airline businesses in one company, and streamline its processes to reduce costs and increasing revenue.  Moreover, PAL said Zuma is awaiting SEC approval for the reduction of its par value to P1 from P100.

Court orders 2GO shareholders to file to an arbitration court in Singapore: Local court has instructed the disputing investors of 2GO Group Inc. (2GO) to file case to an arbitration court in Singapore to avoid multiple suits and delay. Dennis Uy'sUdenna Investments and KGLI-NM Holdings Inc., the holding company that owns majority of Negros Navigation Co., are still feuding regarding the controlling interests in 2GO. The court resolution was to direct the parties to submit to arbitration.

フィリピン経済指標

Financial system liquidity remains after TDF auction results:  The central bank (BSP) data received P206bn total tenders for the 7- and 28- day term auction facility (TDF), indicative of sufficient liquidity in the financial system.  7-day term facility attracted P43.569bn total bids, with 2.91% weighted average accepted yield and 1.45% bid coverage ratio.  Meanwhile, the 28-day recorded P162.463bn total tenders, with 3.1% weighted average accepted yield and 1% bid coverage ratio.  Given the results of the treasury bonds auction, BSP sees realignment of banks and trust departments.

Gov’t debts -1.4% in October:  Government debts dropped to P6.069tn (-1.4% MoM) in October amid foreign exchange fluctuations, according to the Bureau of Treasury (BoTr).  The drop in external debt level was due to the effect of 3rd currency depreciation against the US dollar, resulting in the reduction of the peso value of 3rd currency liabilities by P10.75bn and net repayments amounting to P20.12bn.  Meanwhile, government debts rose 1.9% YoY from P5.957tn recorded in October 2015.

Exports seen to recover in 2017:After more than a year of contraction, the Export Development Council expects the country’s total exports to recover in 2017 with up to 3-5% growth or $91.99bn-$93.75bn in value. The 5.1% growth in September exports, the first expansion in 17 months, was a good sign for the better outlook to materialize.

PSE released approved rules on dollar-denominated securities: The Philippine Stock Exchange, Inc. (PSE) has released the approved rules regarding the dollar-denominated securities, which will identify the guidelines for listing, trading, clearing, and settlement of securities issued in dollars. Listed companies will be allowed to issue either common or preferred shares quoted in US dollars. The new rule will be implemented as soon necessary grounds for listing, trading and clearing are set. Meanwhile, PSE will schedule seminars and information awareness campaign for trading participants this December.

International tourists arrivals reached 4.46mn during 9M16: The Department of Tourism (DOT) reported 4.46mn in international tourists that arrived the Philippines for the first nine months, 12% increase from the same period last year. DOT seeks to achieve the 6mn tourist target for 2016. Australia, China, Japan, Korea and US remained the top five among the tourists going to the Philippines.

Construction +18.4% in 3Q16:Construction activity rose 18.4% in 3Q16 amid the increased construction of residential buildings.  Based on the number of building permits approved, total number of construction activity in the 3Q reached 35,684 from 30, 126 in the same period last year.

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