Philippiness Market Insights 2017.1.3

フィリピン株式ニュースハイライト

News Highlights: Manila Electric Co. (MER) is pursuing a partnership agreement with Tesla Motors Inc. this 2017. The partnership agreement seeks to engage in battery storage projects, with Tesla being a battery company and MER planning to expand beyond providing power to consumers. SM Prime Holdings’ (SMPH) residential arm SM Development Corp. (SMDC) is looking to expand in Asia, exploring the markets out of Philippines and China. The tollway unit of Metro Pacific Investments (MPI) called Manila North Tollways Corp. (MNTC) is proposing a 9.8-km 4-lane expressway that will connect Sangley Airport in Cavite to CAVITEX.

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

PSEi down for the year, last trading flat: Local equities ended in the red territory despite the heavy window dressing seen on the last trading day. For the year, PSEi registered a negative as it priced in all global benchmarks such as the elections, Brexit, Fed rate hike and the OPEC deal. Turnover reached P6.3bn, with gainers-losers at 117-74; net foreign inflows were recorded at P256mn.
Start the trade up: We might see some optimism at the start of our first trading session for 2017 as investors are back to position themselves for the year ahead. Players might begin to place their bets on stocks that have better prospects for this year. As most have already priced in the global benchmarks such as Brexit, the Fed rate hike and the elections, investors would now focus on how these would pan out for the year. Immediate support 6,800, resistance at 6,950.

ASIA

Marts down on Thursday amid Wall Street report: Markets were broadly lower following US overnight performance. US latest report on home sales yielded weak results that sent markets into majority's dampened sentiment.

Trading optimism on Friday: Most marts ended the last trading session for the year in the green territory despite some global setbacks. These were buoyed by better corporate results, hereby prompting more investments.

Thin trading on Monday: Regional markets ended nearly flat as most were still closed for the New Year holiday.

WALL STREET

Marts down amid tepid trading on Thursday: Shares were lower amid investors' reluctance to make big decisions ahead of the long weekend holiday.
Marts down on Friday with investors taking profits: Shares ended lower as most players took profits on the last trading day of 2016. Marts closed on Monday amid the New Year holiday.

COMMODITIES

Oil down on latest report: Crude futures ended lower on Thursday after the latest report from Energy Information Administration (EIA) showed a rise in crude stockpiles. Data reported an increase of 600,000 barrels last week.

Oil still down on Friday: Crude futures inched lower Friday as trading remained tepid ahead of the New Year holiday. WTI for February delivery lost $0.05 to $53.72/barrel. However, expectations among OPEC and non-cartel members to abide in the output cut buoyed investors' optimism. Market is closed on Monday amid the holiday season.

フィリピン国内各企業動向

MER to partner with US-based Tesla: Manila Electric Co. (MER) is pursuing a partnership agreement with Tesla Motors Inc. this 2017. The partnership agreement seeks to engage in battery storage projects, with Tesla being a battery company and MER planning to expand beyond providing power to consumers. The success of the potential partnership will depend on the success of adoption of e-vehicles on a mass scale. MER has previously introduced a Tesla electric car and an e-vehicle charging station in its Meralco compound.

SMPH’s residential arm looking to expand in Asia: SM Prime Holdings’ (SMPH) residential arm SM Development Corp. (SMDC) is looking to expand in Asia, exploring the markets out of Philippines and China. The focus will still be high-rise residential towers. In China, where parent company SMPH already has significant exposure, SMDC will start to pre-sell a condominium complex in Chengdu within 2Q17. It targets to complete the first 2 of 7 residential towers by 2019.

MPI’s MNTC proposes to connect Sangley Airport to CAVITEX: The tollway unit of Metro Pacific Investments (MPI) called Manila North Tollways Corp. (MNTC) is proposing a 9.8-km 4-lane expressway that will connect Sangley Airport in Cavite to CAVITEX. The feasibility study has been completed while the project proposal is being put together for submission to the Toll Regulatory Board (TRB).

MPI’s CALAX groundbreaking is set this 1Q17: MPCALA Holdings, Inc., another unit of MPI, is set to start the construction of the P62.72bn 47-km, 4-lane Cavite-Laguna Expressway (CALAX) this 1Q17. This is scheduled to be completed by end-2018 while operation & maintenance is targeted in January 2020.

SMC sets terms for P20bn bond sale: San Miguel Corp. (SMC) has set the terms for the P20bn fixed-rate bond offering this February. SMC will issue Series A due 2022, Series B due 2025, Series C due 2027 of P15bn bonds with P5bn oversubscription option. Proceeds will be used to partially refinance loans and to redeem US dollar-denominated loans. Tentative offer period is set on 20-24 Feb 2017.

AP renewables unit to acquire SACASUN's loan from BDO: Aboitiz Power (AP) unit, Aboitiz Renewables (ARI) signed an agreement with BDO Unibank (BDO) and San Carlos Sun Power Inc. (SACASUN) for the acquisition of SACASUN's loan from BDO in the amount of P2,882,456,074.52. SACASUN is the joint venture company between ARI and Sun Edison Philippines Helios BV (SunEdison) for the development and exploration of the 59MW solar photovaltaic power generation project in San Carlos City, Negros Occidental.
AC sells stake in hydro companies: Ayala Corp. (AC) unit, AC Energy signed an agreement to sell its entire stake in QuadRiver Energy Corp., Philnew Hydro Power Corp., and PhilnewRiver Corp to Sta. Clara. These hydro companies are grantees of several hydropower service contracts from the Energy Department (DOE). Previously, AC Energy owns 70% of each of the hydro companies, with Sta. Clara Power holding the remaining 30%.

VLL raises P5.15bn from issuance of corporate notes: Vista Land & Lifescapes, Inc. (VLL) has raised P5.15bn from the issuance of 10-year corporate notes at a fixed rate of 6.11879% to various financial institutions. The proceeds will be used for 2017 capital expenditure (CAPEX), debt refinancing and other general corporate purposes.

WEB sold Acentic GmbH to Niantic Holding: PhilWeb Corp (WEB) sold Acentic GmbH for $750k to Niantic Holding GmbH. WEB also disclosed that it has collected of total of 1,973,250 euros from Acentic, in full settlement of its loan receivables, with a total cash proceeds of approximately P140mn. The amount would be used to cover overhead expenses while the company awaits the reissuance of its license from PAGCOR.

VITA to partner with local farmers and DA for corn mill: Vitarich Corp. (VITA) is looking to ink a memorandum of agreement by 1Q17 with the local farmers and the Department of Agriculture (DA) to process corn supply in Davao. The partnership aims to provide opportunities to the local farmers, while the DA will act as a consolidator for the farmers, providing them better market prices for their produce. the farms will sell half of their produce to VITA, then VITA will provide farm inputs. The new feed mill of VITA will be fully-operational within 3Q17.

フィリピン経済指標

Factory output slower in December: Manufacturing output slowed down in December as the latest reading of Purchasing Managers' Index (PMI) registered a three-month low of 55.7. The decline in output is mainly attributed to the rising output backlog and input costs, which hurdled the processing of new orders. The PMI for Philippines in December was the lowest for three months as October and November read 56.5 and 56.3, respectively.

Gaming sector grows as Okada Manila launches its casino operations: Tiger Resort Leisure & Entertainment, Inc., the fourth but the largest casino operator, has launched its Okada Manila operations on Dec 30, 2016. About a week prior to the launching, Okada Manila was opened for preview. The opening of the hotel will be announced the coming weeks. So far, Tiger has invested US$2.4bn for the development of Okada Manila.

Rep. Arroyo filed billed regarding AMLC provision: Pampanga Rep. Gloria Macapagay-Arroyo has filed a bill that provides an additional provision to the Central Bank Act, which restrains the Bangko Sentral ng Pilipinas (BSP) from supervising the Anti-Money Laundering Council (AMLC) operations. The BSP governor, however, could serve as a member of the AMLC. The former president appointed the incumbent BSP governor Amando Tetangco, whom also is the AMLC chair. Arroyo further cited Tetangco's supervision over AMLC has exposed problems, especially in investigating accounts of gov't officials.

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