1. Ingeniería

MARKET INSIGHTS
F. Yap Securities, Inc. website
A member of the Philippine Stock Exchange
T--BILL RATES
Rates
(as of 02 February 2015)
Volume
06 February 2015
NEW YORK
Dow Jones
91-day (+12.5bps)
182-day (-1.3bps)
364-day (+1.1bps)
1.541
1.758
8.00
6.00
Nasdaq Comp.
S&P 500
1.947
6.00
Gold (US$/oz)
Copper (c/lb)
SLF (US$)
PLDT (US$)
Total
Vol.
Chg
FOREX
(Pbn)
20.00
Nym. crude ($/bl)
17,884.88
+211.86
Close
44.14
4,765.10
2,062.52
+48.40
+21.01
Open
44.14
1,263.90/1,264.40
-0.50
Average
44.13
261.20
unch.
High
44.17
598,689
-0.03
Low
44.10
112,482
-1.26
32.90 (P1,452.21)
50.48 (P2,228.19)
50.48
+2.03
Vol.($mn)
621.50
P
P
MARKET COMMENTARY FOR 05 February 2015
Market Outlook for 06 February 2015
PSEi down @7,657
The local market pulled back after closing in the green in
the previous session as it track Southeast Asian bourses
in reacting to ECB’s tightening of Greek credit lines. PSEi
fell 58 points at 7,657 (-0.76% day-on-day), led lower by
property (-1.63%); industrials (-0.87%) & holdings
(-0.77%). Among the day's actively-traded decliners were
SM (-P9 at P896); TEL (-P4 at P3,082) & ALI (-P0.60 at
P35.40). Declines edged out advancers 96-78 on P8bn
turnover. Net foreign selling was P33mn.
Positive developments abroad, such as the easing of
concerns over Greece & the euro zone may support
bullish sentiment in the market. Wall Street's overnight
climb (Dow +211 points, Nasdaq +48) may spur some
buying into local shares, easing concern aggressive bets
made in previous sessions was overdone. Shares will
continue to benefit from the low-cost oil environment as it
remains in the $50/barrel area, providing continued
reinforcement to the Philippine economic growth story.
Immediate support is at 7,600, resistance is at 7,700.
Asian equities down on Greek worry
Asian equities fell as investors weighed the European Central Bank's (ECB) tightening of the terms of Greece's bailout. ECB restricted
access to direct liquidity lines, citing concerns about the country's commitment to existing bailout pledges. China reduced the amount of
cash banks must set aside as reserves by 50 basis points, joining more than a dozen global counterparts in easing monetary policy. China
(Shanghai Comp -1.02% day-on-day, Shenzhen SE Comp -0.19%) led the region in declines, followed by Japan (-0.98%).
CSI 300 Index (Shanghai Comp)
Japan's Nikkei 225
Jakarta Composite Index
Philippine Composite Index
South Korea Composite Index
Thailand Stock Exchange
Singapore STI Index
Shenzhen SE Composite
Kuala Lumpur Composite Index
Taiwan Stock Exchange
Hong Kong Hang Seng Index
04 February Points Chg.
05 February
3,366.95
3,401.77
-34.82
17,504.62
17,678.74
-174.12
5,272.43
5,315.28
-42.85
7,674.24
7,716.06
-41.82
1,952.84
1,962.79
-9.95
1,592.57
1,599.81
-7.24
3,403.08
3,417.57
-14.49
1,526.11
1,529.04
-2.93
1,802.38
1,803.02
-0.64
9,512.05
9,513.92
-1.87
24,710.68
24,679.76
+30.92
%Change
-1.02
-0.98
-0.81
-0.54
-0.51
-0.45
-0.42
-0.19
-0.04
-0.02
+0.13
Wall Street rallied
US equities rallied as energy shares bounced with oil prices, while some euro zone concerns eased. Greece proposed a bridging program
until the end of May to allow time for debt talks, vowing to do everything in its power to avoid default. Meanwhile, Pfizer would buy Hospira
for $15bn to boost its portfolio of generic injectable drugs & copies of biotech medicines. Dow Jones Industrial Average (DJIA) closed 211
points higher at 17,884 (+1.20%). Nasdaq Composite added 48 points at 4,765 (+1.03%).
The Information contained herein was obtained from sources which we believe to be reliable, but whose accuracy and completeness we do not guarantee.
This document is for information purposes only and does not constitute a solicitation by us for the purchase and sale of any securities mentioned herein.
MARKET INSIGHTS
F. Yap Securities, Inc. website
A member of the Philippine Stock Exchange
06 February 2015
Crude up
West Texas Intermediate (WTI) for March delivery rose $2.03 to $50.48/barrel on Nymex, showing volatile trading for the commodity after
the Organization of Petroleum Exporting Countries (OPEC) decided in November to let rival products deal with a global surplus that is
pegged at 2mn barrels/day.
January inflation @ 2.4%
Philippine Statistics Authority (PSA) said January inflation reached 2.4% against 2.7% in December & 4.2% in January last year. The lower
inflation figure is attributed to a contraction in prices of housing, water, electricity, gas & other fuels, as well as transport.
DOE plans to roll out Batman I before election season
The Department of Energy (DoE) aims to bid out the construction of the natural gas pipeline Batman I, before the election ban on public
spending by next year. The project will be under the Public-Private Partnership (PPP) scheme, & would depend on the recommendation
from the feasibility study of the Japan International Cooperation Agency (JICA) on the Liquefied Natural Gas (LNG) industry. Batman I
involves laying down 105km-long pipelines, to distribute gas from LNG terminals in Batangas to industrial customers in Manila.
MNTC to finish NLEX-SCTEX integration by November
Metro Pacific Investments (MPI) unit Manila North Tollways Corporation (MNTC) said it plans to start work on the integration of the North
Luzon Expressway (NLEX) & the Subic-Clark Tarlac Expressway (SCTEX) next month, due November. MNTC will spend P650mn for the
integration project, which will allow motorists to stop twice for toll payment, down from the existing 5 stops.
TEL, via Smart, extended free internet
PLDT (TEL) wireless service unit, Smart Communications, extended its free internet promo until 28 February. The promo allows pre-paid
subscribers to access the internet without data charges, of up to 30MB daily, & was expanded to include video streaming.
GLO to set up 4,300 sites
Globe Telecom (GLO) is set to activate 4,300 cellular sites equipped with Long Term Evolution (LTE) technology, to beef up its mobile
infrastructure in the country. GLO is continuously upgrading its network & expanding its LTE-Time Division Duplex (LTE-TDD) and LTEFrequency Division Duplex (LTE-FDD) footprint, to enhance the speed of data transfer, lower latency & increased overall network capacity.
GLO earmarked $650mn for 2015 capex, with another $200mn spill over from last year’s capex.
PSE officials on the road to market local businesses
Christian Brothers Investment Services hosted Philippine Stock Exchange (PSE) chair Jose T. Pardo at a forum in Rome, attended by 80
superior generals & treasurers from Catholic institutions. They are interested in rebalancing their portfolios to include equities listed in Asia
& ASEAN, including the Philippines. Philippine Corporate Day in Japan co-organized by PSE & DBP-Daiwa Capital Markets Philippines
saw investor turnout increase 37% with fund houses present growing 58%.
PBB with 116 branches for 2014
Philippine Business Bank (PBB) plans to continue its aggressive branch expansion program for 2015, after completing 116 branches (+16%
year-on-year) for 2014. PBB will use unutilized branch licenses to increase coverage of the Small & Medium Enterprise (SME) market. The
Bank is also looking for potential acquisitions as part of its inorganic growth strategy.
CHIB to buy shares of Savings unit
The board of China Banking Corp (CHIB) authorized the acquisition of 194 common & 100 preferred shares of unit, China Bank Savings, via
negotiated transactions with interested selling shareholders, subject to compliance with the bank’s other requirements.
VVT unit entered construction & commissioning deal for 6MW Hydro plant
Vivant-Malogo Hydropower Inc (VMHI) signed a Contract for Engineering, Procurement, Construction & Commissioning (EPCC) with O.
Sarmiento Construction Inc, for the 6MW run-of-the river Hydroelectric Power Plant, in Negros Occidental. VMHI is 67% owned by Vivant
Corporation (VVT) unit, Vivant Energy.
Unaudited Full Year 2014 (Pmn)
Company
Globe Telecom (GLO)
RFM Corporation (RFM)
Dividend Declaration
Company
Globe Telecom (GLO)
2014
14,500.00
863
Cash
Div.
P20.75
Stock
Div.
2013
11,600.00
Ex –
Date
13-Feb-15
% change
+25.00
+10.00
Record
Date
18-Feb-15
Date
Payable
04-Mar-15
The Information contained herein was obtained from sources which we believe to be reliable, but whose accuracy and completeness we do not guarantee.
This document is for information purposes only and does not constitute a solicitation by us for the purchase and sale of any securities mentioned herein.