Daily Report

September 8, 2017
Whats Brewing
@ FirstMetroSec Equities Summary | Commentary | Corporate Calendar | Economic Calendar

Equities Summary
PSE Index (12-month period)
The local bourse managed to end strong & close above
8,500 8,000 during the session after Asian shares climbed and fol-
PSEi
lowed Wall Street's overnight gains. Sentiment was positive
8,000
after political dev't.'s from Washington resulted in a short-
term debt ceiling extension. Despite the positive results, for-
7,500
eign portfolio managers ended as net sellers for a 3rd ses-
7,000
sion, and by a substantial P896.45Mn.

6,500
PSEi 8,022.98 (+39.01pts; +0.49%); Val T/O: P7.37 Bn;
$144.43Mn (ex-block)
6,000
Sep-16 Oct-16 Dec-16 Feb-17 Mar-17 May-17 Jul-17 Aug-17
*Net foreign selling ended at P-896.45Mn, P3,626.15Mn
Index V alue T urnov er (in P mn) purchases, P4,522.60Mn sales.
Last 8,023.0 Last (ex-blocks) 7,374.5
% Change 0.5% 3-Month Average 7,319.3
YTD % Change 15.4% 6-Month Average 7,171.0
*Index Breadth: 23 up; 4 down; 3 unchanged.
V aluat ion (x) M ark et Breadt h
Price-to-Earnings T12M 21.4 Gainers 114
Price-to-Earnings F12M 19.4 Losers 77 *Market Breadth: 114 up; 77 down; 55 unchanged.
Price-to-Book 2.5 Unchanged 55
Dividend Yield (%) 1.5
F oreign A ct iv it y (in P mn) PLDT
Buy 3,626.1 TEL Last Price (PhP) 1,724.0 *Index Leaders: JFC (+1.91%), SMPH (+0.60%), PGOLD
Sell
Net Foreign
4,522.6
(896.4)
TEL ADR Last Price (US$)
in PhP
33.6
1,701.2
(+3.27%), ICT (+1.34%), SM (+0.31%)

Global Indices *Index Laggards: AEV (-0.61%), BPI (-0.29%), LTG (-1.11%),
US M a rk e ts Price Chg DoD % YT D % P/E T 12M P/E 2017F
SMC (-1.53%), MER (0.00%)
Dow Jones Industrial Ave. Index US 21,784.78 (22.9) (0.1)% 9.9% 19.9x 17.8x
S&P 500 Index
Nasdaq Comp. Index
US
US
2,465.10
6,397.87
(0.4)
4.6
(0.0)%
0.1%
9.6%
17.8%
22.0x
23.8x
18.7x
21.5x
*FMETF : Closed @ 121.40; iNav @ Php 121.4514 vs. last
Europe a n M a rk e ts
NAV @ 121.90
Euro Stoxx 50 Index EU 3,447.66 13.9 0.4% 5.4% 15.2x 14.5x
HDAX index GER 6,633.52 40.7 0.6% 9.0% 14.1x 14.2x
INTERNATIONAL
FTSE 100 Index UK 7,396.98 42.8 0.6% 3.9% 21.8x 14.9x
CAC 40 Index FR 5,114.62 13.2 0.3% 5.7% 15.7x 14.8x US STOCKS-Wall St slips as media stocks, Hurricane Irma weigh
As ia Pa cific Euro rises as ECB signals stimulus slowdown, U.S. stocks flat
Philippine Stock Exchange Index PH 8,022.98 39.0 0.5% 17.3% 21.4x 19.4x OPEC Fails To Cut Oil Exports Below 2016 Levels
Nikkei 225 JPN 19,396.52 38.5 0.2% 1.3% 16.2x 16.5x
Hang Seng Index HK 27,522.92 (90.8) (0.3)% 26.3% 13.5x 12.3x
FTSE Straits Times Index SG 3,228.06 (4.4) (0.1)% 11.7% 11.7x 14.7x
ASX 200 Index
Shanghai SE Comp Index
AUS
CHN
5,689.88
3,365.50
0.2
(19.9)
0.0% (0.2)%
(0.6)% 8.7%
15.5x
15.3x
12.6x
13.6x
LOCAL
Korea SE KOSPI Index SKR 2,346.19 26.4 1.1% 15.8% 12.1x 11.1x Govt to ease foreign cap in construction
Jakarta SE Comp. Index IDN 5,832.31 8.2 0.1% 10.0% 17.5x 17.2x August foreign reserves at 3-month-high $81.5 billion
FTSE Bursa Malaysia KLCI Index MY 1,782.98 10.5 0.6% 8.9% 16.7x 16.6x
SET Index TH 1,632.66 11.4 0.7% 6.2% 15.8x 15.9x Tax court rules for BSP on P2.4-B assessment
Peso climbs to 50.93 a dollar
First Metro Phil. Equity ETF (FMETF)
CORPORATE
Report Date Thursday, September 7, 2017
NAV per share 121.46
GBP powers up Robinsons mall
Retail power suppliers say no SC response to their position paper
Closing Price 121.40
Total # of Issued Shrs (in '000) 10,322
Cemex Holdings PHL unit fined over oil spill
Total # of Outstanding Shrs (in '000) 10,342
Meralco bills up for third month in September
Tracking Error 0.04% Ayala Corp. marks return to dollar bond market
SMC to put up industrial estate in Mandaue

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 Daily Report
Equities Summary | Commentary | Corporate Calendar | Economic Calendar

Comment

Local
Govt to ease foreign cap in construction
The Government is planning to liberalize the countrys Foreign Investment Negative List (FINL), by allowing foreign con-
struction firms to participate in public infrastructure projects without partnering with a Filipino-owned companies. Under
the 10th NIFL signed in 2015, foreigners can own up to 40% of the joint venture with a local firm. Last July 2017, recall
that the government noted that they are considering to raise foreign ownership cap to 70% for public utilities firm, par-
ticularly telcos, from the current 40%. The 11th NIFL is expected by the end of September 2017.

Corporate
GBP powers up Robinsons mall
Global Business Power Corp. (GBP) is beefing up its retail electricity portfolio with the addition of Robinsons Land Corp.
(RLC) as the power firms new retail electricity customer. GBP has finalized a power supply agreement with RLC for the
power needs of Robinsons Malls in Bacolod, Dumaguete, Tacloban, Roxas, Iloilo and Cebu. Before the GBP-RLC contract,
Federal Land Inc. and Cathay International Resources Corp. were GBPs key customers. GBP is majority owned by the
listed conglomerate, Metro Pacific Investment Corp. (MPI).

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 Daily Report
Equities Summary | Commentary | Corporate Calendar | Economic Calendar

Corporate Calendar

September 2017
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY

1 2

3 4 5 6 7 8 9
ABD DMPL CD BDO
SMD FOOD ABD SEVN

10 11 12 13 14 15 16
STD SCC
CD SHNG

17 18 19 20 21 22 23
CD SMC SMD AGI SMD 2GO SMD WPI
SMD MWIDE SMD MRC
CD FJP

24 25 26 27 28 29 30
CD LR SMD WEB CD GTCAP SMD STI
SMD MRP SMD APC SMD PORT

Legend: ABD = Analysts Briefing EOE = ETF Offer End

SRD = SRO Ex-Date SRE = SRO End PD = Property Ex-Date
SMD = Stockholders Meeting EOS = ETF Offer Start SRL = SRO Listing
SRS = SRO Start STD = Stock Ex-Date OFE = Offer End
LD = Listing Date EDD = ETF Dividend Ex-Date WED = Warrant Exp Date
CD = Cash Ex-Date OFS = Offer Start

Source: Philippine Stock Exchange

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 Daily Report
Equities Summary | Commentary | Corporate Calendar | Economic Calendar

Economic Calendar

September 2017
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY

1 2
US Jobs Report

3 4 5 6 7 8 9
PH Inflation US Jobless Claims

10 11 12 13 14 15 16
PH Imports; Exports US Inflation PH Remittances
US Jobless Claims US Retail Sales

17 18 19 20 21 22 23
US FOMC Meeting US FOMC PH MB Meeting
Announcements US Jobless Claims

24 25 26 27 28 29 30
US New Home Sales US GDP PH Bank Lending
US Jobless Claims

Source: WSJ, Bloomberg

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