Daily Report

February 14, 2018

What’s Brewing
@ FirstMetroSec Equities Summary | Commentary | Corporate Calendar | Economic Calendar

Equities Summary
PSE Index (12-month period)

9,500 The PSEi bounced back above the 8,500 level as MOC buy orders
once again pushed up prices. Selling pressure, however, was still
9,000 PSEi evident intraday, as the market initially erased its early gain and
briefly traded on negative territory below the 8,500 level. For-
8,500
eigners continued to lighten on positions ahead of the release of
8,000
tomorrow's US CPI.

7,500 PSEi 8,570.14 (+82.23pts; +0.97%); Val T/O: P7.65 Bn;

$147.50Mn (ex-block)
7,000

*Net foreign selling ended at P-841.65Mn, P2,471.16Mn pur-

6,500
Feb-17 Apr-17 May-17 Jul-17 Sep-17 Oct-17 Dec-17 Feb-18 chases, P3,312.81Mn sales.
Index V alue T urnov er (in P mn)
Last 8,570.1 Last (ex-blocks) 7,664.9
*Index Breadth: 21 up; 7 down; 2 unchanged.
% Change 0.97% 3-Month Average 7,319.3
YTD % Change 0.1% 6-Month Average 7,226.2
*Market Breadth: 96 up; 110 down; 48 unchanged.
V aluat ion (x) M ark et Breadt h
Price-to-Earnings T12M 22.5 Gainers 96
Price-to-Earnings F12M 18.8 Losers 110 *Index Leaders: SMPH (+3.29%), JGS (+2.60%), SM (+1.02%),
Price-to-Book 2.7 Unchanged 48
Dividend Yield (%) 1.4 AC (+2.00%), AEV (+2.71%)
F oreign A ct iv it y (in P mn) PLDT
Buy 2,471.2 TEL Last Price (PhP) 1,558.0
Sell 3,312.8 TEL ADR Last Price (US$) 29.1 *Index Laggards: JFC (-2.12%), MBT (-0.82%), SMC (-2.07%),
Net Foreign (841.6) in PhP 1,515.8
LTG (-1.31%), MPI (-0.81%)

Global Indices
US M a rk e ts Price Chg DoD % YT D % P/E T 12M P/E 2017F
Dow Jones Industrial Ave. Index US 24,640.45 39.2 0.2% (0.3)% 25.0x 16.6x
S&P 500 Index US 2,662.94 6.9 0.3% (0.4)% 22.6x 16.9x
INTERNATIONAL
Nasdaq Comp. Index US 7,013.51 31.5 0.5% 1.6% 25.0x 19.4x Stocks post 3-day winning streak as comeback from correction
Europe a n M a rk e ts continues
Euro Stoxx 50 Index EU 3,340.93 (27.3) (0.8)% (4.7)% 15.8x 13.3x
Oil prices flat, all eyes on U.S. production data
HDAX index GER 6,641.74 (43.1) (0.6)% (5.1)% 15.6x 13.4x
FTSE 100 Index UK 7,168.01 (9.1) (0.1)% (6.8)% 19.4x 13.5x
CAC 40 Index FR 5,109.24 (30.8) (0.6)% (3.8)% 15.9x 13.9x LOCAL
As ia Pa cific Total exports breach target last year as services boom
Philippine Stock Exchange Index PH 8,570.14 82.2 1.0% 0.1% 22.5x 18.8x
Nikkei 225 JPN 21,382.62 0.0 0.0% (6.1)% 15.5x 16.0x Peso weakest in over 11 years
Hang Seng Index HK 29,839.53 379.9 1.3% (0.3)% 13.6x 11.7x ADB prepares $11-B Philippine infra projects for feasibility stud-
FTSE Straits Times Index SG 3,377.24 (7.7) (0.2)% (0.8)% 11.4x 13.8x
ASX 200 Index AUS 5,855.90 35.2 0.6% (3.4)% 15.5x 12.1x
ies
Shanghai SE Comp Index CHN 3,184.96 30.8 1.0% (3.7)% 14.6x 11.8x Seven insurers to halt operations
Korea SE KOSPI Index SKR 2,395.19 9.8 0.4% (2.9)% 12.1x 11.1x
Jakarta SE Comp. Index IDN 6,578.18 54.7 0.8% 3.5% 19.0x 16.6x
FTSE Bursa Malaysia KLCI Index MY 1,833.02 2.8 0.2% 2.0% 16.3x 16.5x CORPORATE
SET Index TH 1,800.03 0.6 0.0% 2.6% 17.3x 16.0x Jollibee Food Corp. (JFC) 4Q17 Financial Results
JFC to Increase Ownership of Smashburger to 85%
First Metro Phil. Equity ETF (FMETF) Super consortium submits P350-B proposal for NAIA uplift
Report Date Tuesday, February 13, 2018 Aboitiz, Lopez team up for construction deals in Visayas
NAV per share 129.70 Phoenix planning to bring FamilyMart to Clark
Closing Price 129.50 UCPB posts higher profit on core businesses’ growth
Total # of Issued Shrs (in '000) 11,952
Total # of Outstanding Shrs (in '000) 11,982
Tracking Error 0.05%

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

Corporate
Super consortium submits P350-B proposal for NAIA uplift
Seven of the country’s top conglomerates formally submitted their P350bn proposal to rehabilitate, expand, and operate the Ninoy
Aquino International Airport (NAIA) over a 35-year concession period. Aboitiz Infra Capital Inc., Ayala Corp. Infrastructure Holdings
Corp., Alliance Global Group Inc. (AGI), Lucio Tan-owned Asia’s Emerging Dragon Corp., Filinvest Development Corp. (FDC), JG Sum-
mit Holdings Inc. (JGS) and Metro Pacific Investment Corp. (MPI) signed a memorandum of agreement formalizing the consortium.
According to the NAIA consortium, the rehabilitation and expansion will be divided into two phases; first phase is improvement of
terminals in the existing NAIA area which is aim to be completed within 2 years. The second phase involves additional passenger termi-
nals, runway, and associated support infrastructure. Recall that the NAIA consortium tapped Singapore’s Changi Airports International
Pte. Ltd. for technical support in the areas of commercial development. The construction of the additional runway allows NAIA to
bring up its capacity to 100m passengers per year, from 42m as of 2017.

Jollibee Food Corp. (JFC) 4Q17 Financial Results

Jollibee Foods Corp. (JFC) posted 4Q17/FY17 net income amounting to P2bn/P7.1bn (+11.7%/+15% y-o-y) on the back of continued
store network expansion and sustained same store sales growth (SSSG). JFC saw reduced gross profit margins amid higher raw materi-
als and freight expenditures, while EBIT margins declined by 0.9%/0.3% for 4Q17/FY17 on increased operating expenses.

JFC likewise disclosed on February 13, 2018, it will purchase an additional 45% stake in SJBF LLC, the parent company of Smash-
burger). This effectively increases JFC's stake from 40% to 85%.

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

Corporate Calendar

February 2018
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY

1 2 3
SRL- PERC
SRS- RLC

4 5 6 7 8 9 10
CD- PSE ABD- GLO CD- UBP SRE- RLC ABD- CHP
SMD- VMC
CD- ALCO

11 12 13 14 15 16 17
ABD- IMI CD-PF ABD- ALI CD- PNX
SRD-PSE CD-TECH CD-HOUSE
CD-MWIDE CD- GLO
CD- RFM

18 19 20 21 22 23 24
SRS-IMI CD- PNX CD-URC SRE- IMI
SMD- ROX

25 26 27 28
ABD- BDO ABD-MWC
CD- LR

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

February 2018
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY

1 2 3
PH- PMI Manufacturing US- Jobs Report
Index
US- Jobless Claims
US- PMI Manufacturing
Index

4 5 6 7 8 9 10
PH- CPI PH- Forex Reserves PH- Monetary PH- Balance of Trade
US- International Trade Board(MB) Meeting
US- Jobless Claims

11 12 13 14 15 16 17
PH- Foreign Direct US- CPI PH- OF Remittances
Investments US- Retail Sales US- Jobless Claims

18 19 20 21 22 23 24
PH- Balance of US- FOMC Minutes US- Jobless Claims
Payments Position US- Existing Home
Sales

25 26 27 28
US- New Home Sales US- Durable Goods US- GDP
Orders

Source: Wall Street Journal, Bloomberg

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