Morning Huddle
Daily Summary
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US Tracker
US stocks rise on strong earnings. VIX fear index is now at a 23yr low.
DOW 21,613.43 +100.26 +0.47%
EPHE 36.37 -0.03 -0.08%
PHI 33.91 +0.18 +0.53%
Peso 50.54
TEL Par 1,714 vs 1,698 TEL Last
Industry News
Oil prices rally after 10.2mn drop in US stockpiles. In addition to this, Saudi Arabia has vowed to reduce crude exports in August while OPEC and non-OPEC producers opened the possibility of extending their deal to cut output by 1.8mn bpd beyond Mar2018. If members of the deal are fully compliant, supply may fall by 200k bpd.
Corporate News
RLC's Tacloban Resort gets BoI green light. BoI approved RLC's PhP500mn 5-star hotel facility within the Robinsons Place Complex in Tacloban. The 138-room hotel is due to open in April 2018.
Comment:
This is positive for RLC as it grows its recurring income portfolio. By adding a hotel component to its mall operations in Tacloban, it increases the returns of its commercial business through increased foot traffic. We expect this template to persist throughout the sector where retail is boosted by incremental foot traffic from related businesses. Last 24.75.
RECENT REPORTS
Immaterial impact on MBT from possible full provisioning of fraudulent loans.
EAGLE continues to enjoy a home court advantage vs. imports
Robust project pipeline supported by strong balance sheet and asset tactical maneuvering
Speculation of interest from foreign banks shore up share price
KEY CALENDAR EVENTS
JULY 2017
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