August 16, 2017
Morning Huddle
Daily Summary
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US Tracker
US stocks end slightly higher after retail sales in July exceeded expectations (0.6% vs 0.4%).
DOW 21,998.99 +5.28 +0.02%
EPHE 35.46 -0.06 -0.17%
PHI 34.03 +0.27 +0.80%
Peso 51.08
TEL Par 1,738 vs 1,740 TEL
Economic News
Cash remittances in June up 5.7%. The figure for the first half now amounts to US$6.9mn, higher by 1.9% YoY but below the 4% growth target set by BSP. During the period, the number of OFWs rose by 1.14mn.
Corporate News
SHLPH 2Q17 net income dropped 55.1% YoY to Php1.3bn, bringing down 1H17 net income by 17.4% YoY to Php4.2bn, above the consensus estimate of Php7.0bn (60.0%). The planned refinery shut down and lower benefit from inventory gains due to falling crude oil prices drove the double-digit decline in net income. Last 65.25.
DD's 1H17 net income jumped 161% to PhP376mn as revenue soared 131% to PhP1.6bn. An increase in rental revenues drove topline as DD continued to grow its retail portfolio and acquired Hotel of Asia (HOA). HOA is now growing its 2 hotel brands Hotel101 and Jinjiang Inn to 5,000 rooms by 2020. Meanwhile, it has 20 operational malls, 18 of which are under the CityMalls brand. DD will be opening another 12 CityMalls by yearend. In time with the announcement of a follow-on offering, the company upgraded its 2020 net income target to PhP5.5bn from PhP4.8bn as it grew its leasable portfolio target to 1.2mn sqm from 1mn sqm. Last 45.00.
MPI unit starts Harbor Link construction. NLEX Corp. broke ground for the building of the R-10 section of the NLEX Harbor Link Segment 10. The Valenzuela to C3 section of the Harbor Link is expected to finish by 1Q18 while the R-10 section is scheduled to be completed by 4Q18. Last 6.58.
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