Rockwell Land [ROCK 1.48] [link] board to spend P9 billion on capex for 2022 and 2023, more than half of ROCK’s P15.3 billion in retained earnings for FY21. The stock is down 38% from its pre-COVID 2019 highs, but it honestly hasn’t gone anywhere in the two years since the lockdown. It’s basically at the same price now that it was during the days of the COVID crash. The Lopez Family’s property development arm just hasn’t been able to keep pace with its larger peers.
Citicore Energy REIT [CREIT 2.60 0.39%] [link] prepares for infusion of 72 MW Arayat-Mexico solar farm that was just energized by CREIT’s parent company, Citicore Renewable Energy Corp (CREC), and AC Energy [ACEN 8.86 1.84%]. CREC said that it is starting construction of Phase 2 of this project next month, to add another 40 MW of capacity by the end of the year. CREIT investors are still just waiting on that first full quarterly dividend to validate the FY22 yield projections, but infusions like this are a big part of CREIT’s future growth.
Medilines Distributors [MEDIC 0.89 1.14%] [link] delivers 1st “complete cancer diagnosis package” in Mindanao. The machines permit identification and tracking of cancerous abnormalities without invasive surgery. MEDIC is the dominant provider of these machines in the country, and the hospital where this was installed (Southern Philippines Medical Center) is a top MEDIC customer. These transactions are what got MEDIC to the market, but investors in the IPO will be looking for explosive performance of MEDIC’s new consumables business. There’s a lot riding on the next annual and quarterly reports from MEDIC.
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