Quick notes from around the market
CTS Global [CTS 1.08 2.70%] [link] drifts lower on heavy trading. Day 2 value traded was still quite high at P174 million, good enough for 3rd highest on the PSE. The stock seems to trade pretty loosely in a P1.06 to P1.12 range. There’s no stabilization fund, so it will be interesting to see what will happen if the natural ebb and flow of selling pressure pushes the price to/near the P1.00/share IPO offer price.
PSE [PSE 202.00 1.85%] [link] still has more than half of the P2.9 billion that it raised through a stock rights offering in 2018. That’s a lot of dry powder, and it’s honestly frustrating to see the exchange sitting on that money for years. Perhaps some of that money could be applied to modernize the back-of-the-house processes that seem to get so easily overwhelmed by even moderate levels of market activity.
Aboitiz Equity Ventures [AEV 56.75 1.56%] [link] FY21 profit surged 77% y/y to P27.3 billion. Power and banking dominated, with the Aboitiz Power [AP 35.40 0.28%] and the rest of the “Power Group” accounting for 57% of income, and UnionBank [UBP 84.00 0.30%] and the rest of the “Banking and Financial services” group accounting for 23% of income.
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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
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