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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