Quick takes from around the market
AboitizPower [AP 33.00 2.65%] [link] Q1 consolidated net income slumped 53% to P2.9 billion. AP blamed the drastically-lower result on outages related to Typhoon Odette, and the high-bar one-off gain AP recognized in Q1/21 resulting from its award of liquidated damages for a contract dispute it won. Without these one-offs, and without Typhoon Odette, AP said that its consolidated net income would only have been down 4% y/y on the quarter. It’s still not a good look if the most curated alternate reality that AP can come up with is still worse.
Wilcon [WLCON 28.00 1.75%] [link] Q1 profit jumped 41% y/y, growing 23% q/q, to P850 million, on 8.6% same-store sales growth and contributions from new stores. WLCON said that it was still on-track to achieve its target of 100 stores by 2025. WLCON needs to just build like crazy.
Alliance Global [AGI 12.20 ?0.66%] [link] FY21 profit surged 132% to P23.8 billion, which AGI credits to its “diversified portfolio”, “hefty growth in the topline”, coupled with COVID-era “cost efficiency measures” which have remained in place. ANDREW TAN’S AGI [emphasis copied from AGI press release] is well-placed in several industries that will continue to benefit from a widening recovery.
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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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