Now that the central bank “stuff” is all out of the way, we get to pay closer attention to analyzing FY22 earnings reports and tracking the progress of the various equity-raising transactions that the PSE has scheduled to complete in the near future.
Today is the day that the Upson International [UPSON 5.50] IPO offer period will end (the IPO is on Monday of next week).
Tomorrow (Tuesday), the Megawide [MWIDE 3.07 1.7%] follow-on offering starts, with shares of the preferred series MW?5 going on sale for P100.00.
On Thursday, the Cemex Philippines [CHP 1.03 1.0%] tender offer will settle, which means that all the shareholders that tendered their shares in CHP to CHP’s parent company will finally receive the cash payment for those committed shares.
Then, on Friday, the Philippine Business Bank [PBB 9.48 3.3%] stock rights offering (SRO) shares will list. We’ll also get a slew of FY22 earnings reports from Nickel Asia [NIKL 6.61 1.3%], Citicore Energy REIT [CREIT 2.48 0.4%], D&L Industries [DNL 7.65 0.1%], JG Summit [JGS 52.45 3.5%], Monde Nissin [MONDE 11.34 2.5%], and MacroAsia [MAC 4.92].
MB BOTTOM-LINE
Underneath all of this is the common denominator of valuations.
This is really “valuation season”, with equity raising forcing large investors to do a round of comparables and forward projections to invest in IPOs, and everyone else consuming the regular annual reports of the PSE companies to track progress to assumptions and models, to update price projections, and further expand or contract the valuations for those companies.
The next two weeks will feel pretty action-packed for price-action traders and value traders alike.
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