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Stock Commentary: Quick Market Takes

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Filinvest REIT [FILRT 6.80] [link] saw 52% of its shares come out of mandatory blocking yesterday. No significant change in daily volume (so far), but I don’t expect the owner of FILRT to suddenly look to cut stocks in the open market to raise cash. FILRT doesn’t have much leeway in terms of maintaining compliance with the PSE’s minimum public float rules for REITs.

emperor [EMP 18.52 1.80%] [link] has changed its ticker symbol to “EMI” to “align” with the stock code it intends to use when listing on the Singapore Stock Exchange. It’s a strange move. It is not uncommon for securities traded on multiple markets to have different ticker symbols. It’s also odd to see EMP align with their new non-Filipino sub roster, instead of just allowing the sub roster to stand on their own. And it is particularly strange for EMP to change its ticker to something like EMI which is not representative of EMP’s business or name.

Philippine Infradev Holdings [IRC 0.92] [link] changed its ticker symbol to “INFRA”. IRC didn’t provide a rationale for the change, but it seems like something that was long overdue, given that “IRC” was the ticker symbol for IRC Properties, which carried out property development and resource exploration. While “INFRA” is a pretty bold ticker, at least this company (which is undertaking construction of the Makati City Subway Line) mostly does what the ticker says. It’s far more representative of Philippine Infradev Holdings and its work than “IRC” ever was.

Solar Philippines NEC [SPNEC 1.74 3.57%] [link] The board voted to pay the professional fees of the stock exchange with its parent company, Solar Philippines, using proceeds from SPNEC’s IPO. But only, as the disclosure clarifies, of any excess money that is not needed for Phase 1A of the Nueva Ecija Solar Project. Nothing seems here, just juggling funding priorities as the company transitions from its original focus (development of Nueva Ecija) to its current focus (intermediate for Solar Philippines land/permit packages). Everyone is waiting to hear about these ORS!

VistaREIT [VREIT 1.75 0.57%] [link] stab fund discloses more buys, but still has more than half of its initial funding dry and ready to support VREIT’s price. The fund bought more than 160 million pesos of VREIT on the open market at an average price of 1.71 pesos/share. At this rate, it looks like the stab fund will survive until its natural expiration at the end of next week. What happens after, though? That’s the big question.

Raslag [ASLAG 1.99 2.93%] [link] stabilization fund dies today. The fund has a natural life of 30 calendar days including the IPO date, which means today is the last day of its contractual life. ASLAG has spent enough time above its IPO offer price to retain a huge amount of the stabilization fund, but it will enter the post-stabilization period at or near its IPO price. IPO offer without downside protection. Let’s look at what’s happening today, to see if any holders are looking to jump before the deep pockets of the stabilization fund leave the scene.

Merkado Barkada is a free daily newsletter on PES, investment and business in the Philippines. You can subscribe to newsletter Where Follow on Twitter to receive full daily updates.
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 should do their own due diligence before trading, as the facts and figures in each particular article may have changed.

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2/ https://www.philstar.com/business/2022/07/05/2193192/quick-takes-around-market

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