The Keepers [KEEPR 1.15 0.86%] [link] will have 77% of its shares come out of lockup in the morning on Thursday, May 19th. The shares are owned by Lucio Co’s other public company, Cosco Capital [COSCO 4.75 2.37%], and represent 77% of KEEPR’s outstanding shares. That’s pretty significant. The stock is down 32% from the P1.69/share it enjoyed after the stock was suspended for violating the PSE’s minimum public ownership threshold following the share-for-share swap with COSCO that nuked KEEPR’s (then DAVIN’s) existing shareholders.
AllDay Marts [ALLDY 0.41 2.47%] [link] Q1 profit plummeted 206% y/y, slumped 162% q/q, thanks to severe fire damage to its location in Alabang. Excluding the P170 million charge that ALLDY booked for the loss, ALLDY would have made a net income of approximately P95 million, which would be a 34% improvement over Q1/21. ALLDY weathered the lockdown surprisingly well. This performance should not be lumped in with HOME as a COVID casualty.
Chelsea Logistics [C 1.60 6.67%] [link] Q1 profit wilted 91% y/y, jumped 76% q/q, due to lack of one-off cancellation gains to bolster income. Chelsea’s Q1/21 net profit was boosted some P313 million thanks to a “pre-termination gain”; the “high bar” of this gain last year obscures the marginal improvements in Chelsea’s operations that lead it to lose only P0.4 billion in Q1/22. This company hasn’t turned an annual profit since 2017. There are fundamental problems here, and I would like to see the company address those problems and post a few quarters of significant improvement before I’d think of including Chelsea as part of any long-term investment.
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