Quick takes from around the market
Alliance Global [AGI 9.43 3.68%] [link] to spend P60 billion on capex this year, up 33% from FY21. AGI thinks that its business units will “very much benefit from pent-up spending resulting from the further reopening of the economy”, so it’s pushing P50 billion into Megaworld [MEG 2.37 1.66%] to build some townships, P4 billion to Travellers to build some casinos, P3 billion to Emperador [EMP 17.80 1.83%] to expand its international business, and around P3 billion to Golden Arches Development Corp (McDonald’s PH) to build 45 new locations this year. That’s a hefty bet on a sustained wave of revenge spending.
Vivant [VVT 14.50] [link] expect to spend about P30 billion in capex between now and the end of 2027, with about P25 billion of that going into wind and solar renewable energy projects. VVT wasn’t exactly specific about its plans, though, saying that its capex budget would “be around” P30 billion, for now up until “2025-2026, maybe even 2027.” So, anywhere between P5.5 billion and P8.6 billion per year. Around that. Maybe! The company expects power to be the dominant revenue driver by 2030.
First Gen [FGEN 16.80 1.45%] [link] disclosed delays in its Interim Offshore LNG Terminal project; seeking extension in validity of permit to construct the facility which is set to expire in September of this year. FGEN is looking to extend the permit to March of 2023. FGEN said that the delays were “caused by events and circumstances not within the reasonable control of FGEN LNG”.
Bank of Commerce [BNCOM 9.05 0.77%] [link] anyare?! The stock is now down 25% from its IPO just six weeks ago. After a brief time in the sun, things got dark. Fast.
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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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