Quick take from around the market
DoubleDragon [DD 8.27 0.60%] [link] looking to become the first “homegrown” hotel brand to expand internationally. DD announced that Hotel 101 purchased 9,000 sqm of land in Japan (Hokkaido Prefecture), and will construct a hotel there that will be called Hotel 101 - Niseko. It was not clear whether DD and Hotel 101 plan to pursue the same “condotel” marketing angle, and if so, how this might work for domestic or OFW Filipinos. Will travelling Filipinos avail of Hotel 101’s facilities, and how might DD/Hotel 101 tie-in Hotel 101 Niseko to their broader offering of products and services? Interesting development, with many possibilities.
Cebu Landmasters [CLI 2.50] [link] applied to the SEC for a P15 billion fixed-rate bond shelf registration. The CLI board already approved moving forward with a P5 billion bond offering with a P3 billion over-subscription option out of that eventual P15 billion in shelf-registered bond inventory. CLI is likely eager to get these bonds out the door as soon as possible, before the “mega rate” increases make debt like this more expensive for everyone.
Apollo Global [APL 0.04 5.00%] [link] said on May 31st that it would probably receive the parts needed to repair its vessel, the MB Siphon 1 [no relation], within “two weeks”, and that after a period of “testing and calibration”, the vessel would be ready for commercial operations. Does anyone have any updates on what’s happening here with APL? Did the parts arrive? Were the repairs successful? Is the vessel currently undergoing testing? When is commercial operation slated to begin? This ship has “been in position” now for over 16 months, and shareholders still have nothing (that we know of) to show for it. What gives? The stock is down 87% since the company first claimed that the MB Siphon 1 was “in position” and nearly ready to begin off-shore mining operations. It’s trading at a 5-year low, and at a price that is equal to the depths that it reached during the COVID crash in March of 2020.
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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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