Quick takes from around the market
JG Summit [JGS 50.80 1.70%] [link] trying its hand at the casino resort game with its NUSTAR Resort and Casino in Cebu, which it plans to open in Q1/23. JGS refers to the facility as the first 5-star integrated casino resort in the Visayas/Mindanao region. JGS is hoping to drive patronage to NUSTAR through integrations with its other subsidiary, Cebu Pacific [CEB 41.70 1.30%]. The resort will cater to domestic and SE Asian clients, with a focus on (of course) Chinese gamblers. This is JGS’s first move into the high-end entertainment space, and I’m curious to see how the group will manage “top tier” experiences here.
Ever-Gotesco Resources [EVER 0.27 1.92%] [link] takes another step forward to changing its name to “Everwoods Green Resources & Holdings” (same ticker, nice move) and upping its authorized capital from P5 billion to P7.5 billion (after it executes a 10-for-1 stock split to eliminate P2.3 billion of accumulated retained earnings deficits). All of these moves are meant to facilitate the company’s move into “agri- tourism and bamboo industry”. At least they’re not getting into crypto and solar?
CTS Global [CTS 0.95 2.15%] [link] chairman, Edward Lee, disclosed that he bought just under 1.4 million shares of his own CTS over the last three days, for a total spend of P1.3 million. At first glance, it looks like a bigger deal than it is. It’s tempting to note that Mr. Lee’s buys were like 85% of all CTS shares traded on July 7th, but his buys were only 4% of the traded volume on July 11th and the price didn’t really go anywhere on either day. CTS bagholders are probably happy for the support, even if it’s getting harder and harder to hold their breath.
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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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