Quick takes from around the market
Figaro Coffee [FCG 0.64 1.59%] [link] will have 1.97 billion shares come out of 180-day lockup and be eligible for trading on Monday, July 25. The shares are controlled by Jerry Liu through his private holdcos, with the majority belonging to Camerton Holdings. The next day, on July 26, another 1.25 billion shares will come out of lockup and become eligible for trading. Together, the shares represent over 69% of FCG’s common shares. Nice. Will Mr. Liu convert any shares to cash? We’ll have to watch the daily volumes to find out.
BPI [BPI 89.00] [link] Q2 net income up 83% y/y to P12.5 billion on “robust performances” from interest income and non-interest income. Oh and an asset sale. Take the asset sale out, and BPI still booked “record” revenue for Q2, at P27.3 billion, and a net profit of P8.7 billion (up 31% y/y). No guidance yet from BPI on how high-and-rising inflation, and the rate increases to battle it, will impact earnings going forward.
Suntrust Resort Holdings [SUN 1.01] [link] thought that it was material to SUN shareholders that SUN’s parent company, “Suncity Group Holdings Limited”, decided to change its name to “LET Group Holdings Limited”. Not sure how the SUN board thought the parent’s name change qualifies as material, and yet the arrest and detention of the parent’s owner on charges of facilitating illegal cross-border gambling and money laundering would not, according to the board, have ”any direct material adverse impact” on SUN. Things that make you go “hmmmm”. I’d love to know their own internal test of materiality.
Asian Development Bank (ADB) [link] raised its 2022 GDP growth forecast for the Philippines to 6.5%, up from 6.0%, after the economy impressed in Q1 when COVID-related movement restrictions were eased. ADB has adjusted the projected GDP growth rates of several other countries in the region on China’s continued pursuit of its misguided “COVID Zero” policy that could continue to suppress supply chain recovery.
JG Summit [JGS 52.00 0.86%] [link] plans to launch its own digital bank, “GoTyme”, in Q3 of this year. JGS said that the bank would offer “better savings interest rewards”, and feature “good cybersecurity”. JGS’s GoTyme is one of six digital bank license holders in the Philippines. We need more options like this; hopefully the group will resist the urge to use it as a funnel to predatory lending apps.
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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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