Quick takes from around the market
Petron [PCOR 3.94 3.68%] [link] makes P6.1 billion in FY21, up from the P11 billion loss it suffered in FY20. PCOR said that it is well on the “steady path to recovery”, but it hasn’t been this profitable since 2017. A huge turnaround.
Philippine Airlines [PAL 6.05 suspended] [link] is adding 1,500 more flights to its roster this month, as the company is “reasonably optimistic” that tourism and air travel will “rebound in the months ahead”. This is where it gets interesting since PAL’s main problem (aside from its old planes and parasitic related-party contracts) was flying too many inefficient, “prestige” routes. Has PAL learned new lessons, or is it repeating old mistakes?
Leisure and Resorts World Corp [LR 1.36 4.62%] [link] sold over 1.27 billion common shares by private placement to a syndicate of seven private companies, for a total capital raise of P2.1 billion (P1.65/share). LR was trading at P1.30/share before the announcement was made, and briefly traded as high as P1.44/share after LR’s trading halt expired at 10:30am, before sinking back down and bouncing between P1.34 and P1.36/share. The private placement will require LR to conduct an SRO or FOO to satisfy the PSE’s minority rights requirements, or LR shareholders to waive that right.
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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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