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Stock Commentary

Quick takes from around the market

Merkado Barkada
Quick takes from around the market

(Corrected July 4, 2022, 8:26 a.m.) Balai Ni Fruitas [BALAI 0.70] [link] IPO is tomorrow. I haven’t heard of any spontaneous chatter or water cooler talk about BALAI, nor has there been much in the way of news or media hype for the IPO. It’s been eerily quiet. I honestly have no feel for what’s going on, or the demand for this stock. My emails to BALAI’s Investor Relations department have gone unanswered. If you bought shares in the IPO, please fill out the BALAI IPO Allocation Poll to help me give some guidance on what to expect tomorrow. Apes together strong.

ABS-CBN [ABS 9.13 0.22%] [link] received news that the Davao City Office of the Prosecutor has junked the cyberlibel case that Dennis Uy filed against ABS. Mr. Uy alleged that ABS’s coverage of Uy’s attempt to buy an interest in the Malampaya project was libelous because it mentioned information from a graft complaint that was filed against Mr. Uy, but the Prosecutor said that ABS’s coverage “merely presented a fair and true report of events by quoting certain publicly available documents and information from the graft complaint filed against the complainant”, and noted that Mr. Uy had failed to even meet the basic elements of the charge in his pleadings. When it rains, it pours! Seems like if Mr. Uy wants to keep playing the game, he’s going to have to switch off of “easy” mode.

Nickel Asia [NIKL 6.13 0.49%] [link] board accepted the resignations of three of its directors; Masahiro Kamiya (Sumitomo decided to change its appointee), Luis Juan L. Virata (personal reasons), and Jaime J. Bautista (because he got appointed Secretary of Transportation). Mr. Virata will be replaced by his son, “Buster” Virata, while Sumitomo’s spot will be filled by Shiro Imai. Mr. Bautista’s independent directorship has not yet been filled. Board rejuvenation is a good process to undertake actively, to keep ideas fresh and the workrate high.

 

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Merkado Barkada is a free daily newsletter on the PSE, investing and business in the Philippines. You can subscribe to the newsletter or follow on Twitter to receive the full daily updates.
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.

ABS-CBN CORP

BALAI NI FRUITAS INC.

FRUITAS HOLDINGS INC.

NICKEL ASIA CORP.

PHILIPPINE STOCK EXCHANGE

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