Merkado Barkada
September 1, 2025 | 9:45am
Merkado Barkada has been dormant for a month whereas I used to be on depart. I shut all the pieces down in order that my employees may additionally get a (paid) break from the day by day information cycle and the bodily and emotional harm that may accumulate whereas working bizarre early-morning hours. So whereas I feverishly devour stale disclosures to construct up my context bar and Jewel back-fills all the market knowledge, let’s have a look again over what’s occurred during the last month whereas MB was darkish:
> PLUS included in PSEi: DigiPlus [PLUS] was the most important story going after I stepped again on the finish of August, and at the very least one of many materials “will they / received’t they” questions looming over PLUS’s valuation was resolved when the PSE introduced that PLUS could be included within the PSE Index. PLUS has been a dominant power on the PSE over the previous yr, however its long-term prospects are going to return all the way down to how lawmakers regulate the trade and the way aggressive the BSP will likely be with its bizarre rulings on interoperability of e-gaming platforms and e-wallets.
> ABG backdoor accomplished: PremiumLands Corp (PLC) accomplished its backdoor itemizing by means of Asiabest [ABG], and now begins its new life centered on mass housing and infrastructure growth. Whereas it’s constructive to get one of many PSE’s zombies transmogrified right into a productive firm, I feel it’s suboptimal for buyers (and market well being) for PLC to do that by means of the backdoor.
> ACEN delays its SRO: From what I can inform, ACEN [ACEN] has lowered its capex to a stage that now not requires it to boost as a lot cash to perform its FY25 targets. It doesn’t really feel like a standard “market situations” deferral, extra like a “no good use for the money but” pause. It’s as much as you tips on how to really feel about that sign.
> HVN’s valuation chaos: Golden MV Holdings [HVN] (quickly to be referred to as Villar Land Holdings) was rocked when its auditors refused to log out on HVN’s almost P1T in web earnings that it claimed by means of the revaluation of land earmarked for its goofy “Villar Metropolis” growth. The inventory was suspended for its failure to file audited financials (the dearth of a signature from an auditor prevented this), and the SEC has mentioned that it’ll examine the valuation methodology HVN used to reach at its huge windfall paper revenue. #justvillarthings
> SMPH defers REIT (once more): SM Prime Holdings [SMPH] mentioned that it has deferred its REIT till “after” 2026. Yawn. They’ve loads of funding sources to faucet (together with internally-generated funds), but when the SM group hopes to embark on a capex-heavy pivot into renewable power, anticipate the group to return again to the market, cap in hand, searching for money in some unspecified time in the future sooner or later. A REIT is barely pretty much as good as its asset injection plan, and SMPH’s reluctant angle makes me surprise in the event that they’d even be aggressive sufficient to catch my consideration.
> HANN defers IPO: The Hann Holdings (HANN) IPO was deferred by its Korean proprietor due to unfavorable market situations. That’s principally code for “we referred to as round to huge buyers, they usually’re unwilling to pay the value we would like”. If HANN actually wanted the cash to embark on an thrilling development part, it might most likely nonetheless listing whatever the situations, however the market is flat and valuations nonetheless suppressed, so it’s simply going to attend till we’re all rather less discerning with our investments earlier than it tries once more (perhaps).
> FNI proprietor detained: World Ferronickel [FNI] was rocked after its chairman and proprietor, Joseph Sy, was arrested at Ninoy Aquino Worldwide Airport for allegedly utilizing faux paperwork to safe Philippine citizenship. Mr. Sy went on depart for the “safety” of FNI and its shareholders, and his destiny continues to be very a lot up within the air. It’s additionally not clear how the allegations towards Mr. Sy, which embrace working FNI crops with out permits, will impression FNI’s operations as this political thriller evolves.
> BSP drops charges 25 foundation factors: The Bangko Sentral ng Pilipinas (BSP) dropped our headline rate of interest by 25 foundation factors, however in a post-cut interview, BSP Governor Eli Remolona mentioned that we could also be in a “candy spot” with respect to inflation and output development, and we might not see any further cuts in FY25. Unsure how “candy” this spot is, from a shopper perspective. Banks will like it, although.
> LAND to delist: Metropolis and Land Builders [LAND] mentioned that its board of administrators authorised a share swap with its mum or dad firm that may end result within the mum or dad because the surviving entity, with the intent of delisting LAND after the merger. LAND didn’t present a timeline for the merger or delisting.
> PREIT rocked by shutdown order: The Villar Household was hit with one other high-profile egg proper within the face when the ERC revoked Siquijor Island Energy Company’s (SIPCOR) allow to function as an influence provider, based mostly on SIPCOR’s allegedly poor service. SIPCOR operates diesel turbines on land leased to it by Premiere Island Energy REIT Company [PREIT]. The information prompted a flurry of PREIT promoting and questions concerning the integrity of PREIT’s future dividend stream.
> Maynilad “locks in” October 30 IPO: After years of delay, Maynilad [MYNLD] has mentioned that it needs to go forward with an enormous October 30 IPO. That plan will nonetheless should be authorised by the PSE, nevertheless, and whereas that’s ordinarily a rubber stamp, PSE President Ramon Monzon has generally micromanaged the needs of itemizing firms to forestall overlap with different PSE enterprise. Seeing as how the market is fairly lifeless proper now, I don’t suppose MYNLD could have an excessive amount of problem getting what it needs out of a PSE ravenous for recent listings. Even compliance listings.
> AR executives going through expenses: Abra Mining [AR] executives and officers are actually going through a DoJ indictment for fraudulent buying and selling. The DoJ claims that the sample of promoting unregistered shares seems to be a part of a purposeful scheme to defraud the investing public. This case has been a black mark on the face of the PSE and SEC for years, and it appears like Christmas in September to see the “new” SEC pushing ahead with this case. AR bagholders are the actual victims of the unique fraud, and of the next multi-year PSE suspension. No less than now there’s an opportunity to see a few of the individuals who did this obtain greater than periodic administrative fines from the PSE.
MB BOTTOM-LINE: Is it simply me, or is that lots? I’ve even neglected some fairly huge stuff (just like the Konektadong Pinoy Invoice), and I’m positive there are another attention-grabbing tales lurking beneath the floor that I’d have observed had I been following the market every day. But, whereas lots appears to have modified, the general sentiment feels largely the identical, perhaps trending worse. Once I left, the PSEi was at 6250, gold was at $3338, bitcoin was at $117,500, and PLUS was buying and selling at ?25/share. Now, the PSEi is 6155 (down 1.5%), gold is $3461 (up 3.6%), bitcoin is $108,450 (down 7.7%), and PLUS is P23/share (down 8%). Hey, at the very least OGP holders are joyful, and that’s one thing, proper? This month-to-month digest was sort of a wild journey. Perhaps it’s one thing that I’ll attempt to do extra of going ahead.
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