MEGAWORLD opened at 2.90 and closed at 2.85 yesterday, Sept. 1, much to the disappointment of this columnist and also the non-readers who believed in the buy-on-news bias of this column.
There was even a net foreign selling (NFS) of 15.93 K for $:MEG yesterday.
The news item that we thought would be the catalyst for Megaworld to rise from the doldrums was the announcement that President Duterte has approved Andrew Tan's plan to establish a casino in Boracay.
But alas, it was not enough.
Consider this:Megaworld posted a 39% growth in net attributable income to P2.6 billion in the second quarter compared with last year's P1.9 billion.
Then, the Securities and Exchange Commission has approved the initial public offerings of the real estate investment trust (REIT) of both Megaworld Corp. and Robinsons Land Corp. ($:RLC).
Also, Megaworld has partnered with De La Salle University to establish a data science institute which will offer research-based graduate and undergraduate programs as well as training and professional courses.
Named after its chairman, the Dr. Andrew l. Tan Data Science Institute will train the next generation workforce of data scientists, particularly professionals in the business process outsourcing industry.
All these good news and positive developments, especially the Boracay casino story, failed to pump up the price of $:MEG yesterday, but at least it still has a good upside in its developing double-bottom.
Local and foreign tourists are still not spending, and casinos and hotels are hardest hit by the pandemic.
And so, buy and hold muna, mga ka-non-readers. Feedback is welcome at ports.reports@gmail.com.#