AC - testing gap down
Ayala electronics unit to list at local bourse
A unit of Ayala Corp. plans to list with the local bourse, the holding firm disclosed on Tuesday. Integrated Microelectronics Inc. (IMI), the electronics manufacturing arm of the Ayala group told the Philippine Stock Exchange that it would list its shares by way of introduction. The parent firm said IMI however has yet to submit its application for listing. "IMI is not pursuing an exemption from the registration requirements of the Securities Regulation Code as a result of various discussions with the [Securities and Exchange Commission] but instead may file a full-blown registration statement should it decide to pursue its listing," Ayala Corp. said. IMI, which is 70-percent owned by Ayala Corp., is a one-stop electronics manufacturing service (EMS) provider and original design manufacturer (ODM) operating in Asia and the United States. It offers original equipment manufacturers comprehensive manufacturing services and higher value competencies in design and product development, engineering, and supply chain management. The electronics unit earned $199 million in revenues during the first half of the year, 4 percent more than the previous year but higher general and administrative expenses due to its integration projects pulled its net income by 30 percent. IMI recently expanded its manufacturing capacity with a 12,500 square-foot facility in Shenzhen, which is its fifth plant in China. Last year, the Metropolitan Bank and Trust Co. extended a $40-million term loan to IMI, the single biggest loan the company has obtained from a local bank, to beef up facilities in the Philippines and abroad to accommodate the increase in volume orders from customers. The electronics company bought the EMS and ODM assets of US-based Saturn Electronics and Engineering Inc., which operates in Cebu, and merged with Speedy Tech Limited, Inc. of Singapore as part of its expansion program.
AC = 535 (4.9%)
Hmmm... do I regret selling half of my positions at AC? Well a part of me does. Who wouldn't be? After selling at what seemed to be a sturdy resistance at 510 I was somewhat happy that I thought I was making the right decision. Well it seems to be I was part of that resistance at 510 :) hehehe :)
AC opened and formed the low of its long white candle on what seemed to be the resistance for the past days at 510 and from there it didn't look back and closed at its high of 535 crossing over both 65,130MA. Now it is looks like it will test the resistance made by a previous gap down at 540.
We can look for support for AC at 65,130MA.
Good luck to all AC traders!
A unit of Ayala Corp. plans to list with the local bourse, the holding firm disclosed on Tuesday. Integrated Microelectronics Inc. (IMI), the electronics manufacturing arm of the Ayala group told the Philippine Stock Exchange that it would list its shares by way of introduction. The parent firm said IMI however has yet to submit its application for listing. "IMI is not pursuing an exemption from the registration requirements of the Securities Regulation Code as a result of various discussions with the [Securities and Exchange Commission] but instead may file a full-blown registration statement should it decide to pursue its listing," Ayala Corp. said. IMI, which is 70-percent owned by Ayala Corp., is a one-stop electronics manufacturing service (EMS) provider and original design manufacturer (ODM) operating in Asia and the United States. It offers original equipment manufacturers comprehensive manufacturing services and higher value competencies in design and product development, engineering, and supply chain management. The electronics unit earned $199 million in revenues during the first half of the year, 4 percent more than the previous year but higher general and administrative expenses due to its integration projects pulled its net income by 30 percent. IMI recently expanded its manufacturing capacity with a 12,500 square-foot facility in Shenzhen, which is its fifth plant in China. Last year, the Metropolitan Bank and Trust Co. extended a $40-million term loan to IMI, the single biggest loan the company has obtained from a local bank, to beef up facilities in the Philippines and abroad to accommodate the increase in volume orders from customers. The electronics company bought the EMS and ODM assets of US-based Saturn Electronics and Engineering Inc., which operates in Cebu, and merged with Speedy Tech Limited, Inc. of Singapore as part of its expansion program.
AC = 535 (4.9%)
Hmmm... do I regret selling half of my positions at AC? Well a part of me does. Who wouldn't be? After selling at what seemed to be a sturdy resistance at 510 I was somewhat happy that I thought I was making the right decision. Well it seems to be I was part of that resistance at 510 :) hehehe :)
AC opened and formed the low of its long white candle on what seemed to be the resistance for the past days at 510 and from there it didn't look back and closed at its high of 535 crossing over both 65,130MA. Now it is looks like it will test the resistance made by a previous gap down at 540.
We can look for support for AC at 65,130MA.
Good luck to all AC traders!
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