SMPH - testing resistance of possible ascending triangle
SM Prime to acquire Henry Sy malls in China
SM Prime Holdings Inc. is poised to acquire three malls in China owned by the company's controlling shareholder, Henry Sy. In a statement, SM Prime said it has tapped Citigroup Global Markets Ltd. and Macquire Securities (Asia) Pte Ltd. as joint financial advisers in evaluating the potential acquisition of the malls. Earlier, the SM group was mulling over whether it would acquire the China malls and fold it under SM Prime or list under a separate entity that would be listed at the local or international stock market. Another option was to register the malls under a real-estate investment trust (REIT) in China, Hong Kong or Singapore, since the Philippines is still not conducive for REITs due to the present tax structure. Each mall is almost as big as SM Southmall in Las Piñas. During the first half this year, SM Prime's profits grew 11 percent to P2.9 B as gross revenues climbed 22 percent to P7.45 B over last year due to its aggressive expansion as the new malls enjoyed high occupancy rates and record foot traffic.New malls are scheduled to open by the remainder of the year starting with SM Taytay and SM Supercenter in Muntinlupa while expansion is going on in SM City Cebu-Annex and SM City Pampanga. The Science Discovery Center at the SM Mall of Asia and the Sunset Strip at the Esplanade are expected to open by October. By year-end, SM Prime would have 3.9 M square meters of total gross floor area.
DCL #5993: Appointment of financial advisers
SM Prime Holdings, Inc. (the Company or SM Prime) has mandated Citigroup Global Markets Limited and Macquarie Securities (Asia) Pte Limited as joint financial advisers of SM Prime in evaluating the potential acquisition of the three China malls currently owned by the Company’s major shareholder, the Sy family. SM Prime will announce further details on the proposed acquisition as soon as the study is completed.
SMPH = (6.7%)
There seems to be a resistance/supply line that is impeding SMPH at 12.
Today's gap up was able to cross the 65MA hence, SMPH is trading above the 32,65,130MA, which might lead us to believe that its trend is moving up. This will more likely be confirmed once the 32MA crosses above the 65MA.
IF this is indeed forming a ascending triangle and it breaks out we could be looking at a 14.5-14.75 target price (21-23%)
Good luck to all SMPH traders!
SM Prime Holdings Inc. is poised to acquire three malls in China owned by the company's controlling shareholder, Henry Sy. In a statement, SM Prime said it has tapped Citigroup Global Markets Ltd. and Macquire Securities (Asia) Pte Ltd. as joint financial advisers in evaluating the potential acquisition of the malls. Earlier, the SM group was mulling over whether it would acquire the China malls and fold it under SM Prime or list under a separate entity that would be listed at the local or international stock market. Another option was to register the malls under a real-estate investment trust (REIT) in China, Hong Kong or Singapore, since the Philippines is still not conducive for REITs due to the present tax structure. Each mall is almost as big as SM Southmall in Las Piñas. During the first half this year, SM Prime's profits grew 11 percent to P2.9 B as gross revenues climbed 22 percent to P7.45 B over last year due to its aggressive expansion as the new malls enjoyed high occupancy rates and record foot traffic.New malls are scheduled to open by the remainder of the year starting with SM Taytay and SM Supercenter in Muntinlupa while expansion is going on in SM City Cebu-Annex and SM City Pampanga. The Science Discovery Center at the SM Mall of Asia and the Sunset Strip at the Esplanade are expected to open by October. By year-end, SM Prime would have 3.9 M square meters of total gross floor area.
DCL #5993: Appointment of financial advisers
SM Prime Holdings, Inc. (the Company or SM Prime) has mandated Citigroup Global Markets Limited and Macquarie Securities (Asia) Pte Limited as joint financial advisers of SM Prime in evaluating the potential acquisition of the three China malls currently owned by the Company’s major shareholder, the Sy family. SM Prime will announce further details on the proposed acquisition as soon as the study is completed.
SMPH = (6.7%)
There seems to be a resistance/supply line that is impeding SMPH at 12.
Today's gap up was able to cross the 65MA hence, SMPH is trading above the 32,65,130MA, which might lead us to believe that its trend is moving up. This will more likely be confirmed once the 32MA crosses above the 65MA.
IF this is indeed forming a ascending triangle and it breaks out we could be looking at a 14.5-14.75 target price (21-23%)
Good luck to all SMPH traders!
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