Thursday, December 20, 2007
FLI - retracement
FLI = 1.3 (0.0%)
FLI formed a black candle with higher low and higher high. Volume decreased.
FLI looks to retrace previous downtrend. FLI need to have an unhealthy retracement of the previous downtrend in order to have upward pressure on price action. An unhealthy retracement would be more than 61.8%.
Good luck to all FLI traders!
The Filinvest Group of Companies is setting aside P22 B for the continued expansion of its real estate, banking and sugar milling units and its possible entry into the biethanol business as it seeks to further boost profit. In an interview following the 25th listing anniversary of Filinvest Development Corp. (FDC) yesterday, company president Josephine Gotianun-Yap said P16 B of the total programmed capital budget will be spent by FDC while the remaining P6 B will go to property arm Filinvest Land Inc. (FLI). She said funding will come from internally-generated cash and debt. Yap added that the company's planned follow-on offering of shares may take place next year depending on market conditions. FDC earlier approved a proposal to issue up to 3.5 B primary and secondary shares with an option to offer and issue convertible bonds. Yap said FDC is studying the possibility of putting up an ethanol plant in Davao next year to take advantage of the anticipated huge demand for bioethanol. The company earlier said it was setting aside P600 M to P800 M for the establishment of the bioethanol plant which would have a production capacity of 60,000 to 100,000 liters of ethanol per day. The plant, slated for completion in 2009, is expected to be cost-efficient because it will be using molasses being produced by FDC's sugar milling facilities. Based on its registration statement filed with securities regulators, FDC's proposed capital budget will be used to beef up the group's landbank and the development of more housing and condominium projects. FLI, on the other hand, is undertaking several projects in Mactan, Cebu; in Fort Bonifacio, Taguig; Ortigas, Palawan and Davao. The company is developing its first mid-rise project in Davao - a cluster of seven or eight buildings. It also has six ongoing residential subdivision projects in Davao and intends to undertake two more medium-rise projects in various parts of Metro Manila aside from the one it is constructing in Ortigas Ave. FLI recently launched West Palms in Palawan and the company intends to expand the project by adding residential subdivisions. FDC posted a net income of P3.91 B in the first nine months of the year, or more than double the previous level's P1.76 B, boosted by one-time gains from the sale of shares. Net revenues rose 23.07 percent to P4.96 B from only P4.03 B. FDC said its sugar milling units, meanwhile, contributed a total of P250.5 M. The company acquired from its parent company, ALG Holdings Corp. (ALGHC), 100 percent of Pacific Sugar Holdings Corp. (PSHC) in exchange for 1.55 B shares of common stock.
- from Citiseconline and Technistock