Udenna Group’s gaming and hospitality subsidiary, PH Resorts Group Holdings Inc. (PHR), saw its shares end among top gainers last week and noted a 31-percent improvement week-on-week.
The shares of PHR jumped 20 centavos or 7.75 percent to finish at P2.78 apiece amid the 0.77-percent slide of the Philippine Stock Exchange index (PSEi) on Friday.
Diversified Securities Inc. trader Aniceto Pangan in a text message said the shares price of PHR moved up “after a number of investors within the company reported their investment within.”
“Their investment is a confirmation of what lies ahead for the company going forward,” he continued.
Pangan said the shares of the property firm could sustain its momentum this trading week as investors gain confidence with the entry of “insiders.”
He added that the implementation of the company’s plans and programs according to timetable and further entry of other investors would boost investors’ confidence towards the stock.
Meanwhile, any tightening in the quarantine restrictions will negatively affect PHR shares as it might slow down its activities and affect its time frame, according to Pangan.
“Also with the local market still on overbought condition, it may continue to correct [which] may negatively affect the sentiment on PHR, as this is still under construction with bottomline incurring losses,” Pangan further said.
PHR incurred a P277.07-million loss in the first half of the year.
PHR also recently concluded its follow-on offer of 450 million primary common shares on the PSEi at P1.68 each and raised P756 million.
The proceeds will be used to partially fund the construction of the first phase of PHR’s flagship casino beach resort, Emerald Bay, in Mactan in Cebu.
In an earlier disclosure, PHR said the first phase—out of two—of the project is expected to be completed by the second quarter of 2022, but the company said it is pushing for soft opening by the end of 2021 and looks to increase its gaming capacity and hotel rooms by 2022.