THE upbeat outlook on shares of AllHome Corp. during its market debut last week spilled over to another Villar-led listed firm, Vistamalls Inc., but profit taking halted its momentum.
“The only Villar Group share that we noticed to have big price movement [last Thursday] simultaneous to AllHome’s debut was Vistamalls Inc.,” Philstocks Financial Inc. Research Associate Japhet Tantiangco said.
He noted that the listed property firm’s shares opened at P6.38 during AllHome’s listing day, which was 9.62 percent higher than the closing price on the previous trading day.
On its October 10 debut, AllHome shares surged by 6 centavos or 0.52 percent to finish at P11.56 apiece, stronger than its offer price of P11.50. It was traded for P11.52 on average.
Volume turnover stood at 245.92 million for P2.83 billion.
Following the offering, the company’s issues, listed and outstanding shares reached 3.75 billion, with a market capitalization of P43.13 billion.
Tantiangco said investors were optimistic on Vistamalls as well because “most AllHome stores are located in the Villar Group’s malls so any developments on the former could have a positive spillover on the latter.”
However, Tantiangco noted the price surge was “unsustainable” as investors cashed in for gains for the rest of the trading day, prompting Vistamalls shares to drop as well.
Shares ended 11.13 percent weaker to P5.67 apiece from its opening price. It also dipped by 2.57 percent from the previous trading day.
On Friday, it recovered some ground, surging by 8 centavos or 1.41 percent to end at P5.75 each amid the 1.09-percent uptick for the benchmark Philippine Stock Exchange index.
Year-to-date, Vistamalls shares have grown nearly 5 percent.
“As for the others, we haven’t noticed much price influence,” he added.
On Thursday, Vista Land and Lifescapes Inc. opened at P7.74 — same with its closing price on the previous day — and ended lower at P7.74. Golden Bria Holdings, meanwhile, had a stronger opening price of P444, finishing the same day weaker at P440.
Vistamalls shares are seen to consolidate within P5.60 to P6 range this week, Tantiangco said.
For his part, Regina Capital Development Corp. head of sales Luis Limlingan said Vistamalls shares will “probably align with the market sentiment in general.”
“There will probably be some positioning in a couple of weeks ahead of earnings season,” he added.
For its prospect, Tantiangco said the firm was expected to have “steady earnings for the rest of the year driven primarily by its rental income.”
Vistamalls saw its consolidated net income climb by nearly 6 percent to P1.25 billion in the first six months from P1.18 billion a year ago from stronger topline figures.