WHY BLOOM?

BLOOM dropped to 11.00 after its gaming subsidiary Bloomberry Resorts and Hotels Inc. received summons in a civil action from the Court of United States Southern District of New York entitled “Bangladesh Bank vs. Rizal Commercial Banking Corporation”. After BLOOM bottomed at 11.00, the stock surged by 16.4% due to a technical rebound and after foreign investment house, Goldman Sachs, upgraded the stock from Neutral to a BUY.

TECHNICAL CHART 

KEY POINTS

  • The stock may resume its uptrend should the local gaming sector continue its growth trajectory
  • Technical the price is below MA200; and we be cautious to add-on; but to take profit for now.
  • The last quarter of this year we are expecting the gaming industry should take pace for profitability
  • We are optimistic about Bloomberry

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THE VALUATION

KEY POINTS

  • Not exciting numbers; but valuation is cheap
  • Earning per share looks fair

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Article by: Ashok – Strategic Coach & Mentor – Philippines Stocks

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