Oriental Peninsula Resources Group, Inc.’s (ORE) announced the approval of its request thru Securities and Exchange Commission for an increase in authorized capital from PHP 30 million to PHP 2 Billion.
With the approval, Oriental Peninsula Resources Group, Inc. will push through with its subscription to Oriental Energy for PHP 300 million of P100/share par value. After the said transaction, ORE will now control 30 percent of Oriental Energy.
Citimax Group, an affiliate of the corporation, owned the Oriental Energy.
Oriental Energy owns and operates an 18-megawatt hydropower plant in Timbaban, Madalag, Aklan, Philippines. It also has other hydro projects in Manolo Fortich, Romblon, Bukidnon, and Odiongan.
For the first half of 2018, ORE shipped four vessels to Japan and another four to China. At the end of the second quarter, the mining operations of the company are still suspended under the order of suspension from the Mines and Geosciences Bureau (MGB) of the DENR in July 2016.
The company booked revenues of PHP 592.83 million for the first half of the year. This figure is almost only half of what it earned in 2017 at PHP 1.1 billion.
Moreover, the company’s net income stood at PHP 113.72 million, which is lower by 70 percent. This figure is in comparison with the recorded PHP 374.84 million from the same period in 2017.
Oriental Peninsula Resources Group Rallies
ORE broke out today. The moving averages are already bullishly aligned with the 15 EMA, and 20 SMA as immediate support.
Volume supported the rally and overall volume profile supports a bullish outlook. MACD appears bullish. RSI is also bullish and is not yet at overbought levels.
However, the closing candle was kind of weak, so we may see a retest of support tomorrow. Estimated support is at 1.28 while expected resistance is at 1.45.
Volume
As of September 4, 2018, at 03:30 PM, the volume of ORE is 658.82% of the previous trading day.
Risk Level
ORE has a HIGH-RISK level due to its risk percentage of 90.45%.
Foreign Fund Flow
ORE registered a Net Foreign Buying worth P187,040.00 as of September 04, 2018.
On a 30-day trading period, ORE is on a Net Foreign Selling worth PHP251,470.00.
Top 10 Players’ Sentiment
Trading participants of ORE with a 100% Buying and Selling Activity as of Sep-04-2018 at 03:30 PM:
8 out of 45 participants or 17.78% of all participants registered a 100% BUYING activity
12 out of 45 participants or 26.67% of all participants registered a 100% SELLING activity
Top 10 Players’ Buying Average: 1.3323
Top 10 Players’ Selling Average: 1.3407
The psychological average price of the top 10 players as of Sep-04-2018 is from 1.3323 to 1.3407.
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