Asiabest Group International (ABG) is the top gainer for the day, rising by 17.96 percent to close at 43.35. The stock doubled over the course of three months.
However, the company continues to register losses as no revenues are recorded in 2017 and 2018.
ABG reported a net loss of PHP 655,452 for the first half of the year. This figure is better at 124 percent versus the recorded PHP 2.66 million net loss in 2017.
Stockholder’s equity stood at PHP 268.87 million as of June 30, 2018, which is lower than the PHP 269.52 million recorded in December 2017. It was mainly due to the recorded net loss in the first half of the year.
Asiabest Group’s Increased Authorized Capital Stock
On September 27, 2011, ABG, NiHao and Glencore entered into a Heads of Agreement (HOA) in Hong Kong. The parties agreed to use their expertise in the mining industry to identify, investigate, develop, acquire, and operate mining claims of possible and feasible nickel locations in the Philippines.
Glencore’s core strength is in marketing nickel ores to the world market and its various connections across the globe. ABG and NiHao have expertise in mining, contracting, and developing mines in the country.
On October 26, 2016, the company’s board agreed to increase its authorized capital stock from 200 million shares with a par value of PHP 1.00 to 600 million shares with a par value of PHP 1.00.
After the increase in authorized capital stock, a private placement through a subscription agreement. It was made by Mr. Vittorio Paulo P. Lim, for PHP 100 million at the subscription price of PHP 1.00 on November 23, 2016.
ABG also collected its outstanding subscription receivable totaling to PHP 101,678,651.
The increase in authorized capital was approved on April 21, 2017.
Technical Analysis
ABG rallied since the start of the year and nearly grew by 300 percent, year to date. It has already made multi-year (5-year) highs.
Additionally, the moving averages are bullishly aligned with the 15 EMA as immediate support. Volume profile is supportive of a bullish outlook.
Furthermore, MACD is also bullish. RSI is bullish but is already at overbought levels. Estimated support is at 34.87 while expected resistance is at 48.05 where it will start making 6-year highs.
Volume
As of September 7, 2018, at 03:30 PM, the volume of ABG is 628.97% of the previous trading day.
Remember the correlation between price and volume.
- bullish price + high volume = high sustainability (price)
- bullish price + low volume = low sustainability (price)
- bearish price + high volume = high sustainability (price)
- bearish price + low volume = low sustainability (price)
Risk Level
ABG has a HIGH-RISK level due to its risk percentage of 81.28%.
Foreign Fund Flow
ABG registered a Net Foreign Selling worth P628,235.00 as of September 07, 2018.
On a 30-day trading period, ABG is on a Net Foreign Buying worth PHP10,849,663.00.
Top 10 Players’ Sentiment – September 7, 2018
Trading participants of ABG with a 100% Buying and Selling Activity as of Sep-07-2018 at 03:30 PM:
11 out of 57 participants or 19.30% of all participants registered a 100% BUYING activity
22 out of 57 participants or 38.60% of all participants registered a 100% SELLING activity
Top 10 Players’ Buying Average: 41.1853
Top 10 Players’ Selling Average: 41.5920
The psychological average price of the top 10 players as of Sep-07-2018 is from 41.1853 to 41.5920.
Top 10 Players’ Sentiment – September 3-7, 2018
Trading participants of ABG with a 100% Buying and Selling Activity from Sep-03-2018 to Sep-07-2018 at 03:30 PM:
10 out of 61 participants or 16.39% of all participants registered a 100% BUYING activity
19 out of 61 participants or 31.15% of all participants registered a 100% SELLING activity
Top 10 Players’ Buying Average: 39.0190
Top 10 Players’ Selling Average: 39.2169
The psychological average price of the top 10 players from Sep-03-2018 to Sep-07-2018 is from 39.0190 to 39.2169.
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