Target Price: PHP 8.00

Last Traded Price: PHP 7.11
P/E Ratio: 26.92x
P/B Ratio: 3.19x
Support: PHP 6.70
Resistance: PHP 7.80-8.00
MTD Performance: 4.56%
YTD Performance: -11.68%

  • We see a bright future after the completion of its capital raising for this year.
  • In the short-run, it may move sideways with an upside bias.

ACEN has completed its follow-on offering, bringing the total outstanding shares of ACEN to 21.54 Bn, with a market capitalization of over P150 Bn. ACEN had various capital raising this year, amounting to P27.5 Bn of fresh capital to fund its target of 5,000 MW of renewable energy capacity by 2025.

After the capital raising activities of ACEN this year, we could expect strong and better years ahead for the company. ACEN is one of the firms with good growth prospects amid expansion plans. Also, the government supports more renewable spaces than the coal segment which benefits the company.

In the short-run, we expect the price to move sideways with an upside bias and an initial target price of P8.00.

It is forming a triangle pattern, currently on a sideways movement. In order to continue moving upwards, it has to stay above the 50-day EMA. Support is peg at P6.70 while resistance is from P7.80 to P8.00. Set a cut loss point, 5-7% below your acquisition price

Material in this article is obtained from sources we believe to be reliable, but its reliability or precision cannot be guaranteed. This is for the sole purpose of providing details and does not provide an offer from us to buy or sell securities mentioned in this document.


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