TRADE
Term: Short Term
Target Price: PHP 20.50

Last Traded Price: PHP 20.00
P/E Ratio: 28.00x
P/B Ratio: 5.02x
Support: PHP 19.15
Resistance: PHP 20.50
MTD Performance: 6.11%
YTD Performance: 32.89%

  • Converge and Keppel have signed formal agreements for Converge’s involvement in the Bifrost Cable System project.
  • The bullish trend is expected to continue.

Keppel Midgard Holdings Pte Ltd (KMH) and Converge sign formal agreements regarding Converge’s involvement in the Bifrost Cable System project. The Bifrost Cable System will link Singapore to North America’s west coast.

This, in our opinion, would be beneficial to Converge as a developing company. This investment is projected to expand into other places, notably Davao, where KMH and Converge want to create a branch on the Bifrost Cable System.

From a charting perspective, price is trending upwards which is projected to continue. Sentiment is positive, and is trading above the 50-day moving average with RSI (14) above 50. There is also an upward channel through which investors may trade. Set a cut loss threshold that is 5-7 percent lower than your purchase 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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