{"id":328478,"date":"2024-07-15T12:16:18","date_gmt":"2024-07-15T04:16:18","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=328478"},"modified":"2024-09-01T22:39:10","modified_gmt":"2024-09-01T14:39:10","slug":"stock-picks-for-the-week-july-15-19-2024-by-first-metro-securities-2","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-picks-for-the-week-july-15-19-2024-by-first-metro-securities-2\/","title":{"rendered":"Stock Picks for the week (July 15-19, 2024) by First Metro Securities"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Recap: Stock market last week<\/h2>\n\n\n\n<p>Last week, the PSEi gained by +2.39% weekon-week to close at 6,648.23 (up 155.48 points), extending its wins to a third straight week. The market traded mostly in the green as investors digested dovish comments from Bangko Sentral (BSP) Governor Eli Remolona, Jr., who reiterated that the central bank could begin its easing cycle as early as August following softer domestic inflation data in June. <\/p>\n\n\n\n<p>Furthermore, positive sentiment was supported by cooler-than-expected June US inflation data, which came in at 3.0% (May 2024: 3.3%vs. estimate of 3.1%). This boosted bets of a September rate cut by the US Federal Reserve with Fed President Jerome Powell signaling a less restrictive stance amid growth risks.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">PSE outlook this week<\/h2>\n\n\n\n<p>This week, we expect the market to trade sideways with a downward bias. As the PSEi nears overbought conditions, with RSI at 63.05, investors could initiate some profit-taking amid the absence of positive catalysts for the week ahead. <\/p>\n\n\n\n<p>The market will closely monitor the developments on the political violence that erupted in the US amid the failed assassination attempt on Former President Donald Trump during a campaign rally in Pennsylvania. On the domestic front, traders will digest automotive sales data released by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA). Auto sales fell by 2.9% m\/m in June amid slower demand as well as supply chain constraints.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Stock Picks this week<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Bank of the Philippine Islands (BPI)<\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Recommendation<\/strong><\/td><td>Trailing stop<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>PHP 120.00<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>BPI declined by around 16% following the rebalancing of the FTSE indices last 21 June. Since then, it has risen by more than 13% from the bottom and is currently nearing resistance levels around the PHP125.00 area. In addition, the counter is trading above key moving averages (50-day, 100-day, and 200-day), signalling strong bullish momentum. <\/p>\n\n\n\n<p>Despite this, it is advisable to implement trailing stops or take profit to secure gains. Traders who accumulated according to our call should implement trailing stops or take profit near the resistance level to secure gains. For long-term investors, we have a fundamental target price of P120.00 per share.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">2. Universal Robina Corp. (URC)<\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Recommendation<\/strong><\/td><td>Buy on breakout<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>PHP 145.00<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>URC recovered by around 24% from oversold levels and its 52-week low of PHP 89.10. It is currently trading below long-term key moving averages (MA) (100-day and 200- day), but above medium-term MA (50-day). In addition, a downtrend resistance line has formed, connecting points from 8 Jan 2024 to 10 Jun 2024. A break above this line may send URC higher. Thus, accumulating once URC breaks above this line is advisable.<\/p>\n\n\n\n<p>Accumulating once URC breaks above PHP 109.80\/ PHP 110.00 is advisable. Set stop limit orders below PHP 101.00 and take profits at around PHP 126.30. For long-term investors, we have a fundamental target price of PHP 145.00 per share.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">3. Cebu Air, Inc. (CEB)<\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Recommendation<\/strong><\/td><td>Buy on breakout<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>No consensus Target Price<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>CEB recently dropped to a 52-week low of PHP26.00 following its exit from the Philippine MSCI Small Cap Index. It is currently trading below key moving averages (50-day, 100-day, and 200-day), signalling that the counter is still in a downtrend. However, recent price action indicates potential bottoming as it consolidates and establishes support between PHP26.00-PHP28.00. In addition, it is forming an ascending pennant pattern of which a break of resistance may send the stock upwards in the near-term. Thus, it is advisable to accumulate the stock on breakout.<\/p>\n\n\n\n<p>Accumulating once CEB breaks above resistance at PHP28.40 is advisable. Set stop limit orders below PHP 26.17 and take profits at around PHP32.65.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:16px\"><em><em>This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about <a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/our-partner-brokers\/\">our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our stock picks for the week<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1372,11],"tags":[],"class_list":["post-328478","post","type-post","status-publish","format-standard","hentry","category-stock-picks","category-special-reports","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/328478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=328478"}],"version-history":[{"count":3,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/328478\/revisions"}],"predecessor-version":[{"id":328511,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/328478\/revisions\/328511"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=328478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=328478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=328478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}