{"id":328773,"date":"2024-08-06T00:05:32","date_gmt":"2024-08-05T16:05:32","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=328773"},"modified":"2024-09-01T22:39:08","modified_gmt":"2024-09-01T14:39:08","slug":"stock-picks-for-the-week-aug-5-9-2024-by-first-metro-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-picks-for-the-week-aug-5-9-2024-by-first-metro-securities\/","title":{"rendered":"Stock Picks for the week (Aug 5-9, 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 declined by 1.79% or -120.71 pts. week-on-week to close at 6,605.30 due to weak US economic data and lacklustre US megacap tech earnings. In addition, the Fed kept its key interest rate range unchanged at 5.25%-5.5%. Fed Chair Powell said the central bank will hold off on rate cuts until it is more certain that inflation is steadily progressing toward its 2% target. On the local front, President Marcos Jr. has designated Trade Undersecretary Ma. Cristina Aldeguer-Roque as the acting trade secretary subsequent to Alfredo Pascual\u2019s move of vacating the seat and shifting to re-enter the private sector.<\/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>We expect the local bourse to trade lower as investors digest the disappointing US jobs report that fell short of expectations and await PH inflation report. A higher inflation forecast at Jul 2024 of 4%-4.8% is also seen by the Bangko Sentral ng Pilipinas (BSP) on account of elevated energy costs. Although the Consumer Price Index (CPI) is anticipated to peak in July, the BSP predicts that inflation will fall back within the desired band of 2%-4% by August. Investors will also be on the lookout for a slew of 1st half (1H) 2024 corporate earnings releases this week. <\/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. OceanaGold (Philippines), Inc. (OGP)<\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Recommendation<\/strong><\/td><td>Buy<\/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>Following its successful initial public offering, OGP rose by around 16.3%, trading above its IPO price. However, the stock formed a double top pattern after retesting the established resistance level around PHP15.51, consequently resulting for the stock\u2019s decline. OGP established support around PHP13.35 to PHP13.51 region, hence, accumulating around these levels is advisable.<\/p>\n\n\n\n<p>Accumulating the stock at current levels is advisable. Set stop loss limit order below PHP12.40 and take profits around PHP15.50.<\/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. Wilcon Depot, Inc. (WLCON)<\/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 19.50<\/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>The technical indicators for WLCON show a predominantly bearish trend. The stock is trading below its key moving averages (MA), with a descending channel pattern suggesting continued downward momentum. The support level at PHP 15.36 could act as a crucial point for a potential reversal, while resistance at PHP 19.88 and above may limit upward movement, close to our fundamental target price of PHP19.50. <\/p>\n\n\n\n<p>On other indicators, the RSI displays neutral to slightly bearish momentum, and the negative net foreign inflows suggest continued selling pressure. Reducing exposure to the stock is advisable for the time.<\/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. \u00a0DoubleDragon Corp. (DD)<\/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>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>After a strong and bullish price action, DD&#8217;s stock price is expected to decline following President Marcos&#8217; announcement of a total ban on POGOs in the country. In a worst-case scenario, the stock could fall by as much as 30% to PHP8.40, potentially reversing the gains made in May 2024. <\/p>\n\n\n\n<p>In the near term, we recommend lighten- ing positions on the stock and re-entering once more positive catalysts emerge. Lightening positions at current levels is advisable. Should the expected downtrend take place, the stock may drop by as much as 30% to PHP8.40.<\/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-328773","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\/328773","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=328773"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/328773\/revisions"}],"predecessor-version":[{"id":328775,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/328773\/revisions\/328775"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=328773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=328773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=328773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}