STOCK REVIEW: RRHI

RRHI

Robinsons Retail Holdings Inc (RRHI) finally debuted last November 11, 2013. IPO price was set at 58 pesos but went for as low as 53.6 pesos (-7.59%) on opening day before closing at 56.5 pesos (-2.59%). It was the first trading day after Super Typhoon Haiyan devastated the fastest growing economy in Southeast Asia.  RRHI ended the week at 58.7 pesos or 1.21% higher than its IPO price. Foreigners were net buyers for the week at 559.65 mio pesos but on a decreasing rate.

Net foreign buy/sell
11/11/2013 11/12/2013 11/13/2013 11/14/2013 11/15/2013 Total
RRHI (in mio pesos)        178.72            158.42            151.22          55.58            15.71   559.65

MY VIEW
When an IPO is dubbed as the “largest Philippine initial public offering”, it’s hard not to imagine that RRHI would not be included in the PSEI or MSCI in the next index review.  I would therefore expect RRHI price to be higher with target price still under review.

Sources:
Philippine Stock Exchange
Bloomberg
COL Financial

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