Merkado Barkada
November 26, 2024 | 8:20am
Willy Ocier, the owner of DigiPlus [PLUS 20.45, up 1.5%; 82% avgVol] [link], recently disclosed that he purchased 1,660,000 shares of PLUS on the open market for a total spend of P33 million at an average price of P19.97/share. The purchase increased Mr. Ocier’s combined direct and indirect ownership of PLUS by 20% to 9.96 million shares.
MB bottom-line: PLUS’s two-year rise is the stuff of PSE legend, going from P2.30/share in November 2022 to P20.50 in November 2024. That’s an 830% increase, and that kind of increase is exceedingly rare — especially for PSE traders, and especially considering the stock isn’t one of those illiquid zombie shell companies wandering aimlessly in the PSE’s basement just waiting to be backdoored. PLUS was a huge part of the PSE’s FY24 bull run story, and could be a huge part of the final chapter of that great narrative if we’re able to pick up where we left off and have a nice little Santa Claus rally. Regardless, it looks like Mr. Ocier has picked a pretty safe spot on the chart to load up. Sure, PLUS is down from its September high and had a brief flash-crash correction, but the high-19s seem like a fairly stable range of support for the stock that it has bounced off of a few times over the past couple of months.
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