* Global refined zinc output seen adding 1.3 mln tonnes in 5 years
* Chinese zinc smelters are running at almost 100% operation rate
* Refined lead market will switch to a surplus next year
drbubb
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Posts posted by drbubb
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TYX / 30 year rates, have squirted top to a level (4.0%) I find surprising, in relation to sliding CRB.
Probably a reflection of stress from the Debt Ceiling debates, that I see the GOP winning/
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MEG-etc : 2.12 is 76.0% of SHNG: 2.79
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RFM / RFM Corp. "Republic Flour Mills" ...
RFM Corporation (RFM) was incorporated on August 16, 1957 as Republic Flour Mills, Inc. to manufacture flour in the Philippines. From its original business ...
All : Last: P 3.23. BkVal.: 3.95, 12 mo.R: 3.19 to 4.30
Update, 7.13.23: P 3.11 PER: 12.03, Yield: 8.11% (P 0.25)
RFM Corporation (RFM) was incorporated on August 16, 1957 as Republic Flour Mills, Inc. to manufacture flour in the Philippines. From its original business of flour milling, the Company diversified into poultry and livestock production and areas of food manufacturing that includes flour-based products, margarine, milk & juices, canned and processed meat, ice cream, and bottled mineral water. RFM also operates non-food businesses, which include barging services and leasing of commercial/office spaces that serve the internal requirement of the various operating divisions.
> More: https://edge.pse.com.ph/companyInformation/form.do?cmpy_id=77
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Compare MUX w/ Copper, etc (Now re-rated to > 200% Cu, > 20% FCX? )
MUX as % ($8.02): fr.2023: 10d: vs: Cu:($3.69, 217%), FCX:($35.90, 22.3%),GM:($32.72, 24.5%)
: MUX as % ($8.02)
> 20% FCX?
Copper rebounds on optimism over US debt talks
Reuters | May 19LONDON, May 19 (Reuters) - Copper prices rebounded on Friday on hopes that U.S. politicians will seal a deal to avert a debt default and as investors adjusted positions ahead of the weekend.
Zinc price could hit $2,000/T by 2025 on ballooning surplus
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xxx
FILRT - Filinvest REIT, Corp.C03928: Filinvest REIT press release - 1"Filinvest REIT Corp. (FILRT) records 17% net income growth QoQ to P304 million"
May 16, 2023 – Filinvest REIT Corp. (FILRT), the flagship commercial REIT of the Filinvest group, recorded a net income of P304 million in the first quarter of 2023 on the back of rental and other revenues of P801 million. On a sequential basis comparing the first quarter results from the fourth quarter of 2022, net income rose by 17 percent as a result of a 5 percent improvement in rental revenues and a 13 percent reduction in operating costs. The successful acquisition of the 2.9 hectares of prime resort property that is being leased to Crimson Resort & Spa Boracay began contributing to FILRT's income starting January 1, 2023. "The infusion of the Boracay property is only a first step towards a more diversified portfolio for FILRT. While it has now broadened FILRT's income profile mix beyond office leasing and into the growing Philippine hospitality and leisure segment, we remain focused on further growing FILRT's portfolio organically and with regular asset infusions. We are guided by a clear investment strategy of increasing occupancy, cost management and asset acquisition to sustain the portfolio expansion and deliver stable and competitive return to our investors," said FILRT president and chief executive officer Maricel Brion-Lirio. Together with its fund management company, FREIT Fund Managers, Inc., FILRT is in the process of completing the due diligence and internal approvals of new asset infusions. The details of the portfolio expansion will be announced in due course. Amidst the expansion plans, FILRT's average occupancy rate in the first quarter of 2023 stood at 85 percent. Occupancy has been able to hold up compared to the estimated office industry's average occupancy rate of 81 percent based on the Colliers Q1 2023 Property Market Report.
cc
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How NY City Sank, Got Fixed (under Guiliani), and is Sinking Again.
"This Is Insane!" - Why You Should FLEE New York.
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Wow. Sold too soon. Haha... FGEN 20.95 +1.15 +5.81%
New Target: P22.00?
Tender offer coming? First Gen ‘seriously’ looking at delisting with public float at critical point
First Gen (FGEN), led by bilyonaryo Piki Lopez, is reportedly exploring the possibility of going private, making it the next publicly-listed company considering delisting.
According to a Babbler , FGEN management is seriously contemplating this move, which would involve withdrawing the country’s largest independent renewable energy producer from public trading.
Piki spurns KKR tender offer, Lopezes to keep 69% FGEN stake intact
Babbler said a tender offer to minority investors has become especially more enticing after its stock price has tanked since hitting an all-time high of P33 in September 2021.
Notably, FGEN has jumped 25 percent over the last three weeks amid rumors of its delisting
. . .
Babbler said adding to the likelihood of delisting, FGEN’s public float has fallen perilously close to the minimum limit. This reduction occurred primarily due to the substantial increase in ownership by global investment group Kohlberg Kravis Roberts & Co. (KKR).
Takeover specialist KKR really, really likes First Gen; keen on joining Lopezes in boardroom
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MELT-up Update: vs'22 Low:
SPY: 418.62 /348.11 +20.2%, QQQ: 336.51 /254.26 +32.3%, TLT: 101.10 /91.85: +10.1% :5.19
Minor melt-up in Stocks (so far), with NO Help (in 2022) from TLT/ Bonds
MELT-UP seen best in Ratio...
The fall in bonds is news driven. Lower inflation might have helped bonds but the debt ceiling impass has overwhelmed that positive news. Deadline is now tight for debt ceiling talks. The outcome could and maybe should be positive for bonds. But fears persist that we will see an ugly standoff for a while longer
"Not pay its Bills"?
"Treasury Secretary Janet Yellen said the US is unlikely to reach mid-June and still be able to pay its bills, underscoring the urgency of the White House reaching a deal with Republicans to raise the debt limit. " //. There is a plan on the table. Biden and the Dems should accept it. If not, focus on paying interest and maturing debt. There is plenty of Tax income for that, over 20% of US GDP. Dems need to cut some of the crazy over-spending, and maybe stop illegally handing Money to Ukraine. Discipline is good for the US credit rating in the long run, whatever the slow-speaking grandmother says. -
MELT-up Update: vs'22 Low:
SPY: 418.62 /348.11 +20.2%, QQQ: 336.51 /254.26 +32.3%, TLT: 101.10 /91.85: +10.1% :5.19
Minor melt-up in Stocks (so far), with NO Help (in 2022) from TLT/ Bonds
MELT-UP seen best in Ratio...
The fall in bonds is news driven. Lower inflation might have helped bonds but the debt ceiling impass has overwhelmed that positive news. Deadline is now tight for debt ceiling talks. The outcome could and maybe should be positive for bonds. But fears persist that we will see an ugly standoff for a while longer
"Not pay its Bills"?
"Treasury Secretary Janet Yellen said the US is unlikely to reach mid-June and still be able to pay its bills, underscoring the urgency of the White House reaching a deal with Republicans to raise the debt limit. " //. There is a plan on the table. Biden and the Dems should accept it. If not, focus on paying interest and maturing debt. There is plenty of Tax income for that, over 20% of US GDP. Dems need to cut some of the crazy over-spending, and maybe stop illegally handing Money to Ukraine. Discipline is good for the US credit rating in the long run, whatever the slow-speaking grandmother says. -
Wanna be in the Top 1%?
(From a discussion on FIRE chat.)Wow, US$5.1M gets you into the Top 1% of wealth in the USA. And it takes just $57,000 in PHL x P55= P3.14M
A: 57k makes it a lot easier to be big fish in tiny pond
B: I think this just says a lot about wealth inequality in the Phils if true. 57k doesn’t even buy you a studio in the metro ..It does (buy a studio) but probably not a NEW one.
B: Yea buys you a Cityland studio. Point being … being top 1% does not make you truly wealthy (in the Philippines)
We had a good chat at the meet up yesterday about how to start out in. wealth. And no one was suggesting a new FIRE seeker should buy new. Something older, maybe not in the best neighborhood. But something that allows one to save on rent, and start paying down debt instead
CONTINUES… )
B: No only that - real estate is usually being 5:1 levered long asset growth… over time whether because it’s economic growth or currency debasement, you will be making money. Hardly anyone takes levered bets outside of real estate. Hence, if things play out well. This is wealth growth on steroids.
Put down 200k, buy 1m property . Over 10yr things double.. your equity is then 1.2m .. up 500% (if I just ignore the repayment for a second)
Yup. My goal for many Decades has been: to have Zero or negative Housing cost, That is not as difficult as it sounds if you have capital or access to cheap Debt. Then, your housing cost is INTEREST paid (or interest on capital foregone), plus association fees, plus Real Estate tax... MINUS: appreciation in the value of the property. Because I am good at buying cheap, I have achieved this continuously for Decades. This way, the 1/3 of income which normally goes into housing cost (RENT) has instead gone into Wealth-building.
THIS is an easy secret of FIRE.
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FACE to Face Meet-ups can BREAK the (inevitable?) push towards Digital Outrage
Discussion Becomes Impossible
Amongst the heavy weight of moral outrage, discussion is nearly impossible. Emotionally-driven and simplified expression drives facts to the point of irrelevance, making debate incredibly circular. It inevitably descends through predictable stages of irritability, distraction, anxiety of the impending reply, with a common outcome of outrage.
This is particularly the case if one side of the argument does not properly understand the subject of the discussion and refuses to acknowledge a different point of view. This descent into a hole of increasing extremity has been coined as Godwin’s law, ‘As an online discussion grows longer, the probability of a comparison involving Nazis or Hitler approaches one.’ ( LOL! )
> https://www.itstimetologoff.com/2018/06/14/social-media-turning-us-into-keyboard-warriors/
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Remote work tips for the new “digital warrior” era of employees
> https://blog.swbc.com/businesshub/remote-work-tips-for-the-new-digital-warrior-era-of-employees
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AMERICANS are now looking for alternative countries to immigrate to. I see this as a Rising trend.
Here are the 5 Country Suggestions listed in this article from Revolver News...
1. El Salvador
2. Uruguay
3. Portugal
4. Istanbul
5. JapanWas surprised to see JAPAN included. PHL seems a more obvious choice.
JAPAN: “When it comes to large nations that make a mockery of America’s “first world” status, no one does it like the Land of the Rising Sun. The streets are impeccably clean. The trains and buses arrive on time, every time. The whole country has fewer murders than Cook County.
But this all comes at a cost: Japan is an extremely expensive country, as everyone knows.”Low crime rates can be found in Makati & BGC. As well as prices lower than Tokyo
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The Rise of the Digital Warrior (in PHL)
Americans, Europeans & others will be seeking Safe Havens which cost less
"Have Laptop, Will Travel"
A Wave of Foreign Digital Warriors may be about to hit the Philippines!
Remote work was once the “Future of Work”. Yet even a casual glance at current remote work stats shows that the future has become the now and working from home is is the norm for many people. But just in case you needed some proof, we’ve compiled a few remote work statistics.
Younger leaders are embracing remote work
Remote work stats show that the younger workforce is definitely at the forefront of remote and flex work. As the younger generations come to occupy more managerial positions, remote work options for staff are becoming more acceptable.
- 69% of younger managers have team members with remote work options (Source: Upwork)
- Younger managers are 28% more likely to utilize remote workers than Baby Boomers. (Source: Upwork)
- 68% of graduating college students listed remote work as the top benefit in their job search
> STATISTICS:
https://liveworkanywhere.com/tag/remote-work-statistics
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We are changing the NAME of the Meet-Up chat on Viber...
To > Sat Meetup, FI+RE focus
Why? FI means: Financial Independence, RE is for Real Estate
Thanks to Will for the idea from his trip to Osaka...
Attended a Meetup there: "What we're about
FIRE FOCUS
"This group is focused on teaching and learning about knowledge and strategies to attain financial freedom, and, to create a network of persons with similar interests for support and camaraderie. Topics of discussion are not set, but would be topics such as the stock market, real estate, cryptocurrency and blockchain, creating and managing businesses, and many other topics. The group is casual "I like it! In fact, I intend to SET THE MEET-UP chat ON FIRE. We can make FIRE / Financial Independence strategies a co-equal focus of the Saturday meet-up Group. And still include: RE / Real Estate discussions. Comments welcome!
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FILrt-etc / FilinvestREIT : Last: P 4.95 -0.01. / FIL: 0.74 +0.02 : R-6.69x
FILRT - Filinvest REIT, Corp.C03928: Filinvest REIT press release - 1"Filinvest REIT Corp. (FILRT) records 17% net income growth QoQ to P304 million"
May 16, 2023 – Filinvest REIT Corp. (FILRT), the flagship commercial REIT of the Filinvest group, recorded a net income of P304 million in the first quarter of 2023 on the back of rental and other revenues of P801 million. On a sequential basis comparing the first quarter results from the fourth quarter of 2022, net income rose by 17 percent as a result of a 5 percent improvement in rental revenues and a 13 percent reduction in operating costs. The successful acquisition of the 2.9 hectares of prime resort property that is being leased to Crimson Resort & Spa Boracay began contributing to FILRT's income starting January 1, 2023. "The infusion of the Boracay property is only a first step towards a more diversified portfolio for FILRT. While it has now broadened FILRT's income profile mix beyond office leasing and into the growing Philippine hospitality and leisure segment, we remain focused on further growing FILRT's portfolio organically and with regular asset infusions. We are guided by a clear investment strategy of increasing occupancy, cost management and asset acquisition to sustain the portfolio expansion and deliver stable and competitive return to our investors," said FILRT president and chief executive officer Maricel Brion-Lirio. Together with its fund management company, FREIT Fund Managers, Inc., FILRT is in the process of completing the due diligence and internal approvals of new asset infusions. The details of the portfolio expansion will be announced in due course. Amidst the expansion plans, FILRT's average occupancy rate in the first quarter of 2023 stood at 85 percent. Occupancy has been able to hold up compared to the estimated office industry's average occupancy rate of 81 percent based on the Colliers Q1 2023 Property Market Report.
2 /
Nevertheless, FILRT continues to finalize new leases and renew expiring contracts. As of the end of the first quarter, almost 10,300 square meters of new leases have signed Letters of Intent and Contracts of Lease. On renewals, almost 17,200 square meters or 42 percent of the lease expiries for 2023 have already been renewed, with another 11,000 square meters or 27 percent awaiting finalization of the renewal contracts. The balance is due for renewal throughout the remainder of the year. FILRT is focused on sustainability and the utilization of eco-efficient assets. Two buildings in FILRT's portfolio are LEED Gold-certified while two other buildings passed the criteria for Level 1 certification on EDGE (Excellence in Design for Greater Efficiencies) developed by the International Finance Corporation. These green building certifications confirm FILRT's commitment to sustainability, particularly on energy, water and resource efficiency. As a sustainability-themed REIT founded on strong ESG principles, FILRT looks forward to growing a resilient and robust real estate investment portfolio.
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RGLD : 5yr: from 7/2018: Last: $132.49, -1.70, -1.27%
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Received this chart in an email - Suggests a Bond Rally to me
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Silver recovered from a sharp 10% drop in early May
AGQ-etc: $30.50, / SLV: 22.18: 137.5%, / UGL: $60.67: 50.3% (6.16.23)
. . . was $30.67, / SLV: 22.10: 138.8%, / UGL: $65.05: 47.1% (5.15.23)
. . . was $36.30, / SLV: 23.94: 151.6%, / UGL: $68.14: 53.3% (Yr. High)
FLI - Filinvest Land and related Co's
in Makati Prime.com's Philippines Forum
Posted
Date of Approval by Board of Directors: Apr 24, 2023 Date of Approval by Stockholders, if applicable: N/A Description and nature of the transaction including the timetable for implementation, and related regulatory requirements: - A Joint Venture Agreement ("JVA") between FLI and KMC ("Parties") was executed to establish and operate a business for the development, management, operation, and maintenance of flexible workspace facilities offering private serviced office seats and co- working seats in commercial buildings.
Prior to execution of the JVA, FLI already caused the incorporation of the new company, which shall be the entity that will be utilized by the Parties in implementing the JVA. Except for registration with the Bureau of Internal Revenue and in the local government where it will operate, there are no other known regulatory requirements for the joint venture. Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction: - Co-working spaces are a rapidly growing industry that have been experiencing an increase in demand as of late. This growth is being driven by a number of factors, including the rise of remote work, increasing popularity for multiple office venues, and the growing demand for more conducive work environment. Further, due to the incentives allowed by the Philippine Board of Investments and the Philippine Economic Zone Authority to its locators, there is an ongoing shift in the manner that office spaces are used (traditional office) moving forward. By entering into the Joint Venture Agreement, FLI can leverage the expertise and experience of KMC in the flexible co-working space industry. Secondly, by partnering with a company with a strong branding, FLI will be able to increase its brand awareness in the co- working space industry and be able to reach new markets and expand its operations to multiple locations.