BIZ BUZZ: Megawide gets the bag

Something good has been brewing at Megawide Construction Corp., and we mean its share prices, which have been soaring the past few trading days.

The company led by tycoon Edgar Saavedra and whose projects are major infrastructure programs of the national government, has seen its share price surge by a whopping 32.5 percent to P3.14 each on Friday from P2.37 on Sept. 16.

What was the main catalyst?

We recently reported that First Metro Securities Brokerage Corp. and DBS are seeing Megawide’s profit tripling by 2027.

These are driven by robust prospects for its construction, land port and real estate businesses.

That’s not all: they also said the government’s aggressive anticorruption drive may favor large contractors like Megawide, which is seen to secure more public projects.

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Megawide has taken big steps closer to First Metro Securities and DBS’ target price of P4.50 per share.

The optimism isn’t exactly new for Megawide chair and CEO Saavedra, who has said they were on track to outpace their 2024 net income, especially with property arm PH1 World Developers Inc. gaining momentum.

Abangan in 2027!