Filipino Market Community

■ BUSINESS & FUNDAMENTALS EPS Growth: 7% CARG (10yrs Avg) despite 2020 dip Dividends: Growing 7% CARG (10yrs Avg), payout <25% Balance Sheet: Debt/Equity 0.42, Current Ratio >3x Book Value: 7.89/share vs 2.04 price (0.26x P/B) Recurring Income: Rentals 25% or revenue (stable cash flow) ■ INVESTMENT CASE Buying earnings and assets at deep discount Dividends (4 - 6%) providing steady income while waiting ■ Upside potential: Conservative P/E: 3.5 - 4.0 (70 - 100% upside) Base P/E: 4.4 - 6.0 (2 - 3x return) Bullish P/E: 6.0 - 8.0 (4 - 5x return) ■ Megaworld (Meg) fundamentally strong, undervalued with a wide margin of safety. ■ Strategy Accumulate below 2.50, trim at Base P/E, and ride optionality to bullish PE Dividends provide cash flow while waiting for market appreciationRead more

My Analysis & Fair Value Projection 1. Fundamentals DMCI is a highly diversified conglomerate: construction, mining, energy, real estate, water, and manufacturing .Read more

CNVRG reported Php3.0Bil in net income for 1Q25, up 18.3% y/y and in line with both COL (23.5%) and consensus (23.5%) estimates. This was primarily due to an improvement in revenues underpinned by slower cost of services growth (+10% y/y) as well as lower finance costs (-14% y/y).Read more

Post-COVID Comeback Sales crashed in 2020 but shot up ~50 % in 2023 thanks to buying the AVID gadget-store chain. Next Growth Engines Mega Warehouse for Maersk ️ — steady rent.Read more

DMCI Holdings, Inc. is a diversified engineering conglomerate in the Philippines, engaged in construction, real estate, energy, mining, and water services.Read more

NIKL: Sale of Coral Bay to boost profits and cash flow for new investments NIKL signs agreement to sell stake in Coral Bay. NIKL disclosed that it has signed an agreement to sell its 15.625% shareholdings in Coral Bay Nickel Corp.Read more

Key Takeaways Shifting work patterns and demographic challenges threaten demand for Megaworld's core office and residential segments, risking slower growth and compressed margins. Aggressive expansion, high debt, and environmental risks expose the company to refinancing challenges, higher costs, and pressure on future earnings and asset values.Read more

Key Takeaways Expansion into renewables and grid modernization supports long-term growth, operational efficiency, and positions the company for policy incentives and ESG investment. Diversification into value-added services and infrastructure upgrades boosts higher-margin revenues, operational reliability, and sustained competitiveness beyond core utility sales.Read more

Key Takeaways High exposure to consumer lending and integration challenges from recent acquisitions increase credit and operational risks, potentially undermining earnings and efficiency gains. Intensifying fintech competition and slow middle-class growth may restrict long-term revenue opportunities despite digital expansion and regulatory support for financial inclusion.Read more