New Risk • May 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Filipino stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (9.2% net profit margin). Reported Earnings • Apr 15
Second quarter 2026 earnings released: EPS: ₱0.09 (vs ₱0.091 in 2Q 2025) Second quarter 2026 results: EPS: ₱0.09. Revenue: ₱3.38b (down 20% from 2Q 2025). Net income: ₱511.5m (up 2.3% from 2Q 2025). Profit margin: 15% (up from 12% in 2Q 2025). The increase in margin was driven by lower expenses. Buy Or Sell Opportunity • Feb 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.9% to ₱2.17. The fair value is estimated to be ₱1.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has declined by 4.0%. Declared Dividend • Feb 05
Dividend of ₱0.05 announced Shareholders will receive a dividend of ₱0.05. Ex-date: 16th February 2026 Payment date: 5th March 2026 Dividend yield will be 2.3%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 24% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 6.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 04
Victorias Milling Company, Inc. announces Annual dividend, payable on March 05, 2026 Victorias Milling Company, Inc. announced Annual dividend of PHP 0.0500 per share payable on March 05, 2026, ex-date on February 16, 2026 and record date on February 18, 2026. Reported Earnings • Jan 16
First quarter 2026 earnings released: EPS: ₱0.03 (vs ₱0.068 in 1Q 2025) First quarter 2026 results: EPS: ₱0.03 (down from ₱0.068 in 1Q 2025). Revenue: ₱3.24b (up 29% from 1Q 2025). Net income: ₱162.3m (down 56% from 1Q 2025). Profit margin: 5.0% (down from 15% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Dec 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Filipino stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.6% average weekly change). Reported Earnings • Dec 17
Full year 2025 earnings released: EPS: ₱0.25 (vs ₱0.28 in FY 2024) Full year 2025 results: EPS: ₱0.25 (down from ₱0.28 in FY 2024). Revenue: ₱12.7b (up 12% from FY 2024). Net income: ₱1.36b (down 13% from FY 2024). Profit margin: 11% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₱1.70, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 10x in the Food industry in Philippines. Total returns to shareholders of 40% over the past three years. Announcement • Sep 04
Victorias Milling Company, Inc., Annual General Meeting, Feb 03, 2026 Victorias Milling Company, Inc., Annual General Meeting, Feb 03, 2026, at 08:01 W. Australia Standard Time. Location: administrative building, victorias milling company, inc., vmc compound, j.j., ossorio street, brgy. xvi, victorias Philippines Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₱2.20, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 10x in the Food industry in Philippines. Total returns to shareholders of 83% over the past three years. Reported Earnings • Jul 15
Third quarter 2025 earnings released: EPS: ₱0.07 (vs ₱0.10 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.07 (down from ₱0.10 in 3Q 2024). Revenue: ₱4.18b (up 28% from 3Q 2024). Net income: ₱395.5m (down 31% from 3Q 2024). Profit margin: 9.5% (down from 18% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • Apr 15
Second quarter 2025 earnings released: EPS: ₱0.09 (vs ₱0.059 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.09 (up from ₱0.059 in 2Q 2024). Revenue: ₱4.23b (up 8.6% from 2Q 2024). Net income: ₱499.8m (up 54% from 2Q 2024). Profit margin: 12% (up from 8.3% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year and the company’s share price has also increased by 9% per year. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₱2.00, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 9x in the Food industry in Philippines. Total returns to shareholders of 81% over the past three years. New Risk • Feb 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Filipino stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Upcoming Dividend • Feb 11
Upcoming dividend of ₱0.06 per share Eligible shareholders must have bought the stock before 18 February 2025. Payment date: 12 March 2025. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Filipino dividend payers (7.0%). Lower than average of industry peers (4.9%). Reported Earnings • Jan 15
First quarter 2025 earnings released: EPS: ₱0.07 (vs ₱0.059 in 1Q 2024) First quarter 2025 results: EPS: ₱0.07 (up from ₱0.059 in 1Q 2024). Revenue: ₱2.51b (down 13% from 1Q 2024). Net income: ₱370.7m (up 14% from 1Q 2024). Profit margin: 15% (up from 11% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 16% per year. Board Change • Jan 03
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. 5 independent directors (6 non-independent directors). Independent Director Peter Ong was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Dec 17
Full year 2024 earnings released: EPS: ₱0.28 (vs ₱0.29 in FY 2023) Full year 2024 results: EPS: ₱0.28 (down from ₱0.29 in FY 2023). Revenue: ₱11.4b (down 27% from FY 2023). Net income: ₱1.55b (down 1.4% from FY 2023). Profit margin: 14% (up from 10% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 19% per year. Announcement • Nov 06
Victorias Milling Company, Inc., Annual General Meeting, Feb 04, 2025 Victorias Milling Company, Inc., Annual General Meeting, Feb 04, 2025, at 08:01 W. Australia Standard Time. Location: administrative building, victorias milling company, inc., vmc compound, j.j., ossorio street, brgy. xvi, victorias Philippines Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₱3.85, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 15x in the Food industry in Philippines. Total returns to shareholders of 83% over the past three years. New Risk • Aug 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 254% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (23% accrual ratio). Shareholders have been substantially diluted in the past year (254% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.9% average weekly change). Reported Earnings • Jul 13
Third quarter 2024 earnings released: EPS: ₱0.21 (vs ₱0.25 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.21 (down from ₱0.25 in 3Q 2023). Revenue: ₱3.26b (down 37% from 3Q 2023). Net income: ₱572.0m (down 16% from 3Q 2023). Profit margin: 18% (up from 13% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₱3.60, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 20x in the Food industry in Philippines. Total returns to shareholders of 61% over the past three years. Reported Earnings • Apr 14
Second quarter 2024 earnings released: EPS: ₱0.12 (vs ₱0.087 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.12 (up from ₱0.087 in 2Q 2023). Revenue: ₱3.89b (down 9.4% from 2Q 2023). Net income: ₱323.6m (up 36% from 2Q 2023). Profit margin: 8.3% (up from 5.5% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 08
Upcoming dividend of ₱0.12 per share Eligible shareholders must have bought the stock before 15 March 2024. Payment date: 12 April 2024. Payout ratio is a comfortable 7.2% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Filipino dividend payers (5.8%). Lower than average of industry peers (3.3%). Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₱2.53, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 15x in the Food industry in Philippines. Total returns to shareholders of 18% over the past three years. Reported Earnings • Jan 16
First quarter 2024 earnings released: EPS: ₱0.12 (vs ₱0.28 in 1Q 2023) First quarter 2024 results: EPS: ₱0.12 (down from ₱0.28 in 1Q 2023). Revenue: ₱2.89b (down 47% from 1Q 2023). Net income: ₱324.4m (down 58% from 1Q 2023). Profit margin: 11% (down from 14% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 16
Full year 2023 earnings released: EPS: ₱0.57 (vs ₱0.35 in FY 2022) Full year 2023 results: EPS: ₱0.57 (up from ₱0.35 in FY 2022). Revenue: ₱15.5b (up 82% from FY 2022). Net income: ₱1.57b (up 63% from FY 2022). Profit margin: 10% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₱3.50, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 13x in the Food industry in Philippines. Total returns to shareholders of 67% over the past three years. New Risk • Jul 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Filipino stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Jul 15
Third quarter 2023 earnings released: EPS: ₱0.25 (vs ₱0.089 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.25 (up from ₱0.089 in 3Q 2022). Revenue: ₱5.16b (up 89% from 3Q 2022). Net income: ₱684.4m (up 181% from 3Q 2022). Profit margin: 13% (up from 8.9% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 15
Second quarter 2023 earnings released: EPS: ₱0.087 (vs ₱0.13 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.087 (down from ₱0.13 in 2Q 2022). Revenue: ₱4.30b (up 92% from 2Q 2022). Net income: ₱237.5m (down 34% from 2Q 2022). Profit margin: 5.5% (down from 16% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 20% share price gain to ₱3.55, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 16x in the Food industry in Philippines. Total returns to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 16% share price gain to ₱2.98, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 15x in the Food industry in Philippines. Total returns to shareholders of 23% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₱0.07 per share Eligible shareholders must have bought the stock before 27 December 2022. Payment date: 27 January 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Filipino dividend payers (5.5%). Lower than average of industry peers (3.2%). Reported Earnings • Dec 16
Full year 2022 earnings released: EPS: ₱0.35 (vs ₱0.29 in FY 2021) Full year 2022 results: EPS: ₱0.35 (up from ₱0.29 in FY 2021). Revenue: ₱8.55b (up 14% from FY 2021). Net income: ₱966.0m (up 23% from FY 2021). Profit margin: 11% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. 5 independent directors (6 non-independent directors). Independent Director Peter Ong was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Sep 03
Victorias Milling Company, Inc. (PSE:VMC) entered into sale and purchase agreement to acquire Asian Alcohol Corp. from Tanduay Distillers, Inc., Prior Holdings, Inc. and Castelbridge Investment Corporation for PHP 2.2 billion. Victorias Milling Company, Inc. (PSE:VMC) entered into sale and purchase agreement to acquire Asian Alcohol Corp. from Tanduay Distillers, Inc., Prior Holdings, Inc. and Castelbridge Investment Corporation for PHP 2.2 billion on September 1, 2022. Victorias Milling Company, Inc. acquiring 738.33 million shares under this transaction. Tanduay Distillers, Inc. will sell 699 million shares, Prior Holdings, Inc. will sell 23.5 million shares and Castelbridge Investment Corporation will sell 15.3 million shares. For the year ended December 31, 2021 Asian Alcohol reported Total assets of PHP 3.8 billion, sales of PHP 2.07 billion and net loss of PHP 32.8 million. Reported Earnings • Jul 15
Third quarter 2022 earnings released: EPS: ₱0.09 (vs ₱0.12 in 3Q 2021) Third quarter 2022 results: EPS: ₱0.09 (down from ₱0.12 in 3Q 2021). Revenue: ₱2.74b (up 22% from 3Q 2021). Net income: ₱243.6m (down 27% from 3Q 2021). Profit margin: 8.9% (down from 15% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Peter Ong was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 15
Second quarter 2022 earnings released: EPS: ₱0.13 (vs ₱0.078 in 2Q 2021) Second quarter 2022 results: EPS: ₱0.13 (up from ₱0.078 in 2Q 2021). Revenue: ₱2.23b (up 1.1% from 2Q 2021). Net income: ₱358.5m (up 68% from 2Q 2021). Profit margin: 16% (up from 9.7% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 2% per year. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improved over the past week After last week's 15% share price gain to ₱2.79, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 18x in the Food industry in Philippines. Total returns to shareholders of 16% over the past three years. Reported Earnings • Dec 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₱0.29 (down from ₱0.31 in FY 2020). Revenue: ₱7.47b (up 7.4% from FY 2020). Net income: ₱787.8m (down 6.2% from FY 2020). Profit margin: 11% (down from 12% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has remained flat and the company’s share price has also remained flat. Upcoming Dividend • Dec 10
Inaugural dividend of ₱0.10 per share Eligible shareholders must have bought the stock before 17 December 2021. Payment date: 18 January 2022. The company is not currently making a profit and is not cash flow positive. This is the first dividend for Victorias Milling Company since going public. The average dividend yield among industry peers is 2.2%. Reported Earnings • Jul 16
Third quarter 2021 earnings released: EPS ₱0.12 (vs ₱0.068 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₱2.24b (up 57% from 3Q 2020). Net income: ₱332.2m (up 79% from 3Q 2020). Profit margin: 15% (up from 13% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 15
Second quarter 2021 earnings released: EPS ₱0.08 (vs ₱0.11 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ₱2.21b (up 52% from 2Q 2020). Net income: ₱213.3m (down 27% from 2Q 2020). Profit margin: 9.7% (down from 20% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 24
New 90-day low: ₱2.20 The company is down 13% from its price of ₱2.52 on 26 November 2020. The Filipino market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is down 3.0% over the same period. Reported Earnings • Dec 16
Full year 2020 earnings released: EPS ₱0.31 The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ₱6.96b (up 25% from FY 2019). Net income: ₱840.0m (up 2.8% from FY 2019). Profit margin: 12% (down from 15% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 09
New 90-day low: ₱2.19 The company is down 5.0% from its price of ₱2.30 on 11 August 2020. The Filipino market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is flat over the same period. 
