Announcement • May 28
Ginebra San Miguel Inc. Approves Committees Change Ginebra San Miguel Inc. held its AGM on May 28, 2026. The shareholders approved the election of Douglas L. LuYm as director. In the same meeting, the following were elected as Chairpersons and members of the following Board Committees. Executive Committee: Ramon S. Ang – Chairman, John Paul L. Ang, Aurora T. Calderon and Ferdinand K. Constantino - Non-Director Member. Audit and Risk Oversight Committee: Martin S. Villarama, Jr. – Chairman, Cecile L. Ang, Leo S. Alvez and Douglas L. LuYm, Ferdinand K. Constantino – Advisor. Executive Compensation Committee: Ramon S. Ang – Chairman, Aurora T. Calderon, Leo S. Alvez, Martin S. Villarama, Jr. and Ferdinand K. Constantino - Non-Director Member. Corporate Governance Committee: Douglas L. LuYm – Chairman, Aurora T. Calderon, Leo S. Alvez, Gabriel S. Claudio, Cecile L. Ang, Martin S. Villarama, Jr., and Joseph Francis M. Cruz - Ex Officio Member. Declared Dividend • May 02
First quarter dividend of ₱4.50 announced Shareholders will receive a dividend of ₱4.50. Ex-date: 18th May 2026 Payment date: 5th June 2026 Dividend yield will be 6.0%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (33% earnings payout ratio) and cash flows (61% cash payout ratio). The dividend has increased by an average of 49% per year over the past 7 years and payments have been stable during that time. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 16
Full year 2025 earnings released: EPS: ₱30.30 (vs ₱25.35 in FY 2024) Full year 2025 results: EPS: ₱30.30 (up from ₱25.35 in FY 2024). Revenue: ₱67.4b (up 7.8% from FY 2024). Net income: ₱8.68b (up 20% from FY 2024). Profit margin: 13% (up from 12% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 08
Third quarter dividend of ₱4.00 announced Dividend of ₱4.00 is the same as last year. Ex-date: 20th March 2026 Payment date: 10th April 2026 Dividend yield will be 5.6%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The dividend has increased by an average of 49% per year over the past 7 years and payments have been stable during that time. Earnings per share has grown by 27% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ₱7.33 (vs ₱6.17 in 3Q 2024) Third quarter 2025 results: EPS: ₱7.33 (up from ₱6.17 in 3Q 2024). Revenue: ₱16.4b (up 5.5% from 3Q 2024). Net income: ₱2.10b (up 19% from 3Q 2024). Profit margin: 13% (up from 11% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Nov 07
Second quarter dividend of ₱4.00 announced Dividend of ₱4.00 is the same as last year. Ex-date: 19th November 2025 Payment date: 5th December 2025 Dividend yield will be 5.7%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (23% earnings payout ratio) but not covered by cash flows (116% cash payout ratio). The dividend has increased by an average of 49% per year over the past 7 years and payments have been stable during that time. Earnings per share has grown by 33% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₱16.0b (up 7.3% from 2Q 2024). Net income: ₱2.14b (up 21% from 2Q 2024). Profit margin: 13% (up from 12% in 2Q 2024). The increase in margin was driven by higher revenue. Declared Dividend • Aug 08
First quarter dividend of ₱4.00 announced Shareholders will receive a dividend of ₱4.00. Ex-date: 19th August 2025 Payment date: 5th September 2025 Dividend yield will be 5.5%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but not covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 59% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 38% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Declared Dividend • May 02
First quarter dividend of ₱4.00 announced Shareholders will receive a dividend of ₱4.00. Ex-date: 19th May 2025 Payment date: 6th June 2025 Dividend yield will be 5.2%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but not covered by cash flows (116% cash payout ratio). The dividend has increased by an average of 59% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 38% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Apr 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Dividend is not well covered by cash flows (90% cash payout ratio). Reported Earnings • Apr 17
Full year 2024 earnings released: EPS: ₱25.35 (vs ₱24.61 in FY 2023) Full year 2024 results: EPS: ₱25.35 (up from ₱24.61 in FY 2023). Revenue: ₱62.5b (up 17% from FY 2023). Net income: ₱7.26b (up 3.0% from FY 2023). Profit margin: 12% (down from 13% in FY 2023). 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 increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 07
Third quarter dividend of ₱2.50 announced Shareholders will receive a dividend of ₱2.50. Ex-date: 19th March 2025 Payment date: 4th April 2025 Dividend yield will be 4.1%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (18% earnings payout ratio) and cash flows (64% cash payout ratio). The dividend has increased by an average of 59% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 35% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 05
Ginebra San Miguel Inc., Annual General Meeting, May 29, 2025 Ginebra San Miguel Inc., Annual General Meeting, May 29, 2025, at 14:00 W. Australia Standard Time. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ₱6.17 (vs ₱4.94 in 3Q 2023) Third quarter 2024 results: EPS: ₱6.17 (up from ₱4.94 in 3Q 2023). Revenue: ₱15.6b (up 15% from 3Q 2023). Net income: ₱1.77b (up 25% from 3Q 2023). Profit margin: 11% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Nov 08
Second quarter dividend of ₱4.00 announced Shareholders will receive a dividend of ₱4.00. Ex-date: 20th November 2024 Payment date: 6th December 2024 Dividend yield will be 4.9%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 52% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 35% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 06
Ginebra San Miguel Inc. Declares Special Dividend, Payable on December 6, 2024 The meeting of the Board of Directors of Ginebra San Miguel Inc. (the "Board") held on November 5, 2024, the Board approved the declaration and payment of cash dividends on common shares to all shareholders of record as of November 21, 2024. Special dividend of PHP 1.50 per common share.
The dividend will be payable on December 6, 2024. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: ₱6.18 (vs ₱5.40 in 2Q 2023) Second quarter 2024 results: EPS: ₱6.18 (up from ₱5.40 in 2Q 2023). Revenue: ₱14.9b (up 19% from 2Q 2023). Net income: ₱1.77b (up 14% from 2Q 2023). Profit margin: 12% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Aug 08
First quarter dividend of ₱3.00 announced Shareholders will receive a dividend of ₱3.00. Ex-date: 20th August 2024 Payment date: 6th September 2024 Dividend yield will be 4.9%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (13% earnings payout ratio) and cash flows (61% cash payout ratio). The dividend has increased by an average of 66% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 36% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 06
Ginebra San Miguel Inc. Approves Special Cash Dividend, Payable on September 6, 2024 Ginebra San Miguel Inc. announced that at its board meeting held on August 6, 2024, the board approved special dividend in the amount of PHP 1.50 per common share. The foregoing cash dividend shall be paid on September 6, 2024 to all holders of common shares of record as of August 22, 2024. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₱219, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 21x in the Beverage industry in Asia. Total returns to shareholders of 251% over the past three years. Reported Earnings • May 04
First quarter 2024 earnings released: EPS: ₱6.66 (vs ₱8.84 in 1Q 2023) First quarter 2024 results: EPS: ₱6.66 (down from ₱8.84 in 1Q 2023). Revenue: ₱15.1b (up 17% from 1Q 2023). Net income: ₱1.91b (down 25% from 1Q 2023). Profit margin: 13% (down from 20% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 02
Fourth quarter dividend increased to ₱3.00 Dividend of ₱3.00 is 20% higher than last year. Ex-date: 16th May 2024 Payment date: 7th June 2024 Dividend yield will be 6.5%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 58% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 48% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 16
Full year 2023 earnings released: EPS: ₱24.61 (vs ₱15.88 in FY 2022) Full year 2023 results: EPS: ₱24.61 (up from ₱15.88 in FY 2022). Revenue: ₱53.6b (up 13% from FY 2022). Net income: ₱7.05b (up 55% from FY 2022). Profit margin: 13% (up from 9.6% in FY 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 increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 13
Upcoming dividend of ₱2.50 per share Eligible shareholders must have bought the stock before 20 March 2024. Payment date: 11 April 2024. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 6.1%. Within top quartile of Filipino dividend payers (5.9%). Higher than average of industry peers (1.9%). Declared Dividend • Mar 08
Third quarter dividend of ₱2.50 announced Dividend of ₱2.50 is the same as last year. Ex-date: 20th March 2024 Payment date: 11th April 2024 Dividend yield will be 6.3%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (11% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 58% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 49% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ₱4.94 (vs ₱3.15 in 3Q 2022) Third quarter 2023 results: EPS: ₱4.94 (up from ₱3.15 in 3Q 2022). Revenue: ₱13.5b (up 19% from 3Q 2022). Net income: ₱1.41b (up 57% from 3Q 2022). Profit margin: 11% (up from 7.9% 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 29% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Nov 14
Upcoming dividend of ₱2.50 per share at 5.4% yield Eligible shareholders must have bought the stock before 21 November 2023. Payment date: 07 December 2023. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Filipino dividend payers (5.5%). Higher than average of industry peers (1.8%). Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: ₱5.40 (vs ₱3.78 in 2Q 2022) Second quarter 2023 results: EPS: ₱5.40 (up from ₱3.78 in 2Q 2022). Revenue: ₱12.5b (up 18% from 2Q 2022). Net income: ₱1.55b (up 43% from 2Q 2022). Profit margin: 12% (up from 10% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 26
Ginebra San Miguel Inc. Announces Management Changes Results of the Organizational Meeting of the Board of Directors of Ginebra San Miguel Inc. held on May 25, 2023. Disclosure on matters approved during the Organizational Meeting of the Board of Directors. Christine Angelica D. Felix as Assistant Corporate Secretary; Ferdinand K. Constantino as Non-Director Member. List of Committees and Membership: Executive Committee: Ramon S. Ang, Member Executive Committee: Francisco S. Alejo III, Member Executive Committee: Aurora T. Calderon, Member Executive Committee: Ferdinand K. Constantino, Non-Director Member Audit and Risk Oversight Committee: Martin S. Villarama, Jr. Chairman Audit and Risk Oversight Committee: Francisco S. Alejo III, Member Audit and Risk Oversight Committee:Leo S. Alvez, Member Audit and Risk Oversight Committee: Aurora S. Lagman, Member Audit and Risk Oversight Committee: Ferdinand K. Constantino, Advisor Executive Compensation Committee: Ramon S. Ang, Chairman Executive Compensation Committee: Aurora T. Calderon, Member Executive Compensation Committee: Leo S. Alvez, Member Executive Compensation Committee: Martin S. Villarama, Jr. Member Executive Compensation Committee: Ferdinand K. Constantino, Non-Director Member Corporate Governance Committee: Aurora S. Lagman, Chairman Corporate Governance Committee: Aurora T. Calderon, Member Corporate Governance Committee: Leo S. Alvez, Member Corporate Governance Committee: Gabriel S. Claudio, Member Corporate Governance Committee: Ana Leah V. Rodriguez, Member Corporate Governance Committee:Martin S. Villarama, Jr. Member Corporate Governance Committee:Joseph Francis M. Cruz, Ex Officio Member. Reported Earnings • Apr 18
Full year 2022 earnings released: EPS: ₱15.88 (vs ₱14.59 in FY 2021) Full year 2022 results: EPS: ₱15.88 (up from ₱14.59 in FY 2021). Revenue: ₱47.3b (up 11% from FY 2021). Net income: ₱4.55b (up 8.8% from FY 2021). Profit margin: 9.6% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 14
Upcoming dividend of ₱2.50 per share at 3.8% yield Eligible shareholders must have bought the stock before 21 March 2023. Payment date: 12 April 2023. Payout ratio is a comfortable 9.0% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Filipino dividend payers (5.6%). Higher than average of industry peers (1.4%). Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₱145, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 23x in the Beverage industry in Asia. Total returns to shareholders of 346% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ₱3.15 (vs ₱3.78 in 3Q 2021) Third quarter 2022 results: EPS: ₱3.15 (down from ₱3.78 in 3Q 2021). Revenue: ₱11.4b (up 8.5% from 3Q 2021). Net income: ₱901.8m (down 17% from 3Q 2021). Profit margin: 7.9% (down from 10% 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 39% per year whereas the company’s share price has increased by 36% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Justice Martin Villarama was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ₱3.78 (vs ₱3.65 in 2Q 2021) Second quarter 2022 results: EPS: ₱3.78 (up from ₱3.65 in 2Q 2021). Revenue: ₱10.5b (up 18% from 2Q 2021). Net income: ₱1.08b (up 3.7% from 2Q 2021). Profit margin: 10% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 09
Upcoming dividend of ₱1.38 per share Eligible shareholders must have bought the stock before 16 August 2022. Payment date: 02 September 2022. Payout ratio is a comfortable 7.1% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Filipino dividend payers (5.2%). Higher than average of industry peers (1.4%). Reported Earnings • May 14
First quarter 2022 earnings released: EPS: ₱4.89 (vs ₱3.64 in 1Q 2021) First quarter 2022 results: EPS: ₱4.89 (up from ₱3.64 in 1Q 2021). Revenue: ₱12.6b (up 11% from 1Q 2021). Net income: ₱1.40b (up 34% from 1Q 2021). Profit margin: 11% (up from 9.2% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 40% per year. Upcoming Dividend • May 06
Upcoming dividend of ₱1.38 per share Eligible shareholders must have bought the stock before 13 May 2022. Payment date: 03 June 2022. Payout ratio is a comfortable 6.9% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Filipino dividend payers (4.5%). Higher than average of industry peers (1.4%). Announcement • Apr 28
Ginebra San Miguel Inc. Declares Cash Dividends, Payable June 3, 2022 Board of Directors of Ginebra San Miguel Inc. meeting held on April 27, 2022, the Board approved the declaration and payment of cash dividends on common shares to all shareholders of record as of May 18, 2022. Amount of Cash PHP 0.375 per Common Share Dividend Per Share. Payment Date is June 3, 2022. Date of Approval by Board of Directors Apr. 27, 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Justice Martin Villarama was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 19
Full year 2021 earnings released: EPS: ₱14.59 (vs ₱9.46 in FY 2020) Full year 2021 results: EPS: ₱14.59 (up from ₱9.46 in FY 2020). Revenue: ₱42.5b (up 18% from FY 2020). Net income: ₱4.18b (up 54% from FY 2020). Profit margin: 9.8% (up from 7.5% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 15
Upcoming dividend of ₱1.38 per share Eligible shareholders must have bought the stock before 22 March 2022. Payment date: 08 April 2022. Payout ratio is a comfortable 7.7% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Filipino dividend payers (4.3%). Higher than average of industry peers (1.3%). Announcement • Feb 17
Ginebra San Miguel Inc. Announces Cessation of Minita V. Chico-Nazario as Independent Director Ginebra San Miguel Inc. announced cessation of Term of Justice Minita V. Chico-Nazario as Independent Director of Ginebra San Miguel Inc. Upcoming Dividend • Nov 15
Upcoming dividend of ₱1.25 per share Eligible shareholders must have bought the stock before 22 November 2021. Payment date: 09 December 2021. Trailing yield: 0.9%. Lower than top quartile of Filipino dividend payers (3.9%). Lower than average of industry peers (1.2%). Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 17% share price gain to ₱108, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 27x in the Beverage industry in Asia. Total returns to shareholders of 321% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ₱3.65 (vs ₱2.69 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₱8.89b (up 20% from 2Q 2020). Net income: ₱1.04b (up 36% from 2Q 2020). Profit margin: 12% (up from 10% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year whereas the company’s share price has increased by 50% per year. Upcoming Dividend • Aug 09
Upcoming dividend of ₱1.25 per share Eligible shareholders must have bought the stock before 16 August 2021. Payment date: 02 September 2021. Trailing yield: 1.0%. Lower than top quartile of Filipino dividend payers (4.2%). Lower than average of industry peers (1.2%). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improved over the past week After last week's 20% share price gain to ₱90.00, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 31x in the Beverage industry in Asia. Total returns to shareholders of 348% over the past three years. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 16% share price gain to ₱72.95, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 31x in the Beverage industry in Asia. Total returns to shareholders of 307% over the past three years. Reported Earnings • May 21
First quarter 2021 earnings released: EPS ₱3.64 (vs ₱1.61 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₱11.3b (up 52% from 1Q 2020). Net income: ₱1.04b (up 126% from 1Q 2020). Profit margin: 9.2% (up from 6.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year whereas the company’s share price has increased by 52% per year. Upcoming Dividend • May 11
Upcoming dividend of ₱1.25 per share Eligible shareholders must have bought the stock before 18 May 2021. Payment date: 03 June 2021. Trailing yield: 1.6%. Lower than top quartile of Filipino dividend payers (4.3%). Higher than average of industry peers (1.1%). Reported Earnings • Apr 24
Full year 2020 earnings released: EPS ₱9.46 (vs ₱5.67 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₱36.2b (up 25% from FY 2019). Net income: ₱2.71b (up 67% from FY 2019). Profit margin: 7.5% (up from 5.6% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 15
Upcoming Dividend of ₱0.25 Per Share Will be paid on the 8th of April to those who are registered shareholders by the 22nd of March. The trailing yield of 1.9% is below the top quartile of Filipino dividend payers (4.1%), but it is higher than industry peers (1.0%). Is New 90 Day High Low • Jan 21
New 90-day high: ₱54.00 The company is up 14% from its price of ₱47.20 on 23 October 2020. The Filipino market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Beverage industry, which is up 23% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: ₱53.40 The company is up 37% from its price of ₱39.10 on 20 August 2020. The Filipino market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Beverage industry, which is up 11% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS ₱3.29 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₱10.5b (up 56% from 3Q 2019). Net income: ₱955.6m (up 187% from 3Q 2019). Profit margin: 9.1% (up from 4.9% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth.