Price Target Changed • Jun 09
Price target decreased by 7.9% to ₱75.90 Down from ₱82.40, the current price target is an average from 10 analysts. New target price is 28% above last closing price of ₱59.10. Stock is down 31% over the past year. The company is forecast to post earnings per share of ₱5.51 for next year compared to ₱4.78 last year. Recent Insider Transactions • Apr 24
Insider recently bought ₱2.0m worth of stock On the 17th of April, Rhodora Lao bought around 33k shares on-market at roughly ₱61.15 per share. This transaction increased Rhodora's direct individual holding by 2x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₱100m. Insiders have collectively bought ₱193m more in shares than they have sold in the last 12 months. Reported Earnings • Apr 22
Full year 2025 earnings released: EPS: ₱4.78 (vs ₱5.57 in FY 2024) Full year 2025 results: EPS: ₱4.78 (down from ₱5.57 in FY 2024). Revenue: ₱166.3b (up 3.7% from FY 2024). Net income: ₱10.2b (down 15% from FY 2024). Profit margin: 6.2% (down from 7.5% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Recent Insider Transactions • Apr 14
Chairman Emeritus recently bought ₱100m worth of stock On the 10th of April, James Gokongwei bought around 2m shares on-market at roughly ₱62.56 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱166m more in shares than they have sold in the last 12 months. Upcoming Dividend • Apr 01
Upcoming dividend of ₱2.10 per share Eligible shareholders must have bought the stock before 08 April 2026. Payment date: 07 May 2026. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Filipino dividend payers (6.7%). Lower than average of industry peers (5.1%). Declared Dividend • Mar 16
Dividend of ₱2.10 announced Shareholders will receive a dividend of ₱2.10. Ex-date: 8th April 2026 Payment date: 7th May 2026 Dividend yield will be 6.6%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (75% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 17% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 13
Universal Robina Corporation, Annual General Meeting, May 15, 2026 Universal Robina Corporation, Annual General Meeting, May 15, 2026, at 13:00 W. Australia Standard Time. Recent Insider Transactions • Nov 12
Independent Director recently sold ₱434k worth of stock On the 7th of November, Rizalina Mantaring sold around 6k shares on-market at roughly ₱71.19 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₱118m more than they sold in the last 12 months. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: ₱1.03 (vs ₱0.64 in 3Q 2024) Third quarter 2025 results: EPS: ₱1.03 (up from ₱0.64 in 3Q 2024). Revenue: ₱38.7b (up 1.6% from 3Q 2024). Net income: ₱2.22b (up 63% from 3Q 2024). Profit margin: 5.7% (up from 3.6% in 3Q 2024). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Aug 28
Upcoming dividend of ₱2.20 per share Eligible shareholders must have bought the stock before 04 September 2025. Payment date: 01 October 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.9%. Lower than top quartile of Filipino dividend payers (6.0%). In line with average of industry peers (5.1%). Declared Dividend • Aug 11
First half dividend of ₱2.20 announced Shareholders will receive a dividend of ₱2.20. Ex-date: 4th September 2025 Payment date: 1st October 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (118% cash payout ratio). The dividend has increased by an average of 2.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ₱1.04 (vs ₱1.39 in 2Q 2024) Second quarter 2025 results: EPS: ₱1.04 (down from ₱1.39 in 2Q 2024). Revenue: ₱40.6b (up 6.0% from 2Q 2024). Net income: ₱2.22b (down 27% from 2Q 2024). Profit margin: 5.5% (down from 7.9% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Jul 31
Now 20% undervalued Over the last 90 days, the stock has risen 5.4% to ₱88.50. The fair value is estimated to be ₱111, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Recent Insider Transactions • Jul 08
Insider recently bought ₱276k worth of stock On the 2nd of July, Charles Bernard Tanega bought around 3k shares on-market at roughly ₱92.10 per share. This transaction amounted to 68% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱120m more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Jul 01
Now 20% undervalued Over the last 90 days, the stock has risen 27% to ₱89.20. The fair value is estimated to be ₱112, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Buy Or Sell Opportunity • Jun 11
Now 20% undervalued Over the last 90 days, the stock has risen 19% to ₱83.15. The fair value is estimated to be ₱104, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ₱1.89 (vs ₱1.91 in 1Q 2024) First quarter 2025 results: EPS: ₱1.89 (down from ₱1.91 in 1Q 2024). Revenue: ₱45.3b (up 6.7% from 1Q 2024). Net income: ₱4.08b (down 1.6% from 1Q 2024). Profit margin: 9.0% (in line with 1Q 2024). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₱80.50, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the Food industry in Asia. Total loss to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₱95.74 per share. Announcement • Apr 22
Universal Robina Corporation Appoints Ong Mei Kuan as Chief Marketing Officer, Effective June 1, 2025 Universal Robina Corporation appointed Ms. Ong Mei Kuan as Chief Marketing Officer, effective June 1, 2025. Karen is a passionate marketer with over 20 years of experience in building brands and leading marketing teams. Before stepping into her current role, Karen was the Senior Marketing Director for URC Malaysia (UR Munchy's), where she led the team to achieve market leadership in the biscuits category and delivered strong, sustained growth in snacks and confectionery. Her career journey spans well-known companies including Colgate-Palmolive, Fonterra, and Johnson & Johnson, where she spent 15 years. During her time at J&J, Karen held various leadership roles, including regional marketing positions, as well as international stints in J&J China and the Digital Center of Excellence in New York. Ms. Ong holds a Bachelor's degree in Economics from the National University of Malaysia. Recent Insider Transactions • Apr 11
Insider recently bought ₱1.8m worth of stock On the 3rd of April, Anna Milagros David bought around 27k shares on-market at roughly ₱69.15 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₱46m. Insiders have collectively bought ₱122m more in shares than they have sold in the last 12 months. Reported Earnings • Apr 07
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₱5.57. Revenue: ₱160.4b (up 2.6% from FY 2023). Net income: ₱12.1b (flat on FY 2023). Profit margin: 7.5% (down from 7.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.0%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Food industry in Asia. New Risk • Apr 03
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 106% Cash payout ratio: 102% Dividend yield: 8.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Upcoming Dividend • Apr 03
Upcoming dividend of ₱2.00 per share Eligible shareholders must have bought the stock before 10 April 2025. Payment date: 09 May 2025. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Filipino dividend payers (6.6%). Higher than average of industry peers (4.9%). Declared Dividend • Mar 17
Dividend increased to ₱2.00 Dividend of ₱2.00 is 5.3% higher than last year. Ex-date: 10th April 2025 Payment date: 9th May 2025 Dividend yield will be 5.4%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 2.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₱71.50, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Food industry in Asia. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₱67.50 per share. Recent Insider Transactions • Feb 14
Chairman Emeritus recently bought ₱23m worth of stock On the 11th of February, James Gokongwei bought around 368k shares on-market at roughly ₱62.30 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱57m more in shares than they have sold in the last 12 months. Announcement • Feb 07
Universal Robina Corporation Appoints Anna Milagros “Mian” D. David as the First President of Its Branded Consumer Foods (BCF) Segment Universal Robina Corporation has appointed Anna Milagros “Mian” D. David as the first president of its branded consumer foods (BCF) segment. URC’s BCF business includes snacks, candies, chocolates, canned beans, tea, coffee, biscuits, and noodles. Prior to her appointment, Ms. David served as managing director for URC International and chief marketing officer. Ms. David joined URC in 2018 as vice president for the beverages segment, later transitioning to oversee the snack foods business. She has 17 years of experience in sales and marketing with one of the largest multinational companies, holding both local and global roles prior to joining URC. Price Target Changed • Feb 06
Price target decreased by 7.5% to ₱95.83 Down from ₱104, the current price target is an average from 13 analysts. New target price is 53% above last closing price of ₱62.50. Stock is down 44% over the past year. The company is forecast to post earnings per share of ₱5.31 for next year compared to ₱5.55 last year. Price Target Changed • Jan 21
Price target decreased by 7.5% to ₱99.29 Down from ₱107, the current price target is an average from 13 analysts. New target price is 50% above last closing price of ₱66.00. Stock is down 41% over the past year. The company is forecast to post earnings per share of ₱5.34 for next year compared to ₱5.55 last year. Price Target Changed • Dec 19
Price target decreased by 7.9% to ₱108 Down from ₱117, the current price target is an average from 12 analysts. New target price is 42% above last closing price of ₱75.90. Stock is down 34% over the past year. The company is forecast to post earnings per share of ₱5.24 for next year compared to ₱5.55 last year. Recent Insider Transactions • Dec 13
Insider recently bought ₱2.0m worth of stock On the 10th of December, Anna Milagros David bought around 26k shares on-market at roughly ₱77.33 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₱2.6m. Insiders have collectively bought ₱34m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 05
Insider recently bought ₱760k worth of stock On the 28th of November, Anna Milagros David bought around 9k shares on-market at roughly ₱80.45 per share. This transaction amounted to 8.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₱2.6m. Insiders have collectively bought ₱32m more in shares than they have sold in the last 12 months. Price Target Changed • Nov 26
Price target decreased by 7.4% to ₱119 Down from ₱129, the current price target is an average from 12 analysts. New target price is 41% above last closing price of ₱84.65. Stock is down 28% over the past year. The company is forecast to post earnings per share of ₱5.13 for next year compared to ₱5.55 last year. Recent Insider Transactions • Nov 22
Insider recently bought ₱2.6m worth of stock On the 19th of November, Anna Milagros David bought around 29k shares on-market at roughly ₱88.33 per share. This transaction amounted to 37% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱31m more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Nov 14
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to ₱79.50. The fair value is estimated to be ₱104, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 46% in the next 2 years. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ₱0.64 (vs ₱1.41 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.64 (down from ₱1.41 in 3Q 2023). Revenue: ₱38.1b (down 1.8% from 3Q 2023). Net income: ₱1.37b (down 56% from 3Q 2023). Profit margin: 3.6% (down from 7.9% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Sep 10
Insider recently bought ₱1.0m worth of stock On the 5th of September, Anna Milagros David bought around 11k shares on-market at roughly ₱90.11 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱30m more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Aug 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to ₱91.00. The fair value is estimated to be ₱114, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 3.7%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Upcoming Dividend • Aug 22
Upcoming dividend of ₱1.90 per share Eligible shareholders must have bought the stock before 29 August 2024. Payment date: 25 September 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Filipino dividend payers (6.4%). In line with average of industry peers (4.1%). Declared Dividend • Aug 04
First half dividend of ₱1.90 announced Shareholders will receive a dividend of ₱1.90. Ex-date: 29th August 2024 Payment date: 25th September 2024 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but not covered by cash flows (175% cash payout ratio). The dividend has increased by an average of 5.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 03
Second quarter 2024 earnings released: EPS: ₱1.39 (vs ₱1.50 in 2Q 2023) Second quarter 2024 results: EPS: ₱1.39 (down from ₱1.50 in 2Q 2023). Revenue: ₱38.3b (down 1.0% from 2Q 2023). Net income: ₱3.03b (down 7.1% from 2Q 2023). Profit margin: 7.9% (down from 8.4% in 2Q 2023). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Aug 02
Universal Robina Corporation Approves Cash Dividend, Payable on September 25, 2024 The Board of Directors of Universal Robina Corporation approved on August 2, 2024 the declaration of cash dividend in the amount of One Peso and Ninety Centavos (PHP 1.90) per share from the unrestricted retained earnings of
URC as of December 31, 2023, to all stockholders of record as of August 30, 2024 and payable on September 25, 2024. Reported Earnings • May 04
First quarter 2024 earnings released: EPS: ₱1.90 (vs ₱1.57 in 1Q 2023) First quarter 2024 results: EPS: ₱1.90 (up from ₱1.57 in 1Q 2023). Revenue: ₱42.6b (up 7.0% from 1Q 2023). Net income: ₱4.14b (up 21% from 1Q 2023). Profit margin: 9.7% (up from 8.6% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 29
Now 29% overvalued Over the last 90 days, the stock has fallen 6.8% to ₱105. The fair value is estimated to be ₱81.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 9.4%. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Recent Insider Transactions • Apr 18
Chairman Emeritus recently bought ₱3.0m worth of stock On the 15th of April, James Gokongwei bought around 30k shares on-market at roughly ₱99.57 per share. This transaction amounted to 2.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₱22m. Insiders have collectively bought ₱42m more in shares than they have sold in the last 12 months. Reported Earnings • Apr 17
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₱5.55 (down from ₱6.39 in FY 2022). Revenue: ₱156.9b (up 5.7% from FY 2022). Net income: ₱12.1b (down 13% from FY 2022). Profit margin: 7.7% (down from 9.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 04
Upcoming dividend of ₱1.90 per share Eligible shareholders must have bought the stock before 11 April 2024. Payment date: 09 May 2024. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Filipino dividend payers (5.8%). In line with average of industry peers (3.3%). Recent Insider Transactions • Mar 28
Chairman Emeritus recently bought ₱22m worth of stock On the 19th of March, James Gokongwei bought around 220k shares on-market at roughly ₱99.71 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱37m more in shares than they have sold in the last 12 months. Announcement • Mar 15
Universal Robina Corporation, Annual General Meeting, Jun 03, 2024 Universal Robina Corporation, Annual General Meeting, Jun 03, 2024, at 11:00 Singapore Standard Time. Agenda: To Proof of notice of the meeting and existence of a quorum; Reading and approval of the Minutes of the Annual Meeting of the Stockholders held on May 15, 2023; Presentation of annual report and approval of the financial statements for the preceding year; Election of Board of Directors; Appointment of External Auditor; and to discuss other matters. Announcement • Mar 14
Universal Robina Corporation Approves Cash Dividend, Payable on May 9, 2024 The Board of Directors of Universal Robina Corporation ("URC") approved on March 14, 2024 the declaration of cash dividend in the amount of One Peso and Ninety Centavos (P1.90) per share from the unrestricted retained earnings of URC as of December 31, 2023, to all stockholders of record as of April 12, 2024 and payable on May 9, 2024. Buy Or Sell Opportunity • Mar 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.6% to ₱111. The fair value is estimated to be ₱139, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Buy Or Sell Opportunity • Feb 12
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at ₱110. The fair value is estimated to be ₱139, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ₱1.41 (vs ₱1.44 in 3Q 2022) Third quarter 2023 results: EPS: ₱1.41 (down from ₱1.44 in 3Q 2022). Revenue: ₱39.0b (up 6.1% from 3Q 2022). Net income: ₱3.07b (down 2.3% from 3Q 2022). Profit margin: 7.9% (down from 8.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Food industry in Asia. 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 9% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Sep 21
Insider recently bought ₱1.2m worth of stock On the 15th of September, Anna Milagros David bought around 10k shares on-market at roughly ₱117 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₱13m. Insiders have collectively bought ₱15m more in shares than they have sold in the last 12 months. New Risk • Aug 25
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 334% Dividend yield: 3.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Upcoming Dividend • Aug 24
Upcoming dividend of ₱2.12 per share at 1.3% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 27 September 2023. Payout ratio is a comfortable 23% but the company is paying out more than the cash it is generating. Trailing yield: 1.3%. Lower than top quartile of Filipino dividend payers (5.5%). Lower than average of industry peers (3.0%). Reported Earnings • Aug 05
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: ₱1.49 (up from ₱1.25 in 2Q 2022). Revenue: ₱38.8b (up 9.9% from 2Q 2022). Net income: ₱3.25b (up 19% from 2Q 2022). Profit margin: 8.4% (up from 7.7% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 3.4%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Food industry in Asia. 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 4% per year, which means it is significantly lagging earnings. Announcement • Aug 05
Universal Robina Corporation Approves Special Cash Dividend, Payable on September 27, 2023 The Board of Directors of Universal Robina Corporation ("URC") approved on August 4, 2023, the declaration of a special cash dividend in the amount of PHP 2.12 per share from the unrestricted retained earnings of URC as of December 31, 2022, to all stockholders of record as of September 1, 2023 and payable on September 27, 2023. Recent Insider Transactions • Jul 05
CEO, President & Director recently bought ₱13m worth of stock On the 3rd of July, Irwin Lee bought around 100k shares on-market at roughly ₱135 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Irwin has been a buyer over the last 12 months, purchasing a net total of ₱26m worth in shares. Reported Earnings • Apr 07
Full year 2022 earnings released: EPS: ₱6.39 (vs ₱5.47 in FY 2021) Full year 2022 results: EPS: ₱6.39 (up from ₱5.47 in FY 2021). Revenue: ₱148.4b (up 28% from FY 2021). Net income: ₱14.0b (up 16% from FY 2021). Profit margin: 9.4% (down from 10% in FY 2021). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 21
Upcoming dividend of ₱1.50 per share at 1.1% yield Eligible shareholders must have bought the stock before 28 March 2023. Payment date: 28 April 2023. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Filipino dividend payers (5.3%). Lower than average of industry peers (2.4%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Antonio Jose Periquet was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 06
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ₱1.44 (up from ₱0.92 in 3Q 2021). Revenue: ₱36.8b (up 32% from 3Q 2021). Net income: ₱3.15b (up 55% from 3Q 2021). Profit margin: 8.6% (up from 7.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.3%. Earnings per share (EPS) also surpassed analyst estimates by 79%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Nov 05
Universal Robina Corporation to Report Nine Months, 2022 Results on Nov 04, 2022 Universal Robina Corporation announced that they will report nine months, 2022 results on Nov 04, 2022 Buying Opportunity • Oct 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.0%. The fair value is estimated to be ₱137, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.5% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 28% in the next 2 years. Buying Opportunity • Sep 16
Now 20% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be ₱152, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.5% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 28% in the next 2 years. Buying Opportunity • Aug 17
Now 18% undervalued Over the last 90 days, the stock is up 18%. The fair value is estimated to be ₱152, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.5% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to grow by 24% in the next 2 years. Recent Insider Transactions • Aug 17
CEO, President & Director recently bought ₱13m worth of stock On the 15th of August, Irwin Lee bought around 100k shares on-market at roughly ₱125 per share. This was the largest purchase by an insider in the last 3 months. This was Irwin's only on-market trade for the last 12 months. Recent Insider Transactions • Aug 12
Chairman Emeritus recently bought ₱7.6m worth of stock On the 4th of August, James Gokongwei bought around 61k shares on-market at roughly ₱125 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱143m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 01
Second quarter 2022 earnings released: EPS: ₱1.25 (vs ₱2.18 in 2Q 2021) Second quarter 2022 results: EPS: ₱1.25 (down from ₱2.18 in 2Q 2021). Revenue: ₱35.3b (up 24% from 2Q 2021). Net income: ₱2.73b (down 43% from 2Q 2021). Profit margin: 7.7% (down from 17% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.0%, compared to a 16% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Jul 30
Universal Robina Corporation to Report First Half, 2022 Results on Jul 29, 2022 Universal Robina Corporation announced that they will report first half, 2022 results on Jul 29, 2022 Buying Opportunity • Jul 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.1%. The fair value is estimated to be ₱145, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 1.3% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 17% share price gain to ₱111, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 17x in the Food industry in Asia. Total loss to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₱134 per share. Buying Opportunity • Jun 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be ₱134, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 0.9% in the next 2 years. Buying Opportunity • May 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be ₱134, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 0.9% in the next 2 years. Reported Earnings • May 02
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ₱1.58 (up from ₱1.26 in 1Q 2021). Revenue: ₱35.8b (up 22% from 1Q 2021). Net income: ₱3.47b (up 25% from 1Q 2021). Profit margin: 9.7% (in line with 1Q 2021). Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 44%. Over the next year, revenue is forecast to grow 8.8%, compared to a 13% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • May 02
Universal Robina Corporation Announces Reconstitution of the Corporate Governance Committee At the meeting of the Board of Directors of Universal Robina Corporation held on April 29, 2022, the Board approved the reconstitution of the Corporate Governance Committee ("CGC") to the Corporate Governance and Sustainability Committee ("CGSC"). URC'S CGSC is composed of: Antonio Jose U. Periquet, Jr. Chairman (Independent director); Cesar V. Purisima Member (Independent director); Christine Marie B. Angco Member (Independent director). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Antonio Jose Periquet was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ₱5.47 (up from ₱4.37 in FY 2020). Revenue: ₱115.9b (up 3.3% from FY 2020). Net income: ₱12.0b (up 25% from FY 2020). Profit margin: 10% (up from 8.6% in FY 2020). Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 14%, compared to a 13% growth forecast for the industry in Philippines. 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 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of ₱3.45 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 29 April 2022. Payout ratio is a comfortable 24% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of Filipino dividend payers (4.2%). Higher than average of industry peers (2.6%). Recent Insider Transactions • Mar 15
Chairman Emeritus recently bought ₱23m worth of stock On the 11th of March, James Gokongwei bought around 206k shares on-market at roughly ₱110 per share. In the last 3 months, they made an even bigger purchase worth ₱41m. Insiders have collectively bought ₱148m more in shares than they have sold in the last 12 months. Buying Opportunity • Mar 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ₱139, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 13% per annum over the last 3 years. Announcement • Mar 04
Universal Robina Corporation to Report Fiscal Year 2021 Results on Mar 04, 2022 Universal Robina Corporation announced that they will report fiscal year 2021 results on Mar 04, 2022 Recent Insider Transactions • Feb 09
Chairman Emeritus recently bought ₱6.0m worth of stock On the 4th of February, James Gokongwei bought around 48k shares on-market at roughly ₱125 per share. In the last 3 months, they made an even bigger purchase worth ₱41m. Insiders have collectively bought ₱126m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jan 25
Chairman Emeritus recently bought ₱41m worth of stock On the 18th of January, James Gokongwei bought around 321k shares on-market at roughly ₱126 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱120m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jan 18
Chairman Emeritus recently bought ₱13m worth of stock On the 12th of January, James Gokongwei bought around 105k shares on-market at roughly ₱127 per share. In the last 3 months, they made an even bigger purchase worth ₱26m. Insiders have collectively bought ₱79m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 07
Chairman Emeritus recently bought ₱2.6m worth of stock On the 3rd of December, James Gokongwei bought around 20k shares on-market at roughly ₱130 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱16m more in shares than they have sold in the last 12 months. Announcement • Nov 27
Universal Robina Corporation (PSE:URC) entered into an agreement to acquire Crunchy Foods Sdn. Bhd for approximately MYR 1.9 billion. Universal Robina Corporation (PSE:URC) entered into an agreement to acquire Crunchy Foods Sdn. Bhd for approximately MYR 1.9 billion on November 26, 2021. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS ₱1.12 (vs ₱0.89 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₱27.9b (down 14% from 3Q 2020). Net income: ₱2.03b (up 3.3% from 3Q 2020). Profit margin: 7.3% (up from 6.1% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. 
