New Risk • May 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. 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. Large one-off items impacting financial results. Market cap is less than US$100m (₱2.46b market cap, or US$39.9m). Reported Earnings • May 19
Full year 2025 earnings released: EPS: ₱0.38 (vs ₱0.30 in FY 2024) Full year 2025 results: EPS: ₱0.38 (up from ₱0.30 in FY 2024). Revenue: ₱3.24b (up 13% from FY 2024). Net income: ₱697.0m (up 26% from FY 2024). Profit margin: 22% (up from 19% 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 19% per year whereas the company’s share price has increased by 14% per year. Ankündigung • Apr 07
Solid Group Inc., Annual General Meeting, Jun 25, 2026 Solid Group Inc., Annual General Meeting, Jun 25, 2026, at 14:00 W. Australia Standard Time. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ₱0.07 (vs ₱0.05 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.07 (up from ₱0.05 in 3Q 2024). Revenue: ₱823.8m (up 28% from 3Q 2024). Net income: ₱123.4m (up 30% from 3Q 2024). Profit margin: 15% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ₱0.13 (vs ₱0.08 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.13 (up from ₱0.08 in 2Q 2024). Revenue: ₱813.4m (up 25% from 2Q 2024). Net income: ₱231.6m (up 67% from 2Q 2024). Profit margin: 28% (up from 21% in 2Q 2024). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Declared Dividend • Jun 30
Dividend of ₱0.10 announced Dividend of ₱0.10 is the same as last year. Ex-date: 14th July 2025 Payment date: 7th August 2025 Dividend yield will be 7.5%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by earnings (30% 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 5.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Ankündigung • Jun 29
Solid Group Inc. announces Annual dividend, payable on August 07, 2025 Solid Group Inc. announced Annual dividend of PHP 0.1000 per share payable on August 07, 2025, ex-date on July 14, 2025 and record date on July 15, 2025. New Risk • May 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 47% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 11x cash flows per share). Large one-off items impacting financial results. Market cap is less than US$100m (₱2.22b market cap, or US$40.1m). Reported Earnings • May 01
Full year 2024 earnings released: EPS: ₱0.30 (vs ₱0.28 in FY 2023) Full year 2024 results: EPS: ₱0.30 (up from ₱0.28 in FY 2023). Revenue: ₱2.86b (up 16% from FY 2023). Net income: ₱551.4m (up 8.2% from FY 2023). Profit margin: 19% (down from 21% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Ankündigung • Apr 10
Solid Group Inc., Annual General Meeting, Jun 26, 2025 Solid Group Inc., Annual General Meeting, Jun 26, 2025, at 14:00 W. Australia Standard Time. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₱0.05 (vs ₱0.05 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.05 (in line with 3Q 2023). Revenue: ₱644.0m (up 12% from 3Q 2023). Net income: ₱94.9m (flat on 3Q 2023). Profit margin: 15% (down from 17% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₱0.08 (vs ₱0.03 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.08 (up from ₱0.03 in 2Q 2023). Revenue: ₱650.9m (up 5.0% from 2Q 2023). Net income: ₱138.4m (up 127% from 2Q 2023). Profit margin: 21% (up from 9.8% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 05
Upcoming dividend of ₱0.10 per share Eligible shareholders must have bought the stock before 12 July 2024. Payment date: 08 August 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Filipino dividend payers (6.2%). Higher than average of industry peers (1.7%). New Risk • May 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 75% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (160% cash payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (₱1.88b market cap, or US$32.5m). Reported Earnings • May 04
Full year 2023 earnings released: EPS: ₱0.28 (vs ₱0.23 in FY 2022) Full year 2023 results: EPS: ₱0.28 (up from ₱0.23 in FY 2022). Revenue: ₱2.47b (up 51% from FY 2022). Net income: ₱509.6m (up 19% from FY 2022). Profit margin: 21% (down from 26% 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 17% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ₱0.05 (vs ₱0.05 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.05 (in line with 3Q 2022). Revenue: ₱575.6m (up 45% from 3Q 2022). Net income: ₱95.7m (up 5.2% from 3Q 2022). Profit margin: 17% (down from 23% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Aug 20
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 6.6% 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 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 (6.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (21% net profit margin). Market cap is less than US$100m (₱1.73b market cap, or US$30.8m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: ₱0.03 (vs ₱0.042 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.03 (down from ₱0.042 in 2Q 2022). Revenue: ₱619.7m (up 76% from 2Q 2022). Net income: ₱61.0m (down 21% from 2Q 2022). Profit margin: 9.8% (down from 22% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 08
Upcoming dividend of ₱0.06 per share at 5.8% yield Eligible shareholders must have bought the stock before 15 August 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of Filipino dividend payers (5.3%). Higher than average of industry peers (1.8%). Ankündigung • Aug 04
Solid Group Inc. Approves Declaration of Cash Dividend, Payable on or Before September 15, 2023 Solid Group Inc. approved the declaration of a cash dividend in the amount of PHP 0.06 per share, in favor of stockholders of record as of August 18, 2023 and payable on September 15, 2023. Ankündigung • Jun 24
Solid Group Inc. Announces Management Appointments and Committees Reorganization Solid Group Inc. announced that at its organizational meeting held on June 22, 2023, elected Annabella S. Orbe as VP & Chief Accounting Officer and Ana Maria A. Katigbak-Lim as Assistant Corporate Secretary. The company also approved reorganization of the Board Committees (Audit Committee, Risk Management Committee, Related Party Transaction Committee, Corporate Governance, Compensation & Nominations Committee). The Board appointed the following committee chairman and members of the various Board committees: Audit Committee: Siegfred B. Mison - Chairman (Independent Director), Susan L. Tan - Vice Chairman, Rafael F. Simpao, Jr. - Member (Independent Director), Vincent S. Lim – Member; Risk Management Committee: Vincent S. Lim – Chairman, David S. Lim - Vice Chairman, Rafael F. Simpao, Jr. - Member (Independent Director), Siegfred B. Mison - Member (Independent Director); Related Party Transaction Committee: Rafael F. Simpao, Jr. - Chairman (Independent Director), Susan L. Tan - Vice Chairman, Siegfred B. Mison - Member (Independent Director), Jonathan Joseph C.C. Lim – Member; Corporate Governance, Compensation & Nomination Committee: Rafael F. Simpao, Jr. - Chairman (Independent Director), Siegfred B. Mison - Vice Chairman (Independent Director), Kevin Michael L. Tan – Member, Susan L. Tan – Member. Reported Earnings • May 04
Full year 2022 earnings released: EPS: ₱0.23 (vs ₱0.37 in FY 2021) Full year 2022 results: EPS: ₱0.23 (down from ₱0.37 in FY 2021). Revenue: ₱1.63b (up 6.1% from FY 2021). Net income: ₱427.6m (down 36% from FY 2021). Profit margin: 26% (down from 43% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. 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 Siegfred Mison 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. Ankündigung • Nov 11
Solid Group Inc. (PSE:SGI) agreed to acquire Avid Sales Corporation for approximately PHP 100 million. Solid Group Inc. (PSE:SGI) agreed to acquire Avid Sales Corporation for approximately PHP 100 million on November 9, 2022. Isla, Lipana & Co of Price Waterhouse Coopers acted as a due diligence provider for Solid Group. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: ₱0.042 (vs ₱0.013 in 2Q 2021) Second quarter 2022 results: EPS: ₱0.042 (up from ₱0.013 in 2Q 2021). Revenue: ₱352.4m (down 1.6% from 2Q 2021). Net income: ₱77.1m (up 226% from 2Q 2021). Profit margin: 22% (up from 6.6% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 19
Upcoming dividend of ₱0.06 per share Eligible shareholders must have bought the stock before 26 July 2022. Payment date: 24 August 2022. Trailing yield: 6.7%. Within top quartile of Filipino dividend payers (5.1%). Higher than average of industry peers (2.2%). Ankündigung • Jul 02
Solid Group Inc. Declares Cash Dividend, Payable on August 24, 2022 Solid Group Inc. approved the declaration of a cash dividend in the amount of PHP 0.06 per share, in favor of stockholders of record as of July 29, 2022 and payable on August 24, 2022. Reported Earnings • May 28
First quarter 2022 earnings released: EPS: ₱0.017 (vs ₱0.009 in 1Q 2021) First quarter 2022 results: EPS: ₱0.017 (up from ₱0.009 in 1Q 2021). Revenue: ₱355.7m (down 1.7% from 1Q 2021). Net income: ₱30.3m (up 89% from 1Q 2021). Profit margin: 8.5% (up from 4.4% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. 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 Siegfred Mison 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. Ankündigung • Apr 01
Solid Group Inc., Annual General Meeting, Jun 30, 2022 Solid Group Inc., Annual General Meeting, Jun 30, 2022, at 14:00 Singapore Standard Time. Agenda: To consider management Report and Audited Financial Statements for the year ended December 31, 2021; to consider ratification of Previous Corporate Acts; to consider election of Directors; and to consider appointment of External Auditors. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ₱0.031 (vs ₱0.038 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₱368.6m (up 6.0% from 3Q 2020). Net income: ₱56.9m (down 18% from 3Q 2020). Profit margin: 15% (down from 20% in 3Q 2020). 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 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ₱0.013 (vs ₱0.008 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₱361.9m (up 96% from 2Q 2020). Net income: ₱23.7m (up ₱38.7m from 2Q 2020). Profit margin: 6.5% (up from net loss in 2Q 2020). 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 10% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 17
Full year 2020 earnings released: EPS ₱0.12 (vs ₱0.12 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₱1.17b (down 56% from FY 2019). Net income: ₱220.1m (up 1.8% from FY 2019). Profit margin: 19% (up from 8.1% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 03
New 90-day high: ₱1.44 The company is up 26% from its price of ₱1.14 on 03 December 2020. The Filipino market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 5.0% over the same period. Is New 90 Day High Low • Jan 25
New 90-day high: ₱1.29 The company is up 29% from its price of ₱1.00 on 28 October 2020. The Filipino market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 19% over the same period. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 21% share price gain to ₱1.28, the stock is trading at a trailing P/E ratio of 8.8x, up from the previous P/E ratio of 7.3x. This compares to an average P/E of 25x in the Electronic industry in Asia. Total return to shareholders over the past three years is a loss of 21%. Is New 90 Day High Low • Nov 19
New 90-day high: ₱1.18 The company is up 18% from its price of ₱1.00 on 20 August 2020. The Filipino market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 6.0% over the same period. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS ₱0.038 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ₱347.9m (down 73% from 3Q 2019). Net income: ₱69.2m (up ₱98.8m from 3Q 2019). Profit margin: 20% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. 
