Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₱1.04, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total returns to shareholders of 16% over the past three years. Recent Insider Transactions • May 28
CFO, Treasurer recently sold ₱1.4m worth of stock On the 25th of May, Dany Cleo Uson sold around 2m shares on-market at roughly ₱0.75 per share. This transaction amounted to 38% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Dany Cleo's only on-market trade for the last 12 months. Reported Earnings • May 21
First quarter 2026 earnings released: EPS: ₱0.031 (vs ₱0.04 in 1Q 2025) First quarter 2026 results: EPS: ₱0.031 (down from ₱0.04 in 1Q 2025). Revenue: ₱610.7m (down 7.6% from 1Q 2025). Net income: ₱27.5m (down 23% from 1Q 2025). Profit margin: 4.5% (down from 5.4% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Recent Insider Transactions • May 14
COO, VP & Executive Director recently bought ₱1.6m worth of stock On the 12th of May, Ricardo Rodrigo Dela Bella bought around 3m shares on-market at roughly ₱0.51 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Ricardo Rodrigo Dela's only on-market trade for the last 12 months. Annuncio • May 13
Harbor Star Shipping Services, Inc., Annual General Meeting, Jul 08, 2026 Harbor Star Shipping Services, Inc., Annual General Meeting, Jul 08, 2026. New Risk • May 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Filipino stocks, typically moving 7.3% 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: Major Risk Market cap is less than US$10m (₱456.2m market cap, or US$7.43m). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). New Risk • Dec 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Filipino stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (₱545.7m market cap, or US$9.29m). New Risk • Nov 19
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 9.2% 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: Major Risk Market cap is less than US$10m (₱545.7m market cap, or US$9.26m). Minor Risk Share price has been volatile over the past 3 months (9.2% average weekly change). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ₱0.04 (vs ₱0.16 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.04 (down from ₱0.16 in 3Q 2024). Revenue: ₱812.2m (down 8.3% from 3Q 2024). Net income: ₱37.2m (down 74% from 3Q 2024). Profit margin: 4.6% (down from 16% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: ₱0.04 loss per share (vs ₱0.19 profit in 2Q 2024) Second quarter 2025 results: ₱0.04 loss per share (down from ₱0.19 profit in 2Q 2024). Revenue: ₱632.8m (down 25% from 2Q 2024). Net loss: ₱36.0m (down 121% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. New Risk • May 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 341% 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: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Market cap is less than US$10m (₱536.8m market cap, or US$9.70m). Minor Risk Large one-off items impacting financial results. Annuncio • May 24
Harbor Star Shipping Services, Inc., Annual General Meeting, Jul 30, 2025 Harbor Star Shipping Services, Inc., Annual General Meeting, Jul 30, 2025. Reported Earnings • May 17
Full year 2024 earnings released: EPS: ₱0.13 (vs ₱0.033 in FY 2023) Full year 2024 results: EPS: ₱0.13 (up from ₱0.033 in FY 2023). Revenue: ₱3.04b (up 14% from FY 2023). Net income: ₱112.9m (up 280% from FY 2023). Profit margin: 3.7% (up from 1.1% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 8% per year. Recent Insider Transactions • Feb 12
Chairman & President recently bought ₱56k worth of stock On the 10th of February, Geronimo Bella bought around 95k shares on-market at roughly ₱0.59 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Geronimo has been a buyer over the last 12 months, purchasing a net total of ₱461k worth in shares. New Risk • Nov 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₱563.6m (US$9.55m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Market cap is less than US$10m (₱563.6m market cap, or US$9.55m). Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ₱0.16 (vs ₱0.002 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.16 (up from ₱0.002 in 3Q 2023). Revenue: ₱885.7m (up 39% from 3Q 2023). Net income: ₱143.2m (up ₱141.0m from 3Q 2023). Profit margin: 16% (up from 0.3% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₱0.27 (vs ₱0.10 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.27 (up from ₱0.10 in 2Q 2023). Revenue: ₱841.9m (up 25% from 2Q 2023). Net income: ₱241.8m (up 163% from 2Q 2023). Profit margin: 29% (up from 14% in 2Q 2023). The increase in margin was driven by higher revenue. 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 16% per year, which means it is significantly lagging earnings. Annuncio • May 25
Harbor Star Shipping Services, Inc., Annual General Meeting, Jul 17, 2024 Harbor Star Shipping Services, Inc., Annual General Meeting, Jul 17, 2024, at 09:30 W. Australia Standard Time. Reported Earnings • May 03
Full year 2023 earnings released: EPS: ₱0.033 (vs ₱0.002 in FY 2022) Full year 2023 results: EPS: ₱0.033 (up from ₱0.002 in FY 2022). Revenue: ₱2.66b (down 1.4% from FY 2022). Net income: ₱29.7m (up ₱27.7m from FY 2022). Profit margin: 1.1% (up from 0.1% in FY 2022). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. New Risk • Apr 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₱563.6m (US$9.97m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Market cap is less than US$10m (₱563.6m market cap, or US$9.97m). Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). Recent Insider Transactions • Mar 02
Chairman & President recently bought ₱390k worth of stock On the 29th of February, Geronimo Bella bought around 500k shares on-market at roughly ₱0.78 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Geronimo has been a buyer over the last 12 months, purchasing a net total of ₱520k worth in shares. Recent Insider Transactions • Feb 16
COO, EVP & Executive Director recently bought ₱70k worth of stock On the 14th of February, Ricardo Rodrigo Bella bought around 90k shares on-market at roughly ₱0.78 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 ₱130k. This was Ricardo Rodrigo's only on-market trade for the last 12 months. New Risk • Jan 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Filipino stocks, typically moving 7.5% 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: Major Risk Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (₱733.6m market cap, or US$13.1m). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ₱0.002 (vs ₱0.006 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.002 (down from ₱0.006 in 3Q 2022). Revenue: ₱637.7m (down 5.0% from 3Q 2022). Net income: ₱2.21m (down 62% from 3Q 2022). Profit margin: 0.3% (down from 0.9% in 3Q 2022). 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 17% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: ₱0.10 (vs ₱0.24 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.10 (down from ₱0.24 in 2Q 2022). Revenue: ₱671.5m (down 16% from 2Q 2022). Net income: ₱91.9m (down 58% from 2Q 2022). Profit margin: 14% (down from 27% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Annuncio • May 08
Harbor Star Shipping Services, Inc., Annual General Meeting, Jul 12, 2023 Harbor Star Shipping Services, Inc., Annual General Meeting, Jul 12, 2023. Agenda: To consider the Approval of Audited Financial Statements as of 31 December 2022; to consider the Ratification of all legal acts, resolutions and proceedings of the Board of Directors and of Management, done in ordinary course of business, since the 13 July 2022 Annual Stockholders' Meeting up to 12 July 2023; to consider Election of Directors; to consider Appointment of External Auditor; and to consider other matters. Reported Earnings • Apr 20
Full year 2022 earnings released: EPS: ₱0.002 (vs ₱0.19 loss in FY 2021) Full year 2022 results: EPS: ₱0.002 (up from ₱0.19 loss in FY 2021). Revenue: ₱2.70b (up 41% from FY 2021). Net income: ₱2.05m (up ₱168.7m from FY 2021). Profit margin: 0.1% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 01
Harbor Star Shipping Services, Inc. Announces Resignation of Ignatius A. Rodriguez as Corporate Secretary Harbor Star Shipping Services, Inc. informed that Atty. Ignatius A. Rodriguez tendered his resignation as Corporate Secretary of TUGS effective 31 January 2023 in view of his appointment to a government position. Atty. Rodriguez's replacement will be elected by the Board of Directors of TUGS in due course. Reason(s) for Resignation/Cessation is appointment to a government position. 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. 5 non-independent directors. Independent Director Gene De Guzman was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: ₱0.01 (vs ₱0.08 loss in 3Q 2021) Third quarter 2022 results: EPS: ₱0.01 (up from ₱0.08 loss in 3Q 2021). Revenue: ₱671.4m (up 67% from 3Q 2021). Net income: ₱5.81m (up ₱77.8m from 3Q 2021). Profit margin: 0.9% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Aug 19
CFO, Treasurer recently bought ₱132k worth of stock On the 17th of August, Dany Cleo Uson bought around 100k shares on-market at roughly ₱1.32 per share. This was the largest purchase by an insider in the last 3 months. This was Dany Cleo's only on-market trade for the last 12 months. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: ₱0.24 (vs ₱0.002 loss in 2Q 2021) Second quarter 2022 results: EPS: ₱0.24 (up from ₱0.002 loss in 2Q 2021). Revenue: ₱795.0m (up 78% from 2Q 2021). Net income: ₱217.7m (up ₱220.0m from 2Q 2021). Profit margin: 27% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improved over the past week After last week's 25% share price gain to ₱1.05, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total loss to shareholders of 53% over the past three years. Annuncio • May 25
Harbor Star Shipping Services, Inc., Annual General Meeting, Jul 13, 2022 Harbor Star Shipping Services, Inc., Annual General Meeting, Jul 13, 2022, at 09:30 Singapore Standard Time. Agenda: To consider Call to Order; to Certification of Notice and Quorum; to Approval of the Minutes of the Annual Stockholders' Meeting held on 08 July 2021; to Management Report; to Approval of Audited Financial Statements as of 31 December 2021; to Ratification of all legal acts, resolutions and proceedings of the Board of Directors and of Management, done in ordinary course of business, since the 08 July 2021 Annual Stockholders Meeting up to 13 July 2022; to Election of Directors; to Appointment of External Auditor; and to consider other matter. Reported Earnings • May 24
First quarter 2022 earnings released: EPS: ₱0.21 (vs ₱0.077 loss in 1Q 2021) First quarter 2022 results: EPS: ₱0.21 (up from ₱0.077 loss in 1Q 2021). Revenue: ₱703.3m (up 65% from 1Q 2021). Net income: ₱188.0m (up ₱255.0m from 1Q 2021). Profit margin: 27% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 27% 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. 5 non-independent directors. Independent Director Gene De Guzman was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2021 earnings released: ₱0.08 loss per share (vs ₱0.007 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ₱401.1m (down 24% from 3Q 2020). Net loss: ₱72.0m (down ₱78.6m from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 12
Second quarter 2021 earnings released: ₱0.002 loss per share (vs ₱0.01 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: ₱447.5m (up 26% from 2Q 2020). Net loss: ₱2.21m (down 125% from profit in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. Executive Departure • Jul 13
Chief Information Officer, Secretary, Chief of Staff to President & Executive Director Ignatius Rodriguez has left the company On the 30th of June, Ignatius Rodriguez's tenure as Chief Information Officer, Secretary, Chief of Staff to President & Executive Director ended. As of March 2021, Ignatius still personally held only 34.10k shares (₱39k worth at the time). A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 6.50 years. Is New 90 Day High Low • Mar 10
New 90-day low: ₱1.28 The company is down 22% from its price of ₱1.65 on 10 December 2020. The Filipino market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 3.0% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: ₱1.82 The company is up 42% from its price of ₱1.28 on 22 October 2020. The Filipino market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 10.0% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS ₱0.01 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₱530.0m (up 52% from 3Q 2019). Net income: ₱6.54m (up ₱61.7m from 3Q 2019). Profit margin: 1.2% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 109% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 03
New 90-day high: ₱1.46 The company is up 90% from its price of ₱0.77 on 05 August 2020. The Filipino market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 5.0% over the same period. Is New 90 Day High Low • Oct 12
New 90-day high: ₱1.39 The company is up 54% from its price of ₱0.90 on 14 July 2020. The Filipino market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 5.0% over the same period. Annuncio • Sep 24
Harbor Star Shipping Services, Inc. Announces Election of Directors Harbor Star Shipping Services, Inc. announced that at its AGM held on September 23, 2020, shareholders approved the election of Gene S. De Guzman and Gemma V. Sadiua as directors.