View ValuationD&L Industries 향후 성장Future 기준 점검 3/6D&L Industries (는) 각각 연간 10.3% 및 9.3% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 12.4% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 13.6% 로 예상됩니다.핵심 정보10.3%이익 성장률12.36%EPS 성장률Chemicals 이익 성장26.7%매출 성장률9.3%향후 자기자본이익률13.64%애널리스트 커버리지Low마지막 업데이트13 May 2026최근 향후 성장 업데이트Major Estimate Revision • May 14Consensus EPS estimates fall by 13%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₱55.7b to ₱54.9b. EPS estimate also fell from ₱0.434 per share to ₱0.376 per share. Net income forecast to grow 4.5% next year vs 35% growth forecast for Chemicals industry in Philippines. Consensus price target down from ₱6.58 to ₱6.12. Share price was steady at ₱3.55 over the past week.Price Target Changed • May 13Price target decreased by 11% to ₱6.00Down from ₱6.77, the current price target is an average from 4 analysts. New target price is 74% above last closing price of ₱3.45. Stock is down 39% over the past year. The company is forecast to post earnings per share of ₱0.37 for next year compared to ₱0.36 last year.Major Estimate Revision • May 16Consensus revenue estimates increase by 21%, EPS downgradedThe consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ₱42.8b to ₱51.6b. EPS estimate fell from ₱0.402 to ₱0.38. Net income forecast to grow 19% next year vs 29% growth forecast for Chemicals industry in Philippines. Consensus price target broadly unchanged at ₱7.08. Share price fell 2.8% to ₱5.64 over the past week.Price Target Changed • Apr 30Price target decreased by 8.4% to ₱6.96Down from ₱7.60, the current price target is an average from 5 analysts. New target price is 22% above last closing price of ₱5.70. Stock is down 8.8% over the past year. The company is forecast to post earnings per share of ₱0.40 for next year compared to ₱0.33 last year.Price Target Changed • Sep 18Price target decreased by 8.5% to ₱8.89Down from ₱9.72, the current price target is an average from 5 analysts. New target price is 42% above last closing price of ₱6.25. Stock is down 18% over the past year. The company is forecast to post earnings per share of ₱0.49 for next year compared to ₱0.46 last year.Major Estimate Revision • May 09Consensus revenue estimates fall by 10%The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₱50.0b to ₱44.8b. EPS estimate fell from ₱0.555 to ₱0.508 per share. Net income forecast to grow 9.3% next year vs 31% growth forecast for Chemicals industry in Philippines. Consensus price target down from ₱9.72 to ₱9.17. Share price fell 5.1% to ₱7.88 over the past week.모든 업데이트 보기Recent updatesMajor Estimate Revision • May 14Consensus EPS estimates fall by 13%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₱55.7b to ₱54.9b. EPS estimate also fell from ₱0.434 per share to ₱0.376 per share. Net income forecast to grow 4.5% next year vs 35% growth forecast for Chemicals industry in Philippines. Consensus price target down from ₱6.58 to ₱6.12. Share price was steady at ₱3.55 over the past week.Price Target Changed • May 13Price target decreased by 11% to ₱6.00Down from ₱6.77, the current price target is an average from 4 analysts. New target price is 74% above last closing price of ₱3.45. Stock is down 39% over the past year. The company is forecast to post earnings per share of ₱0.37 for next year compared to ₱0.36 last year.Reported Earnings • Apr 16Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2025 results: EPS: ₱0.36 (up from ₱0.33 in FY 2024). Revenue: ₱55.4b (up 36% from FY 2024). Net income: ₱2.59b (up 11% from FY 2024). Profit margin: 4.7% (down from 5.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 5.2%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. 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 22% per year, which means it is performing significantly worse than earnings.Buy Or Sell Opportunity • Apr 13Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 9.8% to ₱3.70. The fair value is estimated to be ₱4.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 7.5% per annum. Earnings are also forecast to grow by 14% per annum over the same time period.공시 • Mar 25D&L Industries, Inc., Annual General Meeting, Jun 08, 2026D&L Industries, Inc., Annual General Meeting, Jun 08, 2026, at 09:00 W. Australia Standard Time.Buy Or Sell Opportunity • Mar 23Now 24% undervalued after recent price dropOver the last 90 days, the stock has fallen 6.3% to ₱3.40. The fair value is estimated to be ₱4.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to decline by 1.7% in 2 years. Earnings are forecast to grow by 43% in the next 2 years.Buy Or Sell Opportunity • Mar 09Now 21% undervaluedOver the last 90 days, the stock has risen 12% to ₱3.68. The fair value is estimated to be ₱4.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to decline by 1.7% in 2 years. Earnings are forecast to grow by 43% in the next 2 years.New Risk • Feb 03New minor risk - Insider sellingThere has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: ₱32m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Significant insider selling over the past 3 months (₱32m sold).Recent Insider Transactions • Feb 03Key Executive recently sold ₱32m worth of stockOn the 30th of January, John Lao sold around 8m shares on-market at roughly ₱3.94 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. John has been a net seller over the last 12 months, reducing personal holdings by ₱32m.공시 • Jan 26D&L Industries Advances Natural Fiber Innovation with Launch of Abaca Plastic PelletD&L Industries, through its subsidiary D&L Polymer & Colours, Inc. (DLPC), announced a new milestone in its sustainability efforts with the launch of a 100% abaca pellet that is ready for direct use in plastics compounding. This advancement builds on the company's breakthrough last year, when DLPC first demonstrated the feasibility of incorporating natural fibers like abaca into plastics-an innovation that, at the time, required DLPC to manage all compounding and downstream application work in-house. The latest development marks a significant evolution: instead of DLPC exclusively processing the fibers into composite materials, the company can now supply abaca in a standardized pellet format that upstream plastic compounders can blend directly into their own formulations. This shift dramatically widens potential applications and enables far more scalable adoption across the plastics value chain. The new pellet technology transforms abaca -abundant, renewable, and considered the strongest natural fiber in the world - into a ready-to-use additive that fits seamlessly into the manufacturing processes of plastic compounders and processors. 100% Abaca pellet ready for plastic compounding. "Pelletization is the tipping point that finally makes natural fibers easy to use at scale. With a ready-to-compound 100% abaca pellet, manufacturers can incorporate sustainability into their products without changing their processes, opening an entirely new market where abaca can be handled just like any conventional polymer ingredient. The proprietary technology can also work with other locally sourced fibers such as pineapple, bakong, and vetiver, further expanding the country's potential to supply high -value bio-based materials," DLPC President & CEO Lester Lao commented. At the end of their life cycle, products made with natural fiber composites can enter conventional recycling or waste diversion systems, and depending on the formulation, can also be made compostable to support greater circularity. From a broader sustainability perspective, the implications are considerable. Natural fiber composites produced using these pellets can replace a meaningful portion of virgin polymers-with current formulations allowing dosing of up to 40% and the potential to go higher as technology advances - reducing dependence on fossil-based plastics while delivering improvements in strength, durability, and weight efficiency. The transition from DLPC-centric compounding to a pelletized, market-ready input, with a 100% Abaca pellet.Recent Insider Transactions • Dec 27Member of Advisory Board recently bought ₱1.8m worth of stockOn the 19th of December, Lee Lao bought around 500k shares on-market at roughly ₱3.60 per share. This transaction amounted to 1.2% 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 ₱4.1m. Insiders have collectively bought ₱20m more in shares than they have sold in the last 12 months.Recent Insider Transactions • Dec 15Investor Relations Manager recently bought ₱401k worth of stockOn the 10th of December, Crissa Marie Bondad bought around 120k shares on-market at roughly ₱3.34 per share. This transaction amounted to 15% 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 ₱3.8m. Insiders have collectively bought ₱7.8m more in shares than they have sold in the last 12 months.Recent Insider Transactions • Dec 06CEO, President & Executive Director recently bought ₱3.8m worth of stockOn the 3rd of December, Alvin Lao bought around 1m shares on-market at roughly ₱3.49 per share. This transaction amounted to 8.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Alvin has been a buyer over the last 12 months, purchasing a net total of ₱5.8m worth in shares.Recent Insider Transactions • Nov 22Lead Independent Non-Executive Director recently bought ₱380k worth of stockOn the 17th of November, Mercedita Nolledo bought around 100k shares on-market at roughly ₱3.80 per share. This transaction amounted to 14% 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 ₱932k. Insiders have collectively bought ₱3.0m more in shares than they have sold in the last 12 months.Valuation Update With 7 Day Price Move • Nov 13Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to ₱3.80, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 19x in the Chemicals industry in Asia. Total loss to shareholders of 44% over the past three years.Recent Insider Transactions • Sep 23Key Executive recently bought ₱99k worth of stockOn the 16th of September, John Lao bought around 20k shares on-market at roughly ₱4.96 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 ₱932k. This was John's only on-market trade for the last 12 months.Recent Insider Transactions • Aug 28Investor Relations Manager recently bought ₱296k worth of stockOn the 26th of August, Crissa Marie Bondad bought around 63k shares on-market at roughly ₱4.69 per share. This transaction amounted to 8.4% 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 ₱2.1m more in shares than they have sold in the last 12 months.Reported Earnings • Aug 15Second quarter 2025 earnings released: EPS: ₱0.10 (vs ₱0.096 in 2Q 2024)Second quarter 2025 results: EPS: ₱0.10 (up from ₱0.096 in 2Q 2024). Revenue: ₱12.3b (up 22% from 2Q 2024). Net income: ₱714.4m (up 2.3% from 2Q 2024). Profit margin: 5.8% (down from 6.9% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 13% per year.공시 • Jun 05D&L Industries, Inc. Announces Board ChangesD&L Industries, Inc. at the annual meeting of the stockholders held on 2 June 2025 elected the following as members of the Board of Directors to serve for the term 2025-2026: Atty. Mercedita S. Nolledo - Independent Director; Ms. Corazon S. de la Paz-Bernardo - Independent Director; Dr. Lydia R. Balatbat-Echauz - Independent Director. At the same meeting the Board constituted the following Committees for the term 2025-2026, as follows: Executive Committee: Chairperson: Mr. Yin Yong L. Lao; Members: Mr. John L. Lao; Mr. Alvin D. Lao; Mr. Dean A. Lao, Jr.; Mr. Vincent D. Lao; Mr. Lester A. Lao; Mr. Franco Diego Q. Lao; Audit Committee: Chairperson: Ms. Corazon S. de la Paz-Bernardo; Members: Atty. Mercedita S. Nolledo; Ms. Lydia Balatbat R. Echauz; Mr. Karl Kendrick T. Chua. The Audit Committee will perform the functions of the Related Party Transactions Committee. Corporate Governance Committee: Chairperson: Atty. Mercedita S. Nolledo; Members Dr. Lydia R. Balatbat-Echauz; Ms. Corazon S. de la Paz-Bernardo Mr. Yin Yong L. Lao; The Corporate Governance Committee will perform the functions of the Nomination Committee and Compensation/Remuneration Committee. Risk Oversight and Sustainability Committee: Chairperson: Dr. Lydia R. Balatbat-Echauz. Members: Ms. Corazon S. de la Paz-Bernardo; Mr. Karl Kendrick Chua; Mr. Alvin D. Lao; Mr. John L. Lao The Board also appointed the following to the Advisory Board for the term 2025-2026: Advisory Board: Mr. Dean L. Lao; Mr. Leon L. Lao; Mr. Alex L. Lao. Finally, the Independent Directors designated Atty. Mercedita S. Nolledo as Lead Independent Director of the Corporation.Declared Dividend • Jun 04Dividend increased to ₱0.21Dividend of ₱0.21 is 1.9% higher than last year. Ex-date: 17th June 2025 Payment date: 2nd July 2025 Dividend yield will be 3.8%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (50% 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 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover.공시 • Jun 03+ 1 more updateD&L Industries, Inc. Declares Special Cash Dividend, Payable on July 2, 2025At the meeting of the Board of Directors of D&L Industries, Inc. held today, 02 June 2025, through its Board of Directors, declared a special cash dividend of PHP 0.049 per share to all stockholders of record as of June 18, 2025, payable on July 2, 2025, Ex-date is on June 17, 2025.Major Estimate Revision • May 16Consensus revenue estimates increase by 21%, EPS downgradedThe consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ₱42.8b to ₱51.6b. EPS estimate fell from ₱0.402 to ₱0.38. Net income forecast to grow 19% next year vs 29% growth forecast for Chemicals industry in Philippines. Consensus price target broadly unchanged at ₱7.08. Share price fell 2.8% to ₱5.64 over the past week.Reported Earnings • May 08First quarter 2025 earnings released: EPS: ₱0.10 (vs ₱0.09 in 1Q 2024)First quarter 2025 results: EPS: ₱0.10 (up from ₱0.09 in 1Q 2024). Revenue: ₱14.3b (up 62% from 1Q 2024). Net income: ₱681.1m (up 10% from 1Q 2024). Profit margin: 4.8% (down from 7.0% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 7% per year.공시 • May 02D&L Industries, Inc. to Report Q1, 2025 Results on May 07, 2025D&L Industries, Inc. announced that they will report Q1, 2025 results on May 07, 2025Price Target Changed • Apr 30Price target decreased by 8.4% to ₱6.96Down from ₱7.60, the current price target is an average from 5 analysts. New target price is 22% above last closing price of ₱5.70. Stock is down 8.8% over the past year. The company is forecast to post earnings per share of ₱0.40 for next year compared to ₱0.33 last year.Recent Insider Transactions • Mar 25CEO, President & Executive Director recently bought ₱537k worth of stockOn the 19th of March, Alvin Lao bought around 100k shares on-market at roughly ₱5.37 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. Alvin has been a buyer over the last 12 months, purchasing a net total of ₱959k worth in shares.Reported Earnings • Mar 17Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2024 results: EPS: ₱0.33 (up from ₱0.32 in FY 2023). Revenue: ₱40.7b (up 21% from FY 2023). Net income: ₱2.34b (up 2.0% from FY 2023). Profit margin: 5.8% (down from 6.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) missed analyst estimates by 8.7%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 8% per year.Recent Insider Transactions • Mar 15Insider recently bought ₱502k worth of stockOn the 7th of March, Dean Lao bought around 90k shares on-market at roughly ₱5.58 per share. This transaction amounted to 4.8% 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 ₱6.2m more in shares than they have sold in the last 12 months.공시 • Feb 28D&L Industries, Inc., Annual General Meeting, Jun 02, 2025D&L Industries, Inc., Annual General Meeting, Jun 02, 2025, at 09:00 W. Australia Standard Time.Recent Insider Transactions • Feb 11Independent Non-Executive Director recently bought ₱299k worth of stockOn the 5th of February, Lydia R. Echauz bought around 50k shares on-market at roughly ₱5.99 per share. This transaction amounted to 36% 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 ₱618k. Insiders have collectively bought ₱5.7m more in shares than they have sold in the last 12 months.새로운 내러티브 • Jan 16Batangas Plant Normalization To Improve Operations And Export Capacity The Batangas plant's increased capacity and focus on high-margin products are expected to boost profitability and margins. Recent Insider Transactions • Nov 26Investor Relations Manager recently bought ₱618k worth of stockOn the 20th of November, Crissa Marie Bondad bought around 100k shares on-market at roughly ₱6.18 per share. This transaction amounted to 17% 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 ₱5.4m more in shares than they have sold in the last 12 months.Reported Earnings • Nov 15Third quarter 2024 earnings released: EPS: ₱0.07 (vs ₱0.08 in 3Q 2023)Third quarter 2024 results: EPS: ₱0.07 (down from ₱0.08 in 3Q 2023). Revenue: ₱10.5b (up 24% from 3Q 2023). Net income: ₱493.2m (down 11% from 3Q 2023). Profit margin: 4.7% (down from 6.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 12% per year.공시 • Nov 05D&L Industries, Inc. to Report Q3, 2024 Results on Nov 05, 2024D&L Industries, Inc. announced that they will report Q3, 2024 results on Nov 05, 2024Recent Insider Transactions • Oct 25Corporate Information Officer recently bought ₱335k worth of stockOn the 18th of October, Kristine Ann Catindig-Ong bought around 50k shares on-market at roughly ₱6.70 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱61m more in shares than they bought in the last 12 months.Reported Earnings • Aug 15Second quarter 2024 earnings released: EPS: ₱0.10 (vs ₱0.09 in 2Q 2023)Second quarter 2024 results: EPS: ₱0.10 (up from ₱0.09 in 2Q 2023). Revenue: ₱10.1b (up 30% from 2Q 2023). Net income: ₱698.4m (up 8.2% from 2Q 2023). Profit margin: 6.9% (down from 8.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 10% per year.Recent Insider Transactions • Jun 22Independent Non-Executive Director recently bought ₱300k worth of stockOn the 19th of June, Lydia R. Echauz bought around 50k shares on-market at roughly ₱6.00 per share. This transaction amounted to 56% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱266m more in shares than they bought in the last 12 months.Declared Dividend • Jun 05Dividend of ₱0.21 announcedShareholders will receive a dividend of ₱0.21. Ex-date: 18th June 2024 Payment date: 3rd July 2024 Dividend yield will be 3.3%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 66% over the next 3 years, which should provide support to the dividend and adequate earnings cover.New Risk • May 29New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.Recent Insider Transactions • May 25CEO, President & Executive Director recently bought ₱248k worth of stockOn the 21st of May, Alvin Lao bought around 40k shares on-market at roughly ₱6.20 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 ₱630k. Alvin has been a buyer over the last 12 months, purchasing a net total of ₱874k worth in shares.Reported Earnings • May 14First quarter 2024 earnings released: EPS: ₱0.09 (vs ₱0.08 in 1Q 2023)First quarter 2024 results: EPS: ₱0.09 (up from ₱0.08 in 1Q 2023). Revenue: ₱8.83b (up 5.0% from 1Q 2023). Net income: ₱617.9m (up 4.0% from 1Q 2023). Profit margin: 7.0% (in line with 1Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals 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 6% per year.Recent Insider Transactions • Mar 20Investor Relations Manager recently bought ₱314k worth of stockOn the 18th of March, Crissa Marie Bondad bought around 50k shares on-market at roughly ₱6.27 per share. This transaction amounted to 9.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱270m more in shares than they bought in the last 12 months.Reported Earnings • Mar 01Full year 2023 earnings released: EPS: ₱0.32 (vs ₱0.46 in FY 2022)Full year 2023 results: EPS: ₱0.32 (down from ₱0.46 in FY 2022). Revenue: ₱33.5b (down 23% from FY 2022). Net income: ₱2.30b (down 31% from FY 2022). Profit margin: 6.9% (down from 7.6% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.공시 • Feb 28D&L Industries, Inc., Annual General Meeting, Jun 03, 2024D&L Industries, Inc., Annual General Meeting, Jun 03, 2024, at 09:00 Singapore Standard Time.Recent Insider Transactions • Nov 29Key Executive recently sold ₱66m worth of stockOn the 21st of November, John Lao sold around 11m shares on-market at roughly ₱6.00 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱205m. This was John's only on-market trade for the last 12 months.Reported Earnings • Nov 15Third quarter 2023 earnings released: EPS: ₱0.08 (vs ₱0.13 in 3Q 2022)Third quarter 2023 results: EPS: ₱0.08 (down from ₱0.13 in 3Q 2022). Revenue: ₱8.49b (down 27% from 3Q 2022). Net income: ₱552.2m (down 39% from 3Q 2022). Profit margin: 6.5% (down from 7.9% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals 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.Recent Insider Transactions • Sep 22Non-Executive Chairman of the Board recently sold ₱205m worth of stockOn the 20th of September, Yin Yong Lao sold around 33m shares on-market at roughly ₱6.22 per share. This transaction amounted to 100% 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 Yin Yong's only on-market trade for the last 12 months.Price Target Changed • Sep 18Price target decreased by 8.5% to ₱8.89Down from ₱9.72, the current price target is an average from 5 analysts. New target price is 42% above last closing price of ₱6.25. Stock is down 18% over the past year. The company is forecast to post earnings per share of ₱0.49 for next year compared to ₱0.46 last year.Recent Insider Transactions • Aug 24Corporate Information Officer recently bought ₱268k worth of stockOn the 22nd of August, Kristine Ann Catindig-Ong bought around 40k shares on-market at roughly ₱6.70 per share. This transaction amounted to 12% 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 ₱48m more in shares than they have sold in the last 12 months.Reported Earnings • Aug 15Second quarter 2023 earnings released: EPS: ₱0.09 (vs ₱0.13 in 2Q 2022)Second quarter 2023 results: EPS: ₱0.09 (down from ₱0.13 in 2Q 2022). Revenue: ₱7.82b (down 37% from 2Q 2022). Net income: ₱645.6m (down 31% from 2Q 2022). Profit margin: 8.3% (up from 7.6% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year.공시 • Aug 09D&L Industries, Inc. to Report Q2, 2023 Results on Aug 08, 2023D&L Industries, Inc. announced that they will report Q2, 2023 results on Aug 08, 2023Board Change • Jul 18Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Corazon de la Paz-Bernardo was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.Upcoming Dividend • Jun 08Upcoming dividend of ₱0.30 per share at 3.2% yieldEligible shareholders must have bought the stock before 15 June 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Filipino dividend payers (5.7%). Higher than average of industry peers (2.8%).공시 • Jun 07+ 1 more updateD&L Industries, Inc. Appoints Karl Kendrick T. Chua to its Board of DirectorsD&L Industries, Inc. announced that in its annual shareholder's meeting held on June 5, 2023, a new independent director, Mr. Karl Kendrick T. Chua, was elected to D&L Industries' Board of Directors. With Mr. Chua on the Board, four out of seven seats or a majority of the board continue to be held by independent directors. The three other independent directors are Atty. Mercedita S. Nolledo, Mrs. Corazon S. de la Paz-Bernardo, and Dr. Lydia R. Balatbat-Echauz. Mr. Chua was previously with the World Bank as an economist, and more recently served as Secretary of the National Economic and Development Authority and Undersecretary for Strategy, Economics, and Results at the Department of Finance. He has extensive experience in the areas of economic and fiscal policy, statistical development, national identification, labor and social protection policy, poverty analysis, and digital transformation, among others. He is a recipient of the 2018 Outstanding Young Men and Women of the Philippines (TOYM) Award in the field of Economic Development. Mr. Chua will take the place of Mr. Filemon T. Berba, who served on D&L's Board from 2012 until his passing last April 4, 2023. D&L's management would like to honor Mr. Berba for his invaluable contributions to the company's Board. Mr. Berba, with his wealth of leadership experience, vision, and dedication, played a key role in D&L's initiatives of upholding the standards of corporate governance in the company. Karl Kendrick T. Chua, Filipino, 44, is a former Secretary of the National Economic and Development Authority and Undersecretary for Strategy, Economics, and Results at the Department of Finance. He has extensive experience in the areas of economic and fiscal policy, statistical development, national identification, labor and social protection policy, poverty analysis, and digital transformation, among others. He is currently a board director of the Bank of the Philippine Islands (BPI) and a board adviser to the LH Paragon Group of Companies. Mr. Chua was a senior official in the Government of the Philippines for six years. As Secretary of Socioeconomic Planning and Chief Economist of the country, he provided strategic leadership on economic policy during the Covid-19 pandemic and the further liberalization of key sectors of the economy. He also oversaw the implementation of the national ID program. As Undersecretary in the Department of Finance, he led the technical team in the passage of the Comprehensive Tax Reform Program and the Rice Tariffication Law. Prior to joining the government, he was with the World Bank for 12 years and was the senior economist for the Philippines. Mr. Chua graduated from the Ateneo De Manila University in 2000 with a degree in B.S. Management Engineering. He earned his M.A. Economics (2003) and Ph.D Economics (2011) from the University of the Philippines, and is currently studying data science at the Asian Institute of Management.공시 • Jun 06+ 1 more updateD&L Industries, Inc. Announces Special Cash Dividend, Payable on July 14, 2023D&L Industries, Inc. announced special cash dividend PHP 0.06 per common share. Record Date is June 20, 2023. Payment Date is July 14, 2023.Major Estimate Revision • May 09Consensus revenue estimates fall by 10%The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₱50.0b to ₱44.8b. EPS estimate fell from ₱0.555 to ₱0.508 per share. Net income forecast to grow 9.3% next year vs 31% growth forecast for Chemicals industry in Philippines. Consensus price target down from ₱9.72 to ₱9.17. Share price fell 5.1% to ₱7.88 over the past week.공시 • May 05D&L Industries, Inc. to Report Q1, 2023 Results on May 04, 2023D&L Industries, Inc. announced that they will report Q1, 2023 results on May 04, 2023Reported Earnings • Apr 19Full year 2022 earnings: EPS and revenues exceed analyst expectationsFull year 2022 results: EPS: ₱0.46 (up from ₱0.37 in FY 2021). Revenue: ₱43.5b (up 41% from FY 2021). Net income: ₱3.32b (up 26% from FY 2021). Profit margin: 7.6% (down from 8.6% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 6.0%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year.Board Change • Nov 16Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Director Corazon de la Paz-Bernardo was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.Recent Insider Transactions • Oct 26Insider recently bought ₱767k worth of stockOn the 24th of October, Dean Lao bought around 110k shares on-market at roughly ₱6.97 per share. This transaction amounted to 6.7% 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 ₱31m. Insiders have collectively bought ₱39m more in shares than they have sold in the last 12 months.Buying Opportunity • Oct 21Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 4.0%. The fair value is estimated to be ₱8.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 37% in the next 2 years.Recent Insider Transactions • Sep 09Managing Director of Oleo-Fats Inc recently bought ₱31m worth of stockOn the 7th of September, Vincent Lao bought around 4m shares on-market at roughly ₱7.79 per share. This transaction increased Vincent's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱38m more in shares than they have sold in the last 12 months.Recent Insider Transactions • Aug 30Co-Founder recently sold ₱3.5m worth of stockOn the 22nd of August, Dean Lao sold around 468k shares on-market at roughly ₱7.53 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱16m. Insiders have been net sellers, collectively disposing of ₱8.6m more than they bought in the last 12 months.Reported Earnings • Aug 18Second quarter 2022 earnings released: EPS: ₱0.12 (vs ₱0.10 in 2Q 2021)Second quarter 2022 results: EPS: ₱0.12 (up from ₱0.10 in 2Q 2021). Revenue: ₱12.3b (up 79% from 2Q 2021). Net income: ₱850.6m (up 22% from 2Q 2021). Profit margin: 6.9% (down from 10% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 2.5% compared to a 23% growth forecast for the Chemicals industry in Philippines. 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 5% per year, which means it is significantly lagging earnings.공시 • Aug 10D&L Industries, Inc. to Report Q2, 2022 Results on Aug 09, 2022D&L Industries, Inc. announced that they will report Q2, 2022 results on Aug 09, 2022Recent Insider Transactions • Jul 13CEO, President & Director recently bought ₱681k worth of stockOn the 6th of July, Alvin Lao bought around 100k shares on-market at roughly ₱6.81 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₱2.0m. Alvin has been a buyer over the last 12 months, purchasing a net total of ₱899k worth in shares.Recent Insider Transactions • Jun 16Vice Chairman of the Board recently bought ₱2.0m worth of stockOn the 14th of June, John Lao bought around 300k shares on-market at roughly ₱6.81 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₱5.5m. This was John's only on-market trade for the last 12 months.Upcoming Dividend • Jun 09Upcoming dividend of ₱0.24 per shareEligible shareholders must have bought the stock before 16 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Filipino dividend payers (4.7%). Lower than average of industry peers (2.4%).공시 • Jun 07+ 1 more updateD&L Industries, Inc. Declares Special Cash Dividends, Payable on July 15, 2022At the meeting of the Board of Directors of D&L Industries, Inc. held on June 6, 2022, the Board approved the declaration of special cash dividends of PHP 0.055 per share to all stockholders of record as of June 21, 2022, payable on July 15, 2022.Reported Earnings • May 11Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: ₱0.37 (up from ₱0.28 in FY 2020). Revenue: ₱30.9b (up 42% from FY 2020). Net income: ₱2.64b (up 31% from FY 2020). Profit margin: 8.6% (down from 9.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is expected to shrink by 5.6% compared to a 22% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 11% per year.Board Change • Apr 27Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Director Corazon de la Paz-Bernardo was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.공시 • Mar 31D&L Industries, Inc., Annual General Meeting, Jun 06, 2022D&L Industries, Inc., Annual General Meeting, Jun 06, 2022. Agenda: To consider to delegate to the Board of Directors the power to amend the Corporation's By-Laws for purposes of complying with subsequent requirements of law and regulatory bodies including practices that the Corporation may be required to adopt and to reflect therein.Recent Insider Transactions • Mar 16CEO, President & Director recently bought ₱217k worth of stockOn the 8th of March, Alvin Lao bought around 30k shares on-market at roughly ₱7.25 per share. This was the largest purchase by an insider in the last 3 months. This was Alvin's only on-market trade for the last 12 months.Price Target Changed • Dec 16Price target increased to ₱9.63Up from ₱8.99, the current price target is an average from 5 analysts. New target price is 7.0% above last closing price of ₱9.00. Stock is up 21% over the past year. The company is forecast to post earnings per share of ₱0.37 for next year compared to ₱0.28 last year.Reported Earnings • Aug 18Second quarter 2021 earnings released: EPS ₱0.09 (vs ₱0.04 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₱6.90b (up 53% from 2Q 2020). Net income: ₱671.4m (up 134% from 2Q 2020). Profit margin: 9.7% (up from 6.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.Recent Insider Transactions • Jun 16Co-Founder & Member of Advisory Board recently sold ₱484m worth of stockOn the 14th of June, Leon Lao sold around 61m shares on-market at roughly ₱7.98 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱740m more than they bought in the last 12 months.공시 • Jun 08D&L Industries, Inc. Declares Special Cash Dividend, Payable on July 15, 2021D&L INDUSTRIES, INC. declared a special cash dividend of PHP 0.05 per share to all stockholders of record as of June 21, 2021, payable on July 15, 2021.Recent Insider Transactions • May 28Corporate Information Officer recently bought ₱187k worth of stockOn the 26th of May, Ann Catindig-Ong bought around 25k shares on-market at roughly ₱7.46 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱58m more in shares than they bought in the last 12 months.Reported Earnings • May 17First quarter 2021 earnings releasedThe company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ₱7.00b (up 24% from 1Q 2020). Net income: ₱694.9m (up 35% from 1Q 2020). Profit margin: 9.9% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 13% per year.Major Estimate Revision • May 14Consensus forecasts updatedThe consensus outlook for 2021 has been updated. 2021 revenue forecast fell from ₱25.6b to ₱24.6b. EPS estimate rose from ₱0.30 to ₱0.35. Net income forecast to grow 24% next year vs 34% growth forecast for Chemicals industry in Philippines. Consensus price target up from ₱7.31 to ₱8.24. Share price was steady at ₱7.60 over the past week.Price Target Changed • May 11Price target increased to ₱7.91Up from ₱7.31, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₱7.75. Stock is up 53% over the past year.Executive Departure • May 11CFO, Chief Compliance Officer & Treasurer has left the companyOn the 4th of May, Amorsolo Rosario's tenure as CFO, Chief Compliance Officer & Treasurer ended after less than a year in the role. As of December 2020, Amorsolo personally held only 270.00k shares (₱2.1m worth at the time). A total of 2 executives have left over the last 12 months.Reported Earnings • Apr 29Full year 2020 earnings released: EPS ₱0.28 (vs ₱0.37 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₱21.7b (down 2.9% from FY 2019). Net income: ₱2.01b (down 23% from FY 2019). Profit margin: 9.3% (down from 12% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 12% per year.공시 • Mar 03+ 1 more updateD&L Industries, Inc., Annual General Meeting, Jun 07, 2021D&L Industries, Inc., Annual General Meeting, Jun 07, 2021.Recent Insider Transactions • Feb 05Vice Chairman recently bought ₱1.8m worth of stockOn the 2nd of February, John Lao bought around 275k shares on-market at roughly ₱6.67 per share. This was the largest purchase by an insider in the last 3 months. John has been a buyer over the last 12 months, purchasing a net total of ₱6.0m worth in shares.Recent Insider Transactions • Jan 28Assistant Corporate Secretary recently bought ₱804k worth of stockOn the 19th of January, Anne Lao bought around 110k shares on-market at roughly ₱7.31 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₱1.8m. Despite this recent purchase, insiders have collectively sold ₱105m more in shares than they bought in the last 12 months.Recent Insider Transactions • Jan 07Member of Advisory Board recently sold ₱24m worth of stockOn the 5th of January, Alex Lao sold around 3m shares on-market at roughly ₱7.39 per share. In the last 3 months, there was an even bigger sale from another insider worth ₱50m. Insiders have been net sellers, collectively disposing of ₱111m more than they bought in the last 12 months.Is New 90 Day High Low • Dec 30New 90-day high: ₱7.70The company is up 40% from its price of ₱5.50 on 01 October 2020. The Filipino market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱2.07 per share.Recent Insider Transactions • Dec 29Chairman of the Board recently sold ₱50m worth of stockOn the 23rd of December, Yin Yong Lao sold around 7m shares on-market at roughly ₱7.35 per share. This was the largest sale by an insider in the last 3 months. This was Yin Yong's only on-market trade for the last 12 months.Is New 90 Day High Low • Dec 08New 90-day high: ₱7.45The company is up 35% from its price of ₱5.52 on 09 September 2020. The Filipino market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱9.59 per share.공시 • Nov 16+ 1 more updateD&L Industries, Inc. Announces Executive ChangesD&L Industries, Inc. announced that Treasurer and Compliance Officer, Mr. Bienvenido B. Gregory, Jr., passed away November 13, 2020. His functions will be temporarily discharged by Mr. Amorsolo M. Rosario until a new Treasurer and Compliance Officer is duly qualified and appointed.이익 및 매출 성장 예측PSE:DNL - 애널리스트 향후 추정치 및 과거 재무 데이터 (PHP Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/202871,6823,590N/A4,380212/31/202758,9212,9152,2203,981412/31/202654,9092,6881,7333,81043/31/202653,9492,6253,4174,321N/A12/31/202555,3882,590-281568N/A9/30/202552,4862,483-4,182-3,368N/A6/30/202548,3082,421-6,299-5,556N/A3/31/202546,1112,405-7,092-6,210N/A12/31/202440,6752,342-1,0424N/A9/30/202438,2702,3138291,921N/A6/30/202436,2472,3721,4662,791N/A3/31/202433,9202,3192,9114,280N/A12/31/202333,5022,2951,1432,547N/A9/30/202334,2982,5692,9595,289N/A6/30/202337,3902,8391,8184,656N/A3/31/202341,9033,132-2172,968N/A12/31/202243,4853,318-1,7241,984N/A9/30/202243,2263,020-3,594436N/A6/30/202239,2752,966-3,700154N/A3/31/202233,8472,699-3,027707N/A12/31/202130,8552,643-3,389204N/A9/30/202127,3532,800-2,7788N/A6/30/202125,4712,605-2,221983N/A3/31/202123,0712,221-1,0261,761N/A12/31/202021,7392,012-1752,264N/A9/30/202021,7481,9649372,527N/A6/30/202021,5232,0082,7073,671N/A3/31/202022,1812,3863,4084,769N/A12/31/201922,3862,620N/A4,788N/A9/30/201922,9262,815N/A4,703N/A6/30/201924,3123,072N/A5,287N/A3/31/201926,0233,191N/A4,179N/A12/31/201826,5433,187N/A4,995N/A9/30/201828,0143,184N/A4,226N/A6/30/201828,3053,081N/A2,570N/A3/31/201827,9082,984N/A1,794N/A12/31/201727,7782,902N/A633N/A9/30/201726,2192,821N/A1,802N/A6/30/201724,6892,721N/A1,666N/A3/31/201723,8712,714N/A-71N/A12/31/201622,2322,627N/A897N/A9/30/201620,9792,594N/A1,984N/A6/30/201620,3002,509N/A1,872N/A3/31/201619,3672,344N/A3,661N/A12/31/201519,5782,280N/A3,800N/A9/30/201515,8722,857N/A2,193N/A6/30/201516,9742,811N/A1,314N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: DNL 의 연간 예상 수익 증가율(10.3%)이 saving rate(6%)보다 높습니다.수익 vs 시장: DNL 의 연간 수익(10.3%)이 PH 시장(9%)보다 빠르게 성장할 것으로 예상됩니다.고성장 수익: DNL 의 수입은 증가할 것으로 예상되지만 상당히 증가하지는 않을 것입니다.수익 대 시장: DNL 의 수익(연간 9.3%)이 PH 시장(연간 7.9%)보다 빠르게 성장할 것으로 예상됩니다.고성장 매출: DNL 의 수익(연간 9.3%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: DNL의 자본 수익률은 3년 후 13.6%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YMaterials 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/20 21:30종가2026/05/20 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스D&L Industries, Inc.는 9명의 분석가가 다루고 있습니다. 이 중 4명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Philip FelixBofA Global ResearchJoyce RamosCLSADenise JoaquinCOL Financial Group, Inc6명의 분석가 더 보기
Major Estimate Revision • May 14Consensus EPS estimates fall by 13%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₱55.7b to ₱54.9b. EPS estimate also fell from ₱0.434 per share to ₱0.376 per share. Net income forecast to grow 4.5% next year vs 35% growth forecast for Chemicals industry in Philippines. Consensus price target down from ₱6.58 to ₱6.12. Share price was steady at ₱3.55 over the past week.
Price Target Changed • May 13Price target decreased by 11% to ₱6.00Down from ₱6.77, the current price target is an average from 4 analysts. New target price is 74% above last closing price of ₱3.45. Stock is down 39% over the past year. The company is forecast to post earnings per share of ₱0.37 for next year compared to ₱0.36 last year.
Major Estimate Revision • May 16Consensus revenue estimates increase by 21%, EPS downgradedThe consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ₱42.8b to ₱51.6b. EPS estimate fell from ₱0.402 to ₱0.38. Net income forecast to grow 19% next year vs 29% growth forecast for Chemicals industry in Philippines. Consensus price target broadly unchanged at ₱7.08. Share price fell 2.8% to ₱5.64 over the past week.
Price Target Changed • Apr 30Price target decreased by 8.4% to ₱6.96Down from ₱7.60, the current price target is an average from 5 analysts. New target price is 22% above last closing price of ₱5.70. Stock is down 8.8% over the past year. The company is forecast to post earnings per share of ₱0.40 for next year compared to ₱0.33 last year.
Price Target Changed • Sep 18Price target decreased by 8.5% to ₱8.89Down from ₱9.72, the current price target is an average from 5 analysts. New target price is 42% above last closing price of ₱6.25. Stock is down 18% over the past year. The company is forecast to post earnings per share of ₱0.49 for next year compared to ₱0.46 last year.
Major Estimate Revision • May 09Consensus revenue estimates fall by 10%The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₱50.0b to ₱44.8b. EPS estimate fell from ₱0.555 to ₱0.508 per share. Net income forecast to grow 9.3% next year vs 31% growth forecast for Chemicals industry in Philippines. Consensus price target down from ₱9.72 to ₱9.17. Share price fell 5.1% to ₱7.88 over the past week.
Major Estimate Revision • May 14Consensus EPS estimates fall by 13%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₱55.7b to ₱54.9b. EPS estimate also fell from ₱0.434 per share to ₱0.376 per share. Net income forecast to grow 4.5% next year vs 35% growth forecast for Chemicals industry in Philippines. Consensus price target down from ₱6.58 to ₱6.12. Share price was steady at ₱3.55 over the past week.
Price Target Changed • May 13Price target decreased by 11% to ₱6.00Down from ₱6.77, the current price target is an average from 4 analysts. New target price is 74% above last closing price of ₱3.45. Stock is down 39% over the past year. The company is forecast to post earnings per share of ₱0.37 for next year compared to ₱0.36 last year.
Reported Earnings • Apr 16Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2025 results: EPS: ₱0.36 (up from ₱0.33 in FY 2024). Revenue: ₱55.4b (up 36% from FY 2024). Net income: ₱2.59b (up 11% from FY 2024). Profit margin: 4.7% (down from 5.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 5.2%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. 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 22% per year, which means it is performing significantly worse than earnings.
Buy Or Sell Opportunity • Apr 13Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 9.8% to ₱3.70. The fair value is estimated to be ₱4.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 7.5% per annum. Earnings are also forecast to grow by 14% per annum over the same time period.
공시 • Mar 25D&L Industries, Inc., Annual General Meeting, Jun 08, 2026D&L Industries, Inc., Annual General Meeting, Jun 08, 2026, at 09:00 W. Australia Standard Time.
Buy Or Sell Opportunity • Mar 23Now 24% undervalued after recent price dropOver the last 90 days, the stock has fallen 6.3% to ₱3.40. The fair value is estimated to be ₱4.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to decline by 1.7% in 2 years. Earnings are forecast to grow by 43% in the next 2 years.
Buy Or Sell Opportunity • Mar 09Now 21% undervaluedOver the last 90 days, the stock has risen 12% to ₱3.68. The fair value is estimated to be ₱4.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to decline by 1.7% in 2 years. Earnings are forecast to grow by 43% in the next 2 years.
New Risk • Feb 03New minor risk - Insider sellingThere has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: ₱32m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Significant insider selling over the past 3 months (₱32m sold).
Recent Insider Transactions • Feb 03Key Executive recently sold ₱32m worth of stockOn the 30th of January, John Lao sold around 8m shares on-market at roughly ₱3.94 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. John has been a net seller over the last 12 months, reducing personal holdings by ₱32m.
공시 • Jan 26D&L Industries Advances Natural Fiber Innovation with Launch of Abaca Plastic PelletD&L Industries, through its subsidiary D&L Polymer & Colours, Inc. (DLPC), announced a new milestone in its sustainability efforts with the launch of a 100% abaca pellet that is ready for direct use in plastics compounding. This advancement builds on the company's breakthrough last year, when DLPC first demonstrated the feasibility of incorporating natural fibers like abaca into plastics-an innovation that, at the time, required DLPC to manage all compounding and downstream application work in-house. The latest development marks a significant evolution: instead of DLPC exclusively processing the fibers into composite materials, the company can now supply abaca in a standardized pellet format that upstream plastic compounders can blend directly into their own formulations. This shift dramatically widens potential applications and enables far more scalable adoption across the plastics value chain. The new pellet technology transforms abaca -abundant, renewable, and considered the strongest natural fiber in the world - into a ready-to-use additive that fits seamlessly into the manufacturing processes of plastic compounders and processors. 100% Abaca pellet ready for plastic compounding. "Pelletization is the tipping point that finally makes natural fibers easy to use at scale. With a ready-to-compound 100% abaca pellet, manufacturers can incorporate sustainability into their products without changing their processes, opening an entirely new market where abaca can be handled just like any conventional polymer ingredient. The proprietary technology can also work with other locally sourced fibers such as pineapple, bakong, and vetiver, further expanding the country's potential to supply high -value bio-based materials," DLPC President & CEO Lester Lao commented. At the end of their life cycle, products made with natural fiber composites can enter conventional recycling or waste diversion systems, and depending on the formulation, can also be made compostable to support greater circularity. From a broader sustainability perspective, the implications are considerable. Natural fiber composites produced using these pellets can replace a meaningful portion of virgin polymers-with current formulations allowing dosing of up to 40% and the potential to go higher as technology advances - reducing dependence on fossil-based plastics while delivering improvements in strength, durability, and weight efficiency. The transition from DLPC-centric compounding to a pelletized, market-ready input, with a 100% Abaca pellet.
Recent Insider Transactions • Dec 27Member of Advisory Board recently bought ₱1.8m worth of stockOn the 19th of December, Lee Lao bought around 500k shares on-market at roughly ₱3.60 per share. This transaction amounted to 1.2% 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 ₱4.1m. Insiders have collectively bought ₱20m more in shares than they have sold in the last 12 months.
Recent Insider Transactions • Dec 15Investor Relations Manager recently bought ₱401k worth of stockOn the 10th of December, Crissa Marie Bondad bought around 120k shares on-market at roughly ₱3.34 per share. This transaction amounted to 15% 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 ₱3.8m. Insiders have collectively bought ₱7.8m more in shares than they have sold in the last 12 months.
Recent Insider Transactions • Dec 06CEO, President & Executive Director recently bought ₱3.8m worth of stockOn the 3rd of December, Alvin Lao bought around 1m shares on-market at roughly ₱3.49 per share. This transaction amounted to 8.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Alvin has been a buyer over the last 12 months, purchasing a net total of ₱5.8m worth in shares.
Recent Insider Transactions • Nov 22Lead Independent Non-Executive Director recently bought ₱380k worth of stockOn the 17th of November, Mercedita Nolledo bought around 100k shares on-market at roughly ₱3.80 per share. This transaction amounted to 14% 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 ₱932k. Insiders have collectively bought ₱3.0m more in shares than they have sold in the last 12 months.
Valuation Update With 7 Day Price Move • Nov 13Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to ₱3.80, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 19x in the Chemicals industry in Asia. Total loss to shareholders of 44% over the past three years.
Recent Insider Transactions • Sep 23Key Executive recently bought ₱99k worth of stockOn the 16th of September, John Lao bought around 20k shares on-market at roughly ₱4.96 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 ₱932k. This was John's only on-market trade for the last 12 months.
Recent Insider Transactions • Aug 28Investor Relations Manager recently bought ₱296k worth of stockOn the 26th of August, Crissa Marie Bondad bought around 63k shares on-market at roughly ₱4.69 per share. This transaction amounted to 8.4% 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 ₱2.1m more in shares than they have sold in the last 12 months.
Reported Earnings • Aug 15Second quarter 2025 earnings released: EPS: ₱0.10 (vs ₱0.096 in 2Q 2024)Second quarter 2025 results: EPS: ₱0.10 (up from ₱0.096 in 2Q 2024). Revenue: ₱12.3b (up 22% from 2Q 2024). Net income: ₱714.4m (up 2.3% from 2Q 2024). Profit margin: 5.8% (down from 6.9% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 13% per year.
공시 • Jun 05D&L Industries, Inc. Announces Board ChangesD&L Industries, Inc. at the annual meeting of the stockholders held on 2 June 2025 elected the following as members of the Board of Directors to serve for the term 2025-2026: Atty. Mercedita S. Nolledo - Independent Director; Ms. Corazon S. de la Paz-Bernardo - Independent Director; Dr. Lydia R. Balatbat-Echauz - Independent Director. At the same meeting the Board constituted the following Committees for the term 2025-2026, as follows: Executive Committee: Chairperson: Mr. Yin Yong L. Lao; Members: Mr. John L. Lao; Mr. Alvin D. Lao; Mr. Dean A. Lao, Jr.; Mr. Vincent D. Lao; Mr. Lester A. Lao; Mr. Franco Diego Q. Lao; Audit Committee: Chairperson: Ms. Corazon S. de la Paz-Bernardo; Members: Atty. Mercedita S. Nolledo; Ms. Lydia Balatbat R. Echauz; Mr. Karl Kendrick T. Chua. The Audit Committee will perform the functions of the Related Party Transactions Committee. Corporate Governance Committee: Chairperson: Atty. Mercedita S. Nolledo; Members Dr. Lydia R. Balatbat-Echauz; Ms. Corazon S. de la Paz-Bernardo Mr. Yin Yong L. Lao; The Corporate Governance Committee will perform the functions of the Nomination Committee and Compensation/Remuneration Committee. Risk Oversight and Sustainability Committee: Chairperson: Dr. Lydia R. Balatbat-Echauz. Members: Ms. Corazon S. de la Paz-Bernardo; Mr. Karl Kendrick Chua; Mr. Alvin D. Lao; Mr. John L. Lao The Board also appointed the following to the Advisory Board for the term 2025-2026: Advisory Board: Mr. Dean L. Lao; Mr. Leon L. Lao; Mr. Alex L. Lao. Finally, the Independent Directors designated Atty. Mercedita S. Nolledo as Lead Independent Director of the Corporation.
Declared Dividend • Jun 04Dividend increased to ₱0.21Dividend of ₱0.21 is 1.9% higher than last year. Ex-date: 17th June 2025 Payment date: 2nd July 2025 Dividend yield will be 3.8%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (50% 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 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
공시 • Jun 03+ 1 more updateD&L Industries, Inc. Declares Special Cash Dividend, Payable on July 2, 2025At the meeting of the Board of Directors of D&L Industries, Inc. held today, 02 June 2025, through its Board of Directors, declared a special cash dividend of PHP 0.049 per share to all stockholders of record as of June 18, 2025, payable on July 2, 2025, Ex-date is on June 17, 2025.
Major Estimate Revision • May 16Consensus revenue estimates increase by 21%, EPS downgradedThe consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ₱42.8b to ₱51.6b. EPS estimate fell from ₱0.402 to ₱0.38. Net income forecast to grow 19% next year vs 29% growth forecast for Chemicals industry in Philippines. Consensus price target broadly unchanged at ₱7.08. Share price fell 2.8% to ₱5.64 over the past week.
Reported Earnings • May 08First quarter 2025 earnings released: EPS: ₱0.10 (vs ₱0.09 in 1Q 2024)First quarter 2025 results: EPS: ₱0.10 (up from ₱0.09 in 1Q 2024). Revenue: ₱14.3b (up 62% from 1Q 2024). Net income: ₱681.1m (up 10% from 1Q 2024). Profit margin: 4.8% (down from 7.0% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 7% per year.
공시 • May 02D&L Industries, Inc. to Report Q1, 2025 Results on May 07, 2025D&L Industries, Inc. announced that they will report Q1, 2025 results on May 07, 2025
Price Target Changed • Apr 30Price target decreased by 8.4% to ₱6.96Down from ₱7.60, the current price target is an average from 5 analysts. New target price is 22% above last closing price of ₱5.70. Stock is down 8.8% over the past year. The company is forecast to post earnings per share of ₱0.40 for next year compared to ₱0.33 last year.
Recent Insider Transactions • Mar 25CEO, President & Executive Director recently bought ₱537k worth of stockOn the 19th of March, Alvin Lao bought around 100k shares on-market at roughly ₱5.37 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. Alvin has been a buyer over the last 12 months, purchasing a net total of ₱959k worth in shares.
Reported Earnings • Mar 17Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2024 results: EPS: ₱0.33 (up from ₱0.32 in FY 2023). Revenue: ₱40.7b (up 21% from FY 2023). Net income: ₱2.34b (up 2.0% from FY 2023). Profit margin: 5.8% (down from 6.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) missed analyst estimates by 8.7%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 8% per year.
Recent Insider Transactions • Mar 15Insider recently bought ₱502k worth of stockOn the 7th of March, Dean Lao bought around 90k shares on-market at roughly ₱5.58 per share. This transaction amounted to 4.8% 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 ₱6.2m more in shares than they have sold in the last 12 months.
공시 • Feb 28D&L Industries, Inc., Annual General Meeting, Jun 02, 2025D&L Industries, Inc., Annual General Meeting, Jun 02, 2025, at 09:00 W. Australia Standard Time.
Recent Insider Transactions • Feb 11Independent Non-Executive Director recently bought ₱299k worth of stockOn the 5th of February, Lydia R. Echauz bought around 50k shares on-market at roughly ₱5.99 per share. This transaction amounted to 36% 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 ₱618k. Insiders have collectively bought ₱5.7m more in shares than they have sold in the last 12 months.
새로운 내러티브 • Jan 16Batangas Plant Normalization To Improve Operations And Export Capacity The Batangas plant's increased capacity and focus on high-margin products are expected to boost profitability and margins.
Recent Insider Transactions • Nov 26Investor Relations Manager recently bought ₱618k worth of stockOn the 20th of November, Crissa Marie Bondad bought around 100k shares on-market at roughly ₱6.18 per share. This transaction amounted to 17% 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 ₱5.4m more in shares than they have sold in the last 12 months.
Reported Earnings • Nov 15Third quarter 2024 earnings released: EPS: ₱0.07 (vs ₱0.08 in 3Q 2023)Third quarter 2024 results: EPS: ₱0.07 (down from ₱0.08 in 3Q 2023). Revenue: ₱10.5b (up 24% from 3Q 2023). Net income: ₱493.2m (down 11% from 3Q 2023). Profit margin: 4.7% (down from 6.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 12% per year.
공시 • Nov 05D&L Industries, Inc. to Report Q3, 2024 Results on Nov 05, 2024D&L Industries, Inc. announced that they will report Q3, 2024 results on Nov 05, 2024
Recent Insider Transactions • Oct 25Corporate Information Officer recently bought ₱335k worth of stockOn the 18th of October, Kristine Ann Catindig-Ong bought around 50k shares on-market at roughly ₱6.70 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱61m more in shares than they bought in the last 12 months.
Reported Earnings • Aug 15Second quarter 2024 earnings released: EPS: ₱0.10 (vs ₱0.09 in 2Q 2023)Second quarter 2024 results: EPS: ₱0.10 (up from ₱0.09 in 2Q 2023). Revenue: ₱10.1b (up 30% from 2Q 2023). Net income: ₱698.4m (up 8.2% from 2Q 2023). Profit margin: 6.9% (down from 8.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 10% per year.
Recent Insider Transactions • Jun 22Independent Non-Executive Director recently bought ₱300k worth of stockOn the 19th of June, Lydia R. Echauz bought around 50k shares on-market at roughly ₱6.00 per share. This transaction amounted to 56% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱266m more in shares than they bought in the last 12 months.
Declared Dividend • Jun 05Dividend of ₱0.21 announcedShareholders will receive a dividend of ₱0.21. Ex-date: 18th June 2024 Payment date: 3rd July 2024 Dividend yield will be 3.3%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 66% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
New Risk • May 29New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.
Recent Insider Transactions • May 25CEO, President & Executive Director recently bought ₱248k worth of stockOn the 21st of May, Alvin Lao bought around 40k shares on-market at roughly ₱6.20 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 ₱630k. Alvin has been a buyer over the last 12 months, purchasing a net total of ₱874k worth in shares.
Reported Earnings • May 14First quarter 2024 earnings released: EPS: ₱0.09 (vs ₱0.08 in 1Q 2023)First quarter 2024 results: EPS: ₱0.09 (up from ₱0.08 in 1Q 2023). Revenue: ₱8.83b (up 5.0% from 1Q 2023). Net income: ₱617.9m (up 4.0% from 1Q 2023). Profit margin: 7.0% (in line with 1Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals 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 6% per year.
Recent Insider Transactions • Mar 20Investor Relations Manager recently bought ₱314k worth of stockOn the 18th of March, Crissa Marie Bondad bought around 50k shares on-market at roughly ₱6.27 per share. This transaction amounted to 9.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱270m more in shares than they bought in the last 12 months.
Reported Earnings • Mar 01Full year 2023 earnings released: EPS: ₱0.32 (vs ₱0.46 in FY 2022)Full year 2023 results: EPS: ₱0.32 (down from ₱0.46 in FY 2022). Revenue: ₱33.5b (down 23% from FY 2022). Net income: ₱2.30b (down 31% from FY 2022). Profit margin: 6.9% (down from 7.6% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
공시 • Feb 28D&L Industries, Inc., Annual General Meeting, Jun 03, 2024D&L Industries, Inc., Annual General Meeting, Jun 03, 2024, at 09:00 Singapore Standard Time.
Recent Insider Transactions • Nov 29Key Executive recently sold ₱66m worth of stockOn the 21st of November, John Lao sold around 11m shares on-market at roughly ₱6.00 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱205m. This was John's only on-market trade for the last 12 months.
Reported Earnings • Nov 15Third quarter 2023 earnings released: EPS: ₱0.08 (vs ₱0.13 in 3Q 2022)Third quarter 2023 results: EPS: ₱0.08 (down from ₱0.13 in 3Q 2022). Revenue: ₱8.49b (down 27% from 3Q 2022). Net income: ₱552.2m (down 39% from 3Q 2022). Profit margin: 6.5% (down from 7.9% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals 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.
Recent Insider Transactions • Sep 22Non-Executive Chairman of the Board recently sold ₱205m worth of stockOn the 20th of September, Yin Yong Lao sold around 33m shares on-market at roughly ₱6.22 per share. This transaction amounted to 100% 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 Yin Yong's only on-market trade for the last 12 months.
Price Target Changed • Sep 18Price target decreased by 8.5% to ₱8.89Down from ₱9.72, the current price target is an average from 5 analysts. New target price is 42% above last closing price of ₱6.25. Stock is down 18% over the past year. The company is forecast to post earnings per share of ₱0.49 for next year compared to ₱0.46 last year.
Recent Insider Transactions • Aug 24Corporate Information Officer recently bought ₱268k worth of stockOn the 22nd of August, Kristine Ann Catindig-Ong bought around 40k shares on-market at roughly ₱6.70 per share. This transaction amounted to 12% 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 ₱48m more in shares than they have sold in the last 12 months.
Reported Earnings • Aug 15Second quarter 2023 earnings released: EPS: ₱0.09 (vs ₱0.13 in 2Q 2022)Second quarter 2023 results: EPS: ₱0.09 (down from ₱0.13 in 2Q 2022). Revenue: ₱7.82b (down 37% from 2Q 2022). Net income: ₱645.6m (down 31% from 2Q 2022). Profit margin: 8.3% (up from 7.6% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year.
공시 • Aug 09D&L Industries, Inc. to Report Q2, 2023 Results on Aug 08, 2023D&L Industries, Inc. announced that they will report Q2, 2023 results on Aug 08, 2023
Board Change • Jul 18Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Corazon de la Paz-Bernardo was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.
Upcoming Dividend • Jun 08Upcoming dividend of ₱0.30 per share at 3.2% yieldEligible shareholders must have bought the stock before 15 June 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Filipino dividend payers (5.7%). Higher than average of industry peers (2.8%).
공시 • Jun 07+ 1 more updateD&L Industries, Inc. Appoints Karl Kendrick T. Chua to its Board of DirectorsD&L Industries, Inc. announced that in its annual shareholder's meeting held on June 5, 2023, a new independent director, Mr. Karl Kendrick T. Chua, was elected to D&L Industries' Board of Directors. With Mr. Chua on the Board, four out of seven seats or a majority of the board continue to be held by independent directors. The three other independent directors are Atty. Mercedita S. Nolledo, Mrs. Corazon S. de la Paz-Bernardo, and Dr. Lydia R. Balatbat-Echauz. Mr. Chua was previously with the World Bank as an economist, and more recently served as Secretary of the National Economic and Development Authority and Undersecretary for Strategy, Economics, and Results at the Department of Finance. He has extensive experience in the areas of economic and fiscal policy, statistical development, national identification, labor and social protection policy, poverty analysis, and digital transformation, among others. He is a recipient of the 2018 Outstanding Young Men and Women of the Philippines (TOYM) Award in the field of Economic Development. Mr. Chua will take the place of Mr. Filemon T. Berba, who served on D&L's Board from 2012 until his passing last April 4, 2023. D&L's management would like to honor Mr. Berba for his invaluable contributions to the company's Board. Mr. Berba, with his wealth of leadership experience, vision, and dedication, played a key role in D&L's initiatives of upholding the standards of corporate governance in the company. Karl Kendrick T. Chua, Filipino, 44, is a former Secretary of the National Economic and Development Authority and Undersecretary for Strategy, Economics, and Results at the Department of Finance. He has extensive experience in the areas of economic and fiscal policy, statistical development, national identification, labor and social protection policy, poverty analysis, and digital transformation, among others. He is currently a board director of the Bank of the Philippine Islands (BPI) and a board adviser to the LH Paragon Group of Companies. Mr. Chua was a senior official in the Government of the Philippines for six years. As Secretary of Socioeconomic Planning and Chief Economist of the country, he provided strategic leadership on economic policy during the Covid-19 pandemic and the further liberalization of key sectors of the economy. He also oversaw the implementation of the national ID program. As Undersecretary in the Department of Finance, he led the technical team in the passage of the Comprehensive Tax Reform Program and the Rice Tariffication Law. Prior to joining the government, he was with the World Bank for 12 years and was the senior economist for the Philippines. Mr. Chua graduated from the Ateneo De Manila University in 2000 with a degree in B.S. Management Engineering. He earned his M.A. Economics (2003) and Ph.D Economics (2011) from the University of the Philippines, and is currently studying data science at the Asian Institute of Management.
공시 • Jun 06+ 1 more updateD&L Industries, Inc. Announces Special Cash Dividend, Payable on July 14, 2023D&L Industries, Inc. announced special cash dividend PHP 0.06 per common share. Record Date is June 20, 2023. Payment Date is July 14, 2023.
Major Estimate Revision • May 09Consensus revenue estimates fall by 10%The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₱50.0b to ₱44.8b. EPS estimate fell from ₱0.555 to ₱0.508 per share. Net income forecast to grow 9.3% next year vs 31% growth forecast for Chemicals industry in Philippines. Consensus price target down from ₱9.72 to ₱9.17. Share price fell 5.1% to ₱7.88 over the past week.
공시 • May 05D&L Industries, Inc. to Report Q1, 2023 Results on May 04, 2023D&L Industries, Inc. announced that they will report Q1, 2023 results on May 04, 2023
Reported Earnings • Apr 19Full year 2022 earnings: EPS and revenues exceed analyst expectationsFull year 2022 results: EPS: ₱0.46 (up from ₱0.37 in FY 2021). Revenue: ₱43.5b (up 41% from FY 2021). Net income: ₱3.32b (up 26% from FY 2021). Profit margin: 7.6% (down from 8.6% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 6.0%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year.
Board Change • Nov 16Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Director Corazon de la Paz-Bernardo was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.
Recent Insider Transactions • Oct 26Insider recently bought ₱767k worth of stockOn the 24th of October, Dean Lao bought around 110k shares on-market at roughly ₱6.97 per share. This transaction amounted to 6.7% 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 ₱31m. Insiders have collectively bought ₱39m more in shares than they have sold in the last 12 months.
Buying Opportunity • Oct 21Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 4.0%. The fair value is estimated to be ₱8.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 37% in the next 2 years.
Recent Insider Transactions • Sep 09Managing Director of Oleo-Fats Inc recently bought ₱31m worth of stockOn the 7th of September, Vincent Lao bought around 4m shares on-market at roughly ₱7.79 per share. This transaction increased Vincent's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱38m more in shares than they have sold in the last 12 months.
Recent Insider Transactions • Aug 30Co-Founder recently sold ₱3.5m worth of stockOn the 22nd of August, Dean Lao sold around 468k shares on-market at roughly ₱7.53 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱16m. Insiders have been net sellers, collectively disposing of ₱8.6m more than they bought in the last 12 months.
Reported Earnings • Aug 18Second quarter 2022 earnings released: EPS: ₱0.12 (vs ₱0.10 in 2Q 2021)Second quarter 2022 results: EPS: ₱0.12 (up from ₱0.10 in 2Q 2021). Revenue: ₱12.3b (up 79% from 2Q 2021). Net income: ₱850.6m (up 22% from 2Q 2021). Profit margin: 6.9% (down from 10% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 2.5% compared to a 23% growth forecast for the Chemicals industry in Philippines. 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 5% per year, which means it is significantly lagging earnings.
공시 • Aug 10D&L Industries, Inc. to Report Q2, 2022 Results on Aug 09, 2022D&L Industries, Inc. announced that they will report Q2, 2022 results on Aug 09, 2022
Recent Insider Transactions • Jul 13CEO, President & Director recently bought ₱681k worth of stockOn the 6th of July, Alvin Lao bought around 100k shares on-market at roughly ₱6.81 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₱2.0m. Alvin has been a buyer over the last 12 months, purchasing a net total of ₱899k worth in shares.
Recent Insider Transactions • Jun 16Vice Chairman of the Board recently bought ₱2.0m worth of stockOn the 14th of June, John Lao bought around 300k shares on-market at roughly ₱6.81 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₱5.5m. This was John's only on-market trade for the last 12 months.
Upcoming Dividend • Jun 09Upcoming dividend of ₱0.24 per shareEligible shareholders must have bought the stock before 16 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Filipino dividend payers (4.7%). Lower than average of industry peers (2.4%).
공시 • Jun 07+ 1 more updateD&L Industries, Inc. Declares Special Cash Dividends, Payable on July 15, 2022At the meeting of the Board of Directors of D&L Industries, Inc. held on June 6, 2022, the Board approved the declaration of special cash dividends of PHP 0.055 per share to all stockholders of record as of June 21, 2022, payable on July 15, 2022.
Reported Earnings • May 11Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: ₱0.37 (up from ₱0.28 in FY 2020). Revenue: ₱30.9b (up 42% from FY 2020). Net income: ₱2.64b (up 31% from FY 2020). Profit margin: 8.6% (down from 9.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is expected to shrink by 5.6% compared to a 22% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 11% per year.
Board Change • Apr 27Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Director Corazon de la Paz-Bernardo was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.
공시 • Mar 31D&L Industries, Inc., Annual General Meeting, Jun 06, 2022D&L Industries, Inc., Annual General Meeting, Jun 06, 2022. Agenda: To consider to delegate to the Board of Directors the power to amend the Corporation's By-Laws for purposes of complying with subsequent requirements of law and regulatory bodies including practices that the Corporation may be required to adopt and to reflect therein.
Recent Insider Transactions • Mar 16CEO, President & Director recently bought ₱217k worth of stockOn the 8th of March, Alvin Lao bought around 30k shares on-market at roughly ₱7.25 per share. This was the largest purchase by an insider in the last 3 months. This was Alvin's only on-market trade for the last 12 months.
Price Target Changed • Dec 16Price target increased to ₱9.63Up from ₱8.99, the current price target is an average from 5 analysts. New target price is 7.0% above last closing price of ₱9.00. Stock is up 21% over the past year. The company is forecast to post earnings per share of ₱0.37 for next year compared to ₱0.28 last year.
Reported Earnings • Aug 18Second quarter 2021 earnings released: EPS ₱0.09 (vs ₱0.04 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₱6.90b (up 53% from 2Q 2020). Net income: ₱671.4m (up 134% from 2Q 2020). Profit margin: 9.7% (up from 6.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.
Recent Insider Transactions • Jun 16Co-Founder & Member of Advisory Board recently sold ₱484m worth of stockOn the 14th of June, Leon Lao sold around 61m shares on-market at roughly ₱7.98 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱740m more than they bought in the last 12 months.
공시 • Jun 08D&L Industries, Inc. Declares Special Cash Dividend, Payable on July 15, 2021D&L INDUSTRIES, INC. declared a special cash dividend of PHP 0.05 per share to all stockholders of record as of June 21, 2021, payable on July 15, 2021.
Recent Insider Transactions • May 28Corporate Information Officer recently bought ₱187k worth of stockOn the 26th of May, Ann Catindig-Ong bought around 25k shares on-market at roughly ₱7.46 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱58m more in shares than they bought in the last 12 months.
Reported Earnings • May 17First quarter 2021 earnings releasedThe company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ₱7.00b (up 24% from 1Q 2020). Net income: ₱694.9m (up 35% from 1Q 2020). Profit margin: 9.9% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 13% per year.
Major Estimate Revision • May 14Consensus forecasts updatedThe consensus outlook for 2021 has been updated. 2021 revenue forecast fell from ₱25.6b to ₱24.6b. EPS estimate rose from ₱0.30 to ₱0.35. Net income forecast to grow 24% next year vs 34% growth forecast for Chemicals industry in Philippines. Consensus price target up from ₱7.31 to ₱8.24. Share price was steady at ₱7.60 over the past week.
Price Target Changed • May 11Price target increased to ₱7.91Up from ₱7.31, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₱7.75. Stock is up 53% over the past year.
Executive Departure • May 11CFO, Chief Compliance Officer & Treasurer has left the companyOn the 4th of May, Amorsolo Rosario's tenure as CFO, Chief Compliance Officer & Treasurer ended after less than a year in the role. As of December 2020, Amorsolo personally held only 270.00k shares (₱2.1m worth at the time). A total of 2 executives have left over the last 12 months.
Reported Earnings • Apr 29Full year 2020 earnings released: EPS ₱0.28 (vs ₱0.37 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₱21.7b (down 2.9% from FY 2019). Net income: ₱2.01b (down 23% from FY 2019). Profit margin: 9.3% (down from 12% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 12% per year.
공시 • Mar 03+ 1 more updateD&L Industries, Inc., Annual General Meeting, Jun 07, 2021D&L Industries, Inc., Annual General Meeting, Jun 07, 2021.
Recent Insider Transactions • Feb 05Vice Chairman recently bought ₱1.8m worth of stockOn the 2nd of February, John Lao bought around 275k shares on-market at roughly ₱6.67 per share. This was the largest purchase by an insider in the last 3 months. John has been a buyer over the last 12 months, purchasing a net total of ₱6.0m worth in shares.
Recent Insider Transactions • Jan 28Assistant Corporate Secretary recently bought ₱804k worth of stockOn the 19th of January, Anne Lao bought around 110k shares on-market at roughly ₱7.31 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₱1.8m. Despite this recent purchase, insiders have collectively sold ₱105m more in shares than they bought in the last 12 months.
Recent Insider Transactions • Jan 07Member of Advisory Board recently sold ₱24m worth of stockOn the 5th of January, Alex Lao sold around 3m shares on-market at roughly ₱7.39 per share. In the last 3 months, there was an even bigger sale from another insider worth ₱50m. Insiders have been net sellers, collectively disposing of ₱111m more than they bought in the last 12 months.
Is New 90 Day High Low • Dec 30New 90-day high: ₱7.70The company is up 40% from its price of ₱5.50 on 01 October 2020. The Filipino market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱2.07 per share.
Recent Insider Transactions • Dec 29Chairman of the Board recently sold ₱50m worth of stockOn the 23rd of December, Yin Yong Lao sold around 7m shares on-market at roughly ₱7.35 per share. This was the largest sale by an insider in the last 3 months. This was Yin Yong's only on-market trade for the last 12 months.
Is New 90 Day High Low • Dec 08New 90-day high: ₱7.45The company is up 35% from its price of ₱5.52 on 09 September 2020. The Filipino market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱9.59 per share.
공시 • Nov 16+ 1 more updateD&L Industries, Inc. Announces Executive ChangesD&L Industries, Inc. announced that Treasurer and Compliance Officer, Mr. Bienvenido B. Gregory, Jr., passed away November 13, 2020. His functions will be temporarily discharged by Mr. Amorsolo M. Rosario until a new Treasurer and Compliance Officer is duly qualified and appointed.
