New Risk • May 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Filipino stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (₱1.81b market cap, or US$29.4m). Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₱2.65, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 6x in the Hospitality industry in Philippines. Total loss to shareholders of 36% over the past three years. Reported Earnings • Apr 03
Full year 2025 earnings released: EPS: ₱0.47 (vs ₱0.54 in FY 2024) Full year 2025 results: EPS: ₱0.47 (down from ₱0.54 in FY 2024). Revenue: ₱12.0b (down 1.7% from FY 2024). Net income: ₱364.5m (down 13% from FY 2024). Profit margin: 3.0% (down from 3.4% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 22% per year. Declared Dividend • Mar 21
Dividend reduced to ₱0.12 Dividend of ₱0.12 is 13% lower than last year. Ex-date: 8th April 2026 Payment date: 6th May 2026 Dividend yield will be 5.5%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 2.0% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 51% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 20
Max's Group, Inc. announces Annual dividend, payable on May 06, 2026 Max's Group, Inc. announced Annual dividend of PHP 0.1225 per share payable on May 06, 2026, ex-date on April 08, 2026 and record date on April 10, 2026. Announcement • Mar 13
Max's Group, Inc., Annual General Meeting, May 12, 2026 Max's Group, Inc., Annual General Meeting, May 12, 2026, at 09:00 W. Australia Standard Time. Buy Or Sell Opportunity • Dec 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.8% to ₱2.29. The fair value is estimated to be ₱2.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has declined by 19%. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₱2.50, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 10x in the Hospitality industry in Philippines. Total loss to shareholders of 41% over the past three years. Buy Or Sell Opportunity • Nov 17
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ₱2.20. The fair value is estimated to be ₱2.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has declined by 19%. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ₱0.01 (vs ₱0.03 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.01 (down from ₱0.03 in 3Q 2024). Revenue: ₱2.72b (down 8.5% from 3Q 2024). Net income: ₱9.97m (down 55% from 3Q 2024). Profit margin: 0.4% (down from 0.7% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 21% per year. New Risk • Aug 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₱2.53b market cap, or US$44.3m). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ₱0.13 (vs ₱0.12 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.13 (up from ₱0.12 in 2Q 2024). Revenue: ₱3.04b (flat on 2Q 2024). Net income: ₱101.0m (up 8.4% from 2Q 2024). Profit margin: 3.3% (up from 3.0% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ₱0.07 (vs ₱0.09 in 1Q 2024) First quarter 2025 results: EPS: ₱0.07 (down from ₱0.09 in 1Q 2024). Revenue: ₱2.81b (flat on 1Q 2024). Net income: ₱50.8m (down 28% from 1Q 2024). Profit margin: 1.8% (down from 2.5% in 1Q 2024). Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Hospitality industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 30
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₱0.54 (down from ₱0.62 in FY 2023). Revenue: ₱12.2b (up 1.7% from FY 2023). Net income: ₱418.5m (down 14% from FY 2023). Profit margin: 3.4% (down from 4.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 35%. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Hospitality 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 26% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 28
Dividend reduced to ₱0.14 Dividend of ₱0.14 is 17% lower than last year. Ex-date: 10th April 2025 Payment date: 9th May 2025 Dividend yield will be 5.6%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 4.3% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 25
Max's Group, Inc. Approves the Declaration of Special Cash Dividend, Payable on May 9, 2025 At its special meeting held on 24 March 2025, Max's Group, Inc.'s Board of Directors approved the declaration of Special cash dividend of PHP 0.14082 per share to stockholders of record as at 11 April 2025, payable on May 9, 2025. Price Target Changed • Jan 22
Price target decreased by 63% to ₱3.20 Down from ₱8.77, the current price target is provided by 1 analyst. New target price is 33% above last closing price of ₱2.41. Stock is down 27% over the past year. The company is forecast to post earnings per share of ₱0.40 for next year compared to ₱0.62 last year. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₱0.03 (vs ₱0.09 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.03 (down from ₱0.09 in 3Q 2023). Revenue: ₱2.97b (up 2.3% from 3Q 2023). Net income: ₱21.9m (down 68% from 3Q 2023). Profit margin: 0.7% (down from 2.4% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Hospitality industry in Philippines. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. New Risk • Aug 15
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.4% net profit margin). Significant insider selling over the past 3 months (₱12m sold). Market cap is less than US$100m (₱2.34b market cap, or US$41.0m). Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₱0.12 (vs ₱0.22 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.12 (down from ₱0.22 in 2Q 2023). Revenue: ₱3.06b (up 2.0% from 2Q 2023). Net income: ₱93.2m (down 45% from 2Q 2023). Profit margin: 3.0% (down from 5.6% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Hospitality industry in Philippines. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Recent Insider Transactions • May 23
Executive Director recently sold ₱12m worth of stock On the 21st of May, William Rodgers sold around 4m shares on-market at roughly ₱3.25 per share. This transaction amounted to 20% 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 the only on-market transaction from insiders over the last 12 months. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ₱0.06 (vs ₱0.099 in 1Q 2023) First quarter 2024 results: EPS: ₱0.06 (down from ₱0.099 in 1Q 2023). Revenue: ₱2.79b (down 2.1% from 1Q 2023). Net income: ₱44.0m (down 43% from 1Q 2023). Profit margin: 1.6% (down from 2.7% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Apr 02
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₱2.65b market cap, or US$47.1m). Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: ₱0.62 (vs ₱0.79 in FY 2022) Full year 2023 results: EPS: ₱0.62 (down from ₱0.79 in FY 2022). Revenue: ₱12.0b (up 8.9% from FY 2022). Net income: ₱485.8m (down 21% from FY 2022). Profit margin: 4.1% (down from 5.6% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 30
Upcoming dividend of ₱0.17 per share Eligible shareholders must have bought the stock before 03 April 2024. Payment date: 30 April 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Filipino dividend payers (5.7%). Higher than average of industry peers (1.4%). Buy Or Sell Opportunity • Mar 19
Now 21% undervalued Over the last 90 days, the stock has risen 5.2% to ₱3.43. The fair value is estimated to be ₱4.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. Declared Dividend • Mar 15
Dividend reduced to ₱0.17 Dividend of ₱0.17 is 12% lower than last year. Ex-date: 3rd April 2024 Payment date: 30th April 2024 Dividend yield will be 4.9%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 67% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.1% EPS decline seen over the last 5 years. Announcement • Mar 13
Max's Group, Inc. to Report Fiscal Year 2023 Results on Mar 13, 2024 Max's Group, Inc. announced that they will report fiscal year 2023 results on Mar 13, 2024 Buying Opportunity • Jan 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 25%. The fair value is estimated to be ₱4.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Nov 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be ₱4.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Nov 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.2% Last year net profit margin: 6.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.2% per year over the past 5 years. Minor Risks High level of debt (54% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.2% net profit margin). Market cap is less than US$100m (₱2.96b market cap, or US$53.1m). New Risk • Oct 25
New major risk - Revenue and earnings growth Earnings have declined by 8.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.1% per year over the past 5 years. Minor Risks High level of debt (53% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₱3.31b market cap, or US$58.2m). Announcement • Oct 13
Max's Group, Inc. (PSE:MAXS) announces an Equity Buyback for PHP 200 million worth of its shares. Max's Group, Inc. (PSE:MAXS) announces a share repurchase program. Under the program, the company will repurchase up to PHP 200 million worth of its shares. The program is valid till August 14, 2024. As of October 12, 2023, the company had 1,036,414,624 shares outstanding. Price Target Changed • Sep 19
Price target increased by 12% to ₱9.80 Up from ₱8.77, the current price target is provided by 1 analyst. New target price is 143% above last closing price of ₱4.04. Stock is down 25% over the past year. The company is forecast to post earnings per share of ₱1.00 for next year compared to ₱0.79 last year. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: ₱0.22 (vs ₱0.31 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.22 (down from ₱0.31 in 2Q 2022). Revenue: ₱3.00b (up 6.4% from 2Q 2022). Net income: ₱168.3m (down 30% from 2Q 2022). Profit margin: 5.6% (down from 8.5% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Hospitality industry in Philippines. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jun 13
Max's Group, Inc. Announces Executive Changes Max's Group, Inc. announced that Mr. Isaias P. Fermin tendered his resignation as President and Director effective 31 August 2023 upon his decision to go into retirement. During the meeting of the corporation's Board of Directors held on 9 June 2023, the members of the Board unanimously (i) accepted Mr. Fermin's resignation, and (ii) approved the appointment of Mr. Robert Ramon F. Trota as President (to fill the vacancy created by Mr. Fermin's resignation) effective 31 August 2023. The Board seat currently held by Mr. Fermin will be left vacant following the effectivity of his resignation and until the remaining members of the Board elect a replacement. Reported Earnings • May 16
First quarter 2023 earnings released: EPS: ₱0.10 (vs ₱0.053 in 1Q 2022) First quarter 2023 results: EPS: ₱0.10 (up from ₱0.053 in 1Q 2022). Revenue: ₱2.85b (up 32% from 1Q 2022). Net income: ₱77.1m (up 86% from 1Q 2022). Profit margin: 2.7% (up from 1.9% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Hospitality industry in Asia. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • May 12
Max's Group, Inc. Approves Board Appointments Max's Group, Inc. announced that at its ASM and Organizational Meeting held on 11 May2023, elected Sharon T. Fuentebella as director of the Corporation for the year 2023-2024. During the same organizational meeting, the following committees were constituted: Executive Committee: Sharon T. Fuentebella, Robert Ramon F. Trota, Antonio Jose U. Periquet, Cristina T. Garcia, Jim T. Fuentebella, Carolyn F. Trota. Audit Committee: Antonio Jose U. Periquet (Chairman), Cristina T. Garcia, Dave T. Fuentebella, Carolyn F. Trota (alternate). Corporate Governance Committee: Christopher P. Tanco (Chairman), Antonio Jose U. Periquet, Sharon T. Fuentebella, Robert Ramon F. Trota (alternate). Reported Earnings • Mar 31
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₱0.79 (up from ₱0.58 in FY 2021). Revenue: ₱11.0b (up 44% from FY 2021). Net income: ₱618.1m (up 37% from FY 2021). Profit margin: 5.6% (down from 5.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.2%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Hospitality industry in Asia. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 20
Upcoming dividend of ₱0.19 per share Eligible shareholders must have bought the stock before 27 March 2023. Payment date: 28 April 2023. The company last paid an ordinary dividend in May 2012. The average dividend yield among industry peers is 1.6%. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 8 non-independent directors. Independent Director Chris Tanco was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₱4.55, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 25x in the Hospitality industry in Asia. Total loss to shareholders of 64% over the past three years. Price Target Changed • Aug 27
Price target increased to ₱8.00 Up from ₱7.00, the current price target is provided by 1 analyst. New target price is 43% above last closing price of ₱5.61. Stock is down 15% over the past year. The company is forecast to post earnings per share of ₱0.73 for next year compared to ₱0.58 last year. Major Estimate Revision • Aug 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ₱0.38 to ₱0.73. Revenue forecast unchanged at ₱9.58b. Net income forecast to grow 280% next year vs 30% growth forecast for Hospitality industry in Philippines. Consensus price target up from ₱7.00 to ₱8.00. Share price fell 3.4% to ₱5.61 over the past week. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 15% share price gain to ₱5.80, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 26x in the Hospitality industry in Asia. Total loss to shareholders of 58% over the past three years. Major Estimate Revision • Aug 15
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ₱7.69b to ₱9.58b. EPS estimate unchanged from ₱0.38 at last update. Hospitality industry in Philippines expected to see average net income growth of 23% next year. Consensus price target of ₱7.00 unchanged from last update. Share price rose 7.5% to ₱5.58 over the past week. Announcement • Aug 02
Max's Group, Inc. Announces Changes to its Board Max's Group, Inc. announced that Mr. Jose Victor P. Paterno tendered his resignation as Independent Director effective July 15, 2022 is due to personal reasons. During the meeting of the board of directors on July 29, 2022, pursuant to Section 6 of Article III of the company's By-laws, the remaining members of the board of directors, constituting a quorum, elected Mr. Christopher P. Tanco as an Independent Director of the company effective July 29, 2022. Mr. Tanco is also elected as Chairman of the Corporate Governance Committee to replace Mr. Paterno. Mr. Tanco has been pre-screened by the company's Corporate Governance Committee. He has previously served as Independent Director of the Company for the period 2014-2018. Mr. Tanco also serves as Independent Director of Planet Fitness since February 2021; Advisor\Board of Director of Urban Air Adventure Parks since April 2018, Board of Director of 7 - Eleven International since January 2020 and Board of Director of 7 - Eleven Mexico since April 2022. He is also Founder and CEO of Tanco Advisory Group LLC since May 2022. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₱4.53, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 23x in the Hospitality industry in Asia. Total loss to shareholders of 67% over the past three years. Recent Insider Transactions • May 26
President & Executive Director recently bought ₱80k worth of stock On the 19th of May, Isaias Ariel Fermin bought around 14k shares on-market at roughly ₱5.64 per share. In the last 3 months, they made an even bigger purchase worth ₱2.5m. Isaias Ariel has been a buyer over the last 12 months, purchasing a net total of ₱2.6m worth in shares. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ₱0.05 (down from ₱0.43 in 1Q 2021). Revenue: ₱2.17b (up 18% from 1Q 2021). Net income: ₱41.5m (down 88% from 1Q 2021). Profit margin: 1.9% (down from 18% in 1Q 2021). Revenue exceeded analyst estimates by 9.5%. Earnings per share (EPS) also surpassed analyst estimates by 87%. Over the next year, revenue is forecast to stay flat compared to a 44% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Apr 29
President & Executive Director recently bought ₱2.5m worth of stock On the 25th of April, Isaias Ariel Fermin bought around 394k shares on-market at roughly ₱6.29 per share. This was the largest purchase by an insider in the last 3 months. This was Isaias Ariel's only on-market trade for the last 12 months. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 7 highly experienced directors. 2 independent directors (8 non-independent directors). Independent Director Jose Victor Paterno was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 15
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ₱0.58 (up from ₱2.15 loss in FY 2020). Revenue: ₱7.64b (up 6.9% from FY 2020). Net income: ₱450.1m (up ₱2.13b from FY 2020). Profit margin: 5.9% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 9.5%. Earnings per share (EPS) also surpassed analyst estimates by 87%. Over the next year, revenue is forecast to stay flat compared to a 55% growth forecast for the restaurants industry in Philippines. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Price Target Changed • Apr 01
Price target decreased to ₱8.00 Down from ₱9.75, the current price target is provided by 1 analyst. New target price is 29% above last closing price of ₱6.20. Stock is up 7.3% over the past year. The company is forecast to post earnings per share of ₱0.31 next year compared to a net loss per share of ₱2.15 last year. Price Target Changed • Nov 18
Price target increased to ₱9.75 Up from ₱9.11, the current price target is an average from 2 analysts. New target price is 43% above last closing price of ₱6.83. Stock is down 3.5% over the past year. The company is forecast to post earnings per share of ₱0.40 next year compared to a net loss per share of ₱2.15 last year. Reported Earnings • Nov 16
Third quarter 2021 earnings released: ₱0.20 loss per share (vs ₱0.48 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: ₱1.70b (up 24% from 3Q 2020). Net loss: ₱157.3m (loss narrowed 58% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Price Target Changed • Aug 25
Price target increased to ₱8.42 Up from ₱7.02, the current price target is an average from 2 analysts. New target price is 38% above last closing price of ₱6.08. Stock is up 28% over the past year. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ₱0.07 (vs ₱0.55 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₱1.78b (up 67% from 2Q 2020). Net income: ₱54.7m (up ₱485.9m from 2Q 2020). Profit margin: 3.1% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
Full year 2020 earnings released: ₱2.15 loss per share (vs ₱0.92 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ₱7.14b (down 50% from FY 2019). Net loss: ₱1.68b (down 332% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 10
New 90-day low: ₱5.20 The company is down 37% from its price of ₱8.27 on 10 December 2020. The Filipino market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱0.36 per share. Announcement • Mar 06
Max's Group, Inc. Announces Resignation of Czarina Sophia Miren E. Cueto as Assistant Compliance Officer, Effective 09 March 2021 The Board of Directors of Max's Group, Inc. (MGI) has accepted the resignation of Ms. Czarina Sophia Miren E. Cueto from her position as MGI's Assistant Compliance Officer, effective 09 March 2021. Announcement • Feb 05
Max's Group, Inc., Annual General Meeting, May 12, 2021 Max's Group, Inc., Annual General Meeting, May 12, 2021. Announcement • Dec 18
Max's Group, Inc. Accepts the Resignation of Rebecca R. Arago as Treasurer, Chief Compliance Officer and Corporate Information Officer, Effective from 18 December 2020 The Board of Directors of Max's Group, Inc. (MGI) has accepted the resignation of Ms. Rebecca R. Arago from her positions as MGI's Treasurer, Chief Compliance Officer and Corporate Information Officer, effective 18 December 2020. Price Target Changed • Nov 18
Price target raised to ₱7.33 Up from ₱6.65, the current price target is an average from 2 analysts. The new target price is close to the current share price of ₱7.18. As of last close, the stock is down 43% over the past year. Reported Earnings • Nov 14
Third quarter 2020 earnings released: ₱0.48 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ₱1.38b (down 59% from 3Q 2019). Net loss: ₱377.5m (down 395% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 05
New 90-day high: ₱6.30 The company is up 38% from its price of ₱4.55 on 07 August 2020. The Filipino market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 34% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱1.47 per share. Is New 90 Day High Low • Oct 20
New 90-day high: ₱5.50 The company is up 9.0% from its price of ₱5.05 on 22 July 2020. The Filipino market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱2.41 per share. Announcement • Sep 21
Max's Group, Inc.(PSE:MAXS) dropped from S&P Global BMI Index Max's Group, Inc.(PSE:MAXS) dropped from S&P Global BMI Index 
