New Risk • Jul 10
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 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (₱1.06b market cap, or US$17.2m). Reported Earnings • Jul 01
First quarter 2026 earnings released: EPS: ₱0.032 (vs ₱0.042 in 1Q 2025) First quarter 2026 results: EPS: ₱0.032 (down from ₱0.042 in 1Q 2025). Revenue: ₱486.5m (up 9.5% from 1Q 2025). Net income: ₱80.7m (down 23% from 1Q 2025). Profit margin: 17% (down from 24% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • Jun 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Market cap is less than US$100m (₱1.30b market cap, or US$21.0m). Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₱0.026 (vs ₱0.007 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.026 (up from ₱0.007 in 3Q 2024). Revenue: ₱525.8m (up 21% from 3Q 2024). Net income: ₱64.7m (up 277% from 3Q 2024). Profit margin: 12% (up from 3.9% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ₱0.008 (vs ₱0.019 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.008 (down from ₱0.019 in 2Q 2024). Revenue: ₱499.6m (up 12% from 2Q 2024). Net income: ₱19.3m (down 59% from 2Q 2024). Profit margin: 3.9% (down from 11% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Aug 13
Waterfront Philippines, Incorporated, Annual General Meeting, Sep 26, 2025 Waterfront Philippines, Incorporated, Annual General Meeting, Sep 26, 2025, at 10:00 W. Australia Standard Time. Location: no. 1 waterfront drive, off salinas drive, lahug, cebu city, cebu Philippines New Risk • May 26
New major risk - Revenue and earnings growth Earnings have declined by 1.9% 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 Risks Earnings have declined by 1.9% per year over the past 5 years. High level of non-cash earnings (30% accrual ratio). Minor Risk Market cap is less than US$100m (₱999.6m market cap, or US$18.0m). Reported Earnings • Aug 16
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₱497.6m (up 1.3% from 2Q 2023). Net income: ₱47.0m (up ₱62.1m from 2Q 2023). Profit margin: 9.4% (up from net loss in 2Q 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Aug 10
Waterfront Philippines, Incorporated, Annual General Meeting, Sep 21, 2024 Waterfront Philippines, Incorporated, Annual General Meeting, Sep 21, 2024, at 10:00 W. Australia Standard Time. Location: no. 1 waterfront drive, off salinas drive, lahug, cebu city, cebu Philippines Announcement • Jul 11
Waterfront Philippines, Incorporated Announces the Resignation of Reno Magadia as Director Waterfront Philippines, Incorporated announced the resignation of Reno Magadia as Director effective from August 1, 2024. New Risk • May 16
New major risk - Revenue and earnings growth Earnings have declined by 3.0% 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 3.0% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (1.6% net profit margin). Market cap is less than US$100m (₱1.02b market cap, or US$17.8m). Reported Earnings • May 12
Full year 2023 earnings released: EPS: ₱0.028 (vs ₱0.033 in FY 2022) Full year 2023 results: EPS: ₱0.028 (down from ₱0.033 in FY 2022). Revenue: ₱1.80b (up 23% from FY 2022). Net income: ₱68.8m (down 17% from FY 2022). Profit margin: 3.8% (down from 5.7% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 19
Now 22% undervalued Over the last 90 days, the stock has risen 6.8% to ₱0.40. The fair value is estimated to be ₱0.51, 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. Earnings per share has declined by 28%. Buy Or Sell Opportunity • Feb 05
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ₱0.37. The fair value is estimated to be ₱0.48, 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. Earnings per share has declined by 28%. Buying Opportunity • Nov 30
Now 22% undervalued Over the last 90 days, the stock is up 4.2%. The fair value is estimated to be ₱0.48, 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. Earnings per share has declined by 28%. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ₱0.016 (vs ₱0.058 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.016 (down from ₱0.058 in 3Q 2022). Revenue: ₱441.7m (down 37% from 3Q 2022). Net income: ₱38.9m (down 73% from 3Q 2022). Profit margin: 8.8% (down from 21% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 16
Second quarter 2023 earnings released Second quarter 2023 results: ₱0.006 loss per share. Revenue: ₱491.4m (up ₱491.4m from 2Q 2022). Net loss: ₱15.1m (flat on 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Jun 16
Waterfront Philippines, Incorporated, Annual General Meeting, Sep 23, 2023 Waterfront Philippines, Incorporated, Annual General Meeting, Sep 23, 2023, at 02:00 Coordinated Universal Time. Location: WATERFRONT HOTEL, LAHUG Cebu City Philippines Agenda: To report to the Stockholders for the Year 2018; to consider ratifications of the Acts of the Board and Management; to consider election of Directors for 2019-2020; to consider appointment of External Auditor; to consider appointment of External Counsel; and to consider other matters. Announcement • May 25
Waterfront Philippines, Incorporated Announces Executive Changes Waterfront Philippines, Incorporated announced that Ms. Justine Dominique Bering resigned as Chief Audit Executive of ACE on December 1, 2022. However, ACE knew of her resignation only on December 2, 2022 after the annual meeting of stockholders and the organizational meeting of the board where she was elected/appointed as Chief Audit Executive. Thus, the board of ACE held a special meeting on December 6, 2022 where the resignation of Ms. Bering was accepted effective December 1, 2022 and where the appointment of. Ms. Aiza L. Pasayloon-Famador as the new Chief Audit Executive, vice Ms. Bering, was also made effective December 1, 2022. Reported Earnings • May 08
Full year 2022 earnings released: EPS: ₱0.033 (vs ₱0.22 in FY 2021) Full year 2022 results: EPS: ₱0.033 (down from ₱0.22 in FY 2021). Revenue: ₱1.49b (up 50% from FY 2021). Net income: ₱82.8m (down 85% from FY 2021). Profit margin: 5.6% (down from 56% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Nov 17
Third quarter 2022 earnings released: EPS: ₱0.058 (vs ₱0.017 in 3Q 2021) Third quarter 2022 results: EPS: ₱0.058 (up from ₱0.017 in 3Q 2021). Revenue: ₱732.6m (up 202% from 3Q 2021). Net income: ₱144.0m (up 244% from 3Q 2021). Profit margin: 20% (up from 17% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 7 highly experienced directors. Independent Director Aristeo Cruz was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 7 highly experienced directors. Independent Director Aristeo Cruz was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: ₱0.042 (vs ₱0.006 loss in 2Q 2021) Second quarter 2022 results: EPS: ₱0.042 (up from ₱0.006 loss in 2Q 2021). Revenue: ₱353.8m (up 87% from 2Q 2021). Net income: ₱103.9m (up ₱120.3m from 2Q 2021). Profit margin: 29% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • May 18
First quarter 2022 earnings released: EPS: ₱0.022 (vs ₱0.004 loss in 1Q 2021) First quarter 2022 results: EPS: ₱0.022 (up from ₱0.004 loss in 1Q 2021). Revenue: ₱285.9m (up 57% from 1Q 2021). Net income: ₱56.2m (up ₱66.7m from 1Q 2021). Profit margin: 20% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • May 06
Waterfront Philippines, Incorporated, Annual General Meeting, Jul 22, 2022 Waterfront Philippines, Incorporated, Annual General Meeting, Jul 22, 2022, at 10:00 Singapore Standard Time. Location: WATERFRONT HOTEL, LAHUG Cebu City Philippines Agenda: To consider ratifications of the Acts of the Board and Management including the ratification of the Loan acquired by the Corporation from Philippine Bank of Communication; to consider election of Directors for 2022-2022; to consider appointment of External Auditor; to consider appointment of External Counsel; and to consider other business issues. Announcement • Feb 17
Waterfront Philippines, Incorporated Announces Executive Changes Waterfront Philippines, Incorporated announced early retirement of Pricilla Toriano as chief finance officer of the company with effect from February 16, 2022 and appointed Evangeline Soliveres as chief financial officer, effective from February 16, 2022. Reported Earnings • Aug 15
Second quarter 2021 earnings released: ₱0.01 loss per share (vs ₱0.012 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: ₱208.1m (up 26% from 2Q 2020). Net loss: ₱9.02m (down 130% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 21
First quarter 2021 earnings released: ₱0.001 loss per share (vs ₱0.03 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: ₱181.8m (down 52% from 1Q 2020). Net loss: ₱1.53m (down 102% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 16
New 90-day low: ₱0.48 The company is down 27% from a price of ₱0.66 on 16 December 2020. Underperformed the Filipino market, which is down 6.0% over the last 90 days. Lagged the Hospitality industry, which is down 12% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: ₱0.69 The company is up 77% from its price of ₱0.39 on 18 August 2020. The Filipino market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 37% over the same period. Is New 90 Day High Low • Oct 29
New 90-day high: ₱0.43 The company is up 16% from its price of ₱0.38 on 30 July 2020. The Filipino market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 26% over the same period. Is New 90 Day High Low • Oct 14
New 90-day high: ₱0.42 The company is up 9.0% from its price of ₱0.39 on 16 July 2020. The Filipino market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Hospitality industry, which is also up 9.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day high: ₱0.41 The company is up 6.0% from its price of ₱0.39 on 26 June 2020. The Filipino market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is down 4.0% over the same period.