Announcement • Jun 10
Ferronoux Holdings, Inc., Annual General Meeting, Aug 25, 2026 Ferronoux Holdings, Inc., Annual General Meeting, Aug 25, 2026, at 14:00 W. Australia Standard Time. Location: participatingremotely., Philippines New Risk • May 26
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 19% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 59% per year over the past 5 years. Revenue is less than US$1m (₱1.3m revenue, or US$21k). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (₱858.0m market cap, or US$14.0m). New Risk • Nov 24
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 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 26% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Revenue is less than US$1m (₱2.5m revenue, or US$42k). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (₱1.69b market cap, or US$28.7m). New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings have declined by 26% 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 26% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Revenue is less than US$1m (₱2.5m revenue, or US$42k). Minor Risk Market cap is less than US$100m (₱1.71b market cap, or US$28.9m). New Risk • Aug 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Revenue is less than US$1m (₱3.3m revenue, or US$58k). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.2% net profit margin). Market cap is less than US$100m (₱2.14b market cap, or US$37.4m). Board Change • Jul 22
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 8 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Lead Director Mathew-John Almogino is the most experienced director on the board, commencing their role in 2017. Independent Director Kathryn Faderon-Dionisio was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • May 05
Ferronoux Holdings, Inc., Annual General Meeting, Jun 27, 2025 Ferronoux Holdings, Inc., Annual General Meeting, Jun 27, 2025, at 14:00 W. Australia Standard Time. New Risk • Mar 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% 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 Shares are highly illiquid. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Revenue is less than US$1m (₱3.3m revenue, or US$57k). Minor Risk Market cap is less than US$100m (₱2.67b market cap, or US$46.5m). Board Change • Mar 04
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Omar Taccad was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jan 03
Ferronoux Holdings, Inc. Announces CFO Changes Ferronoux Holdings, Inc. announced at the special meeting of the Board of Directors held on December 27, 2024, the Board approved the following: Resignation of Mr. Erwin Terrell Y. Sy as Chief Financial Officer/Treasurer and Election of Atty. Johannes R. Bernabe as Chief Financial Officer/Treasurer. Announcement • Jan 02
Ferronoux Holdings, Inc. Announces Board and Committee Changes Ferronoux Holdings, Inc. announced at the special meeting of the Board of Directors held on December 27, 2024, the Board approved the following: Resignation of Mr. Michael C. Cosiquien as Director, Chairman and Election of Mr. James Lorenzana as Director and Chairman; Resignation of Mr. Erwin Terrell Y. Sy as Director and Chief Financial Officer/Treasurer, Election of Atty. Johannes R. Bernabe as Director and Chief Financial Officer/Treasurer; Resignation of Ms. Michelle Joan G. Tan as Director and Election of Atty. Fiorello Raymundo Jose as Director; Resignation of Atty. Joan C. Musico as Chief Information Officer; and Resignation of Mr. Bryan Joseph Garcia as Investor Relations Officer. Changes in the composition of the following Board Committees: a. Executive Committee: Mr. James Lorenzana - Chairman (new); Atty. Philipe T. Aquino Member; Atty. Abel M. Almario Member. b. Audit Committee: Atty. Mathew-John G. Almogino – Chairman; Atty. Philipe T. Aquino Member; Atty. Johannes Bernabe - Member (new). c. Board Risk Oversight Committee: Atty. Mathew-John G. Almogino – Chairman; Atty. Fiorello R. Jose Member (new); Atty. Johannes Bernabe - Member (new). d. Related Party Transaction Committee: Atty. Omar C. Taccad - Chairman (new); Atty. Philipe T. Aquino- Member; Atty. Johannes Bernabe - Member (new). Announcement • Dec 19
Ferronoux Holdings, Inc. Announces Board and Committee Changes Ferronoux Holdings, Inc. announced that at the special meeting of the Board of Directors held on December 18, 2024, the Board approved the Changes in the composition of the Board of Directors and Officers: Resignation of Independent director, Alfred S. Jacinto and Election of Atty. Omar C. Taccad as independent director; Resignation of Irving C. Cosiquien and Election of Atty. Rex Peter G. Raz as director; Resignation of Atty. Manuel Z. Gonzalez and Appointment of Atty. Phil Ivan A. Chan as Corporate Secretary; and resignation of Atty. Gwyneth S. Ong as Assistant Corporate Secretary. Changes in the composition of the Corporate Governance Committee, as follows: Atty. Omar C. Taccad - Chairman (new) Atty. Abel M. Almario - Member Atty. Rex Peter G. Raz - Member (new). New Risk • Nov 06
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 7.1% 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 Risks Revenue is less than US$1m (₱3.3m revenue, or US$56k). Market cap is less than US$10m (₱544.6m market cap, or US$9.24m). Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). New Risk • May 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₱576.0m (US$9.91m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (₱3.3m revenue, or US$56k). Market cap is less than US$10m (₱576.0m market cap, or US$9.91m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (23% net profit margin). New Risk • May 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (₱3.3m revenue, or US$57k). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (23% net profit margin). Market cap is less than US$100m (₱604.8m market cap, or US$10.5m). Announcement • May 11
Ferronoux Holdings, Inc., Annual General Meeting, Jun 28, 2024 Ferronoux Holdings, Inc., Annual General Meeting, Jun 28, 2024, at 13:00 W. Australia Standard Time. New Risk • Nov 14
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 7.1% 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 Revenue is less than US$1m (₱3.3m revenue, or US$59k). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (₱706.9m market cap, or US$12.7m). New Risk • Aug 22
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 7.1% 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 Revenue is less than US$1m (₱3.3m revenue, or US$59k). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (₱775.0m market cap, or US$13.8m). Announcement • Aug 08
Ferronoux Holdings, Inc., Annual General Meeting, Oct 20, 2023 Ferronoux Holdings, Inc., Annual General Meeting, Oct 20, 2023, at 13:00 Singapore Standard Time. Agenda: To consider Call to Order; to consider Proof of Notice of the Meeting and Determination of Quorum; to consider Approval of the Minutes of the Stockholders' Meeting held on November 14, 2022; to consider Management's Report; to consider Ratification of the Acts of the Board of Directors and Management during the Previous Year; to consider Election of Directors (including Independent Directors); and to consider other matters. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Alfred Jacinto was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 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. 7 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Alfred Jacinto was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Is New 90 Day High Low • Feb 25
New 90-day low: ₱3.22 The company is down 20% from its price of ₱4.05 on 27 November 2020. The Filipino market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Finance industry, which is up 15% over the same period. Is New 90 Day High Low • Jan 27
New 90-day low: ₱3.44 The company is down 4.0% from its price of ₱3.60 on 30 October 2020. The Filipino market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Finance industry, which is up 27% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: ₱4.50 The company is up 61% from its price of ₱2.80 on 11 September 2020. The Filipino market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Finance industry, which is up 21% over the same period. Is New 90 Day High Low • Oct 07
New 90-day high: ₱3.40 The company is up 39% from its price of ₱2.45 on 09 July 2020. The Filipino market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Finance industry, which is up 6.0% over the same period. Is New 90 Day High Low • Sep 22
New 90-day high: ₱3.14 The company is up 24% from its price of ₱2.53 on 23 June 2020. The Filipino market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Finance industry, which is up 9.0% over the same period.