Reported Earnings • Apr 17
Full year 2025 earnings released: EPS: ₱0.11 (vs ₱0.11 in FY 2024) Full year 2025 results: EPS: ₱0.11 (down from ₱0.11 in FY 2024). Revenue: ₱1.02b (down 9.8% from FY 2024). Net income: ₱449.0m (down 4.8% from FY 2024). Profit margin: 44% (up from 42% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 12
Upcoming dividend of ₱0.08 per share Eligible shareholders must have bought the stock before 19 December 2025. Payment date: 21 January 2026. The company is paying out more than 100% of its profits and is paying out 87% of its cash flow. Trailing yield: 26%. Within top quartile of Filipino dividend payers (6.2%). Higher than average of industry peers (2.6%). Reported Earnings • Nov 16
Third quarter 2025 earnings released: ₱0.03 loss per share (vs ₱0.11 profit in 3Q 2024) Third quarter 2025 results: ₱0.03 loss per share (down from ₱0.11 profit in 3Q 2024). Revenue: ₱16.8m (down 97% from 3Q 2024). Net loss: ₱128.2m (down 128% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 43% 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 • Nov 16
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: 27% Last year net profit margin: 54% 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: Minor Risks Dividend is not well covered by earnings (dividend per share is over 5x earnings per share). Profit margins are more than 30% lower than last year (27% net profit margin). Market cap is less than US$100m (₱3.61b market cap, or US$61.1m). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ₱0.052 (vs ₱0.024 loss in 2Q 2024) Second quarter 2025 results: EPS: ₱0.052 (up from ₱0.024 loss in 2Q 2024). Revenue: ₱355.2m (up 327% from 2Q 2024). Net income: ₱218.4m (up ₱320.0m from 2Q 2024). Profit margin: 62% (up from net loss in 2Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Jul 30
Vantage Equities, Inc., Annual General Meeting, Sep 26, 2025 Vantage Equities, Inc., Annual General Meeting, Sep 26, 2025, at 15:00 W. Australia Standard Time. Reported Earnings • May 01
Full year 2024 earnings released: EPS: ₱0.11 (vs ₱0.13 in FY 2023) Full year 2024 results: EPS: ₱0.11 (down from ₱0.13 in FY 2023). Revenue: ₱1.13b (down 3.8% from FY 2023). Net income: ₱471.7m (down 13% from FY 2023). Profit margin: 42% (down from 47% in FY 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₱1.19, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 14x in the Diversified Financial industry in Philippines. Total returns to shareholders of 57% over the past three years. New Risk • Feb 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Filipino stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 0.2% per year over the past 5 years. High level of non-cash earnings (456% accrual ratio). Minor Risk Market cap is less than US$100m (₱3.95b market cap, or US$67.9m). Recent Insider Transactions • Jan 16
Director recently bought ₱56m worth of stock On the 13th of January, Darlene Mae Sy bought around 80m shares on-market at roughly ₱0.70 per share. This transaction amounted to 28% 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 ₱92m. Insiders have collectively bought ₱293m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 24
Director recently bought ₱8.8m worth of stock On the 19th of December, Darlene Mae Sy bought around 13m shares on-market at roughly ₱0.69 per share. This transaction amounted to 4.7% 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 ₱92m. Insiders have collectively bought ₱230m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 10
Director recently bought ₱2.1m worth of stock On the 5th of December, Darlene Mae Sy bought around 3m shares on-market at roughly ₱0.70 per share. This transaction amounted to 1.1% 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 ₱92m. Insiders have collectively bought ₱221m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 30
Director recently bought ₱47m worth of stock On the 26th of November, Darlene Mae Sy bought around 68m shares on-market at roughly ₱0.70 per share. This transaction amounted to 33% 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 ₱92m. Insiders have collectively bought ₱219m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₱0.11 (vs ₱0.028 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.11 (up from ₱0.028 in 3Q 2023). Revenue: ₱603.9m (up 148% from 3Q 2023). Net income: ₱458.4m (up 390% from 3Q 2023). Profit margin: 76% (up from 38% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Nov 08
Director recently bought ₱32m worth of stock On the 6th of November, Timothy Bryce Sy bought around 42m shares on-market at roughly ₱0.78 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • Sep 18
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: Major Risks Earnings have declined by 11% per year over the past 5 years. High level of non-cash earnings (278% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (₱3.70b market cap, or US$66.3m). Reported Earnings • Aug 14
Second quarter 2024 earnings released: ₱0.041 loss per share (vs ₱0.041 loss in 2Q 2023) Second quarter 2024 results: ₱0.041 loss per share (in line with 2Q 2023). Net loss: ₱170.5m (loss narrowed 1.3% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jul 29
Vantage Equities, Inc., Annual General Meeting, Sep 27, 2024 Vantage Equities, Inc., Annual General Meeting, Sep 27, 2024, at 15:00 W. Australia Standard Time. Reported Earnings • May 01
Full year 2023 earnings released: EPS: ₱0.13 (vs ₱0.018 loss in FY 2022) Full year 2023 results: EPS: ₱0.13 (up from ₱0.018 loss in FY 2022). Revenue: ₱1.17b (up 257% from FY 2022). Net income: ₱544.3m (up ₱618.4m from FY 2022). Profit margin: 47% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ₱0.08 (vs ₱0.072 loss in 3Q 2022) Third quarter 2023 results: EPS: ₱0.08 (up from ₱0.072 loss in 3Q 2022). Net income: ₱338.1m (up ₱641.6m from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • Aug 12
Second quarter 2023 earnings released: ₱0.041 loss per share (vs ₱0.071 loss in 2Q 2022) Second quarter 2023 results: ₱0.041 loss per share (improved from ₱0.071 loss in 2Q 2022). Net loss: ₱172.8m (loss narrowed 43% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 42% 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 • May 23
Vantage Equities, Inc., Annual General Meeting, Oct 28, 2023 Vantage Equities, Inc., Annual General Meeting, Oct 28, 2023. Reported Earnings • May 04
Full year 2022 earnings released: ₱0.018 loss per share (vs ₱0.095 profit in FY 2021) Full year 2022 results: ₱0.018 loss per share (down from ₱0.095 profit in FY 2021). Net loss: ₱74.2m (down 119% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 22
Third quarter 2022 earnings released: ₱0.072 loss per share (vs ₱0.016 profit in 3Q 2021) Third quarter 2022 results: ₱0.072 loss per share (down from ₱0.016 profit in 3Q 2021). Net loss: ₱303.6m (down ₱371.9m from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Sep 07
Vantage Equities, Inc., Annual General Meeting, Oct 28, 2022 Vantage Equities, Inc., Annual General Meeting, Oct 28, 2022, at 15:00 Singapore Standard Time. Agenda: To consider call to order; to consider proof of notice of meeting; to consider Certification of Quorum; to consider approval of the minutes of the previous meeting of stockholders; to consider the approval of 2021 operations and results; to ratify all acts of the Board of Directors and officers; to consider the election of Directors; to consider the appointment of external auditors; and to consider such other business matters. Reported Earnings • Aug 23
Second quarter 2022 earnings released: ₱0.071 loss per share (vs ₱0.069 profit in 2Q 2021) Second quarter 2022 results: ₱0.071 loss per share (down from ₱0.069 profit in 2Q 2021). Net loss: ₱300.5m (down 203% from profit in 2Q 2021). 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 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 02
Full year 2021 earnings released: EPS: ₱0.095 (vs ₱0.092 in FY 2020) Full year 2021 results: EPS: ₱0.095 (up from ₱0.092 in FY 2020). Revenue: ₱976.0m (down 1.0% from FY 2020). Net income: ₱421.5m (up 9.7% from FY 2020). Profit margin: 43% (up from 39% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 24
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: ₱0.016 (up from ₱0.007 in 3Q 2020). Revenue: ₱248.7m (up 12% from 3Q 2020). Net income: ₱68.3m (up 124% from 3Q 2020). Profit margin: 28% (up from 14% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Executive Departure • Oct 07
Independent Director Antonio Samson has left the company On the 30th of September, Antonio Samson's tenure as Independent Director ended. As of June 2021, Antonio still personally held only 125.00k shares (₱125k worth at the time). Antonio is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 4.75 years. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS ₱0.035 (vs ₱0.099 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₱462.8m (down 26% from 2Q 2020). Net income: ₱217.9m (down 48% from 2Q 2020). Profit margin: 47% (down from 67% in 2Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improved over the past week After last week's 15% share price gain to ₱1.05, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 8x in the Diversified Financial industry in Philippines. Total loss to shareholders of 11% over the past three years. Is New 90 Day High Low • Mar 12
New 90-day low: ₱1.00 The company is down 9.0% from its price of ₱1.10 on 11 December 2020. The Filipino market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is down 4.0% over the same period. 