New Risk • May 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 95% Dividend yield: 13% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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: Minor Risks Dividend is not well covered by cash flows (95% cash payout ratio). Revenue is less than US$5m (₱194m revenue, or US$3.1m). Market cap is less than US$100m (₱1.01b market cap, or US$16.4m). New Risk • May 26
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: Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Revenue is less than US$5m (₱194m revenue, or US$3.2m). Market cap is less than US$100m (₱1.02b market cap, or US$16.7m). Announcement • May 13
Altus Property Ventures, Inc. announces Annual dividend, payable on June 08, 2026 Altus Property Ventures, Inc. announced Annual dividend of PHP 1.3000 per share payable on June 08, 2026, ex-date on May 25, 2026 and record date on May 26, 2026. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: ₱0.32 (vs ₱0.44 in 1Q 2025) First quarter 2026 results: EPS: ₱0.32 (down from ₱0.44 in 1Q 2025). Revenue: ₱42.7m (down 24% from 1Q 2025). Net income: ₱32.2m (down 26% from 1Q 2025). Profit margin: 75% (down from 78% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₱10.50, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 6x in the Real Estate industry in Philippines. Total loss to shareholders of 4.5% over the past three years. Reported Earnings • Apr 03
Full year 2025 earnings released: EPS: ₱1.56 (vs ₱1.53 in FY 2024) Full year 2025 results: EPS: ₱1.56 (up from ₱1.53 in FY 2024). Revenue: ₱207.1m (flat on FY 2024). Net income: ₱155.8m (up 2.0% from FY 2024). Profit margin: 75% (up from 73% in FY 2024). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Mar 13
Altus Property Ventures, Inc., Annual General Meeting, May 13, 2026 Altus Property Ventures, Inc., Annual General Meeting, May 13, 2026, at 16:00 W. Australia Standard Time. Location: bit.ly/apvi_asm2026, Philippines Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: ₱0.34 (vs ₱0.37 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.34 (down from ₱0.37 in 3Q 2024). Revenue: ₱49.6m (down 5.4% from 3Q 2024). Net income: ₱33.5m (down 9.3% from 3Q 2024). Profit margin: 68% (down from 70% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 12
Second quarter 2025 earnings released: EPS: ₱0.42 (vs ₱0.37 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.42 (up from ₱0.37 in 2Q 2024). Revenue: ₱53.7m (up 7.4% from 2Q 2024). Net income: ₱41.8m (up 13% from 2Q 2024). Profit margin: 78% (up from 74% in 2Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • May 08
Altus Property Ventures, Inc. Announces Management Changes Altus Property Ventures, Inc. announced that at its AGM held on May 7, 2025, the shareholders elected Kerwin Max S. Tan as director of the company. Iris Fatima V, Cero as assistant corporate secretary. Appointment of the following as members of the committees of the corporation: Audit committee: Maynard S. Ngu, Chairman; Martin Judson Q. Dy Buncio, member; Jean Henri D. Lhuillier, member. Corporate Governance committee: Martin Judson Q. Dy Buncio, Chairman; Maynard S. Ngu, member; Jean Henri D. Lhuillier, member. Board Risk oversight committee: Jean Henri D. Lhuillier, Chairman; Maynard S. Ngu, member; Martin Judson Q. Dy Buncio, member. Related party Transaction committee: Martin Judson Q. Dy Buncio, Chairman; Maynard S. Ngu, member; Jean Henri D. Lhuillier, member. The board of directors also approved the appointment of Martin Q. Dy Buncio as the lead independent director. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: ₱0.44 (vs ₱0.38 in 1Q 2024) First quarter 2025 results: EPS: ₱0.44 (up from ₱0.38 in 1Q 2024). Revenue: ₱56.2m (up 6.3% from 1Q 2024). Net income: ₱43.7m (up 15% from 1Q 2024). Profit margin: 78% (up from 72% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 25
Full year 2024 earnings released: EPS: ₱1.53 (vs ₱1.39 in FY 2023) Full year 2024 results: EPS: ₱1.53 (up from ₱1.39 in FY 2023). Revenue: ₱208.5m (up 2.7% from FY 2023). Net income: ₱152.8m (up 9.8% from FY 2023). Profit margin: 73% (up from 69% in FY 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Mar 07
Altus Property Ventures, Inc., Annual General Meeting, May 07, 2025 Altus Property Ventures, Inc., Annual General Meeting, May 07, 2025, at 16:00 W. Australia Standard Time. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: ₱0.37 (vs ₱0.38 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.37 (down from ₱0.38 in 3Q 2023). Revenue: ₱52.5m (down 1.0% from 3Q 2023). Net income: ₱37.0m (down 2.8% from 3Q 2023). Profit margin: 70% (down from 72% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: ₱0.37 (vs ₱0.32 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.37 (up from ₱0.32 in 2Q 2023). Revenue: ₱49.9m (up 2.9% from 2Q 2023). Net income: ₱36.9m (up 17% from 2Q 2023). Profit margin: 74% (up from 65% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: ₱0.38 (vs ₱0.33 in 1Q 2023) First quarter 2024 results: EPS: ₱0.38 (up from ₱0.33 in 1Q 2023). Revenue: ₱52.9m (up 6.1% from 1Q 2023). Net income: ₱37.9m (up 15% from 1Q 2023). Profit margin: 72% (up from 66% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • Apr 02
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: Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Revenue is less than US$5m (₱203m revenue, or US$3.6m). Market cap is less than US$100m (₱1.07b market cap, or US$19.0m). Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: ₱1.39 (vs ₱1.08 in FY 2022) Full year 2023 results: EPS: ₱1.39 (up from ₱1.08 in FY 2022). Revenue: ₱203.1m (up 4.4% from FY 2022). Net income: ₱139.1m (up 29% from FY 2022). Profit margin: 69% (up from 56% in FY 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 13
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.5% to ₱9.80. The fair value is estimated to be ₱8.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 54%. Announcement • Mar 09
Altus Property Ventures, Inc., Annual General Meeting, May 06, 2024 Altus Property Ventures, Inc., Annual General Meeting, May 06, 2024, at 15:30 Singapore Standard Time. Buy Or Sell Opportunity • Feb 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to ₱9.86. The fair value is estimated to be ₱8.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 54%. Buy Or Sell Opportunity • Feb 06
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 5.3% to ₱9.38. The fair value is estimated to be ₱7.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 54%. Buy Or Sell Opportunity • Jan 19
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 7.1% to ₱9.39. The fair value is estimated to be ₱7.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 54%. Announcement • Jan 11
Altus Property Ventures, Inc. Announces Board Changes, Effective from January 9, 2024 The Board of Directors of Altus Property Ventures, Inc. (APVI) has duly elected Ms. Maria Socorro Isabelle V. Aragon-Gobio as member of the Board of Directors of APVI effective January 9, 2024. The Board likewise elected Mr. Faraday D. Go as Chairman of the Board effective January 9, 2024. Announcement • Dec 20
Altus Property Ventures, Inc. Announces Directorate Changes The Board of Directors of Altus Property Ventures, Inc. (APVI) has duly accepted the resignation of Mr. Frederick D. Go as Chairman and member of the Board of Directors of APVI effective January 8, 2024, due to his appointment as Special Assistant to the President for Investment and Economic Affairs. The Board likewise approved the appointment of Mr. Lance Y. Gokongwei as Chairman of the Board of APVI and the appointment of Mr. Joel S. Lumanlan as member of the Board of APVI, effective January 8, 2024. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ₱0.38 (vs ₱0.24 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.38 (up from ₱0.24 in 3Q 2022). Revenue: ₱53.0m (up 17% from 3Q 2022). Net income: ₱38.0m (up 58% from 3Q 2022). Profit margin: 72% (up from 53% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Aug 11
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 6.7% 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 (6.7% average weekly change). Revenue is less than US$5m (₱194m revenue, or US$3.5m). Market cap is less than US$100m (₱930.0m market cap, or US$16.6m). Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: ₱1.08 (vs ₱0.65 in FY 2021) Full year 2022 results: EPS: ₱1.08 (up from ₱0.65 in FY 2021). Revenue: ₱194.4m (up 50% from FY 2021). Net income: ₱108.0m (up 67% from FY 2021). Profit margin: 56% (up from 50% in FY 2021). The increase in margin was driven by higher revenue. 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. 3 independent directors (4 non-independent directors). Independent Director Jean Henri Lhuillier 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 • Aug 21
Second quarter 2022 earnings released: EPS: ₱0.23 (vs ₱0.12 in 2Q 2021) Second quarter 2022 results: EPS: ₱0.23 (up from ₱0.12 in 2Q 2021). Revenue: ₱47.3m (up 54% from 2Q 2021). Net income: ₱23.0m (up 90% from 2Q 2021). Profit margin: 49% (up from 39% in 2Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₱12.50, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 7x in the Real Estate industry in Philippines. Total loss to shareholders of 29% over the past year. Announcement • May 14
Altus Property Ventures, Inc. Approves Committee Appointments Altus Property Ventures, Inc. announced that at its held AGM, appointed Frederick D. Go, Faraday D. Go as members of the Corporate Governance Committee, Jean Henri D Lhuillier as chairman, Maynard S. Ngu, Martin Q. Dy Buncio, Frederick D. Go, Faraday D. Go as members of the Board Risk Oversight Committee, Martin Q. Dy Buncio as chairman, Maynard S. Ngu, Jean Henri D. Lhuillier as members of related party transaction Committee. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Jean Henri Lhuillier was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 07
Full year 2021 earnings released: EPS: ₱0.65 (vs ₱0.22 in FY 2020) Full year 2021 results: EPS: ₱0.65 (up from ₱0.22 in FY 2020). Revenue: ₱129.4m (up 85% from FY 2020). Net income: ₱64.8m (up 195% from FY 2020). Profit margin: 50% (up from 31% in FY 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 16% share price gain to ₱20.75, the stock trades at a trailing P/E ratio of 46.6x. Average trailing P/E is 13x in the Real Estate industry in Philippines. Total returns to shareholders of 37% over the past year. Announcement • Aug 26
Altus Property Ventures, Inc.(PSE:APVI) dropped from PSE All Share Index Altus Property Ventures, Inc. has been removed from Philippines All Share Index. Executive Departure • Jun 11
Corporate Secretary Elaine Miranda-Araneta has left the company On the 3rd of June, Elaine Miranda-Araneta's tenure as Corporate Secretary ended after less than a year in the role. We don't have any record of a personal shareholding under Elaine's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Apr 19
Full year 2020 earnings released: EPS ₱0.22 (vs ₱0.65 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₱70.0m (down 48% from FY 2019). Net income: ₱22.0m (down 66% from FY 2019). Profit margin: 31% (down from 48% in FY 2019). The decrease in margin was driven by lower revenue. Announcement • Mar 18
Altus Property Ventures, Inc., Annual General Meeting, May 13, 2021 Altus Property Ventures, Inc., Annual General Meeting, May 13, 2021, at 13:00 Singapore Standard Time. Agenda: To consider Proof of notice of the meeting and existence of a quorum; to reading and approval of the minutes of the annual meeting of the stockholders held on august 28, 2020; to presentation of annual report and approval of the financial statements for the preceding year; to election of board of directors; to appointment of external auditor; to ratification of the acts of the board of directors and its committees, officers and management; to consideration of such other matters as may properly come during the meeting; and to consider other matter. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 32% share price gain to ₱25.10, the stock is trading at a trailing P/E ratio of 76.2x, up from the previous P/E ratio of 57.7x. This compares to an average P/E of 11x in the Real Estate industry in Philippines. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₱17.00, the stock is trading at a trailing P/E ratio of 51.6x, down from the previous P/E ratio of 65.2x. This compares to an average P/E of 10x in the Real Estate industry in Philippines. Is New 90 Day High Low • Jan 18
New 90-day high: ₱17.00 The company is up 57% from its price of ₱10.84 on 21 October 2020. The Filipino market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 26% over the same period. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 34% share price gain to ₱17.00, the stock is trading at a trailing P/E ratio of 51.6x, up from the previous P/E ratio of 38.5x. This compares to an average P/E of 10x in the Real Estate industry in Philippines. Valuation Update With 7 Day Price Move • Nov 28
Market bids up stock over the past week After last week's 16% share price gain to ₱14.92, the stock is trading at a trailing P/E ratio of 32.6x, up from the previous P/E ratio of 28.2x. This compares to an average P/E of 10x in the Real Estate industry in Philippines. Is New 90 Day High Low • Nov 25
New 90-day high: ₱14.10 The company is up 12% from its price of ₱12.62 on 27 August 2020. The Filipino market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 27% over the same period. Valuation Update With 7 Day Price Move • Oct 27
Market bids up stock over the past week After last week's 19% share price gain to ₱12.88, the stock is trading at a trailing P/E ratio of 28.1x, up from the previous P/E ratio of 23.5x. This compares to an average P/E of 7x in the Real Estate industry in Philippines. Valuation Update With 7 Day Price Move • Oct 12
Market bids up stock over the past week After last week's 23% share price gain to ₱11.00, the stock is trading at a trailing P/E ratio of 24x, up from the previous P/E ratio of 19.5x. This compares to an average P/E of 7x in the Real Estate industry in Philippines. 
