New Risk • Sep 29
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 9.4% 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Share price has been volatile over the past 3 months (9.4% average weekly change). Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to ₱7.36, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 5x in the Real Estate industry in Philippines. Total loss to shareholders of 29% over the past three years. Announcement • Jul 18
8990 Housing Development Corporation proposed to acquire 95% stake in 8990 Holdings, Inc. (PSE:HOUSE). 8990 Housing Development Corporation proposed to acquire 95% stake in 8990 Holdings, Inc. (PSE:HOUSE) on July 16, 2025. A cash consideration valued at PHP 10.42 per share will be paid by 8990 Housing Development Corporation. As part of consideration, an undisclosed value is paid towards common equity of 8990 Holdings, Inc.
The transaction is subject to approval of merger agreement by target board and approval of offer by target shareholders. The deal has been approved by the board. Announcement • Jul 16
8990 Holdings, Inc., Annual General Meeting, Aug 26, 2025 8990 Holdings, Inc., Annual General Meeting, Aug 26, 2025. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ₱0.29 (vs ₱0.32 in 1Q 2024) First quarter 2025 results: EPS: ₱0.29 (down from ₱0.32 in 1Q 2024). Revenue: ₱5.14b (down 1.2% from 1Q 2024). Net income: ₱1.54b (down 9.3% from 1Q 2024). Profit margin: 30% (down from 33% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Apr 17
Full year 2024 earnings released: EPS: ₱1.02 (vs ₱1.24 in FY 2023) Full year 2024 results: EPS: ₱1.02 (down from ₱1.24 in FY 2023). Revenue: ₱19.0b (down 16% from FY 2023). Net income: ₱5.43b (down 19% from FY 2023). Profit margin: 28% (down from 30% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 13% per year. Announcement • Nov 05
8990 Holdings, Inc. Announces Board Changes 8990 Holdings, Inc. announced its board has appointed Gwen Lourdes G. Lim as an independent director effective Monday. Ms. Lim fills the vacancy caused by the resignation of Vittorio P. Lim. Ms. Lim is currently the vice chairman of Southeastasia Retail, Inc. (SEARI), a role she has served since September 2022. She was previously the president of SEARI from February 2015 to August 2022. Ms. Lim has more than 34 years of experience in the local retail industry, with previous positions in SM, Pricesmart Philippines, and S&R Membership Shopping. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: ₱0.31 (vs ₱0.45 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.31 (down from ₱0.45 in 3Q 2023). Revenue: ₱5.54b (down 22% from 3Q 2023). Net income: ₱1.65b (down 32% from 3Q 2023). Profit margin: 30% (down from 34% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ₱0.25 (vs ₱0.31 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.25 (down from ₱0.31 in 2Q 2023). Revenue: ₱4.94b (up 4.5% from 2Q 2023). Net income: ₱1.36b (down 20% from 2Q 2023). Profit margin: 28% (down from 36% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₱10.58, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 6x in the Real Estate industry in Philippines. Total returns to shareholders of 47% over the past three years. Announcement • May 09
8990 Holdings, Inc., Annual General Meeting, Jul 29, 2024 8990 Holdings, Inc., Annual General Meeting, Jul 29, 2024. Location: tba, Philippines Reported Earnings • May 04
Full year 2023 earnings released: EPS: ₱1.24 (vs ₱1.32 in FY 2022) Full year 2023 results: EPS: ₱1.24 (down from ₱1.32 in FY 2022). Revenue: ₱22.7b (up 4.8% from FY 2022). Net income: ₱6.88b (down 2.9% from FY 2022). Profit margin: 30% (down from 33% 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 9% per year whereas the company’s share price has increased by 7% per year. New Risk • Feb 03
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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: ₱0.43 (vs ₱0.49 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.43 (down from ₱0.49 in 3Q 2022). Revenue: ₱7.06b (up 1.1% from 3Q 2022). Net income: ₱2.42b (down 8.4% from 3Q 2022). Profit margin: 34% (down from 38% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ₱0.31 (vs ₱0.33 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.31 (down from ₱0.33 in 2Q 2022). Revenue: ₱4.73b (down 1.5% from 2Q 2022). Net income: ₱1.69b (down 3.9% from 2Q 2022). Profit margin: 36% (in line with 2Q 2022). 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 5% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
8990 Holdings, Inc. Announces Board Appointments 8990 Holdings, Inc. at its AGM, held on 31 July 2023, appointed Luis Michael R. Yu, Vittorio Paolo Lim, and Maria Paz I. Diokno as directors. Announcement • May 23
8990 Holdings, Inc., Annual General Meeting, Jul 31, 2023 8990 Holdings, Inc., Annual General Meeting, Jul 31, 2023. Announcement • May 09
8990 Holdings, Inc. Elects Margarita B. Martinez as Director 8990 Holdings, Inc. announced that in the Board meeting held 8 May 2023, the Board elected Ms. Margarita B. Martinez as director, to fill in one of the two vacancies in the Board. She will serve the unexpired term of her precedessor in interest. Ms. Margarita B. Martinez is currently the President and Managing Director of Bonnesmains Services Corp, and has been serving as such since 2017. Ms. Martinez has obtained a Liberal Arts Studies Certificate from Corpus Christi College, BC Canada in 2009, an Interdisciplinary Design Studies Certificate (Deans Honor Roll) from Kwantlen Polytechnic University, BC Canada, in 2010, and a Foundation in the Creative Arts Certificate from the Lasalle College of the Arts, Singapore in 2012. She graduated First Class Honors with a Bachelor of Arts degree in Fashion Media and Industries from Goldsmiths University of London, Singapore, in 2015. Reported Earnings • Apr 26
Full year 2022 earnings released: EPS: ₱1.32 (vs ₱1.25 in FY 2021) Full year 2022 results: EPS: ₱1.32 (up from ₱1.25 in FY 2021). Revenue: ₱21.6b (up 6.3% from FY 2021). Net income: ₱7.09b (up 5.6% from FY 2021). Profit margin: 33% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. 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. 9 non-independent directors. Independent Director Manuel Crisostomo was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 02
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ₱0.35 (up from ₱0.29 in 1Q 2021). Revenue: ₱5.22b (up 17% from 1Q 2021). Net income: ₱1.90b (up 23% from 1Q 2021). Profit margin: 36% (up from 35% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 62%. Earnings per share (EPS) missed analyst estimates by 18%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jan 12
CFO & Director recently bought ₱57m worth of stock On the 11th of January, Roan Buenaventura-Torregoza bought around 5m shares on-market at roughly ₱11.47 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₱58m. This was Roan's only on-market trade for the last 12 months. Recent Insider Transactions • Dec 18
CEO, President & Director recently bought ₱58m worth of stock On the 16th of December, Anthony Sotto bought around 5m shares on-market at roughly ₱11.50 per share. This was the largest purchase by an insider in the last 3 months. This was Anthony's only on-market trade for the last 12 months. Reported Earnings • Nov 05
Third quarter 2021 earnings released The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ₱5.34b (up 11% from 3Q 2020). Net income: ₱1.94b (up 6.6% from 3Q 2020). Profit margin: 36% (down from 38% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improved over the past week After last week's 20% share price gain to ₱8.99, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 11x in the Real Estate industry in Philippines. Total returns to shareholders of 29% over the past three years. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ₱0.35 (vs ₱0.025 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₱5.54b (up 290% from 2Q 2020). Net income: ₱1.91b (up ₱1.77b from 2Q 2020). Profit margin: 34% (up from 9.8% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 27
First quarter 2021 earnings released: EPS ₱0.29 (vs ₱0.25 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ₱4.48b (up 29% from 1Q 2020). Net income: ₱1.55b (up 18% from 1Q 2020). Profit margin: 35% (down from 38% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year. Is New 90 Day High Low • Feb 27
New 90-day low: ₱7.25 The company is down 18% from its price of ₱8.88 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 Real Estate industry, which is down 1.0% over the same period. Is New 90 Day High Low • Jan 27
New 90-day low: ₱7.43 The company is down 3.0% from its price of ₱7.68 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 Real Estate industry, which is up 17% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: ₱8.39 The company is up 5.0% from its price of ₱7.99 on 20 August 2020. The Filipino market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 21% over the same period. Valuation Update With 7 Day Price Move • Oct 20
Market bids up stock over the past week After last week's 18% share price gain to ₱7.55, the stock is trading at a trailing P/E ratio of 9.6x, up from the previous P/E ratio of 8.2x. This compares to an average P/E of 8x in the Real Estate industry in Philippines. Total returns to shareholders over the past three years are 66%. Is New 90 Day High Low • Oct 12
New 90-day low: ₱6.50 The company is down 33% from its price of ₱9.68 on 14 July 2020. The Filipino market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 6.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: ₱6.91 The company is down 31% from its price of ₱9.97 on 26 June 2020. The Filipino market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 10.0% over the same period. 
