New Risk • May 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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 Market cap is less than US$10m (₱287.5m market cap, or US$4.67m). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (₱67m revenue, or US$1.1m). Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ₱0.03 (vs ₱0.03 in 1Q 2025) First quarter 2026 results: EPS: ₱0.03 (in line with 1Q 2025). Revenue: ₱17.6m (up 10% from 1Q 2025). Net income: ₱5.94m (down 2.9% from 1Q 2025). Profit margin: 34% (down from 38% 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 107% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • May 15
Kepwealth Property Phils., Inc., Annual General Meeting, Jul 08, 2026 Kepwealth Property Phils., Inc., Annual General Meeting, Jul 08, 2026, at 08:01 W. Australia Standard Time. New Risk • Apr 28
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: ₱61m (US$998k) This is considered a major risk. Companies with a small amount of revenue 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 Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (₱61m revenue, or US$998k). Market cap is less than US$10m (₱289.5m market cap, or US$4.72m). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₱1.44, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 6x in the Real Estate industry in Philippines. Total loss to shareholders of 4.0% over the past three years. Announcement • Apr 16
Forward Synergy Group, Inc. completed the acquisition of 86.83% stake in Keppel Philippines Properties, Inc. (PSE:KEP) from Keppel Management Ltd., Kepwealth Property Phils., Inc. (PSE:KPPI), Molten Pte. Ltd. and Keppel Ltd. (SGX:BN4). Forward Synergy Group, Inc. entered into a share purchase agreement to acquire 86.83% stake in Keppel Philippines Properties, Inc. (PSE:KEP) from Keppel Management Ltd., Kepwealth Property Phils., Inc. (PSE:KPPI), Molten Pte. Ltd. and Keppel Ltd. (SGX:BN4) for approximately PHP 470 million on February 12, 2026. A cash consideration of PHP 472.66 million valued at PHP 1.8526 per share will be paid by Forward Synergy Group, Inc. As part of consideration, PHP 472.66 million is paid towards common equity of Keppel Philippines Properties, Inc. As of February 19, 2026, in a related transaction, Forward Synergy Group, Inc. announced of its intention to conduct a mandatory tender offer to acquire the remaining 13.17% stake in Keppel Philippines Properties, Inc.
The Transaction is subject to the fulfillment of certain conditions precedent, including the conduct of a mandatory tender offer by Forward Synergy Group, Inc.
Forward Synergy Group, Inc. completed the acquisition of 86.83% stake in Keppel Philippines Properties, Inc. (PSE:KEP) from Keppel Management Ltd., Kepwealth Property Phils., Inc. (PSE:KPPI), Molten Pte. Ltd. and Keppel Ltd. (SGX:BN4) on April 14, 2026. As a result of the transaction, Keppel Philippines Properties, Inc. will change its name to FSG Venture Holdings, Inc. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₱1.55, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 6x in the Real Estate industry in Philippines. Total loss to shareholders of 11% over the past three years. Announcement • Feb 13
Forward Synergy Group, Inc. entered into a share purchase agreement to acquire 86.83% stake in Keppel Philippines Properties, Inc. (PSE:KEP) from Keppel Management Ltd., Kepwealth Property Phils., Inc. (PSE:KPPI), Molten Pte. Ltd. and Keppel Ltd. (SGX:BN4) for approximately PHP 470 million. Forward Synergy Group, Inc. entered into a share purchase agreement to acquire 86.83% stake in Keppel Philippines Properties, Inc. (PSE:KEP) from Keppel Management Ltd., Kepwealth Property Phils., Inc. (PSE:KPPI), Molten Pte. Ltd. and Keppel Ltd. (SGX:BN4) for approximately PHP 470 million on February 12, 2026. A cash consideration of PHP 472.66 million valued at PHP 1.8526 per share will be paid by Forward Synergy Group, Inc. As part of consideration, PHP 472.66 million is paid towards common equity of Keppel Philippines Properties, Inc.
The Transaction is subject to the fulfillment of certain conditions precedent, including the conduct of a mandatory tender offer by Forward Synergy Group, Inc. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₱1.56, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 6x in the Real Estate industry in Philippines. Total loss to shareholders of 13% over the past three years. Board Change • Dec 12
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. 4 experienced directors. 3 highly experienced directors. 2 independent directors (5 non-independent directors). Non-executive Independent Director Mark Anthony Migallos 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. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₱1.30, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 5x in the Real Estate industry in Philippines. Total loss to shareholders of 14% over the past three years. Board Change • Nov 18
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. 4 experienced directors. 3 highly experienced directors. 2 independent directors (5 non-independent directors). Non-executive Independent Director Mark Anthony Migallos 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 • Nov 16
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₱16.8m (up 29% from 3Q 2024). Net income: ₱4.14m (up 38% from 3Q 2024). Profit margin: 25% (up from 23% in 3Q 2024). Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₱1.10, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 5x in the Real Estate industry in Philippines. Total loss to shareholders of 45% over the past three years. Board Change • Oct 22
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. 5 experienced directors. 2 highly experienced directors. 2 independent directors (5 non-independent directors). Non-executive Independent Director Mark Anthony Migallos 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 • Sep 03
Second quarter 2025 earnings released: EPS: ₱0.02 (vs ₱0.007 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.02 (up from ₱0.007 in 2Q 2024). Revenue: ₱15.4m (up 33% from 2Q 2024). Net income: ₱3.95m (up 176% from 2Q 2024). Profit margin: 26% (up from 12% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Board Change • Aug 26
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. 5 experienced directors. 2 highly experienced directors. 2 independent directors (5 non-independent directors). Non-executive Independent Director Mark Anthony Migallos 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. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₱1.45, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 6x in the Real Estate industry in Philippines. Total loss to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₱1.65, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 5x in the Real Estate industry in Philippines. Total loss to shareholders of 39% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ₱0.03 (vs ₱0.003 loss in 1Q 2024) First quarter 2025 results: EPS: ₱0.03 (up from ₱0.003 loss in 1Q 2024). Revenue: ₱16.0m (up 51% from 1Q 2024). Net income: ₱6.11m (up ₱6.68m from 1Q 2024). Profit margin: 38% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. New Risk • Apr 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 776% 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 73% per year over the past 5 years. Revenue is less than US$1m (₱48m revenue, or US$850k). Market cap is less than US$10m (₱263.4m market cap, or US$4.64m). Minor Risk Large one-off items impacting financial results. Reported Earnings • Apr 16
Full year 2024 earnings released: EPS: ₱0.04 (vs ₱0.007 loss in FY 2023) Full year 2024 results: EPS: ₱0.04 (up from ₱0.007 loss in FY 2023). Revenue: ₱48.3m (up 3.8% from FY 2023). Net income: ₱7.31m (up ₱8.70m from FY 2023). Profit margin: 15% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Apr 08
Kepwealth Property Phils., Inc., Annual General Meeting, Jul 09, 2025 Kepwealth Property Phils., Inc., Annual General Meeting, Jul 09, 2025, at 08:01 W. Australia Standard Time. Announcement • Apr 04
Kepwealth Property Phils., Inc. (PSE:KPPI) acquired an additional 29.52% stake in Keppel Philippines Holdings, Inc. (PSE:KPHB) from Keppel Ltd. (SGX:BN4) for approximately PHP 460 million. Kepwealth Property Phils., Inc. (PSE:KPPI) acquired an additional 29.52% stake in Keppel Philippines Holdings, Inc. (PSE:KPHB) from Keppel Ltd. (SGX:BN4) for approximately PHP 460 million on April 2, 2025. The divestment is not expected to have any material impact on the net tangible assets per share or earnings per share of Keppel for the current financial year.
Kepwealth Property Phils., Inc. (PSE:KPPI) completed the acquisition of an additional 29.52% stake in Keppel Philippines Holdings, Inc. (PSE:KPHB) from Keppel Ltd. (SGX:BN4) on April 2, 2025. Kepwealth Property Phils., Inc's acquisition of 16,894,087 KPHB shares owned by Keppel Ltd. in the Corporation at PHP 27.40 per share. This represents 29.52% of the Corporation’s total issued and outstanding shares. With this acquisition, Kepwealth’s shareholdings in the Corporation now stands at 89.86%. The acquisition is pursuant to Kepwealth’s Tender Offer for all the outstanding common shares of the Corporation owned by the stockholders for the purpose of the Corporation’s Voluntary Delisting. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₱1.35, the stock trades at a trailing P/E ratio of 72.9x. Average trailing P/E is 5x in the Real Estate industry in Philippines. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₱1.28, the stock trades at a trailing P/E ratio of 69.1x. Average trailing P/E is 5x in the Real Estate industry in Philippines. Total loss to shareholders of 53% over the past three years. Board Change • Jan 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. 5 experienced directors. 2 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Mark Anthony Migallos 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. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₱1.26, the stock trades at a trailing P/E ratio of 68x. Average trailing P/E is 5x in the Real Estate industry in Philippines. Total loss to shareholders of 58% over the past three years. New Risk • Dec 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 7.8% 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 74% per year over the past 5 years. Revenue is less than US$1m (₱46m revenue, or US$780k). Market cap is less than US$10m (₱311.6m market cap, or US$5.32m). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ₱0.01 (vs ₱0.01 loss in 3Q 2023) Third quarter 2024 results: EPS: ₱0.01 (up from ₱0.01 loss in 3Q 2023). Revenue: ₱13.0m (up 11% from 3Q 2023). Net income: ₱2.99m (up ₱4.96m from 3Q 2023). Profit margin: 23% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 34% per year whereas the company’s share price has fallen by 32% per year. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: ₱0.01 (vs ₱0.004 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.01 (up from ₱0.004 in 2Q 2023). Net income: ₱1.43m (up 64% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Reported Earnings • May 09
First quarter 2024 earnings released First quarter 2024 results: Net loss: ₱568.6k (loss widened 260% from 1Q 2023). Reported Earnings • Apr 22
Full year 2023 earnings released: ₱0.007 loss per share (vs ₱0.002 loss in FY 2022) Full year 2023 results: ₱0.007 loss per share (further deteriorated from ₱0.002 loss in FY 2022). Net loss: ₱1.39m (loss widened 196% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. New Risk • Apr 15
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 9.0% 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 73% per year over the past 5 years. Revenue is less than US$1m (₱47m revenue, or US$834k). Market cap is less than US$10m (₱361.9m market cap, or US$6.37m). Minor Risk Share price has been volatile over the past 3 months (9.0% average weekly change). Announcement • Apr 06
Kepwealth Property Phils., Inc., Annual General Meeting, Jul 10, 2024 Kepwealth Property Phils., Inc., Annual General Meeting, Jul 10, 2024, at 08:01 Singapore Standard Time. Reported Earnings • Nov 14
Third quarter 2023 earnings released: ₱0.01 loss per share (vs ₱0.002 profit in 3Q 2022) Third quarter 2023 results: ₱0.01 loss per share (down from ₱0.002 profit in 3Q 2022). Net loss: ₱1.97m (down ₱2.46m from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₱12.4m (down 4.4% from 2Q 2022). Net income: ₱873.5k (up 133% from 2Q 2022). Profit margin: 7.0% (up from 2.9% in 2Q 2022). Reported Earnings • Apr 20
Full year 2022 earnings released Full year 2022 results: Net loss: ₱468.6k (down 115% from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
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. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Mark Anthony Migallos 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 11
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₱13.0m (down 9.2% from 2Q 2021). Net income: ₱374.2k (up 22% from 2Q 2021). Profit margin: 2.9% (up from 2.1% in 2Q 2021). Buying Opportunity • May 25
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 6.5%. The fair value is estimated to be ₱3.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 26% over the last year. Earnings per share has declined by 84%. Reported Earnings • May 16
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₱12.2m (down 16% from 1Q 2021). Net loss: ₱615.8k (down 152% from profit in 1Q 2021). 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. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Mark Anthony Migallos 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 • Apr 18
Full year 2021 earnings released: EPS: ₱0.02 (vs ₱0.099 in FY 2020) Full year 2021 results: EPS: ₱0.02 (down from ₱0.099 in FY 2020). Revenue: ₱55.1m (down 32% from FY 2020). Net income: ₱3.12m (down 84% from FY 2020). Profit margin: 5.7% (down from 24% in FY 2020). The decrease in margin was driven by lower revenue. Announcement • Apr 06
Kepwealth Property Phils., Inc., Annual General Meeting, Jul 13, 2022 Kepwealth Property Phils., Inc., Annual General Meeting, Jul 13, 2022, at 08:00 Singapore Standard Time. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS ₱0.002 (vs ₱0.02 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₱13.3m (down 28% from 3Q 2020). Net income: ₱292.6k (down 94% from 3Q 2020). Profit margin: 2.2% (down from 25% in 3Q 2020). The decrease in margin was driven by lower revenue. Announcement • Aug 26
Kepwealth Property Phils., Inc.(PSE:KPPI) dropped from PSE All Share Index Kepwealth Property Phils., Inc. has been removed from Philippines All Share Index. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS ₱0.003 (vs ₱0.03 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₱14.3m (down 43% from 2Q 2020). Net income: ₱306.4k (down 95% from 2Q 2020). Profit margin: 2.1% (down from 25% in 2Q 2020). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Mar 09
New 90-day low: ₱5.60 The company is down 10.0% from its price of ₱6.19 on 09 December 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 4.0% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: ₱6.71 The company is up 25% from its price of ₱5.35 on 17 September 2020. The Filipino market is up 22% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Real Estate industry, which is up 31% over the same period. Valuation Update With 7 Day Price Move • Nov 17
Market bids up stock over the past week After last week's 17% share price gain to ₱6.46, the stock is trading at a trailing P/E ratio of 26.1x, up from the previous P/E ratio of 22.3x. This compares to an average P/E of 10x in the Real Estate industry in Philippines. Total return to shareholders over the past year is a loss of 48%. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS ₱0.02 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ₱18.5m (down 27% from 3Q 2019). Net income: ₱4.62m (up 160% from 3Q 2019). Profit margin: 25% (up from 7.0% in 3Q 2019). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Nov 03
New 90-day high: ₱5.61 The company is up 8.0% from its price of ₱5.18 on 05 August 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 10.0% over the same period. Is New 90 Day High Low • Oct 06
New 90-day low: ₱4.97 The company is down 15% from its price of ₱5.84 on 08 July 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 8.0% over the same period.