New Risk • May 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). High level of non-cash earnings (26% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.6% average weekly change). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₱131, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 5x in the Real Estate industry in Philippines. Total loss to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₱108, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 5x in the Real Estate industry in Philippines. Total loss to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₱129, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 5x in the Real Estate industry in Philippines. Total loss to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₱110, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 6x in the Real Estate industry in Philippines. Total loss to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₱107, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 6x in the Real Estate industry in Philippines. Total loss to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₱151, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 5x in the Real Estate industry in Philippines. Negligible returns to shareholders over past three years. Board Change • Dec 11
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 Roberto Jose Castillo was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Nov 12
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 13% 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 Interest payments are not well covered by earnings (0.8x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 3.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risk Market cap is less than US$100m (₱5.59b market cap, or US$94.5m). New Risk • Oct 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₱5.17b (US$88.9m) This is considered a minor 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 Interest payments are not well covered by earnings (0.8x net interest cover). Earnings have declined by 3.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₱5.17b market cap, or US$88.9m). New Risk • Aug 19
New major risk - Revenue and earnings growth Earnings have declined by 3.3% 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 Interest payments are not well covered by earnings (0.8x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 3.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Announcement • Jul 21
Uniholdings Inc., Annual General Meeting, Sep 25, 2025 Uniholdings Inc., Annual General Meeting, Sep 25, 2025, at 14:30 W. Australia Standard Time. New Risk • May 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 6x increase in shares outstanding. 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 Interest payments are not well covered by earnings (0.4x net interest cover). Share price has been highly volatile over the past 3 months (16% average weekly change). Shareholders have been substantially diluted in the past year (over 6x increase in shares outstanding). Minor Risk Revenue is less than US$5m (₱144m revenue, or US$2.6m). New Risk • May 18
New major risk - Revenue size The company makes less than US$1m in revenue. 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (₱1.75b market cap, or US$31.4m). New Risk • Feb 28
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 15% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risk Market cap is less than US$100m (₱2.56b market cap, or US$44.2m). Board Change • Feb 21
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 Roberto Jose Castillo was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Dec 10
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 14% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Market cap is less than US$100m (₱1.95b market cap, or US$33.6m). Board Change • Dec 02
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. 5 non-independent directors. Lead Independent Director Macdarren Sy was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 11
Uniholdings Inc. Announces Retirement of Yao Chia Yu as Independent Director Uniholdings Inc. announced retirement of Mr. Yao Chia Yu as Independent Director effective 10 September 2024. New Risk • Aug 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. 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 Market cap is less than US$100m (₱2.00b market cap, or US$35.2m). Reported Earnings • Aug 14
First half 2024 earnings released First half 2024 results: Net loss: ₱23.0m (down 105% from profit in 1H 2023). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Aug 10
Uniholdings Inc., Annual General Meeting, Sep 19, 2024 Uniholdings Inc., Annual General Meeting, Sep 19, 2024, at 14:30 W. Australia Standard Time. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorates as stock falls 30% After last week's 30% share price decline to ₱113, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 6x in the Real Estate industry in Philippines. Total loss to shareholders of 41% over the past three years. Reported Earnings • May 03
Full year 2023 earnings released: EPS: ₱35.08 (vs ₱0.21 in FY 2022) Full year 2023 results: EPS: ₱35.08 (up from ₱0.21 in FY 2022). Revenue: ₱549.9m (up ₱547.1m from FY 2022). Net income: ₱361.2m (up ₱359.1m from FY 2022). Profit margin: 66% (down from 77% 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 120% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • Nov 21
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. 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). High level of non-cash earnings (44% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₱1.66b market cap, or US$30.0m). Reported Earnings • Nov 15
Third quarter 2023 earnings released: ₱3.29 loss per share (vs ₱0.17 loss in 3Q 2022) Third quarter 2023 results: ₱3.29 loss per share (further deteriorated from ₱0.17 loss in 3Q 2022). Revenue: ₱257.1k (flat on 3Q 2022). Net loss: ₱33.9m (loss widened ₱32.2m from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to ₱134, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 7x in the Real Estate industry in Philippines. Total returns to shareholders of 16% over the past three years. Announcement • Aug 15
Chemical Industries of the Philippines, Inc., Annual General Meeting, Sep 21, 2023 Chemical Industries of the Philippines, Inc., Annual General Meeting, Sep 21, 2023, at 14:30 Singapore Standard Time. Reported Earnings • Aug 15
Second quarter 2023 earnings released: ₱7.82 loss per share (vs ₱0.19 loss in 2Q 2022) Second quarter 2023 results: ₱7.82 loss per share (further deteriorated from ₱0.19 loss in 2Q 2022). Revenue: ₱257.1k (down 59% from 2Q 2022). Net loss: ₱80.5m (loss widened ₱78.5m from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improves as stock rises 43% After last week's 43% share price gain to ₱264, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 6x in the Real Estate industry in Philippines. Total returns to shareholders of 105% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 50% After last week's 50% share price gain to ₱185, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 6x in the Real Estate industry in Philippines. Total returns to shareholders of 43% over the past three years. Board Change • Jun 03
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. Lead Independent Director Macdarren Sy was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 25
Chemical Industries of the Philippines, Inc. Elects Ms. Geminesse L. Co as the Chief Executive Officer Chemical Industries of the Philippines, Inc. elected Ms. Geminesse L. Co as the Chief Executive Officer of the Corporation, effective May 24, 2023. Announcement • May 24
Chemical Industries of the Philippines, Inc. Announces Executive Changes On 24 May 2023, the Board of Directors of Chemical Industries of the Philippines elected Ms. Geminesse L. Co as the replacement Director to replace her predecessor Mr. Chi Thing Co, effective May 22, 2023, upon his resignation and elected Ms. Janice Eunicia C. Roxas-Chua as the new Chairman to replace her predecessor Mr. Chi Thing Co upon his resignation, and eliminated the position of Chief Operating Officer previously held by Ms. Roxas-Chua. Valuation Update With 7 Day Price Move • May 23
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₱120, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 7x in the Real Estate industry in Philippines. Total loss to shareholders of 7.7% over the past three years. Reported Earnings • Apr 19
Full year 2022 earnings released: EPS: ₱0.21 (vs ₱2.24 loss in FY 2021) Full year 2022 results: EPS: ₱0.21 (up from ₱2.24 loss in FY 2021). Revenue: ₱2.78m (down 65% from FY 2021). Net income: ₱2.15m (up ₱25.2m from FY 2021). Profit margin: 77% (up from net loss in FY 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Board Change • Jan 19
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. Lead Independent Director Macdarren Sy was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 17
Third quarter 2022 earnings released: ₱0.17 loss per share (vs ₱0.07 loss in 3Q 2021) Third quarter 2022 results: ₱0.17 loss per share (further deteriorated from ₱0.07 loss in 3Q 2021). Net loss: ₱1.73m (loss widened 139% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Announcement • Aug 09
Chemical Industries of the Philippines, Inc., Annual General Meeting, Sep 15, 2022 Chemical Industries of the Philippines, Inc., Annual General Meeting, Sep 15, 2022, at 09:00 Singapore Standard Time. Agenda: To consider presentation of the 2021 Annual Reports; to consider election of Directors; to consider appointment of External Auditor; to consider ratification of the Board Resolution Amending the Amended Articles of Incorporation to Change the Primary Purpose; to consider Unfinished Business; and to transact other matters. Reported Earnings • Aug 03
Second quarter 2022 earnings released: ₱0.19 loss per share (vs ₱1.43 loss in 2Q 2021) Second quarter 2022 results: ₱0.19 loss per share (up from ₱1.43 loss in 2Q 2021). Net loss: ₱2.00m (loss narrowed 86% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
Full year 2021 earnings released: ₱2.24 loss per share (vs ₱0.20 loss in FY 2020) Full year 2021 results: ₱2.24 loss per share (down from ₱0.20 loss in FY 2020). Net loss: ₱23.1m (loss widened ₱21.1m from FY 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Board Change • Sep 13
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. 3 non-independent directors. Chairman of the Board Chi Co was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 12
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. 3 non-independent directors. Chairman of the Board Chi Co was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 09
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. 3 non-independent directors. Chairman of the Board Chi Co was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 07
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. 3 non-independent directors. Chairman of the Board Chi Co was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 05
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. 3 non-independent directors. Chairman of the Board Chi Co was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 22
Second quarter 2021 earnings released: ₱1.43 loss per share (vs ₱0.28 loss in 2Q 2020) Second quarter 2021 results: Net loss: ₱14.7m (loss widened 408% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 45% 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. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 27% share price gain to ₱193, the stock trades at a trailing P/E ratio of 43.5x. Average trailing P/E is 11x in the Real Estate industry in Philippines. Total loss to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 31% share price gain to ₱170, the stock is trading at a trailing P/E ratio of 38.4x, up from the previous P/E ratio of 29.4x. This compares to an average P/E of 10x in the Real Estate industry in Philippines. Total return to shareholders over the past three years is a loss of 8.6%. Is New 90 Day High Low • Jan 19
New 90-day high: ₱170 The company is up 53% from its price of ₱111 on 22 October 2020. The Filipino market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 21% over the same period. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₱125, the stock is trading at a trailing P/E ratio of 28.3x, down from the previous P/E ratio of 35x. This compares to an average P/E of 10x in the Real Estate industry in Philippines. Total return to shareholders over the past three years is a loss of 29%. Is New 90 Day High Low • Dec 04
New 90-day high: ₱158 The company is up 43% from its price of ₱111 on 04 September 2020. The Filipino market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 33% over the same period. Valuation Update With 7 Day Price Move • Dec 04
Market bids up stock over the past week After last week's 29% share price gain to ₱158, the stock is trading at a trailing P/E ratio of 35.7x, up from the previous P/E ratio of 27.6x. This compares to an average P/E of 10x in the Real Estate industry in Philippines. Total returns to shareholders over the past three years are 14%. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS ₱0.085 Third quarter 2020 results: Net income: ₱872.2k (down 83% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 67% 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. Valuation Update With 7 Day Price Move • Oct 26
Market bids up stock over the past week After last week's 16% share price gain to ₱128, the stock is trading at a trailing P/E ratio of 24.1x, up from the previous P/E ratio of 20.8x. This compares to an average P/E of 7x in the Real Estate industry in Philippines. Total return to shareholders over the past three years is a loss of 25%. Is New 90 Day High Low • Oct 12
New 90-day low: ₱111 The company is down 14% from its price of ₱129 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. Announcement • Aug 25
Chemical Industries of the Philippines, Inc. Auditor Raises 'Going Concern' Doubt Chemical Industries of the Philippines, Inc. filed its Annual on Aug 17, 2020 for the period ending Dec 31, 2019. In this report its auditor, SyCip Gorres Velayo & Co., gave an unqualified opinion expressing doubt that the company can continue as a going concern.