New Risk • Apr 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 96% 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. This is currently the only risk that has been identified for the company. New Risk • Apr 18
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.5% Last year net profit margin: 3.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 18
Full year 2025 earnings released: EPS: ₱3.17 (vs ₱1.66 in FY 2024) Full year 2025 results: EPS: ₱3.17. Revenue: ₱84.7b (down 49% from FY 2024). Net income: ₱404.0m (down 94% from FY 2024). Profit margin: 0.5% (down from 3.8% in FY 2024). The decrease in margin was driven by lower revenue. Announcement • Mar 12
Lopez Holdings Corporation, Annual General Meeting, Jun 11, 2026 Lopez Holdings Corporation, Annual General Meeting, Jun 11, 2026, at 10:00 W. Australia Standard Time. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ₱0.57 (vs ₱0.37 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.57 (up from ₱0.37 in 3Q 2024). Revenue: ₱39.8b (flat on 3Q 2024). Net income: ₱2.15b (up 52% from 3Q 2024). Profit margin: 5.4% (up from 3.6% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Aug 15
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 40% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ₱0.68 (vs ₱0.43 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.68 (up from ₱0.43 in 2Q 2024). Revenue: ₱43.4b (down 5.0% from 2Q 2024). Net income: ₱2.60b (up 56% from 2Q 2024). Profit margin: 6.0% (up from 3.6% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Jun 26
Upcoming dividend of ₱0.10 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 18 July 2025. Payout ratio is a comfortable 5.2% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Filipino dividend payers (5.9%). Lower than average of industry peers (4.7%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ₱0.72 (vs ₱0.46 in 1Q 2024) First quarter 2025 results: EPS: ₱0.72 (up from ₱0.46 in 1Q 2024). Revenue: ₱41.3b (up 5.6% from 1Q 2024). Net income: ₱2.74b (up 57% from 1Q 2024). Profit margin: 6.6% (up from 4.5% in 1Q 2024). The increase in margin was driven by higher 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 3% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 16
Full year 2024 earnings released: EPS: ₱1.66 (vs ₱0.74 in FY 2023) Full year 2024 results: EPS: ₱1.66 (up from ₱0.74 in FY 2023). Revenue: ₱167.1b (up 1.3% from FY 2023). Net income: ₱6.34b (up 123% from FY 2023). Profit margin: 3.8% (up from 1.7% in FY 2023). 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 5% per year, which means it is significantly lagging earnings. Announcement • Mar 24
Lopez Holdings Corporation, Annual General Meeting, Jun 19, 2025 Lopez Holdings Corporation, Annual General Meeting, Jun 19, 2025, at 10:00 W. Australia Standard Time. New Risk • Feb 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (1.5% net profit margin). Shareholders have been diluted in the past year (18% increase in shares outstanding). New Risk • Jan 08
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 9.3% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (1.5% net profit margin). Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₱3.45, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 10x in the Renewable Energy industry in Philippines. Total returns to shareholders of 19% over the past three years. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₱0.37 (vs ₱0.51 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.37 (down from ₱0.51 in 3Q 2023). Revenue: ₱39.8b (flat on 3Q 2023). Net income: ₱1.42b (down 28% from 3Q 2023). Profit margin: 3.6% (down from 4.9% in 3Q 2023). 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 1% per year, which means it is significantly lagging earnings. New Risk • Oct 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor 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: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.8% net profit margin). Shareholders have been diluted in the past year (18% increase in shares outstanding). Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₱0.43 (vs ₱0.41 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.43 (up from ₱0.41 in 2Q 2023). Revenue: ₱45.7b (up 9.8% from 2Q 2023). Net income: ₱1.66b (up 4.8% from 2Q 2023). Profit margin: 3.6% (down from 3.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jun 06
Upcoming dividend of ₱0.10 per share Eligible shareholders must have bought the stock before 13 June 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 5.9% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Filipino dividend payers (5.9%). Lower than average of industry peers (4.4%). Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₱4.45, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 9x in the Renewable Energy industry in Philippines. Total returns to shareholders of 40% over the past three years. Buy Or Sell Opportunity • May 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to ₱3.33. The fair value is estimated to be ₱4.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ₱0.46 (vs ₱0.43 in 1Q 2023) First quarter 2024 results: EPS: ₱0.46 (up from ₱0.43 in 1Q 2023). Revenue: ₱39.1b (down 7.9% from 1Q 2023). Net income: ₱1.75b (up 5.2% from 1Q 2023). Profit margin: 4.5% (up from 3.9% in 1Q 2023). The increase in margin was driven by lower expenses. 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 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 17
Full year 2023 earnings released: EPS: ₱0.74 (vs ₱1.42 in FY 2022) Full year 2023 results: EPS: ₱0.74 (down from ₱1.42 in FY 2022). Revenue: ₱165.0b (down 3.2% from FY 2022). Net income: ₱2.85b (down 48% from FY 2022). Profit margin: 1.7% (down from 3.2% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ₱0.51 (vs ₱0.43 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.51 (up from ₱0.43 in 3Q 2022). Revenue: ₱40.2b (down 14% from 3Q 2022). Net income: ₱1.96b (up 19% from 3Q 2022). Profit margin: 4.9% (up from 3.5% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of ₱0.10 per share at 1.7% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 25 October 2023. Payout ratio is a comfortable 4.6% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Filipino dividend payers (5.6%). Lower than average of industry peers (3.7%). Announcement • Sep 16
Lopez Holdings Corporation Approves Declaration of Cash Dividend, Payable on or before October 25, 2023 The board of directors of Lopez Holdings Corporation approved the declaration of a cash dividend of PHP 0.10 per share to stockholders of record as of September 29, 2023 and payable on or before October 25, 2023. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ₱0.41 (vs ₱0.42 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.41 (down from ₱0.42 in 2Q 2022). Revenue: ₱41.6b (down 4.0% from 2Q 2022). Net income: ₱1.58b (down 2.3% from 2Q 2022). Profit margin: 3.8% (up from 3.7% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 19
Full year 2022 earnings released: EPS: ₱1.42 (vs ₱0.38 in FY 2021) Full year 2022 results: EPS: ₱1.42 (up from ₱0.38 in FY 2021). Revenue: ₱170.3b (up 36% from FY 2021). Net income: ₱5.44b (up 254% from FY 2021). Profit margin: 3.2% (up from 1.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Feb 20
Lopez Holdings Corporation Appoints Maria Margarita L. Lichauco as Director Lopez Holdings Corporation at its board meeting held on February 17, 2023, appointed Maria Margarita L. Lichauco as Director, effective February 17, 2023. Ms. Maria Margarita L. Lichauco, 57 years old, Filipino, holds a Bachelor of Arts degree from the Assumption College. She is a trustee of the Eugenio Lopez Foundation Inc. and has been the President of Benpres Insurance Agency Inc. since 1998. She was a director of Lopez Inc. for five years. She also worked for ABS-CBN Corporation for eight years, up to 1997. She owns 1,000 Lopez Holdings shares. Board Change • Jan 21
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. 4 non-independent directors. Independent Director Michael Garcia 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 • Jan 13
Lopez Holdings Corporation Announces Demise of Manuel M. Lopez, Chairman Emeritus and Director Lopez Holdings Corporation's Chairman Emeritus and Director, Amb. Manuel M. Lopez, passed away on January 12, 2023. Announcement • Jun 09
Lopez Holdings Corporation Declares Cash Dividend, Payable on July 8, 2022 The Board of Directors of Lopez Holdings Corporation at its meeting held on June 9, 2022 approved the declaration of a cash dividend of PHP 0.05 per share with a record date of June 23, 2022, and payment date of July 8, 2022. The source of dividend payment is the dividend declaration from investee First Philippine Holdings Corporation. Announcement • Feb 18
Lopez Holdings Corporation, Annual General Meeting, Jun 09, 2022 Lopez Holdings Corporation, Annual General Meeting, Jun 09, 2022, at 10:00 Singapore Standard Time. Agenda: To discuss Report of Management; to discuss Ratification of the Audited Financial Statements; to discuss Ratification of the Acts of the Board and of Management; to discuss Election of Directors for Ensuing Year; to discuss Appointment of External Auditor; and to discuss other matters. Announcement • Feb 19
Lopez Holdings Corporation, Annual General Meeting, Jun 10, 2021 Lopez Holdings Corporation, Annual General Meeting, Jun 10, 2021, at 09:00 Singapore Standard Time. Announcement • Jan 22
Lopez Holdings Cancels Voluntary Delisting Plan Lopez Holdings Corporation withdrew its petition to voluntarily delist from the local market after First Philippine Holdings Corp. (FPH) amended its tender offer on January 20, 2021. In a disclosure to the stock exchange on January 21, 2021, Lopes Holdings said the petition to voluntarily delist was “conditional” and could only continue if FPH acquired 45.56% of the company’s total issued and outstanding common shares. Lopez Holdings added that it recently disclosed the possibility of being involuntarily delisted if the minimum public ownership (MPO) drops below 10%, which is “conditional” on FPH acquiring a certain number of shares. “The amendment of the tender offer means there is no longer such a risk and Lopez Holdings can remain listed even if FPH acquires the new maximum of 34.5%,” Lopez Holdings President Salvador G. Tirona was quoted as saying. On Jan. 20, FPH changed its tender offer report to cover only up to a maximum of 34.5% or 1.57 billion common shares of the total issued and outstanding common shares of Lopez Holdings. This is lower than FPH’s previous offer to acquire up to a maximum of 45.56% or 2.07 billion common shares, and a minimum of 20% or 908.46 million common shares of the total issued and outstanding common shares of Lopez Holdings, priced at PHP 3.85 per common share. “The amendment removes the risk of Lopez Holdings falling below the MPO required by the PSE and dispenses with the need for the company to pursue a petition for voluntary delisting,” the disclosure said. The tender offer does not include the shares owned by Lopez Inc. which has decided not to tender its shares. FPH disclosed that it would also acquire shares of Lopez Holdings from the non-public shareholders, and estimated that 33.65% will come from the public. “Deducting this figure from the present public float of 43.805%, this should leave Lopez Holdings with a minimum public ownership of at least 10.15%, assuming that the maximum limit is reached,” the disclosure said. The company filed its petition to voluntarily delist 4.63 billion common shares from the main board of the PSE in December 2020. Is New 90 Day High Low • Nov 26
New 90-day high: ₱3.15 The company is up 33% from its price of ₱2.36 on 28 August 2020. The Filipino market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 22% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: ₱0.17 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ₱25.1b (down 21% from 3Q 2019). Net loss: ₱766.0m (down 141% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Oct 07
New 90-day high: ₱3.02 The company is up 11% from its price of ₱2.71 on 09 July 2020. The Filipino market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is down 1.0% over the same period. Announcement • Oct 02
Lopez Holdings Corporation Announces Board Changes Lopez Holdings Corporation chairman emeritus Oscar M. Lopez and vice chairman Eugenio Lopez III tendered their respective resignations October 2, 2020, citing personal reasons. They served as directors of the corporation since inception. At their organizational meeting that followed the annual meeting of shareholders, the remaining directors filled the vacated seats by electing First Philippine Holdings Corporation (FPH) chairman Federico R. Lopez and ABS-CBN Corporation chairman Martin L. Lopez. FPH and ABS-CBN are major investees of the company. Ambassador Manuel M. Lopez, chairman of the company since 2010, was elected chairman emeritus. Federico R. Lopez, treasurer of Lopez Holdings since 2010, was elected chairman. Martin L. Lopez was elected as vice chairman. Miguel L. Lopez, executive vice president of Lopez Holdings, was elected as treasurer. He is also a member of the board of directors and treasurer of Rockwell Land Corporation. 
