Duyuru • Jul 24
IPM Holdings, Inc. Approves Directorate and Committee Appointments, Effective July 23, 2026 IPM Holdings, Inc. at its AGM held on July 23, 2026 approved appointment of Yolanda M. Eleazar and Marife B. Zamora as Independent Directors. During the organizational meeting of the new board of directors held immediately after the stockholder’s meeting, the following officers were elected for the current year 2026-2007: Chairman of the Board and Chief Executive officer - Isabelita P. Mercado; Treasurer and Chief Financial Officer- Francis Neil P. Mercado; Corporate Secretary - Ana Maria A. Katigbak; Assistant Corporate Secretary - Jade A. Lapinig; Data Protection Officer - John Vincent P. Mercado. The board then appointed following directors as members of the board committees: Audit Committee: Chairman: Marife B. Zamora (Independent Director); Members: Yolanda M. Eleazar (Independent Director); Francis Neil P. Mercado; Antonio Victoriano F. III Gregorio; Nomination Committee: Chairman: Isabelita P. Mercado; Members: Marife B. Zamora (Independent Director); Francis Neil P. Mercado; Compensation Committee: Chairman: Francis Neil P. Mercado; Members: Yolanda M. Eleazar (Independent Director); John Vincent P. Mercado; Board Risk Oversight Committee: Chairman: Marife B. Zamora (Independent Director); Members: Yolanda M. Eleazar (Independent Director); John Vincent P. Mercado; Patrick Louie P. Mercado; Corporate Governance and Related Party Transactions Committee: Chairman: Yolanda M. Eleazar (Independent Director); Members: Marife B. Zamora (Independent Director); Antonio Victoriano F. III Gregorio; Patrick Louie P. Mercado. The Corporate Secretary, Ana Maria A. Katigbak was designated as the Company’s Corporate Information Officer. Atty. Jade A. Lapinig was appointed as Deputy Corporate Information Officer. Ms. Bienvenida R. Mondragon was appointed compliance officer under the company Corporate Governance Manual. Duyuru • Jun 09
IPM Holdings, Inc., Annual General Meeting, Jul 23, 2026 IPM Holdings, Inc., Annual General Meeting, Jul 23, 2026, at 14:00 W. Australia Standard Time. Location: penthouse, the taipan place, f. ortigas jr. road, ortigas center, pasig city Philippines Reported Earnings • May 21
First quarter 2026 earnings released: ₱0.01 loss per share (vs ₱0.011 profit in 1Q 2025) First quarter 2026 results: ₱0.01 loss per share (down from ₱0.011 profit in 1Q 2025). Revenue: ₱62.2m (up 1.2% from 1Q 2025). Net loss: ₱7.24m (down 195% from profit in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 19
Full year 2025 earnings released: ₱0.09 loss per share (vs ₱0.062 loss in FY 2024) Full year 2025 results: ₱0.09 loss per share (further deteriorated from ₱0.062 loss in FY 2024). Revenue: ₱265.7m (up 27% from FY 2024). Net loss: ₱59.3m (loss widened 39% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Board Change • Apr 10
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. 1 experienced director. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director David Kho was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Mar 13
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 Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 31% per year over the past 5 years. Minor Risks Revenue is less than US$5m (₱250m revenue, or US$4.2m). Market cap is less than US$100m (₱1.10b market cap, or US$18.4m). Board Change • Mar 13
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. 1 experienced director. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director David Kho was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 10
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. 1 experienced director. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director David Kho was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 09
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. 2 experienced directors. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director David Kho was the last independent director to join the board, commencing their role in 2016. 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: ₱0.01 loss per share (vs ₱0.003 profit in 3Q 2024) Third quarter 2025 results: ₱0.01 loss per share (down from ₱0.003 profit in 3Q 2024). Revenue: ₱58.6m (up 18% from 3Q 2024). Net loss: ₱5.43m (down 353% from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 38 percentage points per year, which is a significant difference in performance. 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. 2 experienced directors. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director David Kho was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Oct 03
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. 2 experienced directors. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director David Kho was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Sep 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 8.3% 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: Major Risk Earnings have declined by 22% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Revenue is less than US$5m (₱241m revenue, or US$4.2m). Market cap is less than US$100m (₱979.8m market cap, or US$17.1m). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ₱0.001 (vs ₱0.001 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.001 (in line with 2Q 2024). Revenue: ₱63.8m (up 31% from 2Q 2024). Net income: ₱651.8k (down 30% from 2Q 2024). Profit margin: 1.0% (down from 1.9% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 35% per year, which means it has not declined as severely as earnings. Board Change • Aug 07
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. 2 experienced directors. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director David Kho was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jun 20
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. 2 experienced directors. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director David Kho was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Jun 11
IPM Holdings, Inc., Annual General Meeting, Jul 23, 2025 IPM Holdings, Inc., Annual General Meeting, Jul 23, 2025, at 10:00 W. Australia Standard Time. Location: penthouse, the taipan place, f. ortigas jr. road, ortigas center, pasig Philippines Board Change • May 28
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. 2 experienced directors. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director David Kho was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • May 16
New major risk - Revenue and earnings growth Earnings have declined by 7.5% 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 7.5% per year over the past 5 years. Minor Risks Revenue is less than US$5m (₱211m revenue, or US$3.8m). Market cap is less than US$100m (₱1.21b market cap, or US$21.8m). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₱1.81, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 16x in the Commercial Services industry in Asia. Total loss to shareholders of 73% over the past three years. Board Change • Apr 10
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. 2 experienced directors. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director David Kho was the last independent director to join the board, commencing their role in 2016. 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 • Mar 06
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to ₱1.43, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 16x in the Commercial Services industry in Asia. Total loss to shareholders of 80% over the past three years. Board Change • Mar 05
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. 2 experienced directors. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director David Kho was the last independent director to join the board, commencing their role in 2016. 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 • Feb 11
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to ₱2.15, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 17x in the Commercial Services industry in Asia. Total loss to shareholders of 69% over the past three years. Board Change • Feb 07
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. 2 experienced directors. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director David Kho was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 21
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. 2 experienced directors. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director David Kho was the last independent director to join the board, commencing their role in 2016. 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 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₱3.00, the stock trades at a trailing P/E ratio of 39.9x. Average trailing P/E is 17x in the Commercial Services industry in Asia. Total loss to shareholders of 57% over the past three years. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₱0.003 (vs ₱0.017 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.003 (down from ₱0.017 in 3Q 2023). Revenue: ₱49.5m (down 14% from 3Q 2023). Net income: ₱2.15m (down 82% from 3Q 2023). Profit margin: 4.3% (down from 21% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₱2.67, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 17x in the Commercial Services industry in Asia. Total loss to shareholders of 62% over the past three years. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₱2.72, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 18x in the Commercial Services industry in Asia. Total loss to shareholders of 62% over the past three years. New Risk • Sep 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 11% 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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Market cap is less than US$100m (₱1.52b market cap, or US$27.1m). Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₱0.001 (vs ₱0.001 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.001 (in line with 2Q 2023). Revenue: ₱48.9m (up 26% from 2Q 2023). Net income: ₱928.1k (up 50% from 2Q 2023). Profit margin: 1.9% (up from 1.6% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₱2.50, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 18x in the Commercial Services industry in Asia. Total loss to shareholders of 57% over the past three years. Reported Earnings • May 22
First quarter 2024 earnings released: EPS: ₱0.008 (vs ₱0.004 in 1Q 2023) First quarter 2024 results: EPS: ₱0.008 (up from ₱0.004 in 1Q 2023). Revenue: ₱44.9m (down 11% from 1Q 2023). Net income: ₱4.05m (up 63% from 1Q 2023). Profit margin: 9.0% (up from 4.9% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Duyuru • May 03
IPM Holdings, Inc., Annual General Meeting, Jun 19, 2024 IPM Holdings, Inc., Annual General Meeting, Jun 19, 2024, at 10:00 Singapore Standard Time. Location: Penthouse, The Taipan Place, F. Ortigas Jr. Road, Ortigas Center Pasig City Philippines Reported Earnings • Apr 17
Full year 2023 earnings released: EPS: ₱0.09 (vs ₱0.044 in FY 2022) Full year 2023 results: EPS: ₱0.09 (up from ₱0.044 in FY 2022). Revenue: ₱287.7m (down 21% from FY 2022). Net income: ₱59.8m (up 98% from FY 2022). Profit margin: 21% (up from 8.4% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 11% per year. New Risk • Mar 21
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 8.7% 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 Risk Earnings have declined by 8.7% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Profit margins are more than 30% lower than last year (4.5% net profit margin). Revenue is less than US$5m (₱253m revenue, or US$4.5m). Market cap is less than US$100m (₱3.11b market cap, or US$55.5m). Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: ₱0.017 (vs ₱0.034 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.017 (down from ₱0.034 in 3Q 2022). Revenue: ₱57.8m (down 44% from 3Q 2022). Net income: ₱11.9m (down 50% from 3Q 2022). Profit margin: 21% (down from 23% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Duyuru • Oct 31
IPM Holdings, Inc., Annual General Meeting, Oct 31, 2023 IPM Holdings, Inc., Annual General Meeting, Oct 31, 2023. Agenda: To consider and elect directors of the company for 2023-2024. Duyuru • Sep 02
IPM Holdings, Inc., Annual General Meeting, Oct 27, 2023 IPM Holdings, Inc., Annual General Meeting, Oct 27, 2023, at 10:00 Singapore Standard Time. Location: Penthouse, The Taipan Place, F. Ortigas Jr. Road, Ortigas Center, Pasig City Pasig City Philippines Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ₱0.001 (vs ₱0.003 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.001 (down from ₱0.003 in 2Q 2022). Revenue: ₱38.8m (down 48% from 2Q 2022). Net income: ₱619.9k (down 69% from 2Q 2022). Profit margin: 1.6% (down from 2.7% in 2Q 2022). The decrease in margin was driven by lower revenue. 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 12% per year, which means it is well ahead of earnings. Reported Earnings • May 26
First quarter 2023 earnings released: EPS: ₱0.005 (vs ₱0.012 in 1Q 2022) First quarter 2023 results: EPS: ₱0.005 (down from ₱0.012 in 1Q 2022). Revenue: ₱50.2m (down 35% from 1Q 2022). Net income: ₱2.48m (down 70% from 1Q 2022). Profit margin: 4.9% (down from 11% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 7% per year, which means it is tracking significantly ahead of earnings growth. 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. 4 non-independent directors. Independent Director David Kho 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. Duyuru • Nov 09
IPM Holdings, Inc., Annual General Meeting, Nov 29, 2022 IPM Holdings, Inc., Annual General Meeting, Nov 29, 2022, at 10:00 Singapore Standard Time. Location: Penthouse, The Taipan Place, F. Ortigas Jr. Road, Ortigas Center, Pasig City Philippines Agenda: To consider Call to Order; Proof of Notice and Certification of Quorum; Approval of Minutes of Previous Stockholders' Meeting; Management Report and Audited Financial Statements for the year ended December 31, 2021; Ratification of All Acts of the Board of Directors and Management; Election of Directors; Appointment of the External Auditor; and to discuss other matters. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: ₱0.034 (vs ₱0.042 in 3Q 2021) Third quarter 2022 results: EPS: ₱0.034 (down from ₱0.042 in 3Q 2021). Revenue: ₱103.5m (down 3.2% from 3Q 2021). Net income: ₱23.5m (down 18% from 3Q 2021). Profit margin: 23% (down from 27% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 23
Second quarter 2022 earnings released: EPS: ₱0.003 (vs ₱0.008 in 2Q 2021) Second quarter 2022 results: EPS: ₱0.003 (down from ₱0.008 in 2Q 2021). Revenue: ₱74.1m (up 6.0% from 2Q 2021). Net income: ₱1.98m (down 64% from 2Q 2021). Profit margin: 2.7% (down from 7.9% in 2Q 2021). 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 but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 08
IPM Holdings, Inc. Announces the Demise of Gener T. Mendoza, Director and President/Chief Operating Officer IPM Holdings, Inc. announced the demise of Mr. Gener T. Mendoza, Director and President/Chief Operating Officer on July 31, 2022. Reported Earnings • May 18
First quarter 2022 earnings released: EPS: ₱0.012 (vs ₱0.003 in 1Q 2021) First quarter 2022 results: EPS: ₱0.012 (up from ₱0.003 in 1Q 2021). Revenue: ₱77.1m (up 13% from 1Q 2021). Net income: ₱8.16m (up 285% from 1Q 2021). Profit margin: 11% (up from 3.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat. 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. 1 experienced director. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director David Kho was the last independent director to join the board, commencing their role in 2016. 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 17
Third quarter 2021 earnings released: EPS ₱0.042 (vs ₱0.002 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₱107.0m (up 62% from 3Q 2020). Net income: ₱28.8m (up ₱27.6m from 3Q 2020). Profit margin: 27% (up from 1.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS ₱0.008 (vs ₱0.002 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₱69.9m (up 6.8% from 2Q 2020). Net income: ₱5.55m (up 276% from 2Q 2020). Profit margin: 7.9% (up from 2.3% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • May 18
Full year 2020 earnings released: EPS ₱0.05 (vs ₱0.087 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₱296.2m (up 17% from FY 2019). Net income: ₱32.3m (down 46% from FY 2019). Profit margin: 11% (down from 24% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 15% per year. Is New 90 Day High Low • Dec 18
New 90-day high: ₱5.90 The company is up 48% from its price of ₱4.00 on 18 September 2020. The Filipino market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is down 4.0% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: ₱4.85 The company is up 15% from its price of ₱4.20 on 28 August 2020. The Filipino market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Commercial Services industry, which is down 7.0% over the same period. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS ₱0.002 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ₱66.1m (up 19% from 3Q 2019). Net income: ₱1.26m (down 89% from 3Q 2019). Profit margin: 1.9% (down from 21% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 23% per year. 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 ₱3.70, the stock is trading at a trailing P/E ratio of 78.9x, up from the previous P/E ratio of 66.5x. This compares to an average P/E of 18x in the Commercial Services industry in Asia. Total return to shareholders over the past three years is a loss of 55%. Is New 90 Day High Low • Oct 06
New 90-day low: ₱3.28 The company is down 27% from its price of ₱4.51 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 Commercial Services industry, which is up 2.0% over the same period.