Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₱26.50, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Electric Utilities industry in Asia. Total returns to shareholders of 195% over the past three years. Board Change • Apr 21
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 an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Daniel Ibasco was the last independent director to join the board, commencing their role in 2025. 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 • Apr 18
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Apr 17
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₱3.83 (up from ₱1.50 in FY 2024). Revenue: ₱138.6b (up 23% from FY 2024). Net income: ₱20.2b (up 156% from FY 2024). Profit margin: 14% (up from 7.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 23%. Earnings per share (EPS) also surpassed analyst estimates by 64%. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. New Risk • Apr 16
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 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (7.5% average weekly change). Upcoming Dividend • Apr 07
Upcoming dividend of ₱0.35 per share Eligible shareholders must have bought the stock before 14 April 2026. Payment date: 04 May 2026. Trailing yield: 1.6%. Lower than top quartile of Filipino dividend payers (6.6%). Lower than average of industry peers (3.3%). Buy Or Sell Opportunity • Mar 23
Now 21% undervalued Over the last 90 days, the stock has risen 23% to ₱20.70. The fair value is estimated to be ₱26.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to decline by 42% in a year. Earnings are forecast to decline by 10% in the next year. New Risk • Feb 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Upcoming Dividend • Dec 04
Upcoming dividend of ₱0.35 per share Eligible shareholders must have bought the stock before 11 December 2025. Payment date: 19 December 2025. Trailing yield: 2.1%. Lower than top quartile of Filipino dividend payers (6.2%). Lower than average of industry peers (3.3%). Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₱15.98, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Electric Utilities industry in Asia. Total returns to shareholders of 52% over the past three years. Buy Or Sell Opportunity • Nov 28
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 6.5% to ₱15.98. The fair value is estimated to be ₱13.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to decline by 43% in a year. Earnings are forecast to decline by 14% in the next year. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: ₱0.32 (vs ₱0.39 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.32 (down from ₱0.39 in 3Q 2024). Revenue: ₱25.9b (up 7.6% from 3Q 2024). Net income: ₱1.71b (down 17% from 3Q 2024). Profit margin: 6.6% (down from 8.5% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 27% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in Asia are expected to grow by 7.2%. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 01
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 44% to ₱16.00. The fair value is estimated to be ₱13.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has declined by 18%. Revenue is forecast to decline by 46% in a year. Earnings are forecast to decline by 24% in the next year. Upcoming Dividend • Sep 10
Upcoming dividend of ₱0.35 per share Eligible shareholders must have bought the stock before 17 September 2025. Payment date: 25 September 2025. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Filipino dividend payers (6.0%). Lower than average of industry peers (3.4%). Duyuru • Sep 05
Synergy Grid & Development Phils., Inc., Annual General Meeting, Oct 16, 2025 Synergy Grid & Development Phils., Inc., Annual General Meeting, Oct 16, 2025, at 14:00 W. Australia Standard Time. Location: via videoconferencing at the principal office, Philippines Buy Or Sell Opportunity • Sep 04
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 43% to ₱16.12. The fair value is estimated to be ₱13.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has declined by 18%. Revenue is forecast to decline by 46% in a year. Earnings are forecast to decline by 24% in the next year. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₱15.30, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Electric Utilities industry in Asia. Total returns to shareholders of 24% over the past three years. Reported Earnings • Aug 19
Second quarter 2025 earnings released: EPS: ₱1.47 (vs ₱0.37 in 2Q 2024) Second quarter 2025 results: EPS: ₱1.47 (up from ₱0.37 in 2Q 2024). Revenue: ₱39.8b (up 28% from 2Q 2024). Net income: ₱7.73b (up 293% from 2Q 2024). Profit margin: 19% (up from 6.3% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 28% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in Asia are expected to grow by 7.5%. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • May 21
First quarter 2025 earnings released: EPS: ₱0.38 (vs ₱0.51 in 1Q 2024) First quarter 2025 results: EPS: ₱0.38 (down from ₱0.51 in 1Q 2024). Revenue: ₱23.8b (down 16% from 1Q 2024). Net income: ₱1.99b (down 26% from 1Q 2024). Profit margin: 8.4% (down from 9.5% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 17
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₱1.50 (down from ₱2.02 in FY 2023). Revenue: ₱112.3b (up 2.2% from FY 2023). Net income: ₱7.88b (down 26% from FY 2023). Profit margin: 7.0% (down from 9.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 21%. Earnings per share (EPS) also missed analyst estimates by 41%. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₱12.90, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 8x in the Electric Utilities industry in Philippines. Total returns to shareholders of 16% over the past three years. New Risk • Jan 16
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 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.4% average weekly change). Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₱11.50, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 6x in the Electric Utilities industry in Philippines. Total returns to shareholders of 4.6% over the past three years. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: ₱0.39 (vs ₱0.52 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.39 (down from ₱0.52 in 3Q 2023). Revenue: ₱24.0b (flat on 3Q 2023). Net income: ₱2.04b (down 25% from 3Q 2023). Profit margin: 8.5% (down from 11% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Duyuru • Sep 05
Synergy Grid & Development Phils., Inc., Annual General Meeting, Oct 17, 2024 Synergy Grid & Development Phils., Inc., Annual General Meeting, Oct 17, 2024, at 14:00 W. Australia Standard Time. Location: via videoconferencing at the principal office, Philippines New Risk • Aug 19
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: ₱0.37 (vs ₱0.51 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.37 (down from ₱0.51 in 2Q 2023). Revenue: ₱31.2b (flat on 2Q 2023). Net income: ₱1.97b (down 27% from 2Q 2023). Profit margin: 6.3% (down from 8.6% in 2Q 2023). Buy Or Sell Opportunity • Jul 01
Now 22% undervalued Over the last 90 days, the stock has risen 28% to ₱9.62. The fair value is estimated to be ₱12.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Jun 21
Now 20% undervalued Over the last 90 days, the stock has risen 29% to ₱9.89. The fair value is estimated to be ₱12.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years, while earnings per share has been flat. Reported Earnings • May 23
First quarter 2024 earnings released: EPS: ₱0.51 (vs ₱0.59 in 1Q 2023) First quarter 2024 results: EPS: ₱0.51 (down from ₱0.59 in 1Q 2023). Revenue: ₱28.2b (up 1.7% from 1Q 2023). Net income: ₱2.68b (down 14% from 1Q 2023). Profit margin: 9.5% (down from 11% in 1Q 2023). The decrease in margin was driven by higher expenses. Reported Earnings • Apr 18
Full year 2023 earnings released: EPS: ₱2.02 (vs ₱2.85 in FY 2022) Full year 2023 results: EPS: ₱2.02 (down from ₱2.85 in FY 2022). Revenue: ₱109.9b (up 6.9% from FY 2022). Net income: ₱10.6b (down 29% from FY 2022). Profit margin: 9.7% (down from 15% in FY 2022). The decrease in margin was driven by higher expenses. Upcoming Dividend • Apr 18
Upcoming dividend of ₱0.35 per share Eligible shareholders must have bought the stock before 25 April 2024. Payment date: 10 May 2024. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of Filipino dividend payers (6.0%). In line with average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₱8.95, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 15x in the Electric Utilities industry in Asia. Total loss to shareholders of 13% over the past year. Buy Or Sell Opportunity • Apr 08
Now 39% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to ₱8.95. The fair value is estimated to be ₱6.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 5.1%. Buy Or Sell Opportunity • Mar 21
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to ₱7.84. The fair value is estimated to be ₱6.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 5.1%. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₱8.97, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 12x in the Electric Utilities industry in Asia. Total loss to shareholders of 18% over the past year. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₱8.97, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 12x in the Electric Utilities industry in Asia. Total loss to shareholders of 18% over the past year. Buy Or Sell Opportunity • Feb 07
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 6.7% to ₱7.67. The fair value is estimated to be ₱6.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 5.1%. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₱7.94, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 13x in the Electric Utilities industry in Asia. Total loss to shareholders of 29% over the past year. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₱0.52 (vs ₱0.48 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.52 (up from ₱0.48 in 3Q 2022). Revenue: ₱24.0b (down 2.6% from 3Q 2022). Net income: ₱2.72b (up 6.7% from 3Q 2022). Profit margin: 11% (in line with 3Q 2022). Revenue is expected to decline by 28% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in Asia are expected to grow by 2.6%. Reported Earnings • Aug 20
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: ₱0.51 (down from ₱1.25 in 2Q 2022). Revenue: ₱31.4b (down 5.7% from 2Q 2022). Net income: ₱2.70b (down 59% from 2Q 2022). Profit margin: 8.6% (down from 20% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) exceeded analyst estimates by 3.3%. Revenue is expected to decline by 24% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Asia are expected to grow by 1.1%. Upcoming Dividend • Jun 26
Upcoming dividend of ₱0.17 per share at 11% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 11%. Within top quartile of Filipino dividend payers (5.8%). Higher than average of industry peers (4.2%). Duyuru • Jun 22
Synergy Grid & Development Phils., Inc., Annual General Meeting, Oct 19, 2023 Synergy Grid & Development Phils., Inc., Annual General Meeting, Oct 19, 2023. Valuation Update With 7 Day Price Move • May 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₱7.83, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 13x in the Electric Utilities industry in Asia. Total loss to shareholders of 31% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₱5.27 per share. Price Target Changed • May 18
Price target decreased by 13% to ₱14.10 Down from ₱16.25, the current price target is an average from 2 analysts. New target price is 52% above last closing price of ₱9.25. Stock is down 25% over the past year. The company is forecast to post earnings per share of ₱2.19 for next year compared to ₱2.85 last year. Reported Earnings • Apr 20
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₱2.85 (up from ₱2.10 in FY 2021). Revenue: ₱102.7b (up 15% from FY 2021). Net income: ₱15.0b (up 65% from FY 2021). Profit margin: 15% (up from 10% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Revenue is expected to decline by 37% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in Asia are expected to grow by 1.6%. Upcoming Dividend • Mar 13
Upcoming dividend of ₱0.17 per share at 9.0% yield Eligible shareholders must have bought the stock before 20 March 2023. Payment date: 13 April 2023. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 9.0%. Within top quartile of Filipino dividend payers (5.5%). Higher than average of industry peers (4.3%). Price Target Changed • Jan 03
Price target increased to ₱18.00 Up from ₱15.00, the current price target is provided by 1 analyst. New target price is 62% above last closing price of ₱11.10. Stock is down 14% over the past year. The company is forecast to post earnings per share of ₱2.84 for next year compared to ₱2.10 last year. Upcoming Dividend • Dec 12
Upcoming dividend of ₱0.26 per share Eligible shareholders must have bought the stock before 19 December 2022. Payment date: 13 January 2023. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 8.4%. Within top quartile of Filipino dividend payers (5.6%). Higher than average of industry peers (4.3%). Duyuru • Dec 08
Synergy Grid & Development Phils., Inc. Approves Cash Dividend for the Fourth Quarter of 2022, Payable on January 13, 2023 The Board of Directors of Synergy Grid & Development Phils., Inc. (Company) approved on December 7, 2022 the declaration of cash dividends for the 4th quarter of 2022 from the Company's unrestricted retained earnings with record date on December 22, 2022 and payment date on January 13, 2023. Dividend/share is PHP 0.26/share. Board Change • Nov 16
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 Francis Saturnino Juan 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. Duyuru • Sep 22
Synergy Grid & Development Phils., Inc. Approves Cash Dividend for the Third Quarter of 2022, Payable on October 19, 2022 Synergy Grid & Development Phils., Inc. approved cash dividend of PHP 0.26 per share for the third quarter of 2022 with record date as 5 October 2022 and Payment Date as 19 October 2022. Major Estimate Revision • Aug 19
Consensus revenue estimates increase by 14% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ₱50.8b to ₱58.1b. EPS estimate increased from ₱1.77 to ₱2.31 per share. Net income forecast to grow 32% next year vs 12% growth forecast for Electric Utilities industry in Philippines. Consensus price target broadly unchanged at ₱15.25. Share price rose 7.8% to ₱13.32 over the past week. Duyuru • Aug 11
Synergy Grid & Development Phils., Inc., Annual General Meeting, Oct 20, 2022 Synergy Grid & Development Phils., Inc., Annual General Meeting, Oct 20, 2022, at 06:00 Coordinated Universal Time. Duyuru • Jun 23
Synergy Grid & Development Phils., Inc. Announces Second Quarter Dividend, Payable on July 22, 2022 Synergy Grid & Development Phils., Inc. second quarter dividend of PHP 0.26 per share. Record date is July 6, 2022. The dividend will be payable on July 22, 2022. Board Change • Apr 27
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 Francis Saturnino Juan 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. Board Change • Dec 15
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 Francis Saturnino Juan 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. Upcoming Dividend • Dec 02
Inaugural dividend of ₱0.20 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 10 January 2022. The company last paid an ordinary dividend in November 2021. The average dividend yield among industry peers is 4.2%. 
