Analysis

Philippine Markets Daily Tearsheet of the Day

This company thinks that diversification is not always the best strategy. With a 28% Uniform earning power, they’re proving how.

February 18, 2020
“Don’t put all your eggs in one basket!”
Recent Newsletters
February 17, 2020
MONDAY MACRO: At nearly optimal 85% capacity utilization rate, capex spending is necessary to maintain 6% Uniform ROA despite COVID-19’s global scare
The coronavirus disease 2019 (COVID-19) generated a global panic, negatively affecting global economies as travel and transportation take a heavy hit, especially in China.
February 14, 2020
IT’S A MATCH! The country’s largest equity fund finds new home at the country’s largest investment house
AIA Philam Life is transitioning its subsidiary, Philam Asset Management, Inc. (PAMI) into a trust company to focus on managing Philam group’s investment portfolio.
February 13, 2020
The real magic of Disney lies in their ability to monetize growth opportunities, and Uniform ROAs of 15%+ show that they’re great at it.
With a string of lucrative acquisitions under their arsenal, this company has cemented themself as a leader in the entertainment business.
February 12, 2020
This company is smart enough to manufacture phones for tech players. Their earning power is actually 6x what is reported!
The Philippine smartphone market surged 4% year-on-year in 2018 as more Chinese brands ramped up their marketing efforts.
February 11, 2020
Political headwinds have disrupted some of this company’s flow. Yet, an 8.1x Uniform forward P/E suggests it’s still not that cheap.
Most investors consider this company an automatic “sell”. Its dispute with the government has served as a significant headwind while as-reported metrics have implied only modest profitability
February 10, 2020
MONDAY MACRO: Let’s get Physical Capital! Uniform Accounting shows it’s a good time for capex spending to support earnings growth and 7% GDP growth
For decades, the Philippines used to be called the “sick man of Asia” because of its poor economic performance, slow GDP growth, low incoming investments,
February 7, 2020
A return of 2,600% in a span of two decades! See the top holdings of the best performing fund in the Philippines
It’s no wonder why John Bogle, Warren Buffett, Seth Klarman, and Charlie Munger gain popularity and a lot of followers. Their long-term stock
February 6, 2020
With the sustained popularity of sports culture, this apparel company might just further swoosh past at double the ROAs that the market thinks.
In the Philippines, basketball is everywhere—on the streets, on courts, and in stadiums.
February 5, 2020
This company doesn’t play games with its 180% earning power. They are also much cheaper at 20x Uniform P/E, not 28x.
Online games have been gaining popularity in the Philippines, given the country’s young demographics who are avid internet users. According to a survey done by PUBLiCUS Asia Inc.
February 4, 2020
This stock lights people’s homes, but its future is dim. True ROA can’t power as-reported 8% levels.
With a natural monopoly on a household and business need for at least 6.6 million people, you would think that this stock company is one of the most
February 3, 2020
MONDAY MACRO: Low to no risk of recession warranted as the Philippines presents a healthy UAFRS-based credit profile
The 1997 Asian Financial Crisis came as a surprise to most countries. It started out as a currency crisis among a few Asian countries, including Thailand, Indonesia, South Korea, and even the Philippines.
January 30, 2020
This company was one that revolutionized the travel agency industry. Could its Uniform ROA (true earning power) really be 50x higher than most think?
“It’s more fun in the Philippines…” and apparently there is lots of fun elsewhere too.
January 29, 2020
Cup noodles may be inexpensive, but the creator’s stock is just the opposite with a P/E of 36X (not 29X). Learn more about this noodle in an instant!
An average Filipino spends about 40%-60% of their budget on food. In a 2017 Kantar survey, it is estimated that Filipino
January 28, 2020
The summit of this conglomerate stock is higher than you might think. Real earning power is 7%, not 4%.
Management teams opt to spinoff existing operating units if it means that those units become more valuable as independent companies.
January 27, 2020
MONDAY MACRO: Low interest rates should help boost Philippine corporate profitability… it ought to also support a still-high Uniform P/E of 24X
Nearly 60 central banks all over the world made adjustments to their interest rates in 2019--not much difference with the number in 2018
January 24, 2020
At first blush, this Philippine insurance and asset management giant looks like it buys the wrong stocks… think again, as Uniform Accounting proves right.
Estate planning in the Philippines includes details of wills that specifically state how assets should be divided among heirs, portfolios of investments managed by a professional, and all kinds of insurance policies
January 23, 2020
Philippine e-commerce is taking off. It could pay off for you to see how profitable e-payments can REALLY be (Uniform earnings power of 21%! Not 3%).
E-commerce platforms like Lazada and Shopee have become extremely popular in today’s hustle culture
January 22, 2020
This “jewel” of global airlines has big bets on the front cabins. Too bad the market already knows it (the true PE is 27x, not 16x as-reported).
Ask Filipino millennials what they would do with their hard-earned money, and you’ll likely hear a good number tell you that they’d use it for travel—locally or internationally
January 21, 2020
Calling all investors! Think this blue chip stock is cheap? The P/E is not 12x, it’s really nearly double that.
First mover advantage is not so much an advantage to the firm who has it, as it is a testing ground for everyone else interested in entering the market