INDEPENDENT EQUITY RESEARCH
Evidence-led research on Philippine listed companies, with emphasis on business quality, cash generation, valuation, and risk.
LATEST WORK
The Philippine property giant remains profitable and has ample access to financing, but weak residential sales and a sharp decline in operating cash flow show why it still needs outside capital. Ayala Land Inc. still makes billions of pesos from building homes, operating malls, and leasing offices. The harder question is how much of that…
REIT REVIEW · Property · August 16, 2026 Earnings and dividends per share increased despite acquisition-related share issuance, while growing finance-lease and related-party receivables add a new balance-sheet dependency. Below, we walk through the growth math and the receivable trend worth watching.
CREDIT WATCH · Media · August 17, 2026 Fresh equity gives the broadcaster room to negotiate with BPI and UnionBank, but the proposed capital remains subject to definitive agreements and regulatory requirements. Below, we lay out the financing structure and the conditions still to be met.
EARNINGS REVIEW · Mining · August 18, 2026 Higher copper and gold prices reversed last year’s losses, but debt, mine spending, and a thin liquidity cushion leave a near-term shareholder dividend far from certain. Below, we walk through the earnings recovery and the cash claims standing ahead of shareholders.
COMPANY ANALYSIS · Consumer · August 19, 2026 Quorn write-downs reduced the asset base while cash-funded debt repayments strengthened the balance sheet. The protein business is recovering as cash flow and dividends improve. Below, we break down what changed and why it matters for the next few quarters.
SPECIAL SITUATION · Power · August 19, 2026 Foreign-ownership constraints, governance uncertainty, heavy capital requirements, and a stubbornly weak share price have narrowed KKR’s exit routes from its large minority position. Below, we walk through why a higher bid is unlikely and what subscribers should watch instead.
Examine the economic engine, competitive position, incentives, and industry structure.
Separate recurring performance from accounting noise and one-off items.
Use scenarios grounded in cash generation, balance-sheet risk, and realistic assumptions.
Present disconfirming evidence, sensitivities, and what could make the thesis wrong.
Support independent research and unlock full company reports, valuation work, premium archives, and subscriber updates.
Setup required: Replace the button below with WordPress.com’s Paid Content or Payments block after connecting Stripe and creating a plan.