We’ve been blogging for free. If you enjoy our content, consider supporting us! Disclaimer: This is for informational purposes and is not investment advice. Figures are taken from company disclosures and exchange data; valuation ratios include the author’s calculations based on cited inputs. If you’re buying MREIT for dividends, the latest numbers deliver the kind of comfort income investors like: a growing rental base, steady cash generation, and distributions that track distributable income almost to the penny. But therein lies the catch. When a REIT is already paying out nearly everything it can , future dividend-per-share growth becomes less about “discipline” and more about whether the business can expand distributable income per share —after interest costs, lease-linked expenses, and dilution. A strong quarter—driven by assets, not alchemy MREIT’s nine-month story to September 30, 2025, is straightforward: bigger portfolio, higher revenues. Total rev...
We’ve been blogging for free. If you enjoy our content, consider supporting us! Disclaimer: This is for informational purposes and is not investment advice. Figures are taken from company disclosures and exchange data; valuation ratios include the author’s calculations based on cited inputs. If Victorias Milling Company (VMC) were a simple “revenue story,” the latest quarter would have been a celebratory one: consolidated sales climbed to ₱3.235 billion , up from ₱2.511 billion a year earlier. But the market doesn’t pay dividends in revenues—it pays them in durable margins and cash flow . And this quarter’s defining feature is not growth; it is compression . VMC’s earnings print shows why. Despite higher sales, net income fell to ₱161.5 million from ₱367.9 million , and EPS dropped to ₱0.03 from ₱0.07 . In short: the company moved more product, but kept less profit per peso sold. That is the telltale signature of a margin squeeze—exactly the kind that of...