the Outsider - PSE Points to Ponder

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. RL Commercial REIT, Inc. (RCR) is entering 2026 with a familiar REIT story—bigger portfolio, higher rents, and another year of heavy cash distributions—yet with a more nuanced market question: will growth remain yield-accretive on a per-share basis as the platform scales via property-for-share swaps? Bigger portfolio, bigger cash engine On the operating line that matters most to income-focused investors—recurring lease revenue—RCR delivered a strong year. Rental income climbed to roughly ₱8.86 billion in 2025, up about 34% from ₱6.61 billion in 2024 , as newly infused assets contributed for longer periods. The portfolio also expanded meaningfully, with nine mall assets infused in 2...

  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. After spending much of the year grinding sideways, SM Investments Corp. (SM) is beginning to show signs that investors are leaning into the story again.The price is edging higher and the RSI is also turning up —a small but meaningful pairing that often reflects improving conviction rather than a one‑day bounce. This time, though, the uptick isn’t happening in a vacuum. SMIC’s ongoing share buyback adds a second tailwind to the tape : as the company steadily repurchases shares, it can tighten effective supply and reinforce the market’s sense that management is willing to support value during periods of mispricing. In its 17‑Q, SMIC disclosed a board‑approved buyback program ...

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. Nickel Asia Corp. (NAC) delivered a year that reads like a bull case in headline form—strong earnings, swelling cash, and a balance sheet that still looks comfortably geared. Yet the company also leaned on borrowings while cash piled higher, a combination that typically invites two questions from the market: what is management preparing for—and how aggressive can it get? The first part of the answer is clear from NAC’s own disclosures: the cash build-up is largely a war chest for a pipeline of capital-hungry projects , especially in renewable energy, where spending is front-loaded and returns arrive only once projects are commissioned. The second part—the optionality—requires more ...

  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. PLDT’s board has approved a final cash dividend of ₱46 per share , bringing total dividends for 2025 to ₱94 per share and framing the payout as 60% of Telco Core EPS —a clear signal that management is prioritizing policy discipline over headline yield. The adjustment comes as the telco’s operating story remains broadly stable, but the earnings quality underneath shows strain. For full-year 2025, PLDT reported net service revenues of ₱196.2 billion (+1%) and EBITDA of ₱111.2 billion (+3%) with a 52% EBITDA margin , reflecting resilience in data and broadband that now account for 85% of service revenues .  Yet reported net income fell 7% to ₱30.0 billion , reflecting ...

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. Meralco is doing what mature, cash-generative franchises are supposed to do after a strong year: share more of the spoils . In a board decision dated February 25, 2026 , Manila Electric Co. approved a final cash dividend of ₱16.672 per share , payable on April 20, 2026 to shareholders on record as of March 26, 2026 .  That final payout brings total dividends declared out of 2025 core consolidated net income (CCNI) to ₱28.00 per share —a level Meralco itself frames as roughly 62.5% of core earnings per share . In other words, the board is telling investors: 2025 was strong enough not only to fund expansion, but also to raise the income stream that has long anchored the stock’...

  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. Far Eastern University, Incorporated (FEU) has nudged its cash dividend lower,  to ₱14.00 per share from the prior ₱16.00 per share, as  shown in its dividend history.  While a ₱2 cut may look modest, dividend adjustments are rarely cosmetic. In FEU’s case, the latest interim financials suggest a clear rationale: profitability is softening as costs rise faster than revenues, cash is being pulled into capital spending, and operating cash conversion is pressured by seasonality and receivables growth .  This is not a distress story. It is, however, a capital-allocation story —a board choosing to preserve flexibility in a year when the underlying earnings en...