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When Dividends Aren’t Paid by Cash: A Yield Investor’s Case for Rotating from $RFM to $MONDE

  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. By the numbers, every “dividend machine” has a hidden engine. The question is whether that engine runs on operating cash—or on wishful thinking. Dividend investors love simple stories: strong brands, steady profits, a board that “always pays.” But the market’s most expensive lesson is that dividends don’t come from the income statement. They come from cash—and specifically from cash generated by the core business. That distinction is now the difference between holding a yield stock with confidence and holding one with crossed fingers. Consider RFM and Monde Nissin—two consumer names that can appear, on the surface, to offer what income investors crave: regular payouts and re...
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$MREIT’s Real Win: Growing Cash Flow Per Share—Not Just Counting Buildings

  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...

$VMC’s Dividend Gets Leaner as Margins Get Squeezed

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...

$MONDE, the Dividend Stock the Market Forgot

  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.   There’s a particular kind of quiet opportunity that shows up when a familiar consumer name gets priced like a mistake. Not a scandal, not a bankruptcy candidate—just… unloved . Monde Nissin (MONDE) feels like that right now. The stock has been orbiting the bottom end of its recent trading band, with market data showing a 52‑week range around ₱5.61 to ₱8.60 and recent prints in the ₱5–₱6 area. At those levels, the conversation changes. You stop debating “what’s the next growth driver?” and start asking a simpler, more investor-friendly question: “Will they keep paying me while I wait?” For dividend-yield investors, that’s the whole game—collect cash distributions whi...

Megawide’s Q3 Reality Check: Stronger Margins, Softer Core—and a Debt-Financed Tightrope

  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 there’s one phrase that captures Megawide Construction Corporation’s nine-month performance to September 30, 2025, it’s this: profit resilience amid a cyclical slowdown . The company managed to keep earnings in the black— ₱501 million in net income —even as revenues pulled back to ₱12.3 billion , down ₱4.04 billion year-on-year . That headline result deserves both applause and scrutiny. Applause, because a construction-heavy group surviving a downshift without collapsing margins is not trivial. Scrutiny, because the numbers also reveal an uncomfortable truth: Megawide is still largely tethered to a business that is inherently lumpy, and it is carrying a financing s...

The Pryce ($PPC) Paradox: Record Profits, Still a “Value” 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.   By the numbers, Pryce Corporation (PPC) is having a vintage year. By the market’s temperament, it still trades like it has something to prove. Pryce Corporation’s third-quarter filing reads like the kind of report investors usually reward: nine-month net income surged 35.1% year-on-year to ₱2.99 billion , while revenues rose 10.6% to ₱16.97 billion . The headline isn’t just growth—it’s quality of growth, with profitability ratios moving in the right direction: net margin improved to 20.8% , ROE climbed to 17.33% , and ROA rose to 12.26% . And yet, for all this fundamental muscle, PPC often sits in that familiar Philippine-market category: the steady earner that still looks c...

Gold’s Mercy, Dividends’ Delay: How Lepanto’s ($LC) Balance Sheet Is Healing—But Shareholders May Wait

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.   There are few corporate turnarounds more dramatic than the kind delivered by a commodity tape that suddenly turns generous. Lepanto Consolidated Mining Company (LCMC) is living that script today: a miner whose financial statements, long haunted by accumulated losses, are now being rehabilitated by a roaring precious-metals market—especially gold and silver.  The numbers tell the story in bold strokes. For the first nine months of 2025, Lepanto booked ₱3.33 billion in revenues and ₱1.18 billion in net income , a huge leap from the same period a year earlier. On a quarterly basis, Q3 alone produced about ₱407 million in net income, a multi-fold increase versus the prio...