the Outsider - PSE Points to Ponder

  A sharp rise in metal prices helped reverse last year’s losses, but debt, mine spending and a thin liquidity cushion make a near-term dividend far from certain Atlas Consolidated Mining and Development Corp. has completed a striking earnings turnaround. The question for shareholders is when—or whether—that improvement will reach them in cash. The Philippine copper producer reported net income of ₱4.62 billion for the first half of 2026 , reversing a ₱653 million loss in the same period last year. Net revenue climbed 68% to ₱13.72 billion , while income from operations swung to ₱4.77 billion from a ₱454 million loss.  The reversal was powered principally by copper. Atlas said its average realized copper price rose to $5.97 a pound during the second quarter , 38% above the $4.32 recorded a year earlier. Gold, a valuable credit contained in the company’s copper concentrate, also provided support: average gold prices increased to $4,622 an ounce from $3,112 .  Higher pric...

  MerryMart shareholders are being asked to choose before the lights are fully on. The SEC and PSE should not let that pass. In a well-functioning market, a tender offer should sharpen a shareholder’s choice. Sell, hold, or demand more. In MerryMart Consumer Corp.’s case, the choice has instead become oddly murky. DoubleDragon Corp. is offering to acquire MM shares at ₱0.48 apiece , half in cash and half in newly issued DoubleDragon shares valued at ₱9.30 each , after agreeing to buy a 35% block from Injap Investments Inc. and launching a mandatory tender offer for the remaining 65% of MM shares. The tender offer period runs from May 18 to June 16, 2026 , with settlement scheduled for June 24, 2026 .  Yet as shareholders weigh whether to tender, the most basic instruments of judgment appear to be missing. As of this writing, PSE EDGE’s financial reports page shows MerryMart’s latest annual figures as fiscal year ended December 31, 2024 , while its latest quarterly financia...