the Outsider - PSE Points to Ponder

  In the Philippines’ small fraternity of listed holding companies, A. Soriano Corporation (ANSCOR) looks, at first glance, like a relic from an older business age: an investment house with old-family roots, a sprawling portfolio, and an address in Makati. Yet its modern shape is more interesting than that. ANSCOR is less a sleepy conglomerate than a hybrid machine—part public-markets investor, part owner of operating businesses, part collector of dividends and fees from a web of subsidiaries and associates. In 2025, the group reported ₱36.2bn in consolidated assets, ₱19.5bn in revenues and gains, and ₱5.53bn in net income , while the parent company itself earned ₱5.60bn and kept enough unrestricted retained earnings to declare a ₱0.50-a-share regular cash dividend for payment on April 8th 2026 .  To understand ANSCOR, one must resist the temptation to treat it as a simple industrial company. Its most visible operating assets are concrete enough: Phelps Dodge Philippines En...

  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 rallies that announce themselves with fireworks, and then there are rallies that quietly rearrange the scoreboard for everyone who had the good sense—or the patience—to already be on the field. International Container Terminal Services, Inc. (ICT) has been the loud kind lately. At ₱680 a share (as of Feb. 20, 2026 ), it’s the sort of valuation that doesn’t just lift a stock—it reshapes the pecking order of portfolios that hold it. And as ICT climbs, the spotlight naturally falls on the usual suspects: the founders, the nominee accounts, the insiders whose names the market knows by heart.  But one of the most interesting beneficiaries isn’t a port operator at...