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 time the antitrust clearance landed, the market had already begun to rediscover MerryMart Consumer Corp. (MM)—a quick repricing that looks more like relief than conviction. The Philippine Competition Commission’s (PCC) green light for DoubleDragon’s entry removes a key uncertainty, and it reinforces the narrative of a “strategic” partnership between property infrastructure and essential retail. But if MM’s share price is to stage a sustained recovery—one that survives the news cycle and outlasts the next bout of risk-off trading—it will need to deliver what public markets ultimately demand: better unit economics, structurally higher margins, disciplined rollout quality, an...