the Outsider - PSE Points to Ponder

  For years, JG Summit Holdings Inc. was known first for the businesses the Gokongwei family built and controlled — from Universal Robina Corp. to Robinsons Land Corp. and Cebu Air Inc. But in 2025, the most important cash engine at the parent company came from a different corner of the portfolio: Manila Electric Co.   At the parent-company level, Meralco delivered about ₱7.45 billion in dividends to JG Summit in 2025, made up of a ₱4.08 billion payout declared in February and another ₱3.37 billion declared in July . That was enough to overtake Universal Robina Corp. , JG Summit’s flagship food unit, which contributed about ₱5.11 billion through two dividends of ₱2.43 billion and ₱2.68 billion . In other words, the Gokongweis’ long-standing stake in the country’s biggest power distributor produced roughly ₱2.34 billion more cash for the parent than its core branded-food subsidiary. The numbers underscore how valuable the Meralco investment has become for the holding c...

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’...