the Outsider - PSE Points to Ponder

  Mynt’s public-market debut is being billed as an IPO. But with far more secondary shares than primary shares on offer, the transaction is also a carefully timed monetization event for the financial investors that backed GCash before it became a Philippine fintech giant. In the language of capital markets, Mynt’s planned listing is an IPO. In substance, it is something more nuanced. The company behind GCash is offering up to 1.605 billion primary shares , but existing shareholders are offering up to 6.422 billion secondary shares , plus an overallotment option of up to 1.204 billion additional secondary shares . At the top-end offer price of ₱10.00 per share , Mynt expects to receive only about ₱14.95 billion in net proceeds from the primary shares, while the selling shareholders could receive up to ₱74.30 billion in net proceeds if the overallotment option is fully exercised. Mynt itself will not receive any proceeds from the secondary or option shares. That makes the “IPO” lab...

The primary share sale will give Mynt nearly ₱15 billion in fresh capital. The message from the prospectus is clear: payments built GCash, but lending, product expansion, liquidity, and optionality are where the next chapter will be funded. Mynt’s planned public listing is not just a liquidity event for its shareholders. It is also a capital-raising exercise for the company behind GCash, though only a smaller portion of the offering will actually land on Mynt’s balance sheet. The preliminary prospectus lays out an offer of up to 1.605 billion Primary Shares to be issued by Mynt, alongside a much larger block of 6.422 billion Secondary Shares to be sold by existing shareholders. At the indicative offer price of up to ₱10.00 per share , Mynt estimates net proceeds from the Primary Shares of up to ₱14.95 billion , after fees and expenses. The company will not receive proceeds from the sale of Secondary Shares or Option Shares.  That distinction matters. The IPO may be marketed as a ...

  GCash’s vast user base, merchant network, and brand ubiquity still form one of the strongest fintech moats in the Philippines. Yet after Payment Solutions' revenue reached ₱50.3 billion in 2025, Q1 2026 showed slowing momentum, exposing the limits of scale in a regulated, low-take-rate payments business. For years, the genius of GCash was that it made money move before it made money itself. A sari-sari store owner could accept a QR code. A daughter in Cebu could receive cash from Manila. A worker could pay a bill, buy load, cash out, send ₱500, or settle dinner without touching a bank branch. Each tiny movement looked mundane. Together, they became one of the biggest pools of transaction value in Philippine finance: ₱17.0 trillion of Payment Solutions GTV in 2025 , up from ₱9.8 trillion in 2023 . That payments machine is still Mynt’s largest business. In 2025, Payment Solutions Adjusted Revenues reached ₱50.3 billion , accounting for 63.2% of Mynt’s total Adjusted Revenues . But ...

How the country’s largest developer is using AREIT capital recycling to fund the next generation of malls, offices and hotels — while quietly directing a slice back into residential development. Ayala Land Inc. has long sold investors a simple proposition: it owns the land, builds the districts, matures the assets, and then finds ways to recycle capital into the next growth cycle. With AREIT Inc., that machine has become more visible — and more financialized. In its latest reinvestment plans, Ayala Land maps out how it intends to redeploy ₱7.87 billion in net proceeds from two recent AREIT share sales: ₱4.18 billion from the sale of 100 million AREIT shares at ₱41.90 per share, received on Nov. 28, 2025, and ₱3.69 billion from the sale of 88 million AREIT shares at ₱42.00 per share, received on Mar. 3, 2026. The proceeds are required to be reinvested in Philippine real estate and/or infrastructure projects under REIT rules, but Ayala Land’s plans make clear it does not intend to ...

  In Q1 2026, Philippine National Bank won the low-provision race, setting aside far less than China Bank and helping both banks keep profits in the ₱6bn club. In Philippine banking’s first quarter of 2026, the race was not merely to lend more, widen margins or charm depositors. It was also to provision less. On that track, Philippine National Bank crossed the line ahead of China Banking Corporation. PNB set aside just ₱225.7m for impairment, credit and other losses, down 18.6% from a year earlier, saying the decline reflected improved credit portfolio performance . CBC, by contrast, booked a still-modest but larger ₱683.8m provision, up from ₱285.1m a year earlier.  The prize was visible in the bottom line. PNB’s net income reached ₱6.37bn , while CBC’s was ₱6.78bn . In both cases, small credit charges helped keep earnings comfortably in the ₱6bn range , despite a quarter marked by market volatility, bond-price pain and noisy treasury results.  Yet the two banks arri...

  CBC’s clean loan book spared it from the credit-cost pain seen at peers, but a ₱4.1bn trading, securities and FX loss—and steep FVOCI marks—revealed how turbulent markets bruised an otherwise solid quarter. For a bank, there are many ways to make money look easy. The simplest is to lend well, collect cheaply, and avoid nasty surprises. In the first quarter of 2026, China Banking Corporation did much of that. Net income rose 4.3% year on year to ₱6.8bn , net interest income jumped 13.8% to ₱19.5bn , and its net interest margin widened to 4.61% from 4.49% . Loans grew, deposits grew, and bad loans stayed tame. On the surface, it was the sort of quarter a conservative bank would happily frame.  Yet beneath the tidy headline lay a messy truth: China Bank’s earnings were rescued not by treasury skill, but by credit calm. The bank booked a striking ₱4.1bn net loss from trading, securities and foreign exchange , wider than the ₱3.7bn loss recorded a year earlier. The line is not ...

For most banks, a quarter in which net income rises, margins widen, and credit growth continues would count as a respectable outing. For Metropolitan Bank & Trust Company , the first quarter of 2026 was exactly that—until one looked below the net-income line. There, in the usually neglected province of “other comprehensive income”, the bond market left a conspicuous bruise. Metrobank reported ₱12.81bn in consolidated net income for the quarter ended March 31st 2026, up 2.4% from ₱12.51bn a year earlier. Net income attributable to the parent climbed 2.9% to ₱12.60bn , lifting basic and diluted earnings per share to ₱2.80 , from ₱2.72 in the same period last year. On the surface, this was the sort of quarter large banks like to present: steady, profitable, and comfortably capitalized.  Yet the more interesting story was not about profit but about capital. Metrobank booked a ₱16.40bn net unrealized loss on debt securities at fair value through other comprehensive income , or ...