Insights & commentary
The Blog
Independent research and analysis from Accuretti Systems.
APX Moves to Cash In on Long-Stranded West Philippine Sea Gas Stake
A proposed sale of the miner’s 30% interest in Service Contract 72 could convert an illiquid exploration asset into fresh capital for mines, acquisitions or shareholder returns.
After PryceGas, Pryce Corp. Would Return to Its Property Roots
A distribution of the LPG subsidiary would leave shareholders with direct stakes in the operating company, while the listed parent retains ₱1.09 billion of real estate inventory and a ₱2.55 billion stock portfolio, enough capital for Joyjoy Escaño to rebuild Pryce as a property developer.
Max’s 6.16% Yield Comes With a Side of Doubt
The restaurant group’s dividend looks tempting. Its dwindling cash cushion suggests the next payment may not arrive.
FEU’s Expansion Schools Surge, but Its Main Campus Loses Ground
Enrollment-led growth is narrowing losses across FEU’s newer schools, but weakening performance at its flagship Manila campus complicates the path to an earnings breakout.
DDMPR Investors Grow Uneasy as October Advances Without a Dividend Declaration
The REIT remains profitable and debt-free, but thin cash, rising receivables and weaker second-quarter rental income may help explain why its final 2026 dividend has yet to be declared.
Max’s Shares Drift Toward the Value of the Furniture
The restaurant group trades far below reported book value, but much closer to tangible book value as modest returns persuade investors to discount its brands and goodwill.
As Philippine Restaurant Valuations Cool, the Deal Kitchen Heats Up
Anscor cashed out of The Bistro Group, Jollibee is carving up its global empire, and Figaro wants to leave the stock market. The common ingredient is a widening gap between public prices and private value.
Max’s Cash Cushion Is Shrinking
The restaurant group’s first-half results show better gross margins but weaker earnings. Unless management tightens capital allocation, today’s cash drain could become tomorrow’s capital raise.
Figaro’s Owners Turn to Debt to Buy Out the Public as Growth Loses Its Froth
The restaurant group’s operating subsidiary plans to buy out public investors at ₱0.82 a share, taking the company private less than five years after its stock-market debut.