Insights & commentary
The Blog
Independent research and analysis from Accuretti Systems.
FEU vs. CEU: FEU’s Enrollment Edge Softens the Blow as Costs Squeeze Philippine Universities
Far Eastern University expanded its student base and revenue, while Centro Escolar University relied on higher fees to counter declining enrollment. At both institutions, costs rose faster than educational income.
Enrollment Slump, Rising Costs Drag on CEU’s Profit
Tuition increases kept revenue afloat, but fewer students and a surge in administrative expenses squeezed margins.
Philippine Food Makers Face a Second-Half Inventory Test
Strong first-half earnings masked uneven cash conversion as companies invested more in inventories.
San Miguel Food and Beverage’s Sales Edge Higher, but Cash Gets Stuck on the Shelf
Inventory climbed by ₱8 billion as weaker beer volumes and rising operating costs pulled down profit growth.
Century Pacific’s Sales Surge, but Inventory Build Drains Cash
The Philippine food maker increased short-term borrowings, yet ended the first half with less cash as inventories, capital spending and dividends absorbed funds.
For GCash IPO Investors, the Financial-Inclusion Story Deserves Closer Scrutiny
Giving marginalized Filipinos access to loans at a 3.98% effective monthly rate may broaden access to credit. It does not necessarily make the credit inclusive.
Highlands Coffee Sale, Preferred-Share Redemption Could Lift Jollibee EPS
A potential gain from the Highlands transaction could boost near-term earnings, while eliminating preferred dividends may provide a recurring EPS benefit beginning in the fourth quarter.
Ayala-Mitsubishi Alliance Calls for Ayala Corp. to Sell Existing Treasury Shares Costing ₱767.81 on Average for ₱650 Each
The Philippine conglomerate plans to sell treasury stock to Mitsubishi at ₱650 a share, compared with an estimated carrying cost of ₱767.81 for the shares already on Ayala’s books.
The Strategic Advantage Behind Ayala’s AYC Finance Ltd. Perpetual Debt
Fixed-for-life debt issued through AYC Finance gave the Philippine conglomerate permanent capital, protected shareholders from dilution and reduced refinancing pressure. It also left the parent with a dollar-denominated coupon bill that may never disappear.