Insights & commentary
The Blog
Independent research and analysis from Accuretti Systems.
Apex Mining’s Gold Windfall Meets a Cash-Flow Reality Check
Higher bullion prices and a weaker Philippine peso lifted first-half profit 68%, but nearly all operating cash was consumed by mine investment.
Arthaland’s Property Revaluations Put a Gloss on Weak First-Half Economics
Philippine developer’s ₱245.5 million profit relied on ₱1.18 billion of noncash valuation gains as borrowing costs climbed and operating cash flow remained negative.
FEU Cuts Dividend as Rising Costs Put Cash Generation in Focus
The university operator can afford its payout, but a shrinking operating margin and heavy capital spending suggest management is protecting liquidity.
Philippine Airlines and Cebu Pacific Hit the Same Fuel Shock. Their Balance Sheets Tell Different Stories.
Cebu Air’s larger loss consumed nearly a third of its equity, while PAL Holdings’ stronger cash generation and capital cushion limited the damage.
Fuel Shock Sends PAL’s Earnings Into a Tailspin, but Cash Flow Holds Firm
The Philippine flag carrier raised fares and generated billions of pesos in cash, but higher fuel, fleet, and financing costs turned a strong first quarter into a first-half loss.
Cebu Pacific’s Fuel Bill Delivers Another Hiccup for the Gokongwei Group
Passenger traffic and revenue increased, but not enough to absorb soaring fuel costs, a weaker peso and the financial burden of an expanding aircraft fleet.
Jollibee’s Hong Kong Spinoff Leaves a ₱93 Billion Debt Question
The restaurant group wants investors to value its international ambitions separately. Before celebrating, shareholders need to know which company will inherit the acquisition debt.
ABS-CBN’s Digital-Future Revenue Shows Signs of Erosion
An estimated decline in non-cable subscription revenue complicates the media company’s effort to rebuild around streaming, international distribution and direct-to-consumer services.
ACEN Sold Investors a Clean-Energy Future. Its Coal Ties Never Fully Disappeared.
The Philippine power producer divested its interest in a 246-megawatt coal plant, but retained commercial control of the facility’s output and continues to report electricity revenue without a fuel-by-fuel breakdown.