Investing Archives — Financial Adviser

Petron Was the GCash of Its Time. What Happened to Investors Who Bought Its IPO?

Stewie Go — Thu, 22 Oct 2026 03:17:10 +0000

In September 1994, the Philippine stock market witnessed an event so extraordinary that it became known as the “mother of all IPOs.” Petron Corporation, one of the country’s largest and most recognizable companies, was being privatized. For the first time, ordinary Filipinos had an opportunity to become part-owners of the oil company whose gasoline stations [...]

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When Wilson Sy Met Joey Salceda in 1986, They Both Saw PLDT Could Reach ₱1,000

FinancialAdviser.ph — Wed, 14 Oct 2026 01:15:06 +0000

Some of the best investments rarely look obvious at the time they are made. When Wilson Sy began accumulating shares of Philippine Long Distance Telephone Company (PLDT) in the years following the People Power Revolution, few investors were paying attention. The Philippine economy was emerging from a period of political uncertainty, interest rates were extraordinarily [...]

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How Long Must GCash Keep Its Competitive Advantage to Justify P6.60?

Stewie Go — Tue, 13 Oct 2026 00:28:56 +0000

GCash, through its parent company Mynt Inc., has priced its initial public offering at P6.60 per share, valuing the base offer at about P53 billion. The company is scheduled to list on the Philippine Stock Exchange on Oct. 20. At this price, GCash is entering the market with considerable expectations already built into its valuation. [...]

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Are Philippine Conglomerates Really as Cheap as They Look?

Stewie Go — Thu, 08 Oct 2026 00:38:09 +0000

A stock trading below book value can be difficult for value investors to ignore. If a company’s shares are worth only 50 centavos in the market for every peso of shareholders’ equity on its balance sheet, the immediate impression is that investors are buying assets at a substantial discount. For conglomerates, however, that discount may [...]

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GCash Has Strong Fundamentals. But How Much Should Investors Pay for Them?

Stewie Go — Wed, 07 Oct 2026 00:16:50 +0000

There is little doubt that GCash has built one of the strongest financial technology businesses in the Philippines. Its parent company, Mynt Inc., earned P17.25 billion in 2025, up from P11.13 billion in 2024 and P6.38 billion in 2023. By June 2026, GCash had 41.5 million monthly active users, while its trailing return on equity [...]

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Can Market Making Bring Liquidity Back to Philippine Stocks?

FinancialAdviser.ph — Mon, 05 Oct 2026 03:16:01 +0000

Hundreds of companies are already listed on the Philippine Stock Exchange. The next challenge is making their shares easier to trade. Having a stock listed on an exchange does not necessarily mean investors can easily buy or sell it. For many Philippine stocks, the problem is familiar. Trading can be thin. Buyers and sellers can [...]

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What Are the Odds of Making Money From a Philippine IPO?

Stewie Go — Mon, 05 Oct 2026 00:30:52 +0000

Buying an initial public offering can feel different from buying an ordinary stock. There is usually considerable publicity before listing. Institutional investors may have already committed money. Public investors compete for allocations. If demand exceeds the shares available, investors who failed to receive their desired allocation may buy once trading begins, but what happens after [...]

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Why the Cheapest-Looking Bank Stock May Not Be the Best Buy

Stewie Go — Fri, 02 Oct 2026 03:39:30 +0000

Bank stocks can be confusing for investors. Some trade at less than half their book value, while others command prices equal to or even higher than the equity on their balance sheets. It is tempting to assume that the stocks with the biggest discounts offer the best opportunities. But there is another way to look [...]

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ASEAN Markets Are Rallying. What’s Holding Back the Philippines?

Stewie Go — Tue, 29 Sep 2026 02:40:28 +0000

Stock markets across Southeast Asia have delivered some impressive gains this year. Singapore’s Straits Times Index has reached record levels, while Thailand has posted one of the region’s strongest performances. Indonesia and Vietnam have also seen periods of strong market gains. The Philippine stock market, however, has struggled to keep pace. The PSEi remains around [...]

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Why Profitable Companies Don’t Always Create Value for Investors

Stewie Go — Tue, 29 Sep 2026 00:03:19 +0000

A company can report billions of pesos in profits and still fail to generate enough return for the risks investors take. Comparing return on equity with the return investors require provides another way to identify which companies are creating value. A company that consistently earns a profit is generally considered successful. If its return on [...]

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