Husband, father. Head of Research, Abacus Sec/MyTrade. Stock picks, business, economy, bit of politics. UPD. Personal views. NOT investment advice.
Makati/Ortigas
Joined April 2016
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Thanks, @daxlucas!
Kitchen-related food waste at restaurants runs at an average of 5%-10%. There is no line item in our check that's called wastage but we still pay for it when we eat out or have food delivered. It's an imperfect analogy, and i'm not trying to defend $MER, but I believe most...
...are focusing on the wrong thing. The firm's 5.7% systems loss, for example, is actually quite efficient relative to utilities in other emerging markets. Moreover, disallowing systems losses may affect investments for distribution infra where they are needed most (provinces).
Bottom line, we all want lower power costs but there are far better ways to do it which I detailed in my Substack:
longtakes.substack.com/p/ele…
Been a while since my last blog. This one is a bit off the mainstream but something that I hope is interesting for many.
open.substack.com/pub/longta…
A graphical representation of how much $ICT has been carrying the market on its back. The company has added Php1.17 trillion in market cap in three years, offsetting the combined decline of Php1.15 trillion for $SM, $SMPH, $ALI and $AC.
$ICT today is like $TEL in the mid to late-2000s, accounting for nearly a quarter of the PSE Index by weight. At its peak, $SM didn't even come close.
open.substack.com/pub/longta…
My views on high power costs:
- current commentary are focused on the wrong things
- how banks package loans for power plants is part of the problem
- electric cooperatives need to be reformed
- VAT can be removed but should be replaced
Read here: open.substack.com/pub/longta…
We ranked 3 dozen companies from most to least sensitive to a theoretical 1% increase in borrowing costs. Sign up with @MyTradePH to find out if your portfolio is safe or needs tweaking with the BSP poised to tighten monetary policy further in the coming months.
Is this allowed, @PhStockExchange?
- $VREIT dividend was disclosed only yesterday, May 25, or two weeks after BOD approval/declaration
- disclosure is AFTER the ex-date
$ICT today is like $TEL in the mid to late-2000s, accounting for nearly a quarter of the PSE Index by weight. At its peak, $SM didn't even come close.
open.substack.com/pub/longta…
#ICYMI
The private sector's "animal spirits" are in hibernation, contributing to lower than expected GDP growth in 6 of the last 7 quarters. Our next leader will have the tough task of boosting local and foreign investors' confidence.
Excluding the pandemic, 1Q26 GDP was the weakest since 4Q09, highlighting what's stake in two years' time. "Choose wisely" would be an extreme understatement.
open.substack.com/pub/longta…
Excluding the pandemic, 1Q26 GDP was the weakest since 4Q09, highlighting what's stake in two years' time. "Choose wisely" would be an extreme understatement.
open.substack.com/pub/longta…
Was going to keep quiet about this but thanks to @bilyonaryo_ph, I might as well point out that the P80.75M in 2025 is:
> Up 128% from 2017 vs profit growth of 40%.
> 7% of $PSE's 2025 net income, among the highest exec pay/profit ratios in the PSE.
bilyonaryo.com/2026/05/07/in…
Yes, the $RRHI board OK'd the delisting but they have not endorsed the offer price itself of P48.30. This is a crucial distinction. AFAIK, no board in 🇵🇭 has endorsed the TO price in cases of delisting. Why? My guess is that it relates to Sec. 30 of the Revised Corp. Code.
Robinsons Retail: tender offer price fair, amid fund manager's pushback
The Gokongwei family-controlled firm is pushing back against concerns raised by foreign fund manager GAM Investments about the former’s planned tender offer, underscoring that this and the voluntary delisting are grounded in independent valuation and full board approval.
READ: insiderph.com/robinsons-reta…
I sound like a broken record but to reiterate, the fairness opinion itself is faulty. It was commissioned by the bidder, the data was provided by the bidder, and FTI made no effort to verify. Clear conflict of interest. Board approval doesn't cure that, it makes it a lot worse.
Robinsons Retail: tender offer price fair, amid fund manager's pushback
The Gokongwei family-controlled firm is pushing back against concerns raised by foreign fund manager GAM Investments about the former’s planned tender offer, underscoring that this and the voluntary delisting are grounded in independent valuation and full board approval.
READ: insiderph.com/robinsons-reta…