Financial Performance, Valuation, and Market Dynamics of Selected Philippine Media and Communications Firms
DOI:
https://doi.org/10.65166/kp3dtb96Keywords:
financial performance, firm valuation, media and communications, Philippine stock market, liquidity and leverage, technical analysisAbstract
The Philippine media and communications sector is undergoing structural change as digital platforms alter revenue models, audience behavior, capital requirements, and competitive conditions. This study comparatively examined the financial and stock-market characteristics of six publicly listed Philippine firms: ABS-CBN Corporation, Globe Telecom, GMA Network, Manila Bulletin Publishing Corporation, Manila Broadcasting Company, and PLDT. A descriptive-comparative secondary-data design was employed using publicly available market information from Investagrams and Pesobility. The analysis integrated market capitalization, dividend yield, price-to-earnings ratio, earnings per share, profitability, liquidity, leverage, stock returns, trading activity, moving averages, momentum measures, and volatility indicators. Results showed substantial heterogeneity across business models. PLDT and Globe had the largest market capitalizations, the highest earnings per share, and greater trading activity, but both also exhibited relatively high leverage and limited short-term liquidity. GMA Network recorded the highest dividend yield while simultaneously showing weakening profitability and negative returns over several horizons. Manila Bulletin and Manila Broadcasting displayed smaller market scale but more conservative liquidity and leverage positions, while ABS-CBN showed negative earnings, weak liquidity, and elevated financial risk. Technical indicators did not consistently align with fundamental strength. The findings indicate that firms in the sector should be evaluated through a multi-indicator framework that distinguishes operating profitability, balance-sheet resilience, valuation, shareholder returns, and short-term market behavior.
Downloads
References
Abdullah, H. A., Isiksal, A., & Rasul, R. (2023). Dividend policy and firm value: Evidence of financial firms from Borsa Istanbul under the IFRS adoption. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/jfra-04-2022-0147
Alshakhanbeh, M. A. A. Q., Pitchay, A. A., Mia, M., & Jalil, M. I. A. (2025). The impact of liquidity and leverage on firm value of public listed firms in Jordan. Information Management and Business Review. https://doi.org/10.22610/imbr.v17i1(i).4343
Angga, G., & Dermawan, E. S. (2023). Determinants of price earnings ratio: A study in manufacturing companies. International Journal of Application on Economics and Business. https://doi.org/10.24912/ijaeb.11.693-704
Asif, M., & Salman, M. (2024). Impact of dividend policy on shareholder wealth with firm growth as a moderator. The Critical Review of Social Sciences Studies. https://doi.org/10.59075/734evs23
Atento, A. G., & Atento, R. G. (2026). Legacy retail under digital disruption: Strategic insights from National Book Store's omnichannel transition in the Philippines. Journal of Enterprise Strategy and Management Innovation, 1(1). https://doi.org/10.65166/nny9z718
Atento, A. G., Atento, R. G. O., Espelita, C. A. M. H., & Lantin-Magana, L. M. (2026). Digital connectivity and financial inclusion in Asia: A thematic review of mobile infrastructure, account ownership, and policy implications using Global Findex 2025 evidence. Asian Financial Economics and Policy, 1(1). https://doi.org/10.65166/9h1wkj82
Atento, R. G. (2025). Valuation metrics, market efficiency, and investor sentiment: A descriptive analysis of Philippine Stock Exchange–listed firms. International Journal of Health & Business Analytics, 1(1). https://doi.org/10.65166/6kbeat87
Atento, R. G., & Atento, A. G. (2025a). Global equity valuation dispersion: Evidence from P/E benchmarks, percentile positioning, and trend margins. International Journal of Health & Business Analytics, 1(2). https://doi.org/10.65166/2pd5k207
Atento, R. G., & Atento, A. G. (2025b). Which fundamentals differentiate Philippine stock winners from laggards? A rank-based multinomial analysis of 2025 price appreciation. International Journal of Health & Business Analytics, 1(2). https://doi.org/10.65166/n7t3ew73
Atento, R. G., & Mangubat, M. (2025). Integrated fundamental–technical evaluation of Jollibee Foods Corporation: Financial performance, market behavior, and investment outlook. International Journal of Health & Business Analytics, 1(2). https://doi.org/10.65166/azkk2x82
Atento, R. G., & Manzana, P. A. S. (2026). Valuation, profitability, and risk assessment of PLDT Inc. (PSE: TEL): A fundamental and technical analysis as of May 2026. Journal of Enterprise Strategy and Management Innovation, 1(2). https://doi.org/10.65166/8bp7h116
Atento, R. G. O., Atento, A. G., Espelita, C. A. M. H., Del Mundo, F., Nona, R. G., Mangubat, M. M., Dela Costa, V. G., Manzana, P., & Espina, A. (2026). Value and size premiums in the Philippine equity market: Evidence from an extended dataset with volatility analysis. Asian Financial Economics and Policy, 1(1). https://doi.org/10.65166/nbsg0j88
Bajzík, J. (2021). Trading volume and stock returns: A meta-analysis. International Review of Financial Analysis. https://doi.org/10.1016/j.irfa.2021.101923
Boďa, M., & Jeřábek, R. (2023). Corporate value, price and dividend policy: A case study of U.S. listed firms. Managerial and Decision Economics. https://doi.org/10.1002/mde.4024
Chen, S., Atento, R. G. O., Feng, T., Tan, Q., Refozar, R. F., & Manalo, L. (2026). Capital depth and entrepreneurial vitality: Market capitalization growth and cross-border investment flows in the Philippines and ASEAN. Journal of Enterprise Strategy and Management Innovation, 1(3). https://doi.org/10.65166/b4vrsd73
Chen, Y.-X., & Zhang, Y.-Q. (2024). The impact of digital transformation on firm's financial performance: Evidence from China. Industrial Management & Data Systems, 124, 2021–2041. https://doi.org/10.1108/imds-07-2023-0507
Dangs, A. Z., Ojeka, S., Uthman, A., & Onmonya, L. (2026). Liquidity, leverage and financial performance nexus: Insights from Sub-Saharan Africa’s healthcare sector. International Journal of Financial Studies. https://doi.org/10.3390/ijfs14030055
Dela Costa, V., & Atento, R. G. (2025). Financial performance and market viability of Globe Telecom, Inc.: An integrated fundamental–technical analysis. International Journal of Health & Business Analytics, 1(1). https://doi.org/10.65166/v5x9d097
Del Mundo, F., & Atento, R. G. (2025). Fundamental and technical indicator analysis of San Miguel Corporation: Financial performance, market behavior, and investment evaluation. International Journal of Health & Business Analytics, 1(2). https://doi.org/10.65166/6vdtp816
Duong, H. K., & Nguyen, H. C. (2025). The impact of digitalisation on firm value, financial performance, and green initiatives: Evidence from Vietnam, an emerging economy. Journal of Applied Accounting Research. https://doi.org/10.1108/jaar-01-2025-0015
Edeling, A., Himme, A., & Wichmann, J. (2024). Does bigger still mean better? How digital transformation affects the market share-profitability relationship. International Journal of Research in Marketing. https://doi.org/10.1016/j.ijresmar.2024.01.004
Espina, A., & Atento, R. G. (2026). Valuation, profitability, and risk assessment of Manila Electric Company (PSE: MER): A fundamental and technical analysis as of May 2026. Journal of Enterprise Strategy and Management Innovation, 1(2). https://doi.org/10.65166/qvvhmy33
Gebka, B. (2025). Explaining the causality between trading volume and stock returns: What drives its cross-quantile patterns? Economic Modelling. https://doi.org/10.1016/j.econmod.2025.107077
Gunawan, H., & Elshinta, R. (2025). Profitability and valuation ratios as predictors of stock prices: Contemporary evidence from Indonesia’s capital market. Indonesian Financial Review. https://doi.org/10.55538/ifr.v5i1.68
Hanafi, N., & Othman, F. (2023). The effect of dividend policy on share prices of Bursa Malaysia listed companies. International Journal of Industrial Management. https://doi.org/10.15282/ijim.17.1.2023.9203
Hutabarat, R., Sadalia, I., & Irawati, N. (2025). Technical analysis of Moving Average Convergence Divergence, stochastic oscillator, Relative Strength Index and Money Flow Index on the stock prices of companies listed on the IDX30 Index on the Indonesia Stock Exchange. International Journal of Current Science Research and Review. https://doi.org/10.47191/ijcsrr/v8-i5-30
Investagrams. (n.d.-a). PSE:ABS—ABS-CBN Corporation (PH) | Price and chart. Retrieved September 12, 2026, from https://www.investagrams.com/Stock/PSE:ABS
Investagrams. (n.d.-b). PSE:GLO—Globe Telecom, Inc. (PH) | Price and chart. Retrieved September 12, 2026, from https://www.investagrams.com/Stock/PSE:GLO
Investagrams. (n.d.-c). PSE:GMA7—GMA Network, Inc. (PH) | Price and chart. Retrieved September 12, 2026, from https://www.investagrams.com/Stock/PSE:GMA7
Investagrams. (n.d.-d). PSE:MB—Manila Bulletin Publishing Corporation (PH) | Price and chart. Retrieved September 12, 2026, from https://www.investagrams.com/Stock/PSE:MB
Investagrams. (n.d.-e). PSE:MBC—Manila Broadcasting Company (PH) | Price and chart. Retrieved September 12, 2026, from https://www.investagrams.com/Stock/PSE:MBC
Investagrams. (n.d.-f). PSE:TEL—PLDT, Inc. (PH) | Price and chart. Retrieved September 12, 2026, from https://www.investagrams.com/Stock/PSE:TEL
Jardak, M. K., & Hamad, S. B. (2022). The effect of digital transformation on firm performance: Evidence from Swedish listed companies. The Journal of Risk Finance. https://doi.org/10.1108/jrf-12-2021-0199
Julianti, E., Friyani, R., & Prasetyo, E. (2025). The effect of current ratio, debt to equity ratio, and price to book value on financial performance of property and real estate sector companies listed on the Indonesia Stock Exchange in 2021–2023. International Journal of Economic Research and Financial Accounting (IJERFA). https://doi.org/10.55227/ijerfa.v3i4.367
Kim, R. (2021). Dividend reputation, dividend yield and stock returns in Korea. Journal of Derivatives and Quantitative Studies. https://doi.org/10.1108/jdqs-09-2020-0023
Kitkanasiri, C., & Palahan, S. (2025). Market efficiency and technical trading: An empirical study of MACD and RSI indicators in major Asian stock indices. ABAC Journal. https://doi.org/10.59865/abacj.2025.30
Kuang, Y., Fan, M., Fan, Y., Jiang, Y., & Bin, J. (2023). Digitalization, financing constraints and firm performance. Frontiers in Environmental Science. https://doi.org/10.3389/fenvs.2023.1090537
Lantin-Magana, L. M., & Atento, R. G. O. (2026). Digital reach, consumption, and equity market deepening: Evidence from ASEAN-5. Asian Financial Economics and Policy, 1(1). https://doi.org/10.65166/nxnfqv94
Liu, J., Zhou, K., Zhang, Y., & Tang, F. (2023). The effect of financial digital transformation on financial performance: The intermediary effect of information symmetry and operating costs. Sustainability. https://doi.org/10.3390/su15065059
Lyimo, G. D. (2024). Dividend policy and share price valuation of listed commercial banks in Tanzania. The Accountancy and Business Review. https://doi.org/10.59645/abr.v16i2.233
Ma, Y., Yang, B.-C., & Su, Y.-P. (2021). Stock return predictability: Evidence from moving averages of trading volume. Pacific-Basin Finance Journal. https://doi.org/10.1016/j.pacfin.2021.101494
Mahirun, M., Jannati, A., Kushermanto, A., & Prasetiani, T. (2023). Impact of dividend policy on stock prices. Acta Logistica. https://doi.org/10.22306/al.v10i2.375
Marozva, G. (2026). Firm performance, liquidity and capital structure nexus: Evidence from the PMG panel-ARDL approach. Risks. https://doi.org/10.3390/risks14030061
Mbilima, C., & Phiri, J. (2025). The influence of digital transformation on the financial performance of telecommunications firms: A case of Airtel Zambia. African Journal of Commercial Studies. https://doi.org/10.59413/ajocs/v6.i5.2
Nona, R. G., & Atento, R. G. (2025). Integrating fundamentals and technicals: Investment attractiveness of Puregold Price Club, Inc. International Journal of Health & Business Analytics, 1(1). https://doi.org/10.65166/e0y0mb43
Nursidar, N., Budiyanti, H., Nurman, N., Anwar, A., & Musa, M. (2024). The effect of earnings per share, return on equity, and net profit margin on stock returns of food sub-sector companies and beverages on Indonesia Stock Exchange. Economos: Jurnal Ekonomi dan Bisnis. https://doi.org/10.31850/economos.v7i1.3056
Pesobility. (n.d.). Media stocks. Retrieved September 12, 2026, from https://www.pesobility.com/stock/media
Reyes, K. B., Lantin-Magana, L. M., Atento, A. G., Espelita, C. A. M. H., & Atento, R. G. O. (2026). Sectoral valuation profiles and earnings quality in the Philippine equity market: A descriptive cross-sectional study of PSE-listed firms as of end-Q1 2026. Asian Financial Economics and Policy, 1(1). https://doi.org/10.65166/sm24ag86
Riani, D., Hasnin, H., & Ridwan, M. (2023). Pengaruh return on investment (ROI), earning per share (EPS), net profit margin (NPM), dan market value added (MVA) terhadap return saham. Journal on Education. https://doi.org/10.31004/joe.v5i2.1001
Serafica, R. B., & Oren, Q. C. A. (2024). Analysis of the competition landscape of Philippine mass media. Philippine Institute for Development Studies. https://doi.org/10.62986/dp2024.29
Simorangkir, R. T. M. C. (2021). Sustainable company value through price earning ratio, dividend payout ratio and profitability with capital structure as a moderating variable. European Journal of Business and Management. https://doi.org/10.7176/ejbm/13-13-08
Suci, W. K., & Ratnawati, D. (2026). The effect of ROE, GPM, and NPM on firm value: Good corporate governance moderation. International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC). https://doi.org/10.61990/ijamesc.v4i4.817
Sukarno, A., Ambarwati, S., Hamzah, G., Garaika, H. M., Yodhatama, M., & Rafi, A. (2025). Accuracy test of technical analysis using Ichimoku Kinko Hyo, Moving Average Convergence Divergence, and Relative Strength Index on stock price of companies listed in the Infobank15 Index. RSF Conference Series: Business, Management and Social Sciences. https://doi.org/10.31098/bmss.v5i2.953
Suyitno, E., Gantino, R., & Susanti, R. (2026). The effect of current ratio and debt-to-equity ratio on firm value: The moderating role of profitability in transportation and logistics firms listed on the Indonesia Stock Exchange (2020–2024). Indonesian Journal of Taxation and Accounting. https://doi.org/10.66053/ijota.v4i1.380
Tarigan, S., & Tambunan, M. N. (2026). How do profitability, risk, and growth expectations affect market valuation? An analysis of P/E and P/B ratios. Jurnal Locus Penelitian dan Pengabdian. https://doi.org/10.58344/locus.v5i6.5678
Vidada, I. A., Saridawati, S., Aliudin, R. M. T., Suprianto, A., & Sabariah, E. (2025). Influence of earnings per share and price to earnings ratio on stock price. Golden Ratio of Data in Summary. https://doi.org/10.52970/grdis.v6i1.1720
Wang, D., & Xia, X.-H. (2024). The impact of digital transformation on firms' value: Examining the role of ESG performance and the effect of information interaction. Business Process Management Journal, 30, 1236–1265. https://doi.org/10.1108/bpmj-06-2023-0469
Zalukhu, R. S., Hutauruk, R. P. S., Colyn, D., & Sudarjah, G. (2024). Pengaruh earning per share (EPS), return on equity (ROE), dan net profit margin (NPM) terhadap harga saham. Accounting Progress. https://doi.org/10.70021/ap.v2i2.113
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Aecel Aien V. Fajilan, Neekah L. Llanto, Faith Stephanie S. Kalaw, Anna Marie P. Quian, Princess Jane D. Ricablanca (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Authors retain copyright of their articles but grant the International Journal of Health & Business Analytics (IJHBA) the right of first publication.
