GLO. Mynt Clears Final SEC Gate Before Listing

Highlights

• Mynt now holds the SEC permit to sell, clearing the last regulatory gate before its offer period and listing.
• Globe's share of Mynt's first-half profit was ₱3.7 billion, and that stake is about to get a daily market price.
• Vini Research Desk rates GLO a Buy, ~64% upside to our ₱2503.00 fair value.

The Setup

Following the final offer price we covered on Oct. 4, Globe affiliate Mynt has received the SEC's Order of Registration and Permit to Sell. The permit covers 8,027,409,600 common shares, with an overallotment option of up to 1,204,111,400 secondary common shares.

Source: PSE disclosure

Our Read

The permit turns Mynt from a valuation argument into a public mark that is days away. Globe's share of Mynt profit came to ₱3.7 billion in the first half, yet GLO's ₱221.4 billion market cap sits near its lows, as though the market assigns that stake little value. Once Mynt trades, investors get a daily price for Globe's holding, and any gap between that mark and GLO's own valuation becomes visible. Our takeaway is that the listing is the catalyst that forces the market to price Globe's fintech stake explicitly, and at current levels GLO is not paying for it.

Vini Research Desk rates GLO a Buy, seeing about 64% upside to our fair value of ₱2503.00. A listed Mynt also gives Globe a clearer path to monetizing its stake, which supports future dividend growth and capital appreciation and benefits holders of the Passive Income Plan and Smart Momentum Quant Plan.

What We're Watching

• Mynt's listing-day trading versus its final offer price
• Overallotment exercise and which holders sell the secondary shares
• Globe's third-quarter results, the first to show Mynt as a listed affiliate