Table of Contents
Key Takeaway
- 🏭 Core Business: Semirara Mining and Power Corporation (SCC) is the Philippines’ largest coal producer and a major power generation company, with integrated coal mining and power plant operations.
- 💰 2025 Financial Snapshot: Revenue of ₱52.23 billion, net income of ₱13.06 billion, and EPS of ₱3.07 — down from 2024’s ₱65.19B revenue and ₱19.63B net income due to lower coal prices and power rates.
- 📈 Valuation: Trading at ₱24.10 per share (as of June 23, 2026) with a market cap of approximately ₱102.65 billion. P/E ratio of ~8.8x and dividend yield of ~5.2%.
- ⚡ Strategic Position: SCC operates the largest coal mine in the Philippines and owns power plants with a combined capacity of over 900 MW, making it a key player in the country’s energy security.
- 🌍 OFW Investor Relevance: A dividend-paying stock in the PSEi index offering exposure to the Philippines’ energy sector — suitable for OFWs seeking peso-denanced income-generating assets.
What Is Semirara Mining and Power Corporation?
Semirara Mining and Power Corporation (SCC) is a publicly listed Philippine company and the country’s largest coal producer. Listed on the Philippine Stock Exchange under the ticker SCC, the company operates in two integrated segments: coal mining and power generation. Incorporated on February 26, 1980 as Semirara Coal Corporation, went public in 1983, SCC has grown into one of the most significant energy companies in the Philippines, playing a critical role in the nation’s energy supply chain.
The company’s primary asset is the Panian Mine in Semirara Island, Antique — the largest open-pit coal mine in the Philippines. This mine produces high-quality coal that fuels Semirara Mining’s own power plants, creating a vertically integrated business model that provides cost advantages and supply chain security. SCC’s power generation subsidiary, Southwest Power Corporation (SPC), operates power plants in Calaca, Batangas, and in Iloilo, with a combined generating capacity of 900 MW as of the latest disclosures.
Semirara Mining is a constituent of the PSEi (Philippine Stock Exchange index), reflecting its status as one of the largest and most liquid stocks in the Philippine market. The company is controlled by the Garcia family through DMCI Holdings, Inc., which holds a controlling stake. This connection to DMCI — one of the Philippines’ largest conglomerates — provides SCC with strong corporate governance and financial backing. For more on DMCI, see our DMCI Holdings OFW Investor Guide.
For OFW investors, Semirara Mining represents exposure to a foundational sector of the Philippine economy. Energy is a critical infrastructure play: regardless of economic cycles, electricity demand in the Philippines continues to grow, driven by population expansion, urbanization, and industrial development. SCC’s integrated model — mining its own fuel for its own power plants — positions it uniquely among Philippine energy companies. Comparing SCC to SM Investments shows how different sectors serve different investor needs.
Company Snapshot and Index Weight
As of June 2026, Semirara Mining trades at approximately ₱24.10 per share, with a market capitalization of roughly ₱102.65 billion (about $1.8 billion USD). This places SCC among the top 20 companies by market cap on the PSE, ensuring its inclusion in the benchmark PSEi index.
The stock’s 52-week range spans from ₱21.20 (set on February 18, 2026) to ₱36.00, indicating significant volatility over the past year. The decline from its 52-week high reflects broader pressures on coal-based energy stocks globally, including environmental concerns, regulatory shifts, and the growing competitiveness of renewable energy sources.
SCC’s weight in the PSEi is significant because of its market cap and trading volume. The stock is actively traded, with average daily volume providing sufficient liquidity for institutional and retail investors alike. For OFWs investing from abroad, this liquidity means the stock can be bought and sold efficiently without significant price impact.
The company’s free float — the portion of shares available for public trading — is held by a mix of institutional investors, retail shareholders, and the controlling DMCI Holdings group. The Philippine SEC requires minimum free float requirements for listed companies, and SCC remains compliant with these regulations.
Financial Performance: Revenue, Earnings, and Dividends
2025 Full-Year Results
Semirara Mining reported its full-year 2025 financial results on March 25, 2026, as disclosed on PSE Edge. The numbers tell a story of a company navigating a challenging environment:
- Revenue: ₱52.23 billion (down 19.88% from ₱65.19 billion in 2024)
- Net Income: ₱13.06 billion (down 33.47% from ₱19.63 billion in 2024)
- Earnings Per Share (EPS): ₱3.07 (down from ₱4.62 in FY 2024)
The year-over-year decline was driven by several factors: lower global coal prices, reduced power demand growth, and the company’s scheduled maintenance activities. Despite the decline, Semirara Mining maintained profitability and continued its dividend payments — a testament to the resilience of its integrated business model. Semirara Mining’s ability to sustain earnings through commodity cycles makes it a reliable holding for long-term investors.
2024 vs 2025 Comparison
In fiscal year 2024, SCC had delivered stronger results with revenue of ₱65.19 billion and net income of ₱19.63 billion. The EPS of ₱4.62 reflected a year when coal prices were elevated and power demand was robust. The 2025 normalization was expected by analysts, as commodity prices retreated from their 2022-2023 peaks.
On a quarterly basis, SCC’s Q2 2025 results (reported August 4, 2025) showed revenue of ₱14.82 billion and net income of ₱4.07 billion for the quarter. The first half of 2025 thus contributed approximately ₱29.6 billion in revenue and ₱8.1 billion in net income, indicating the second half was weaker — likely due to seasonal factors and continued pressure on commodity prices.
Dividend Policy and Yield
Semirara Mining maintains a dividend policy of distributing a minimum of 20% of the prior year’s audited net income as cash dividends. This policy, disclosed on the company’s investor relations page, provides income-oriented investors with a predictable, if variable, income stream.
The most recent dividend payment was ₱1.25 per share, distributed on November 20, 2025. Based on the current stock price of ₱24.10, this translates to a trailing dividend yield of approximately 5.2%. Some sources, including Morningstar, calculate a forward yield of up to 12.85% based on higher expected distributions from accumulated earnings — though investors should verify the actual declared dividends rather than rely on algorithmic estimates.
For OFW investors focused on income generation, SCC’s dividend yield compares favorably with Philippine government bonds (currently yielding 5.5-6.5% for 10-year bonds) and with other PSEi dividend stocks. The BDO-EQUITY index (a dividend-focused index) yields approximately 3-4%, making SCC a higher-yield option within the large-cap universe.
Valuation: P/E Ratio, P/B, and Analyst Outlook
Semirara Mining’s valuation metrics (as of June 2026) based on trailing twelve-month earnings:
- Price-to-Earnings (P/E) Ratio: Approximately 8.8x (based on TTM EPS)
- Current P/E vs Historical Average: SCC’s P/E has averaged approximately 6.5x over fiscal years 2021-2025, suggesting the stock is trading at a slight premium to its historical average
- Price-to-Book (P/B) Ratio: Estimated at 1.2-1.5x based on book value
- Dividend Yield: ~5.2% trailing (based on ₱1.25/share dividend)
The P/E of 8.8x is reasonable for Semirara Mining given its cyclical nature and position in the energy sector. Global coal and power companies typically trade at P/E ratios of 8-15x, depending on growth prospects, geographic diversification, and energy transition risk. SCC’s valuation reflects the market’s assessment of its stable domestic position but also the headwinds facing coal-based energy globally.
Analyst coverage of SCC comes from major Philippine brokerage houses including AB Capital Securities, BPI Securities, and COL Financial. The consensus view acknowledges SCC’s strong cash flow generation and attractive dividend yield, balanced against the long-term structural challenges facing coal-based power generation.
For value-oriented OFW investors, SCC’s sub-10x P/E with a 5%+ dividend yield represents a value proposition within the Philippine market — particularly when compared to the broader PSEi, which trades at a forward P/E of approximately 14-16x.
Recent Catalysts and Developments
Several notable developments have shaped Semirara Mining’s outlook over the past 6-12 months:
Energy Transition and Regulatory Environment
The Philippine government has committed to increasing renewable energy’s share of the power mix to 35% by 2030 and 50% by 2040. While this represents a long-term challenge for coal-based generators, the Department of Energy has acknowledged that coal will remain a baseload source for the foreseeable future. SCC’s plants provide critical baseload power that complements intermittent renewable sources like solar and wind.
The Energy Regulatory Commission (ERC) continues to implement reforms in the Wholesale Electricity Spot Market (WESM), which affects SCC’s revenue from power sales. Recent reforms aim to improve price transparency and reduce market manipulation — generally positive for legitimate power generators.
Coal Supply and Pricing Dynamics
Global coal prices have normalized from the extreme highs of 2022 (when Newcastle coal exceeded $400/ton). As of mid-2026, coal prices have settled in the $100-130/ton range, which remains profitable for SCC’s mining operations given its low production costs. The company’s Panian Mine produces sub-bituminous coal with low sulfur content, making it attractive for power generation.
SCC’s mining operations in Semirara Island have a remaining mine life estimated at 15-20 years based on current reserve estimates. The company has been exploring additional mining areas and expanding its coal export capabilities to diversify revenue sources.
Power Plant Operations and Expansion
SCC’s power generation subsidiary, Southwest Power Corporation (SPC), operates the Calaca Power Plant in Batangas (with 2x300MW units totaling 600 MW) and the SPC Power Plant in Iloilo (208 MW). These plants are critical to the Luzon and Visayas grids, respectively. The company has invested in maintenance and efficiency upgrades to maintain competitive heat rates and comply with environmental regulations.
In 2024-2025, SCC completed scheduled maintenance outages at several units, temporarily reducing generation capacity. These investments, while costly in the short term, ensure long-term operational reliability and compliance with the Department of Environment and Natural Resources (DENR) emissions standards.
Risk Factors to Consider
Before investing in Semirara Mining, OFW investors should carefully evaluate the following risks:
Sector-Specific Risks
- Energy Transition Risk: The global shift toward renewable energy creates long-term demand uncertainty for coal-fired power. While the Philippines will continue relying on coal for baseload power in the medium term, policy changes could accelerate the transition and impact SCC’s power segment profitability.
- Regulatory Risk: Changes in electricity pricing regulations, environmental standards, or mining permits could affect SCC’s operations and profitability. The ERC’s rate-setting process and DENR’s emissions standards are key variables.
- Commodity Price Risk: SCC’s mining revenue is linked to global coal prices, which are volatile and influenced by global supply-demand dynamics, geopolitical events, and currency fluctuations.
Macro and Geopolitical Risks
- BSP Rate Policy: The Bangko Sentral ng Pilipinas (BSP) monetary policy directly affects the peso exchange rate and interest rates. Higher rates increase SCC’s financing costs and can reduce power demand growth. Conversely, lower rates stimulate economic activity and power consumption.
- Peso Movement: While SCC’s revenues are primarily peso-denominated, its power purchase agreements and coal pricing may have USD-linked components. Peso depreciation increases input costs and debt service obligations.
- Geopolitical Exposure: The Philippines’ relationship with China and other coal-supplying nations affects energy security. Any disruption in coal supply chains (whether from trade disputes or geopolitical tensions) could impact operations.
Company-Specific Risks
- Concentration Risk: SCC’s business is heavily concentrated in the Philippine domestic market, with limited geographic diversification. Any domestic economic shock or regulatory change disproportionately affects the company.
- Controlling Shareholder: DMCI Holdings’ controlling stake ensures strategic alignment but also means minority shareholders have limited influence over major decisions.
How to Invest in SCC from Abroad
OFW investors can purchase SCC shares through Philippine stock brokerage accounts that accept international clients. The process is straightforward and similar to our guide to investing in Philippine stocks from abroad:
- Open a brokerage account with a PSE-accredited broker that serves international clients (e.g., BPI Securities, AB Capital Securities, or online platforms like COL Financial)
- Complete KYC requirements including valid ID, proof of address, and tax identification number (TIN)
- Fund the account via international remittance or bank transfer
- Place buy orders for SCC shares through the broker’s trading platform
Most Philippine brokers allow minimum investments as low as ₱1,000 (approximately $18 USD), making SCC accessible to investors at any budget level. For OFWs practicing peso-cost-averaging, regular monthly purchases of SCC shares can build a position over time while smoothing out price volatility.
Dividends from Philippine stocks are subject to a 25% final withholding tax for non-resident aliens, which is automatically deducted by the broker before dividend payments are credited to the account. OFWs who are still Philippine tax residents may be subject to different withholding rates depending on their tax status.
It is important to note that OFWs holding Philippine stocks may have tax obligations both in their country of residence and in the Philippines. Consulting a tax professional familiar with OFW taxation is advisable to optimize tax efficiency and avoid double taxation.
OFW Investor Lens: Why SCC Matters for Remittance-Based Investors
For OFWs building long-term wealth through the Philippine stock market, Semirara Mining offers several compelling characteristics:
Diversification Beyond Banking: Many OFW investors concentrate their portfolios in Philippine bank stocks (BDO, BPI, Metrobank). SCC provides exposure to the energy sector — a fundamentally different industry with different growth drivers and risk profiles. Adding energy exposure creates a more balanced portfolio.
Income Generation: SCC’s consistent dividend payments (minimum 20% payout policy) provide a passive income stream that can compound over time. For OFWs approaching retirement or seeking to supplement remittance income, a portfolio of dividend-paying stocks like SCC creates financial independence.
Peso Asset with Real Economy Exposure: Unlike fixed-income instruments that offer nominal returns, SCC shares represent ownership in real physical assets — mines, power plants, and infrastructure. These assets have intrinsic value and provide some protection against inflation, as energy prices tend to rise with general price levels.
Long-Term Value Play: While the energy transition creates uncertainty, SCC’s integrated model and dominant market position provide a margin of safety. The stock trades at reasonable valuations (sub-10x P/E) with a meaningful dividend yield, offering a margin of safety that growth-oriented tech stocks cannot provide.
Compounding Opportunity: Reinvesting SCC’s dividends over 5-10 years can significantly amplify returns. At a 5% dividend yield with annual reinvestment, an investor would accumulate approximately 63% more shares over 10 years through dividend reinvestment alone, before any capital appreciation.
FAQ
Q: Is SCC a good stock for beginners?
A: SCC can be suitable for beginners who understand that it is a cyclical stock in the energy sector. The company has a long track record (listed since 1983), pays consistent dividends, and is a PSEi component. However, beginners should be aware of the energy transition risks and not concentrate too heavily in a single stock. Starting with a small position and building gradually is recommended.
Q: How much dividend will I receive from SCC?
A: SCC’s most recent dividend was ₱1.25 per share (November 2025). The company’s policy is to distribute at least 20% of prior year’s audited net income. Based on 2025 net income of ₱13.06 billion and approximately 4.25 billion shares outstanding, the payout could be around ₱0.61-₱1.50 per share depending on the board’s declaration. Always check the latest declarations on the SCC investor relations page or PSE Edge.
Q: Is coal energy dying in the Philippines?
A: No. While the Philippines is expanding renewable energy, coal still accounts for approximately 60% of power generation as of 2025. The Department of Energy’s power development plan acknowledges coal as a baseload source through at least 2030. SCC’s plants provide critical grid stability that intermittent renewables cannot replace. However, investors should monitor policy developments as the energy transition accelerates.
Q: What is SCC’s stock price today?
A: As of June 23, 2026, SCC closed at ₱24.10 per share, with a previous close of ₱24.15. The stock has traded in a range of ₱24.00-₱24.15 on that day. For real-time prices, check PSE Edge (edge.pse.com.ph) or your brokerage platform. Note that stock prices change daily — always verify the current price before making investment decisions.
Q: How does SCC compare to other PSE energy stocks?
A: SCC is the largest coal miner and one of the largest power generators in the Philippines. Compared to other energy stocks like First Gen (FGEN) or Aboitiz Power (AP), SCC has a more integrated business model (mining + power) but faces greater energy transition risk due to its coal focus. SCC typically offers a higher dividend yield than pure-play renewable energy stocks but trades at a lower P/E than growth-oriented energy companies.
Q: Are there tax implications for OFWs investing in SCC?
A: Dividends from Philippine stocks are subject to a 25% final withholding tax for non-resident aliens. Capital gains from selling shares may also be subject to taxes depending on your country of residence and tax treaty status. OFWs who are still Philippine tax residents may be subject to different withholding rates depending on their tax status. Consult a tax advisor familiar with cross-border taxation for OFWs. The Bureau of Internal Revenue (BIR) provides guidance on taxation for non-resident investors.
Q: What is the minimum investment to buy SCC shares?
A: The PSE’s minimum board lot for SCC (at its current price range) is 100 shares, meaning the minimum investment is approximately ₱2,410 (about $43 USD) at ₱24.10/share. Some brokers offer odd-lot trading for smaller amounts. This low minimum makes SCC accessible to OFWs starting their investment journey.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice. All financial data is sourced from publicly available reports, PSE Edge disclosures, and company investor relations materials as of June 2026. Stock prices, earnings, and dividend yields change daily. Always conduct your own research and consult a licensed financial advisor before making investment decisions. Past performance does not guarantee future results.
