Weekly Report

The Market Blueprint 24 March 2025

Sectoral Performance Top Foreign Buying / Selling

PSEi All S ha re s 0.1% Prope rty 0.1% PLUS 1,006,086,465 JFC (463,939,962)
6,266.75 Fina ncia ls -0.3% S e rvice s -0.4% RCR
ICT
737,846,114
454,913,080
SM
ALI
(242,557,640)
(187,368,560)
Indus tria ls 1.0% Mining & Oil 6.2%
-27.4pts -0.43% Holding Firms -1.0%
CBC 241,737,626 AGI (140,696,312)
CNVRG 192,281,452 TEL (125,962,240)
YTD % Change: -4.01%

Philippine Stock Exchange Index The PSEi closed relatively flat w/w at 6,266.75 after a week of
range-bound trading, slightly lower by 0.43% (-27.36pts). The
11,000 11,000.00
local bourse started the week on a positive note as investors
hunted for bargains following the previous week’s sharp sell-off.
10,000 10,000.00
However, gains were quickly capped as investors adopted a risk-
9,000 9,000.00
off stance ahead of the US Federal Reserve’s policy rate decision.
8,000 8,000.00 As widely expected, the Fed kept interest rates steady at 4.50%,
7,000 6,306.19
6,284.68 6,313.12 6,323.13 6,266.75 7,000.00 boosting sentiment mid-week after suggesting potential for two
6,000 6,000.00 rate cuts this year. On the local front, optimism was further sup-
5,000 5,000.00 ported by Department of Finance (DOF) Secretary Ralph Recto’s
statement that the Bangko Sentral ng Pilipinas (BSP) is likely to
4,000 4,000.00
trim policy rates in April, with room for 50 to 75 basis points
3,000 3,000.00
17-Mar 18-Mar 19-Mar 20-Mar 21-Mar (bps) worth of cuts this year. However, profit-taking on the final
Market Value TO in PhP mln (left axis) PSEi Level (right axis)
trading day of the week erased all gains, with investors reposi-
tioning ahead of the FTSE rebalancing, effective on Monday, 24
PSEi Top 5 Gainers / Losers Mar 2025.

CNVRG 13.8%
This week, we expect the market to trade sideways with a slight
CBC 7.7%
downside bias. Despite signals of monetary policy easing from
7.0%
URC both domestic and foreign fronts, sentiment remains muted. On
4.7%
SCC 4.4%
the foreign front, the third reading for US 4Q24 GDP report is
LTG scheduled for release on Thu, 27 Mar 2025. The market expects
-2.8% BDO 2.3% q/q growth. This aligns with the first and second reading's
-3.1% AGI 2.3% estimate.
-4.3% TEL
-5.5% BLOOM The key data releases this week are:
-8.5%
JFC 1. US S&P Global Manufacturing PMI Flash for Mar 2025 on
Mon, 24 Mar 2025 (prev. 52.7; est. 51.9);
2. US GDP growth rate q/q (third reading) for 4Q25 on Thu, 27
Economic Data Mar 2025 (3Q24: 3.1%; est. 2.3%);

United States
3. US Initial Jobless Claims as of 22 Mar 2025 on Thu, 27 Mar
Period Actual Forecast Previous Unit 2025 (prev. 223k; est. 225k);
Retail Sales y/y Feb-25 3.1 3.5 3.9 %
Import Prices y/y Feb-25 2.0 1.7 1.8 % 4. PH Balance of Trade y/y on Fri, 28 Mar 2025 (prev. -
Export Prices y/y Feb-25 2.1 4.0 2.7 % USD5.089bn);
Fed Interest Rate Decision - 4.5 4.5 4.5 %
Philippines 5. PH Exports y/y on Fri, 28 Mar 2025 (prev. 6.3%); and
Cash Remittances Jan-25 2.92 3.38 USD bn
Budget Balance Jan-25 68.40 79.00 -329.50 PHP bn 6. PH Imports y/y on Fri, 28 Mar 2025 (prev. 10.8%).
Source: Bloomberg, Trading Economics

Schedule of PSEi earnings releases this week are:

1. GT Capital Holdings Inc. (GTCAP) on Wed, 26 Mar 2025; and
2. Monde Nissin Corp. (MONDE) on Thu, 27 Mar 2025.

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 Weekly Report

Picks for the week

Puregold Price Club, Inc.*
BUY ON SUPPORT | CONSENSUS TARGET PRICE: PHP36.00

₱36.00 PGOLD’s share price has dropped below PSEi Top Gainers / Losers
its 20-day and 50-day moving averages
(MAs) and is nearing its key support level
at PHP26.35. Since the start of the year, The top gainers last week were:
PGOLD has struggled to surpass its 100-
day and 200-day MAs, which further sig- • Converge ICT Solutions, Inc. (CNVRG) +13.77%
PGOLD nals weak momentum, reducing the possi-
bility of a potential reversal. On momen-  Converge ICT Solutions, Inc. (CNVRG) rallied past its historical
tum indicators, its MACD and RSI are resistance of PHP17.00 after posting strong FY24 earnings.
slightly below neutral levels suggesting a
possible visit near its key support level at CNVRG’s net income grew by 18.7% y/y to PHP10.8bn on double
₱26.60
PHP25.00. Therefore, given the risk is digit growth across all business segments, with industry-leading
Last price skewed towards the downside, accumulat-
fibre net adds of 435k. It was also one of the top net foreign
ing at support is advisable.
bought stocks at PHP192.3mn.
Accumulating PGOLD on support at PHP25.00 is ad-
visable. Set stop limit orders at PHP23.00 and take • China Banking Corp. (CBC) +7.69%
profits at PHP28.75.  China Banking Corp. (CBC) rose from support at its 20-day mov-

ing average, now testing resistance at around PHP95.00. It was

PLDT Inc.
one of the top net foreign bought stocks at PHP192.3mn.
BUY ON BREAKOUT | FMSEC TARGET PRICE: PHP1600.00

TEL has traded in an upward channel since • Universal Robina Corp. (URC) +6.99%
₱1,600.00
hitting its 52-week low of PHP1,252 in Dec
 Universal Robina Corp.’s (URC) net sales grew by 3% y/y to
2024. However, the stock dropped below its
20-day and 200-day moving averages (MAs) PHP161.9bn (excl. business in China which ceased manufactur-
amid a broad-based market sell-off, with the
ing and operations as of June 2024), primarily driven by volume
stock now trading around its 50-day and 100-
day MAs. While momentum indicators re- growth across all categories. By segment: BCF sales rose 1% y/y,
TEL main neutral, TEL’s 50-day MA appears set to
while AIC rose by 5% y/y. Blended gross margins increased by
cross above the 100-day MA, suggesting re-
newed bullish momentum in the medium 10bps to 27.2%, while EBIT margins declined by 70bps to 10.3%.
term. Nonetheless, we prefer accumulating
TEL once it breaks above its immediate re- Management attributed the EBIT decline to the SURE business
P1,301.00
sistance (20-day MA) on strong volume, coming off a high base, with 2024 performance impacted by
₱1,301.00
Last price which may confirm price recovery.
normalising sugar prices and a delayed milling season.
Accumulate TEL once it breaks above the 20-day
MA (around PHP1,367) on strong volume. Take
profits at PHP1,572 and set stop loss limits below The worst losers last week were:
PHP1,258.
• Jollibee Foods Corp. (JFC) -8.46%
International Container Terminal Services, Inc.
 Jollibee Foods Corp.’s (JFC) China business and Smashburger
TRAILING STOPS |CONSENSUS TARGET PRICE: PHP439.84
continued to face challenges with FY24 EBITDA declining by -
₱439.84 The counter has been trading in a down-
54% y/y and -182.6% y/y respectively. It was also the top net
ward channel since reaching its all-time high
of PHP446.00 in Oct 2024. Since then, it has foreign sold stock at PHP463.9mn.
struggled to sustain momentum, forming
lower lows amid geopolitical uncertainties. • Bloomberry Resorts Corp. (BLOOM) -5.46%
While the stock surged by as much as 50%  It was one of the top net foreign sold stocks at PHP103.3mn.
ICT in 2024 from end-2023 to its peak, replicat-
ing that rally may be challenging given the • PLDT, Inc. (TEL) -4.34%
ongoing downtrend and macroeconomic
headwinds. Given these, investors may  PLDT Inc. (TEL) fell below its 50-day and 100-day moving averag-
consider reducing exposure ahead of po- es (MA) after it failed to break above its 20-day MA. It was also
₱371.00 tential volatility. We recommend imple-
menting trailing stops and taking profits one of the top net foreign sold stocks at PHP126.0mn.
Last price near the upper band of the downward
channel.

For those with exposure, implementing trailing

stops is advisable.

*FMSBC Target Price/FMSBC Covered

** DBS Target Price

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PSEi Weekly Technical Analysis

SUPPORT: 6,000/6,200 RESISTANCE: 6,400/6,800

ANALYSIS:
• The PSEi ended flattish at 6,266.75 (-0.43% w/w), with the index moving sideways throughout the week. Despite the
choppy price action, it remains above the 20-day and 50-day moving averages, suggesting established support. As
the index finds direction, sustained move above 6,400 could indicate further upside.

TRADING PLAN:
• Accumulating in tranches once the index trades above 6,400 is advisable.

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FY24 EARNINGS SUMMARY

Reported Net Income
Estimates
Company (PHP mn) Remarks
FY23 FY24 % y/y Consensus FMSec
COMMUNICATION SERVICES

Consolidated service revenues grew by 14.8% y/y to PHP40.6bn.

By segment, residential revenues rose by 13.7% y/y to
PHP34.4bn on 74% y/y growth in net adds to 435.4k, while
CNVRG 9,097 10,800 18.7% IN LINE AHEAD enterprise revenues grew by 21.9% y/y to PHP6.2bn. General
and administrative expenses grew 33% y/y to PHP9.2bn.
Nonetheless, EBITDA grew by 14.2% y/y to PHP24.6bn, with
margin at 60.5%.

Consolidated service revenues grew by 2% y/y to PHP165.0bn.

By segment, total mobile revenues rose by 4% y/y to
PHP116.7bn, on 7% y/y growth in mobile data and 11% y/y
growth in corporate data revenues. Meanwhile, home
GLO 24,513 24,300 -0.9% AHEAD BELOW
broadband revenues declined by 5% y/y to PHP23.8bn. Opex fell
by 3% y/y on cost savings and ECPay's deconsolidation, leading
to EBITDA growth of 7% y/y to PHP86.8bn, with margins at
52.6%.

Gross service revenues grew by 3% y/y to PHP208.4bn. By

segment: (i) wireless revenues rose by 2% y/y to PHP83.5bn on
5% y/y growth in mobile data; (ii) home revenues were at
PHP60.7bn, driven by 6% y/y growth in fibre; (iii) enterprise
TEL 26,614 32,307 21.4% BELOW AHEAD
revenues were up by 3% y/y to PHP48.4bn, driven by 5% y/y
growth in corporate data and ICT revenues. Opex fell by 2% y/y
to PHP166.3bn. EBITDA grew by 4% y/y to PHP108.5bn, with
EBITDA margin at 52%.

CONSUMER DISCRETIONARY

Net income was dragged by higher depreciation and interest

expense associated with Solaire North (SN), and a one-off GRT
charge due to refinancing of the PHP72bn loan facility.
Consolidated EBITDA stood lower at PHP16.6bn (-14% y/y)
BLOOM 9,527 2,583 -72.9% BELOW -
attributable to lower EBITDA in Solaire Entertainment City (SEC)
and pre-operating expenses of Solaire North (SN). Total gross
gaming revenue (GGR) was lower by 6% y/y to PHP61.7bn lifted
by the ramp-up of SN, but pulled by lower VIP volume in SEC.

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FY24 EARNINGS SUMMARY

Reported Net Income
Estimates
Company (PHP mn) Remarks
FY23 FY24 % y/y Consensus FMSec
CONSUMER DISCRETIONARY

FY24 revenues rose 10.6% y/y to PHP269.942bn driven by a mix

of higher blended SSSG (+5.7%) and the contribution from new
stores (+3.2% y/y). Gross margins and EBIT margins expanded
by 60bps y/y to 19.2% and 40bps y/y to 6.3% respectively, on
JFC 8,766 10,317 17.7% IN LINE BELOW
the back of growth in the Philippine business (+10.1% y/y).
Moreover, the integration of Compose Coffee contributed 7.9%
growth to the international business (+17.6% y/y) and added
2,629 stores in JFC’s total network.

Consolidated revenues surged to PHP75.2bn (FY23:

PHP42.73bn), while EBITDA stood at PHP13.9bn (FY23:
PHP7.24bn). PLUS was able to sustain its momentum in 2024,
PLUS 4,078 12,600 209.0% AHEAD -
driven by launch of new livestreamed games and the continued
expansion of its game portfolio across BingoPlus, ArenaPlus,
SpinPlus, and GameZone.

CONSUMER STAPLES
Core income grew 12.3% y/y to PHP6.3bn, excl. one-time gain
from the BPI-RBank merger recognised early in 2024. Net sales
rose by 3.7% y/y to PHP199.2bn driven by the sustained growth
in the food and drugstore segments, as well as incremental
contributions from new stores. Consolidated SSSG for the period
RRHI 4,097 10,269 150.6% AHEAD IN LINE stood at 1.5%. Gross Profit increased by 5.5%, supported by an
improved product mix, higher penetration of imported and
private-label brands, and sustained vendor support. Meanwhile,
EBIT registered an uptick of 9.1% y/y as cost optimization
initiatives helped mitigate the impact of expansion-related
expenses.
Net sales grew by 3% y/y to PHP161.9bn (excl. business in China
which ceased manufacturing and operations as of June 2024),
primarily driven by volume growth across all categories. By
segment: BCF sales rose 1% y/y, while AIC rose by 5% y/y.
Blended gross margins increased by 10bps to 27.2%, while EBIT
URC 12,091 11,431 -5.5% BELOW AHEAD
margins declined by 70bps to 10.3%. Management attributed
the EBIT decline to the SURE business coming off a high base,
with 2024 performance impacted by normalising sugar prices
and a delayed milling season. However, they noted that sugar
regained profitability as milling resumed in 4Q24.

3
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FY24 EARNINGS SUMMARY

Reported Net Income
Estimates
Company (PHP mn) Remarks
FY23 FY24 % y/y Consensus FMSec
ENERGY
FY24 net income resulted in PHP19.6bn, a 30% decline y/y as
energy markets continued to normalise. This was as coal
contributions fell 38% y/y to PHP11.14bn on weaker selling
prices, partially offset by increased shipments. For the latter, SCC
SCC 27,933 19,630 -29.7% BELOW - set new records, with shipments reaching 16.5mn metric tonnes
(MT) and coal production hitting 16 MT for the third consecutive
year. Power contributions likewise dropped 15% y/y to
PHP8.49bn on lower ASP, cushioned by improved sales and
record-high gross generation totaling 5,358 GWh.
FINANCIALS

Net interest income grew by 8% y/y to PHP186.6bn on 13% y/y

loans growth, offsetting a slight contraction in NIM by 2bps y/y
to 4.35%. NoII also grew by 8% y/y to PHP77.7bn on robust
growth in fee income. Opex rose by 12% y/y to PHP146.6bn on
BDO 73,411 82,000 11.7% IN LINE AHEAD
higher volume-related costs and IT investments, leading to CIR of
55.5%. Provisions logged declined by 14% y/y to PHP14.0bn as
NPL ratio eased to 1.83%, bringing NPL coverage to 145%. ROE
stood at 15.14%.

Net interest income grew by 22.3% y/y to PHP127.6bn on 18.2%

y/y loans growth and a 22bp expansion in NIM to 4.31%. NoII
likewise grew by 25.3% y/y to PHP42.6bn on higher trading
gains and fee income. Opex rose 21.3% y/y on increased
BPI 51,687 62,000 20.0% IN LINE BELOW
manpower, technology, and volume-related expenses, leading to
CIR of 49.3%. Provisions logged increased by 65.0% y/y to
PHP6.6bn, with NPL ratio at 2.13% and NPL coverage at 106.2%.
ROE stood at 15.1%.

Net interest income grew by 19% y/y to PHP63.5bn on the back

of 18% y/y loans growth and an improvement in NIM by 30bps
y/y to 4.5%. Opex grew by 14% y/y to PHP30.7bn on higher
CBC 22,011 24,800 12.7% AHEAD -
manpower, technology, and volume-related costs. Provisions
logged increased to PHP3.3bn despite NPL ratio easing to 1.6%,
bringing NPL coverage to 139%. ROE stood at 15.6%.

3
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FY24 EARNINGS SUMMARY

Reported Net Income
Estimates
Company (PHP mn) Remarks
FY23 FY24 % y/y Consensus FMSec
FINANCIALS

Net interest income grew by 8.7% y/y to PHP114.1bn on the

back of 17.0% y/y loans growth. Fee and trust income rose to
PHP18.1bn, while trading and forex gains grew by 39% y/y to
MBT 42,238 48,100 13.9% IN LINE IN LINE PHP5.6bn. Opex grew 11.0% y/y to PHP77.2bn on higher
manpower, technology, marketing, and volume-related costs.
Provisions logged declined by 29.2% y/y as NPL ratio eased to
1.43%, with NPL coverage at 163.5%. ROE improved to 13.0%.

Net interest income grew by 11% y/y to PHP49.3bn on higher

yielding loans and investments, leading to an expansion in NIM
by 27bps to 4.5%. Fee income rose by 4% y/y to PHP5.5bn,
PNB 17,979 21,200 17.9% AHEAD -
while trading and forex gains grew by 3% y/y to PHP1.8bn. Opex
rose by 4% y/y to PHP29.6bn, leading to CIR of 49.6%. ROE
improved to 10.39%.

Net interest income grew by 26% y/y to PHP43.7bn on 26% y/y

loans growth, with NIM at 4.73%. NoII rose by 36% y/y to
PHP11.2bn on higher service charges, fees, and commissions.
SECB 9,105 11,200 23.0% IN LINE BELOW Opex grew by 27% y/y on higher manpower and technology
costs, leading to CIR of 60.2%. Provisions logged rose by 37.5%
y/y to PHP6.6bn despite NPL ratio easing to 2.85%, bringing NPL
coverage to 81%. ROE stood at 8.11%.

Net interest income rose by 11.6% y/y to PHP58.0bn on a 49bp

expansion in NIM to 6.0%, with consumer loans accounting for
61% of the total loan portfolio. NoII grew by 14.3% y/y to
UBP 9,072 12,000 32.3% BELOW -
PHP21.5bn on higher fee income. Opex grew by 1.4% y/y to
PHP44.3bn on continued investments in customer engagement
programs.

3
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FY24 EARNINGS SUMMARY

Reported Net Income
Estimates
Company (PHP mn) Remarks
FY23 FY24 % y/y Consensus FMSec
INDUSTRIALS / CAPITAL GOODS
Excluding one-offs, core net income stood at PHP45.0bn. By
segment: BPI's earnings rose 20% y/y to PHP62.0bn driven by
robust loan growth and NIM expansion; ALI's income grew to
28.2bn (+15% y/y) on strong contributions across all its
AC 38,073 42,000 10.3% BELOW - segments; GLO's bottomline was flat at PHP24.3bn (-1% y/y):
ACEN's net income accelerated to PHP9.4bn as new plans came
online; other business units in manufacturing, vehicle
distribution, and healthcare continued to post net losses at
PHP1.4bn.

By segment: the Power division accounted for 59% of earnings;

Financial Services and Food and Beverage each contributed 20%;
AEV 23,546 18,100 -23.1% BELOW -
Real Estate added a modest 3%; and the Infrastructure division
posted a slight negative impact of -2%.

By segment: SCC accounted for the lion's share of net earnings

contributions at PHP11.01bn (-30.2% y/y); Maynilad contributed
PHP3.3bn (+58% y/y) on higher billed volume ; DMCI Homes
DMC 24,722 18,976 -23.2% - -
added PHP2.5bn (-35.5% y/y); DMCI power expanded to
PHP1.2bn (+29.4% y/y); other business units in mining,
construction, and cement totaled PHP741.0 bn (-42.1% y/y).

Excluding the PHP4.35bn dividends in 4Q24 from PMFTC, Inc.,

net income would have stood flat at PHP24,574bn (-3.3% y/y).
By segment: Fortune Tobacco Corporation (FTC) reported a net
income of PHP12.77bn (+12% y/y); PNB's bottomline rose by
LTG 25,421 28,921 13.8% AHEAD - 11% y/y to PHP21.2bn; Tanduay Distillers, Inc. (TDI) saw record
results at PHP2.15bn (+37% y/y); Asia Brewery, Inc.'s (ABI)
income surged by 46% y/y to PHP841m; while Eton Properties
Philippines, Inc.'s (Eton) earnings contracted to PHP212mn (-53%
y/y).

3
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FY24 EARNINGS SUMMARY

Reported Net Income
Estimates
Company (PHP mn) Remarks
FY23 FY24 % y/y Consensus FMSec
INDUSTRIALS / CAPITAL GOODS

Consolidated revenues rose by 6% y/y to PHP654.8bn. By

segment income: SM Retail's stood at PHP20.9bn (+5% y/y);
property rose by 14%y/y to PHP45.6bn; while BDO and CBC saw
SM 76,989 82,600 7.3% IN LINE IN LINE
record results at PHP82.0bn (+12% y/y) and PHP24.8bn(+13%
y/y), respectively. Other business units in power, mining, offices,
and food added a consolidated income of PHP6.6bn

INDUSTRIALS / TRANSPORTATION

Core net income rose by 23% y/y to USD830.94mn, outpacing

revenue growth of 15% y/y to USD2.74bn amid effective cost-
management and improvements in throughput of higher
yielding ports. Total throughput rose to 13.07mn TEUs.
ICT 512 850 66.1% AHEAD -
Excluding the divestment of PT PBM Olah Jasa Andal (OJA),
Jakarta, Indonesia, total throughput would have risen by 5% y/y.
EBITDA was up by 18% y/y to USD1.78bn, while free cash flow
stood at USD1.08bn (+12% y/y).

*ICT figures are reported in US Dollar.

MATERIALS

Sales for FY24 rose 21% y/y to PHP40.7bn on the back of strong
export sales (+37% y/y increase to PHP12.4bn). Gross margins
and EBIT margins fell by 170bps y/y to 15.4% and 160bps y/y to
9.2% respectively, due to raw materials cost pressures.
DNL 2,295 2,339 1.9% BELOW -
Meanwhile, management reported that the Batangas plant
achieved a net profit of PHP244mn for FY24, exceeding
expectations. DNL anticipates that revenue from the new plant
will grow steadily as additional orders are secured.

REAL ESTATE

By segment: (i) Property development recorded revenues of

PHP112.9bn (+22% y/y) on higher residential and estate lot
bookings; (ii) Leasing and hospitality revenues increased to
ALI 24,508 28,200 15.1% IN LINE AHEAD PHP45.6bn (+9% y/y) due to contributions from newly added
and existing assets; and iii) Service businesses grew to
PHP18.0bn (+57% y/y) mainly from higher bookings of external
projects.

3
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FY24 EARNINGS SUMMARY

Reported Net Income
Estimates
Company (PHP mn) Remarks
FY23 FY24 % y/y Consensus FMSec
REAL ESTATE

Core net income grew 10% y/y, excluding one-off gains from the
consolidation of a JV entity in FY23. Leasing revenues jumped
DMW 7,301 1,800 -75.3% BELOW - 27% y/y to PHP3.3bn, making up 89% of total revenues, as
commercial building occupancy improved. Meanwhile,
residential revenues fell 72.5% y/y due to fewer launches.

Per segment: (i) Real estate sales rose 19% y/y to PHP51bn,
driven by sustained demand for residential properties across
townships; (ii) Leasing revenues grew 10% y/y to PHP19.7bn,
with Malls contributing PHP6.3bn (+19% y/y) and Offices
MEG 17,345 18,749 8.1% AHEAD -
PHP13.4bn (+7% y/y) on additional tenants; and (iii) Megaworld
Hotels & Resorts revenues surged 34% y/y to PHP5.1bn,
supported by the company’s focus on the global tourism market
and expansion of MICE capacities.

Consolidated revenues remained steady, rising 2% y/y to

PHP42.88bn, with the investment portfolio (malls, offices,
hotels, warehouses) contributing 77% of total revenues, or
RLC 12,062 13,212 9.5% IN LINE AHEAD PHP32.83bn (+14% y/y). The development portfolio posted
PHP10.06bn (-24% y/y) in revenues, weighed down by weakness
in the residential segment, as residential net take-up fell to
PHP7.29bn (-66% y/y).

Consolidated revenues grew 10% y/y to PHP140.4bn, driven by

higher rental income, real estate sales, and revenues from
services and experiential offerings. Malls accounted for 55% of
SMPH 40,011 45,600 14.0% IN LINE IN LINE revenues, supported by strong holiday spending, two new mall
openings, and blockbuster film releases. Residences contributed
34% on higher real estate sales, while hotels and convention
centres added 6%, and offices and warehouses made up 5%.

3
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FY24 EARNINGS SUMMARY

Reported Net Income
Estimates
Company (PHP mn) Remarks
FY23 FY24 % y/y Consensus FMSec
REAL ESTATE / EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)
Revenues increased by 44% y/y to PHP10.3bn, while EBITDA
rose to PHP7.5bn, up by 49% y/y. This strong performance was
driven by contributions from assets acquired in 2023 and 2024,
along with a high occupancy rate of 99%. AREIT declared 4Q24
AREIT 4,930 7,360 49.3% AHEAD AHEAD cash dividend shares of PHP0.58 per outstanding common
share, bringing the company’s total FY24 dividend to
PHP2.28/sh (+6.0% y/y). As of the end of 2024, GLA reached
3.9m sqm. (+324% y/y), while Assets Under Management (AUM)
stood at PHP117.3bn, driven by property acquisition.

Revenues were flattish, declining by 4% y/y to PHP2.8bn due to

lower rental income from a slight occupancy reduction in some
of its Alabang offices. As of end-2024, GLA remained at 330k
FILRT 1,354 1,221 -9.9% IN LINE - sqm, while WALE improved to 7.26 years (prev. 6.91 years).
Meanwhile, FILRT declared total cash dividends of PHP0.253/sh
for 2024, representing an annualised yield of 8.6% based on the
27 Dec 2024 closing price of PHP2.95.

FY24 net income increased to PHP3.2bn (+12.5% y/y), with

revenues climbing 9% y/y to PHP4.5bn. This growth was
supported by contributions from the newly acquired assets and
MREIT 2,844 3,200 12.5% IN LINE AHEAD steady rental escalations across its existing portfolio. As of 2024,
MREIT’s GLA stands at 482k sqm (156k sqm increase), given the
acquisition of six prime, PEZA-accredited office properties valued
at P13.15bn for 4Q24.

FY24 net income increased to PHP6.13bn y/y (+38%), excluding

the effect of the fair market value change in investment
properties. This growth was driven by the recent infusion of 13
RCR 4,445 6,130 37.9% AHEAD AHEAD properties and steady occupancy rates of 96%. As of 2024, RCR’s
GLA stands at 828k sqm. Additionally, RCR declared a regular
cash dividend of PHP0.1010 for 4Q24, bringing the total
dividend to PHP0.4261 per outstanding common share for FY24.

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FY24 EARNINGS SUMMARY

Reported Net Income
Estimates
Company (PHP mn) Remarks
FY23 FY24 % y/y Consensus FMSec
UTILITIES
ACEN’s net income increased by 27% y/y at PHP9.36bn. Core
attributable EBITDA grew by 25% at PHP19.3bn driven by fresh
generation from new renewable energy plants operationalized
within 2024. Attributable renewables output rose 25% y/y to
ACEN 7,396 9,360 26.6% BELOW - 5,596 GWh, contributing 37% of core EBITDA despite offline
wind turbines from Typhoon Marce in 4Q24. Across ACEN’s
international portfolio, 3,770 GWh (+13% y/y) of renewable
energy was generated, driven by output from newly
operationalized plants in Australia, India, and Vietnam.

AP’s net income increased by 2% y/y at PHP33.9bn. By segment:

Generation and RES posted an EBITDA of PHP66.7bn (+11% y/y)
attributable to higher portfolio margins and energisation of the
company’s Cayanga and Laoag solar plants. Distribution
AP 33,102 33,900 2.4% IN LINE - business EBITDA rose by 13% y/y driven by higher energy sales.
Energy sales from residential commercial customers grew 13%
y/y, while sales from industrial customers rose 5% y/y.
Moreover, AP declared a cash dividend of PHP2.35/sh payable to
shareholders on record as of 21 Mar 2025.

Revenue increased by 6% y/y to PHP470.4bn driven by higher

sales volume of DU and increase in transmission charge.
Consolidated DU energy sales grew by 6% y/y to 54,325 GWh,
accounting for 62% of the CCNI. In terms of sales mix,
MER 38,023 45,859 20.6% AHEAD - commercial segment lead with 38%, followed by residential with
36%, and industrial with 26%. Moreover, MER declared a cash
dividend of PHP13.736/sh payable to shareholders on record as
of 12 Mar 2025 bringing MER’s FY24 dividend payout at 60% of
core EPS.

Revenues increased by 19% y/y to PHP36.65bn driven by

sustained billed volume growth and implemented tariff
adjustments in the EZ and several key NEZ PH businesses.
EBITDA set a new record-high of PHP25.9bn with EBITDA margin
MWC 5,594 10,500 87.7% BELOW - up by 4ppts to 71%. Core NIAT grew by 48% y/y to PHP14.2bn
supported by strong revenue performance and effective cost
management. Moreover, MWC declared a dividend of
PHP1.841/sh payable to shareholders on record as of 10 Mar
2025.

Disclaimer: First Metro Securities, by policy, does not cover listed companies: Metropolitan Bank & Trust Company (MBT), GT Capital Holdings,
Inc. (GTCAP), and Philippine Savings Bank (PSB). First Metro Securities is a member of the Metrobank Group.

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 Weekly Repor t

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