Alerts

   Paolo Miguel Manansala

August 15, 2025. Maintain BUY with FV estimate of Php2.08. We maintain our BUY rating on VLL given its 52.9% upside to our fair value estimate.

   Richard Lañeda, CFA

August 15, 2025. Maintain BUY with FV estimate of Php2.08. We maintain our BUY rating on VLL given its 52.9% upside to our fair value estimate.

   Rachelle Anne Biacora

August 15, 2025. Maintain HOLD rating. We maintain our HOLD rating on MAC, with a fair value estimate of Php6.20/sh. Near-term risks remain due to persistent cost pressures and segment-level weaknesses.

   Denise Joaquin

August 14, 2025. Cutting FV estimate to Php3.10/sh; downgrade to HOLD. We are cutting our FV estimate on SSI to Php3.10/sh (from Php4.60/sh) and downgrade our rating from BUY to HOLD given our more cautious outlook in the near-term.

   Denise Joaquin

August 14, 2025. Maintain HOLD rating. While we continue to like CNPF for its strong brand equity, stable track record of sales and earnings growth, and long-term prospects for its emerging categories, we maintain our HOLD rating on the stock due to current valuations.

   Richard Lañeda, CFA

August 12, 2025. Maintain BUY with FV estimate of Php19.90. We are maintaining a BUY rating on RLC given the significant upside from the current price of Php14.90.

   George Ching

July 29, 2025. Maintaining HOLD rating. In light of the increase in our 2025E distribution revenues and power generation net income contribution forecasts, we are raising our 2025E net income forecast for MER by 13.7% to Php46.1Bil. We are also raising our FV estimate on MER by 2.8% to Php580.7/sh.

   Paolo Miguel Manansala

July 25, 2025. Decreasing long-term outlook amid heightened risk for competition. As a result, our fair value estimates decreased by 7.3% to Php1,640/sh for TEL. Despite these adjustments, we maintain our BUY recommendation on all three names, given the attractive upside to their FV estimates and the fact that they are all currently trading below their respective 5-year EV/EBITDA averages.

   Paolo Miguel Manansala

July 25, 2025. Decreasing long-term outlook amid heightened risk for competition. As a result, our fair value estimates decreased by 5.6% to Php23.6/sh for CNVRG. Despite these adjustments, we maintain our BUY recommendation on all three names, given the attractive upside to their FV estimates and the fact that they are all currently trading below their respective 5-year EV/EBITDA averages.

   Charmaine Co

July 24, 2025. Maintain BUY. We currently have a BUY rating on BPI with an FV estimate of Php144.0/sh, based on 1.55x 2025E P/B. Our positive view on BPI is anchored on the bank’s robust ROE, steady loan growth, and long-term growth potential.