Alerts

   Paolo Miguel Manansala

May 20, 2025. We currently have a BUY rating on JGS with an FV estimate of Php32.9/sh. Despite potential headwinds coming from its petrochemical and airline business, we believe that these issues are largely priced in. We note that URC has been able to beat estimates as they navigate through elevated raw material costs. At current prices, potential for capital appreciation is already significant at 79.0%.

   Paolo Miguel Manansala

May 20, 2025. Maintaining BUY rating on TEL despite lower profits. We currently have a BUY rating on TEL with a FV estimate of Php1,770/sh. We continue to like TEL for its considerable foothold in the broadband industry. More recently, TEL has accelerated its port roll out for fiber and created new product offerings which could help boost subscribers. Additionally, TEL has the highest dividend yield amongst its peers at 7.9% based on its current prices. Potential for capital appreciation is also significant at 40%.

   Paolo Miguel Manansala

May 20, 2025. We are maintaining our BUY rating for CEB as the company remains to be the leading airline carrier in the country. Moreover, with the resurgence of travel and their ongoing capacity expansion, CEB is positioned to increase profitability further. However, we remain cautious as ongoing global tensions and uncertainty in global policy could affect the company’s performance. At current prices, capital appreciation is significant at 18.5%.

   Denise Joaquin

May 20, 2025. Reducing FV estimate to Php11.30/sh. We are reducing our FV estimate on EMI to Php11.30/sh from Php12.90/sh previously in light of the weaker-than-expected 1Q25 results. We cut our net income forecasts to Php6.0Bil (-34%) for FY25 and Php7.3Bil (-34%) for FY26, reflecting our expectations of subdued demand and lackluster margins in the near-term. Accordingly, we reiterate our HOLD rating on EMI. While we like EMI for its prospects in its fast-growing whisky space, we think the stock is already fairly valued at its current price.

   Richard Lañeda, CFA

May 19, 2025. Fair value estimate cut to Php11.13. We reduced our fair value estimate on AGI from Php11.38 to Php11.13 to reflect lower valuation for MEG. Nevertheless, we maintain our BUY rating on AGI given the 65.4% upside to our fair value estimate.

   Charles William Ang, CFA

May 19, 2025. Reiterating BUY rating. We currently have a BUY rating on GTCAP with an FV estimate of Php1000/sh. We continue to like GTCAP as its portfolio of assets (banking, automotive, property, infrastructure, etc.) allows it to participate in the continued growth of the country. At its current price of Php548/sh, it is trading at just 4.1X 2025 earnings. Discount to NAV also remains high at 59%.

   Denise Joaquin

May 16, 2025. Maintain HOLD rating We maintain our HOLD rating on MAC, with a fair value estimate of Php6.30/sh. While the recent performance of the company’s segments indicates early signs of recovery, with results going above estimates, near-term earnings risks remain due to client transitions and cost pressures. Upside may be seen in the medium term as rate adjustments take effect and contract negotiations are finalized in the coming quarters.

   Denise Joaquin

May 16, 2025. Maintain HOLD rating. We maintain our HOLD rating on MAC, with a fair value estimate of Php6.30/sh. While the recent performance of the company’s segments indicates early signs of recovery, with results going above estimates, near-term earnings risks remain due to client transitions and cost pressures. Upside may be seen in the medium term as rate adjustments take effect and contract negotiations are finalized in the coming quarters.

   Denise Joaquin

May 16, 2025. Tempering estimates on 1Q25 miss; FV reduced to Php12.60/sh In light of the weaker-than-expected 1Q25 results, we are lowering our FV estimate on MONDE to Php12.60/sh from Php13.30/sh previously. In particular, we tempered our revenue estimates by 2.4% for FY25 and 3.4% for FY26 to account for the softer performance of APAC BFB. Our forecasts also reflect our softer margin expectations for APAC BFB this year along with our more favorable view for MAB margins, which cumulatively resulted in a slight downward revision to our FY25 GPM forecast. Accordingly, our core income projections declined to Php10.2Bil (-3.9%) for FY25 and Php11.2Bil for FY26 (-4.7%).

   Denise Joaquin

May 16, 2025. Reiterate BUY rating. We have a BUY rating on PIZZA with FV estimate of Php9.10/sh. We remain positive on the growth of the stock given its aggressive store expansion plans, improving sales momentum, and efforts to manage costs. PIZZA’s multi-brand strategy, anchored by Shakey’s and Potato Corner, and its growing international presence adds further upside to its long-term growth potential.