New Risk • Apr 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 95% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 19
Full year 2025 earnings released: EPS: ₱18.38 (vs ₱30.90 in FY 2024) Full year 2025 results: EPS: ₱18.38 (down from ₱30.90 in FY 2024). Revenue: ₱84.7b (down 49% from FY 2024). Net income: ₱8.16b (down 43% from FY 2024). Profit margin: 9.6% (up from 8.6% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Recent Insider Transactions • Mar 24
Senior VP & Vice Chairman recently bought ₱1.5m worth of stock On the 19th of March, Benjamin Ernesto Lopez bought around 20k shares on-market at roughly ₱75.11 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Benjamin Ernesto's only on-market trade for the last 12 months. 공시 • Jan 06
First Philippine Holdings Corporation Announces Executive Changes First Philippine Holdings Corporation's Vice President and Chief Digital Officer Ernie G. Imperial has tendered his resignation as Chief Digital Officer effective January 5, 2026, and as Vice President effective February 1, 2026, to focus on personal matters. Mr. Imperial joined FPH in 2021 and has provided strategic and operational leadership of the company’s IT and digital initiatives, driving transformation through innovation, capability build, and efficiency improvements. Mr. Arnel S. de Vera was appointed Vice President and Chief Digital and Information Officer of FPH effective January 5, 2026. Mr. de Vera has close to 30 years of experience in the field of IT, having been Chief Information Officer of SkyCable since 2019, covering IT, digital transformation, information security and data management. He previously headed Delaware Philippines, a technology company specializing in SAP and Microsoft, and worked with Indra Philippines, focusing on technology solutions and transformation projects for the energy and telecommunications sectors. His appointment will be submitted for the approval of the board of directors at its next meeting. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ₱8.00 (vs ₱6.92 in 3Q 2024) Third quarter 2025 results: EPS: ₱8.00 (up from ₱6.92 in 3Q 2024). Revenue: ₱39.8b (flat on 3Q 2024). Net income: ₱3.55b (up 11% from 3Q 2024). Profit margin: 8.9% (up from 8.1% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Nov 12
Upcoming dividend of ₱1.10 per share Eligible shareholders must have bought the stock before 19 November 2025. Payment date: 15 December 2025. Payout ratio is a comfortable 6.6% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Filipino dividend payers (6.5%). In line with average of industry peers (3.3%). Declared Dividend • Oct 12
First half dividend of ₱1.10 announced Dividend of ₱1.10 is the same as last year. Ex-date: 19th November 2025 Payment date: 15th December 2025 Dividend yield will be 3.0%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (7% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ₱9.46 (vs ₱8.62 in 2Q 2024) Second quarter 2025 results: EPS: ₱9.46 (up from ₱8.62 in 2Q 2024). Revenue: ₱43.4b (down 5.0% from 2Q 2024). Net income: ₱3.99b (flat on 2Q 2024). Profit margin: 9.2% (up from 8.7% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Recent Insider Transactions • Jul 25
Senior Vice President recently sold ₱3.1m worth of stock On the 22nd of July, Anthony Fernandez sold around 40k shares on-market at roughly ₱78.00 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₱5.8m. Insiders have been net sellers, collectively disposing of ₱9.6m more than they bought in the last 12 months. Recent Insider Transactions • Jun 27
Senior Vice President recently sold ₱5.8m worth of stock On the 25th of June, Anthony Fernandez sold around 80k shares on-market at roughly ₱72.16 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱6.5m more than they bought in the last 12 months. New Risk • Jun 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Filipino stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₱76.00, the stock trades at a trailing P/E ratio of 2.3x. Average forward P/E is 14x in the Electric Utilities industry in Philippines. Total returns to shareholders of 30% over the past three years. 공시 • May 30
First Philippine Holdings Corporation Announces Board Changes First Philippine Holdings Corporation at the AGM held on May 29, 2025 has appointed Cielito F. Habito as a Director effective May 29, 2025. Dr. Habito is an accomplished economist and a Professor of Economics at the Ateneo de Manila University. He is also Chairman of Brain Trust Inc. and Operation Compassion Philippines. He writes the weekly column "No Free Lunch" in the Philippine Daily Inquirer. He is an Independent Director at Sun Life Financial and Manila Exposition Complex Inc., and a member of the Board of Trustees of the Ramon Magsaysay Award Foundation, Advisory Committee of the Japan International Cooperation Agency (JICA)-Philippines, and CSO Advisory Group of World Bank Philippines, among others. He is also Editor in Chief of the Asian Journal of Agriculture and Development. He served in the Cabinet of former President Fidel V. Ramos throughout his presidency in 1992-1998, as Secretary of Socioeconomic Planning and Director-General of the National Economic and Development Authority (NEDA). Dr. Habito is the recipient of numerous awards including the Presidential Award (2019) and Most Outstanding Alumnus Award (1993) from the University of the Philippines-Los Baños (UPLB) Alumni Association, Philippine Legion of Honor (1998), The Outstanding Young Men (TOYM) Award (for Economics) in 1991, and the Gawad Lagablab (Outstanding Alumnus Award) of the Philippine Science High School in 1991. He holds a Bachelor of Science in Agriculture (Major in Agricultural Economics), summa cum laude (1975) from the University of the Philippines; a Master of Economics (1978) from the University of New England (Australia); and a Master of Arts (1981) and Ph.D. in Economics (1984) from Harvard University. At the Organizational Meeting of the Board of Directors held immediately after the annual meeting of stockholders, the directors approved the appointment of the following board committee members, and Lead Independent Director: Lead Independent Director - Mr. Stephen T. CuUnjieng; Executive Committee: Chairman: Mr. Federico R. Lopez; Vice Chairman: Mr. Francis Giles B. Puno; Members: Mr. Miguel Ernesto L. Lopez; Mr. Emmanuel Antonio P. Singson; Mr. Victor Emmanuel B. Santos, Jr.; Mr. Jose Valentin A. Pantangco, Jr. Audit Committee: Chairman: Mr. Cirilo P. Noel Members: Mr. Stephen T. CuUnjieng; Mr. Jaime I. Ayala; Mr. Francisco Ed. Lim; Mr. Cielito F. Habito; Mr. Miguel Ernesto L. Lopez; Ms. Mercedes Lopez-Vargas; Related Party Transactions Committee: Chairman: Mr. Stephen T. CuUnjieng; Members: Mr. Cirilo P. Noel; Mr. Cielito F. Habito; Mr. Richard B. Tantoco; Mr. Emmanuel Antonio P. Singson; Compensation and Remuneration Committee: Chairman: Mr. Stephen T. CuUnjieng Members: Mr. Cielito F. Habito; Mr. Federico R. Lopez; Mr. Francis Giles B. Puno; Corporate Governance Committee: Chairman: Mr. Jaime I. Ayala; Vice Chairman: Mr. Federico R. Lopez Members: Mr. Stephen T. CuUnjieng; Mr. Benjamin R. Lopez; Mr. Francisco Ed. Lim; Mr. Francis Giles B. Puno; Mr. Richard Tantoco; Finance & Investment Committee: Chairman: Mr. Federico R. Lopez; Vice Chairman: Mr. Francis Giles B. Puno; Members: Mr. Miguel Ernesto L. Lopez; Mr. Richard B. Tantoco; Mr. Emmanuel Antonio P. Singson; Board Risk Oversight Committee: Chairman: Mr. Cirilo P. Noel; Members: Mr. Jaime I. Ayala; Mr. Francisco Ed. Lim; Mr. David O. Chua; Ms. Roberta L. Feliciano; Mr. Cielito F. Habito. Declared Dividend • May 13
Dividend of ₱1.10 announced Dividend of ₱1.10 is the same as last year. Ex-date: 26th May 2025 Payment date: 18th June 2025 Dividend yield will be 3.8%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (7% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 7.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 15
Full year 2024 earnings released: EPS: ₱30.89 (vs ₱32.21 in FY 2023) Full year 2024 results: EPS: ₱30.89 (down from ₱32.21 in FY 2023). Revenue: ₱167.1b (up 1.3% from FY 2023). Net income: ₱14.3b (down 5.0% from FY 2023). Profit margin: 8.6% (down from 9.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. 공시 • Feb 21
First Philippine Holdings Corporation Announces the Resignation of Eva B. Arcos as Director First Philippine Holdings Corporation announced that Director Eva B. Arcos, nominee-director of the Social Security System (SSS), has tendered her
resignation from the Board of Directors of the company due to the changes made by the Social Security Commission in the designation of SSS nominee-directors in its investee corporations. Effective Date: February 20, 2025. 공시 • Jan 14
First Philippine Holdings Corporation Announces Resignation of Santiago D.R. Agdeppa as Director First Philippine Holdings Corporation advised that Director Santiago D.R. Agdeppa, nominee-director of the Social Security System, has tendered his resignation from the Board of Directors of First Philippine Holdings Corporation in view of his retirement from the SSS on February 1, 2025. Effective date of resignation is January 13, 2025. 공시 • Jan 02
First Philippine Holdings Corporation Announces Retirement of Joaquin E. Quintos IV as Senior Vice President First Philippine Holdings Corporation announced retirement of Joaquin E. Quintos IV as Senior Vice President with effect from December 31, 2024. Recent Insider Transactions • Nov 21
Senior Vice President recently sold ₱720k worth of stock On the 19th of November, Joaquin Quintos sold around 12k shares on-market at roughly ₱60.00 per share. This transaction amounted to 96% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ₱6.92 (vs ₱9.75 in 3Q 2023) Third quarter 2024 results: EPS: ₱6.92 (down from ₱9.75 in 3Q 2023). Revenue: ₱39.8b (flat on 3Q 2023). Net income: ₱3.21b (down 30% from 3Q 2023). Profit margin: 8.1% (down from 11% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 09
First half dividend of ₱1.10 announced Dividend of ₱1.10 is the same as last year. Ex-date: 22nd November 2024 Payment date: 18th December 2024 Dividend yield will be 3.6%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (7% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 5.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. 공시 • Nov 07
First Philippine Holdings Corporation Declares Cash Dividends on Common Shares, Payable on December 18, 2024 The Board of Directors of First Philippine Holdings Corporation approved the declaration of cash dividends on common shares in the amount of PHP 1.10 per common share with a record date of November 25, 2024 and payable on December 18, 2024. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: ₱8.62 (vs ₱8.12 in 2Q 2023) Second quarter 2024 results: EPS: ₱8.62 (up from ₱8.12 in 2Q 2023). Revenue: ₱45.7b (up 9.8% from 2Q 2023). Net income: ₱3.99b (up 6.2% from 2Q 2023). Profit margin: 8.7% (down from 9.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ₱8.92 (vs ₱9.19 in 1Q 2023) First quarter 2024 results: EPS: ₱8.92 (down from ₱9.19 in 1Q 2023). Revenue: ₱39.1b (down 7.9% from 1Q 2023). Net income: ₱4.14b (down 4.7% from 1Q 2023). Profit margin: 11% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Declared Dividend • May 06
Final dividend of ₱1.10 announced Dividend of ₱1.10 is the same as last year. Ex-date: 22nd May 2024 Payment date: 17th June 2024 Dividend yield will be 3.4%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (7% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. 공시 • May 03
First Philippine Holdings Corporation Declares Cash Dividends on Common Shares, Payable on June 17, 2024 The Board of Directors of First Philippine Holdings Corporation approved the declaration of cash dividends on common shares in the amount of PHP 1.10 per common share with a record date of May 23, 2024 and payable on June 17, 2024. Ex-Date: May 22, 2024. 공시 • Apr 19
First Philippine Holdings Corporation Announces Resignation of Anita Bumpus Quitain from the Board of Directors First Philippine Holdings Corporation announced that Director Anita Bumpus Quitain has tendered her resignation from the Board of Directors of First Philippine Holdings Corporation due to the end of her tenure as Member of the Social Security Commission, the governing board of the Social Security System. Effective date of resignation is April 19 2024. Reported Earnings • Apr 16
Full year 2023 earnings released: EPS: ₱32.22 (vs ₱26.20 in FY 2022) Full year 2023 results: EPS: ₱32.22 (up from ₱26.20 in FY 2022). Revenue: ₱165.0b (down 3.2% from FY 2022). Net income: ₱15.1b (up 19% from FY 2022). Profit margin: 9.1% (up from 7.4% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. 공시 • Apr 05
First Philippine Holdings Corporation, Annual General Meeting, May 31, 2024 First Philippine Holdings Corporation, Annual General Meeting, May 31, 2024, at 14:30 Singapore Standard Time. Location: The Fifth East at Rockwell, 5th Floor Power Plant Mall Rockwell, Makati City Makati City Philippines Upcoming Dividend • Nov 17
Upcoming dividend of ₱1.10 per share at 3.5% yield Eligible shareholders must have bought the stock before 24 November 2023. Payment date: 18 December 2023. Payout ratio is a comfortable 6.6% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Filipino dividend payers (5.6%). Lower than average of industry peers (4.1%). Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ₱9.75 (vs ₱7.04 in 3Q 2022) Third quarter 2023 results: EPS: ₱9.75 (up from ₱7.04 in 3Q 2022). Revenue: ₱40.2b (down 14% from 3Q 2022). Net income: ₱4.56b (up 35% from 3Q 2022). Profit margin: 11% (up from 7.2% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 9.4% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in Asia are expected to grow by 2.7%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. 공시 • Sep 08
First Philippine Holdings Corporation Announces Resignation of Victor Emmanuel B. Santos as Compliance Officer First Philippine Holdings Corporation announced resignation of Victor Emmanuel B. Santos as Compliance Officer, Effective September 7, 2023, due to focus on his other duties and responsibilities for the FPH group of companies. He will continue to act as Executive vice president of FPH. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ₱8.12 (vs ₱6.10 in 2Q 2022) Second quarter 2023 results: EPS: ₱8.12 (up from ₱6.10 in 2Q 2022). Revenue: ₱41.6b (down 4.0% from 2Q 2022). Net income: ₱3.76b (up 27% from 2Q 2022). Profit margin: 9.0% (up from 6.9% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 12% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in Asia are expected to grow by 1.2%. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. 공시 • Jun 16
First Philippine Holdings Corporation Announces Stepping Down of Richard B. Tantoco as Executive Vice President, Effective July 1, 2023 First Philippine Holdings Corporation announced that Mr. Richard B. Tantoco will be stepping down as executive vice president of the company, effective July 1, 2023 due to medical reasons. Mr. Tantoco will remain a member of the board of directors of the company. 공시 • May 26
First Philippine Holdings Corporation (PSE:FPH) completed the acquisition of The Medical Services of America (Philippines) Inc. from Medical Services of America, Inc. First Philippine Holdings Corporation (PSE:FPH) signed share sale and purchase agreement to acquire The Medical Services of America (Philippines) Inc. from Medical Services of America, Inc. for approximately PHP 420 million on December 9, 2022. The board of First Philippine Holdings has approved the deal on October 6, 2022. Puno and Puno Law Offices acted as legal advisor and SyCip, Gorres, Velayo & Co. acted as accountant to First Philippine Holdings Corporation. Isla, Lipana & Co acted as accountant and Cabrera & Company acted as legal advisor to Cabrera & Company.
First Philippine Holdings Corporation (PSE:FPH) completed the acquisition of The Medical Services of America (Philippines) Inc. from Medical Services of America, Inc. on May 25, 2023. Upcoming Dividend • May 10
Upcoming dividend of ₱1.10 per share at 3.5% yield Eligible shareholders must have bought the stock before 17 May 2023. Payment date: 15 June 2023. Payout ratio is a comfortable 8.4% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Filipino dividend payers (5.8%). Lower than average of industry peers (4.1%). 공시 • May 06
First Philippine Holdings Corporation Declares Cash Dividends on Common Shares, Payable on or Before June 15, 2023 The Board of Directors of First Philippine Holdings Corporation approved the declaration of cash dividends on common shares in the amount of PHP 1.10 per common share with a record date of May 22, 2023, payable on or before June 15, 2023. Reported Earnings • Apr 18
Full year 2022 earnings released: EPS: ₱26.20 (vs ₱19.92 in FY 2021) Full year 2022 results: EPS: ₱26.20 (up from ₱19.92 in FY 2021). Revenue: ₱170.3b (up 36% from FY 2021). Net income: ₱12.7b (up 27% from FY 2021). Profit margin: 7.4% (down from 8.0% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. 공시 • Feb 06
First Philippine Holdings Corporation Announces Promotions First Philippine Holdings Corporation announced that Vice Presidents Anthony L. Fernandez and Jose Valentin A. Pantangco, Jr. were promoted to Senior Vice President. 공시 • Dec 13
First Philippine Holdings Corporation (PSE:FPH) signed share sale and purchase agreement to acquire First Philippine Holdings Corporation (PSE:FPH) from Medical Services of America, Inc. First Philippine Holdings Corporation (PSE:FPH) signed share sale and purchase agreement to acquire First Philippine Holdings Corporation (PSE:FPH) from Medical Services of America, Inc. on December 9, 2022. Puno and Puno Law Offices acted as legal advisor and SyCip, Gorres, Velayo & Co. acted as accountant to First Philippine Holdings Corporation. Isla, Lipana & Co acted as accountant and Cabrera & Company acted as legal advisor to Cabrera & Company. Reported Earnings • Nov 17
Third quarter 2022 earnings released: EPS: ₱7.04 (vs ₱5.31 in 3Q 2021) Third quarter 2022 results: EPS: ₱7.04 (up from ₱5.31 in 3Q 2021). Revenue: ₱46.6b (up 47% from 3Q 2021). Net income: ₱3.37b (up 27% from 3Q 2021). Profit margin: 7.2% (down from 8.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 7% per year. Upcoming Dividend • Nov 16
Upcoming dividend of ₱1.10 per share Eligible shareholders must have bought the stock before 22 November 2022. Payment date: 20 December 2022. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Filipino dividend payers (5.8%). Lower than average of industry peers (4.3%). Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: ₱6.10 (vs ₱4.77 in 2Q 2021) Second quarter 2022 results: EPS: ₱6.10 (up from ₱4.77 in 2Q 2021). Revenue: ₱43.3b (up 33% from 2Q 2021). Net income: ₱2.97b (up 23% from 2Q 2021). Profit margin: 6.9% (down from 7.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 9% per year. Upcoming Dividend • Jun 03
Upcoming dividend of ₱1.10 per share Eligible shareholders must have bought the stock before 10 June 2022. Payment date: 05 July 2022. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Filipino dividend payers (4.7%). Lower than average of industry peers (3.9%). Reported Earnings • May 14
First quarter 2022 earnings released: EPS: ₱6.76 (vs ₱6.81 in 1Q 2021) First quarter 2022 results: EPS: ₱6.76 (down from ₱6.81 in 1Q 2021). Revenue: ₱35.1b (up 26% from 1Q 2021). Net income: ₱3.30b (down 2.3% from 1Q 2021). Profit margin: 9.4% (down from 12% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Price Target Changed • Apr 27
Price target increased to ₱167 Up from ₱107, the current price target is provided by 1 analyst. New target price is 137% above last closing price of ₱70.30. Stock is up 4.5% over the past year. The company posted earnings per share of ₱19.92 last year. Reported Earnings • Apr 19
Full year 2021 earnings released: EPS: ₱19.92 (vs ₱19.24 in FY 2020) Full year 2021 results: EPS: ₱19.92 (up from ₱19.24 in FY 2020). Revenue: ₱125.2b (up 17% from FY 2020). Net income: ₱10.0b (up 2.7% from FY 2020). Profit margin: 8.0% (down from 9.1% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 1.5%, compared to a 3.6% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 4% per year. 공시 • Mar 06
First Philippine Holdings Corporation, Annual General Meeting, May 30, 2022 First Philippine Holdings Corporation, Annual General Meeting, May 30, 2022, at 10:00 Singapore Standard Time. Agenda: To consider approval of the minutes of the May 21, 2021 Stockholders' Meeting; to consider reports of the Chairman & the President; to consider approval/Ratification of the December 31, 2021 Reports and the Audited Financial Statements; to consider ratification of the Acts of the Board, of the Executive Committee, Other Board Committees, and of Management of the corporation; to consider election of Directors; to consider appointment of External Auditors; and to consider other matters. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ₱5.31 (vs ₱4.50 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ₱31.8b (up 27% from 3Q 2020). Net income: ₱2.66b (up 17% from 3Q 2020). Profit margin: 8.3% (down from 9.1% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Nov 09
Upcoming dividend of ₱1.10 per share Eligible shareholders must have bought the stock before 16 November 2021. Payment date: 15 December 2021. Trailing yield: 2.9%. Lower than top quartile of Filipino dividend payers (3.9%). Lower than average of industry peers (4.1%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ₱4.77 (vs ₱3.49 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ₱32.6b (up 33% from 2Q 2020). Net income: ₱2.42b (up 33% from 2Q 2020). Profit margin: 7.4% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • May 27
Upcoming dividend of ₱1.10 per share Eligible shareholders must have bought the stock before 03 June 2021. Payment date: 29 June 2021. Trailing yield: 2.9%. Lower than top quartile of Filipino dividend payers (4.2%). Lower than average of industry peers (4.1%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS ₱6.79 (vs ₱6.36 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ₱27.9b (down 4.8% from 1Q 2020). Net income: ₱3.42b (up 8.7% from 1Q 2020). Profit margin: 12% (up from 11% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 14
Full year 2020 earnings released: EPS ₱19.24 (vs ₱24.04 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₱107.3b (down 20% from FY 2019). Net income: ₱9.86b (down 21% from FY 2019). Profit margin: 9.2% (down from 9.3% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 03
New 90-day low: ₱72.85 The company is down 5.0% from its price of ₱77.00 on 03 December 2020. The Filipino market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 7.0% over the same period. Recent Insider Transactions • Feb 11
Lead Independent Director recently bought ₱2.0m worth of stock On the 8th of February, Artemio Panganiban bought around 26k shares on-market at roughly ₱75.57 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Is New 90 Day High Low • Jan 08
New 90-day high: ₱79.90 The company is up 33% from its price of ₱60.20 on 09 October 2020. The Filipino market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electric Utilities industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Dec 04
Market bids up stock over the past week After last week's 16% share price gain to ₱77.00, the stock is trading at a trailing P/E ratio of 3.8x, up from the previous P/E ratio of 3.3x. This compares to an average P/E of 13x in the Electric Utilities industry in Asia. Total returns to shareholders over the past three years are 36%. 공시 • Dec 03
First Philippine Holdings Corporation (PSE:FPH) made a tender offer to acquire 45.56% stake in Lopez Holdings Corporation (PSE:LPZ) for PHP 8 billion. First Philippine Holdings Corporation (PSE:FPH) made a tender offer to acquire 45.56% stake in Lopez Holdings Corporation (PSE:LPZ) for PHP 8 billion on December 1, 2020. The tender offer will be for all shares excluding the shares owned by ultimate parent of Lopez Holdings Corporation i.e. Lopez, Inc. First Philippine Holdings Corporation will acquire a minimum of 908.46 million common shares representing approximately 20% stake and up to a maximum of 2.1 billion common shares of LPZ representing approximately 45.56% stake in Lopez Holdings Corporation at PHP 3.85 per share. The tender offer is subject to a minimum of 908.5 million shares and a maximum of 2.1 billion shares being tendered and eligible for acceptance by First Philippine Holdings Corporation under the offer. First Philippine Holdings Corporation and Lopez Holdings Corporation intend to seek such clearances and reliefs from such government agencies and regulatory bodies as may be applicable to the tender offer, from the SEC, PSE and the Philippine Competition Commission. If successful, the tender offer will result in the delisting of Lopez Holdings, as part of the Lopez Group’s effort to consolidate the ownership of Lopez Holdings and to streamline the Lopez Group’s corporate structure by leaving only one Lopez-owned holding company, FPH, listed on on the Philippine Stock Exchange. The Board of Directors of First Philippine Holdings Corporation approved the transaction. The offer is intended to commence on January 22, 2021 and end on February 19, 2021. The Board of Directors of Lopez Holdings Corporation has approved the engagement of an independent financial advisor to provide a fairness opinion on First Philippine Holdings Corporation's tender offer price. Is New 90 Day High Low • Dec 02
New 90-day high: ₱73.00 The company is up 21% from its price of ₱60.10 on 04 September 2020. The Filipino market is also up 21% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Electric Utilities industry, which is up 1.0% over the same period. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS ₱4.50 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: ₱25.1b (down 21% from 3Q 2019). Net income: ₱2.28b (down 20% from 3Q 2019). Profit margin: 9.1% (up from 8.9% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 29
New 90-day high: ₱63.20 The company is up 6.0% from its price of ₱59.80 on 30 July 2020. The Filipino market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electric Utilities industry, which is up 1.0% over the same period. 공시 • Sep 27
First Philippine Holdings Corporation (PSE:FPH) agreed to additional acquire 17.2% stake in First Batangas Hotel Corporation from Brightnote Assets Corporation for PHP 11.5 million. First Philippine Holdings Corporation (PSE:FPH) agreed to additional acquire 17.2% stake in First Batangas Hotel Corporation from Brightnote Assets Corporation for PHP 11.5 million on September 24, 2020. Under the terms, First Philippine Holdings will acquire 1.4 million common shares and 2.6 million preferred shares of First Batangas Hotel. After acquisition First Philippine Holdings will hold 57.7% stake in First Batangas Hotel. 공시 • Sep 24
First Philippine Holdings Corporation Announces Resignation of Eugenio Lopez III as Director First Philippine Holdings Corporation announced that Eugenio Lopez III tendering his resignation as a director of the Corporation citing personal reasons. Effective date of resignation is September 24, 2020. 공시 • Sep 21
First Philippine Holdings Corporation(PSE:FPH) dropped from S&P Global BMI Index First Philippine Holdings Corporation(PSE:FPH) dropped from S&P Global BMI Index