Seeking Alpha • Mar 19

PLDT: Defensive With Its Solid Fundamentals And Continued Data Center Investment

Summary PLDT, Inc. is upgraded from hold to buy, driven by defensive fundamentals, resilient subscriber growth, and attractive valuation. Despite macro headwinds and rising competition, PHI maintains high operating and EBITDA margins, recurring revenues, and robust cash flows. Strategic expansion in data centers and digital banking, alongside prudent debt management, positions PHI for long-term growth and capital unlocking. At a P/E of 9.52x and target price of $26.72, PHI trades at multi-year lows, with technicals indicating oversold conditions and potential entry points. Read the full article on Seeking Alpha

Seeking Alpha • Mar 20

PLDT: A New Hope After Its Deep Plunge

Summary PLDT, Inc. continues to show solid revenue growth and robust Q4 2024 performance, aligning with my DCF projections. Maya's rapid subscriber growth and profitability, coupled with favorable economic conditions, position it as a key growth driver for PLDT in FY25. PLDT's extensive data center investments and strong liquidity ensure it remains competitive and capable of sustaining expansion and capital requirements. PLDT's stock remains undervalued with attractive upside potential as it trades within a safe range. Read the full article on Seeking Alpha

Seeking Alpha • Nov 20

PLDT: Potential Growth Opportunities Amid The Philippine Economic Recovery

Summary PLDT maintained a strong market positioning, driven by its broadband segment and TNT mobile service. New opportunities are coming amidst the digital transformation and gradual economic recovery. It is trading below its historical average P/E and may rebound as shown by the DCF Model. The price may consolidate and rebound soon using some technical indicators. Read the full article on Seeking Alpha

Seeking Alpha • Oct 03

PLDT: Positive On Wireless Business Outlook And Digital Bank Turnaround

Summary My rating for PLDT stays as a Buy, taking into consideration the improved competitive dynamics for the Philippine mobile market, and Maya Bank's positive cash flow and earnings in Q2. PLDT's wireless business segment has seen an increase in Q2 ARPU as the competitive environment became more favorable, and this bodes well for the mobile business' financial prospects. Maya Bank has reached a profitability inflection point, which enhances PLDT's overall earnings outlook and increases the probability of a future IPO for the digital banking arm. Read the full article on Seeking Alpha

Seeking Alpha • Jul 10

PLDT: Data Center Business Monetization Plan Draws Attention (Rating Upgrade)

Summary PLDT recently disclosed that it is considering the monetization of its data center business, which I view as a favorable corporate development. Assuming that PHI does sell a stake of its data center operations, this could possibly translate into lower financial leverage and a fast paced growth for the data center business. I upgrade my rating for PLDT to a Buy, after considering the positives associated with the data center asset monetization plan. Read the full article on Seeking Alpha

Seeking Alpha • Apr 25

PLDT: Spotlight On Broadband Business And EBITDA Guidance

Summary PLDT's home broadband business has the potential to grow in the long run, notwithstanding a negative short-term outlook. The company is at risk of delivering a Q1 results miss, considering the current expectations for the Philippines' economy. A Hold rating for PHI stock is maintained following an evaluation of the broadband business' prospects and its financial guidance. Read the full article on Seeking Alpha

Seeking Alpha • Feb 10

PLDT Inc. Struggling To Get Traction

Summary Inflation in the Philippines has improved significantly, which is positive for PLDT's profitability. The company is struggling with declining volumes and stagnant average revenue per user (ARPU), impacting its core business. My updated DCF, taking into account the ongoing struggles in the core business and possible scenarios for new business growth, sets a price target of $17—a 27% downside from current. The dividend is also at a high risk of being cut. Read the full article on Seeking Alpha

Seeking Alpha • Nov 27

PLDT: A Closer Look At Data Center And Mobile Businesses

Summary The long-term growth prospects for PHI's data center business are good, but this business only represents a small percentage of the company's overall revenue for now. Dito Telecommunity, the new player in the Philippines' mobile market, has secured new equity and debt funding in recent months to support its growth plans. PHI shares are still rated as a Hold after my review of PLDT's mobile and data center businesses, as I don't see compelling reasons to turn bullish now. Read the full article on Seeking Alpha

Seeking Alpha • Sep 19

PLDT: This Telco Giant Is Very Cheap Now With Decent Growth Prospects

Summary PLDT is the oldest telecommunications company in the Philippines and has remained at the top spot for almost a century. The company's Q2 2023 performance showed stable revenues and improved margins, driven by its home segment and decreasing inflation. PLDT faces risks such as higher interest rates and tight competition, but potential risk mitigants and opportunities include decelerating inflation and sustainable innovation. Its expansion and dividends are sustainable with its decent liquidity levels. The stock price is very cheap, making this telco giant an excellent bargain. Read the full article on Seeking Alpha

Seeking Alpha • Sep 10

PLDT: Lackluster Outlook, Reasonable Valuations

Summary PLDT has revised its full-year fiscal 2023 service revenue and EBITDA growth guidance downwards. The company's mobile and home broadband businesses are struggling to deliver significant revenue growth. I keep my Hold investment rating for PHI unchanged, as I think that the company's shares are neither overvalued nor undervalued. Read the full article on Seeking Alpha

Seeking Alpha • Jun 30

PLDT's Future Depends On SIM Cards

Summary PLDT is the oldest and largest telecommunications company in the Philippines and has seen a decline in price by >25% in the past year. This has increased the dividend yield to nearly 9%. The upcoming SIM registration deadline in the Philippines could potentially impact PLDT's revenue, with an estimated 18-20% of users possibly not registering could result in a drop in revenue. Inflationary pressures are another concern for PLDT, as average revenue per user (ARPU) has decreased across all lines from Q4 2022 to Q1 2023. A favorable resolution to the SIM registration impact and inflation impact, at or below the current share price, would flip me from hold to buy. Read the full article on Seeking Alpha

Seeking Alpha • Feb 24

PLDT: Recent Share Price Correction Is Justified

Summary PLDT Inc.'s shares have done poorly in both absolute and relative terms recently. PLDT's stock price underperformance is justified by negative disclosures relating to capital expenditures, its peer's below-expectations results, and the unfavorable outlook for its fixed line broadband business. I am of the view that PLDT deserves a Hold rating, as its current valuations have factored in most of the headwinds. Elevator Pitch My Hold rating for PLDT Inc.'s (PHI) [TEL:PM] shares remains intact. The divestment of its telecommunications towers, competition in the wireless segment, and the risks and rewards relating to its digital banking operations were among the items that I touched on in my earlier article for PLDT published on November 2, 2022. In this latest write-up, I highlight key negatives relating to PLDT such as larger than expected capital spending which exceeded the company's budget, a potential earnings miss for PHI next week, and the fixed line broadband business' challenges. But PLDT's stock is already trading substantially below its long-term historical average based on the EV/EBITDA multiple, which means that its recent share price weakness should have factored in the negatives for PHI. As such, I choose to stick with a Hold rating for PLDT. PLDT Inc.'s Stock Price Performance It has been close to four months since my previous update for PHI was written on November 2 last year. During this time period, PLDT's share price has declined by -12.1% from $27.60 at the start of the November 2, 2022 trading day to $24.26 as of February 23, 2023. In the same time frame, the S&P 500 (SP500) actually went up by +4.2% as per Seeking Alpha price data. In fact, PHI's stock price even dropped to a new 52-week trough of $20.20 during intraday trading on December 19, 2022. Even though the company's shares have staged a meaningful recovery since then, PLDT's stock has still underperformed on both an absolute and a relative basis in recent months. In the subsequent sections of this article, I write about the potential reasons for PHI's unfavorable stock price performance. PLDT's Actual Capital Expenditures Exceeded Budget As Per Investigation In the preceding section, I highlighted that PHI's shares fell to a one-year low on December 19 last year. This was the same day that PLDT revealed a "PHP48 billion capex (capital expenditures) budget overrun" was discovered as part of an internal investigation. The disclosure relating to higher than expected capital expenditures came as a negative surprise for investors, and the company's stock price plunged by -23.7% on the December 19, 2022 trading day. PLDT subsequently issued an announcement on December 22, 2022 highlighting that there was "no fraud, no anomalies, no evidence of overpricing, and no unrecorded transactions in relation to the (capital expenditures) overrun." In addition, PHI stressed in the late-December announcement that the company's full-year fiscal 2022 earnings guidance will be maintained, and noted that it expects to pay out dividends equivalent to a reasonably high 88% payout ratio for 2022. This helped to allay investors' concerns about PLDT's above-expectations capital spending, as PHI's share price rose by +24.7% from $22.21 as of December 22, 2022 to reach a new one-month high of $27.69 on January 25, 2023. But it is understandable why PLDT's shares eventually closed lower a month later at $24.26 as of February 23, 2023, which was below what the stock traded prior to the December 19, 2022 disclosure. This matter hasn't been fully concluded. There is a possibility of PHI having to restate its prior financials and paying financial penalties relating to the issue. More importantly, it is inevitable that there will be greater scrutiny of PLDT's internal controls and corporate governance practices going forward, which will warrant a valuation discount for the company's shares. Negative Read-Through From Peer's Recent Results There are also other factors which have contributed to PLDT's share price decline between late January and late February this year. PHI's closest peer and rival, Globe Telecom, Inc. (GTMEF, GTMEY) reported its most recent Q4 2022 and FY 2022 financial results on February 6, 2023. EBITDA and EBIT for Globe Telecom decreased by -5% QoQ and -27% QoQ to PHP18,774 million and PHP6,415 million, respectively in the most recent quarter. Globe Telecom's core net income also fell by -37% QoQ and -10% YoY to PHP3,155 million for Q4 2022. According to S&P Capital IQ data, Globe Telecom's full-year FY 2022 top line and EBIT came in -10% and -3% below the market's consensus revenue and operating income forecasts, respectively. PLDT is expected to announce the company's earnings for the fourth quarter and full-year 2022 next Tuesday, on February 28, 2023. It is natural to be concerned that PLDT's actual financial numbers for Q4 2022 and fiscal 2022 might fall short of market expectations, considering how its competitor Globe Telecom has performed. Negative Outlook For Fixed Line Broadband Business As per metrics disclosed in the company's Q3 2022 earnings presentation slides, PLDT's fixed line broadband subscriber growth has slowed, while this business' ARPU (Average Revenue Per User) is declining. Net fixed line broadband subscriber additions for PHI decreased from 167,241 in Q1 2022 and 66,745 in Q2 2022 to just 41,098 for Q3 2022. PLDT's ARPU for its fixed line broadband segment also contracted by -3% YoY from PHP1,490 for Q3 2021 to PHP1,448 in Q3 2022.

Seeking Alpha • Dec 14

Accumulate More Shares Of PLDT

Summary PLDT’s stock has a one-month price return of +14.62%. You can take profit or average up. The substantial 1-month gain has not erased PHI’s relative undervaluation. PHI's forward P/E is less than 7x. Technical indicators are still bullish for PHI. The universal emotion is optimistic. PLDT is the only wireless telecom that operates a digital bank. Maya and digital payments could improve profitability. PLDT can use its almost 76 million subscribers to aggressively build Maya. PLDT will eventually have to do an IPO for Maya’s parent firm, Voyager. The stock of PLDT Inc. (PHI) is –8.43% since my September 21, 2021 buy recommendation. I again endorse this stock as a buy. PHI’s one-month price return is +14.62%. You can take your profits now from this substantial gain. If you are in for the long-term, I am highly confident PHI has enough momentum to rise near its 52-week high of $39. Based on the chart below, PHI is on a bounce-higher trend. This stock currently trades 22.75% below its 52-week high of $38.40. Seeking Alpha Premium The +14.62% one month rally is a big seal of enthusiasm over PLDT’s Q3 net income of P10.64 billion ($191.413 million). This is 79% greater year-over-year. This was a nice follow-up to Q2’s net income of P8.8 billion, or $158.31 (+14% Y/Y). This consistent and improving profitability is why you should accumulate more PHI shares. The TTM EPS of PLDT is now $2.81. PHI is on track toward beating the $2.23 estimate for the fiscal year 2022. Based on the chart below, basic linear progression analysis, we can guesstimate that Q4 will likely deliver an EPS of $0.56 or higher. Stockrow.com Why Not Take Profit? My contention is that the bull run for PLDT is not yet over. The $+14.62 percent over the past 30 days has not erased PLDT’s relative undervaluation. The GAAP forward P/E of PHI is only 6.54x. This is much lower than SK Telecom’s (SKM) 12.86x, and Turkcell Iletisim’s (TKC) 17x. Seeking Alpha Premium The much lower forward P/E valuation of PHI against SKM and SKM is a market aberration. PLDT is the one with the best profitability. Kindly refer to the chart below, PHI’s net income margin is 17.25%. This is higher than Turkcell Iletisim’s 13.41%, and SK Telecom’s 5.81%. PLDT touts higher gross and net income margins than AT&T (T) and Verizon (VZ). Seeking Alpha Premium The better net margin and consistent profitability of PLDT should be rewarded with a higher forward P/E ratio. Let us give PHI a forward P/E of 13x and guesstimate that the FY 2022 EPS would be $2.50. My near-term price target for PHI would be $32.50. Let’s project that FY 2023 EPS could be $2.90. Multiply this by 13x, and my long-term price target is $37.70. My optimistic EPS guesstimates are possible. As far as I know, PLDT is the only telecom company in the world today that was granted a digital banking license. PLDT’s Maya digital bank was launched last May of this year. Evaluate PHI’s investment quality by taking note that its subsidiary Voyager (parent company of Maya), is now a unicorn firm with a $1.4 billion valuation. Maya is a universal digital bank that can do what traditional brick-and-mortar banks can do. PLDT is not spending on overheads like buying or renting bank offices across the Philippines. Maya is a low-overhead growth driver for PHI. Maya.ph Most Investors Are Optimistic Most investors have a cycle of emotions. It is always prudent to refer to technical indicators to gauge investor emotion. Based on its Relative Strength Index score of 66.08, PHI is still receiving bullish vibe from investors. This persistent market optimism for PLDT is again reflected by its fast stochastic number of 80.41. PHI has received a short-term bullish signal called Stochastic Overbought Buried. It means PHI’s fast stochastic is above 80 and has been so for the past five trading days. PLDT’S Fibonacci retracement chart below also shows it only retraced below 38.2%. Fibonacci is therefore saying that the upward momentum of PHI will likely continue. StockTa.com PLDT is a Digital Banking and Payments Leader Based on its 9M 2022 investor presentation, PLDT wrapped up the first nine months of this year with almost 76 million subscribers. Almost 68 million of those are mobile prepaid and postpaid subscribers. Going forward, it is easy to assume that 5 to 10% of those 76 million might open savings and checking accounts. PLDT.com The old PayMaya digital wallet (now renamed to Maya) already has 47 million users as of early 2022. PLDT’s rival Globe Telecom (GTMEY) owns the GCash wallet and that one has 60 million users. Globe has introduced the GSave feature on GCash, which now has more than 5 million depositors. PLDT’s Maya digital bank could eventually attract 5 million depositors. Maya could become as successful as SoFi Technologies (SOFI). Going forward, PLDT could in due course, spin out Voyager via an IPO. SoFi was valued at $8.65 billion when it had its IPO last year. Nurturing Maya to have it become an IPO-worthy venture is going to be easy because there are almost 76 million PLDT subscribers. The international minority investors in Voyager include Tencent (TCHEY) and KKR & Co. Inc. (KKR) I opine that foreign investors expect Voyager to eventually do an IPO. Make a forward valuation of PLDT considering that it might spin out Maya Bank’s parent company, Voyager. A potential future IPO could be good for PLDT It is the downside handicap of PLDT that it has a huge $5 billion debt. A Voyager IPO could pare down that debt load. Going forward, fees from remittances, digital payments, and lending through Maya could help improve PLDT’s cash flow. Aside from the 2% cash-in over-the-counter fee and the 2% to 5% ATM machine withdrawal fee, Maya’s list of fees on different transactions is long and not permanent. Maya Bank fees can be raised at any time by PLDT management. Downside Risks? PLDT has a $5 billion debt burden. It is also unattractive that PHI has negative levered free cash flow. Its MRQ total cash position is only $368.54. This is understandable. PLDT’s MRQ capital expenditure is $1.68 billion. Seeking Alpha Premium The large capital expenditures forced PLDT to take on so much debt that its Altman Z-score is now only 0.71. On the other hand, cash is not going to be a problem for PLDT. It recently sold its 4G and 5G towers for P77 billion ($1.386 billion). There's also no serious threat from Dito Telecommunity. Its parent company, Dito CME, is beset by increasing losses and a huge P64.6 billion ($1.163 billion) bank debt. Dito CME owner Dennis Uy's Udenna Group is currently shopping around its prized assets to pare down a $3.2 billion debt. My fearless assessment is that Mr. Uy is not going to waste money to finance the infrastructure expenditures of Dito Telecommunity. He is already having a hard time paying back Dito's P450 million ($8.1 million) obligation to PLDT. Why PLDT Needs Its Own Bank Almost 50% of Filipino households that make 30,000 pesos ($538) per month or more have savings accounts. Going forward, five million Filipino residents, immigrants, and overseas workers can contribute an average of $500 in annual Maya savings. That’s $2.5 billion in depositor money that PLDT can lend to its broadband and wireless regular and business customers at 12% annual interest. Like GCash, Maya can lend money to anyone it considers creditworthy. Maya Credit is now live. The possibility of opening a savings account and a cryptocurrency account is already a big deal for Maya. Maya.ph PLDT makes good money by selling prepaid plans that expire. It can also compel millions of people to open accounts at its Maya Bank. PLDT’s offer of accelerated fiber internet for subscribers just to use a Maya account is genius. I am a PLDT Fiber subscriber and a GCash user. I might open a Maya account before December is over. I want a Maya-boosted 200 mbps fiber speed. The other inducing feature is that Maya Bank is offering 6% per annum interest in savings accounts. The only requirement is that people should have at least P100,000 ($1,791.20), and they should use Maya to pay bills and make online purchases. The base interest Maya pays is only 4.5%. This covers accounts with at least one peso up to P5 million ($89,500). The highest interest rate that savings accounts with at least P100k balance can get from other Philippine banks is 2.6%. Maya’s rival GCash’s GSave only offers 2.3% interest. PLDT is likely to attract depositors away from traditional banks and GCash. Maya offers the highest interest rate on a savings account. PLDT's strategy of compelling its fixed and wireless internet subscribers to sign up for Maya Bank is effective. These subscribers and depositors can help improve PLDT’s weak average 5-year revenue CAGR of 4.16%. Low growth potential is probably why PHI has a forward P/E of less than 7x. PLDT can also use Maya’s depositor money as a source for its expansion plans. Maya can lend its parent company, PLDT, local Filipino money to finance its P85 billion ($1.52 billion) in capital expenditures. This is better than sourcing out dollar-denominated foreign loans. There’s no forex volatility when taking out a loan from your own local Philippine digital bank.

Seeking Alpha • Nov 02

PLDT: A Mix Of Positives And Negatives

Summary I have a favorable opinion of PLDT's intention to divest additional towers, as this will boost PHI's future earnings and aid its deleveraging efforts. But I am concerned about the competition that PLDT faces in the wireless segment and continued losses for its digital banking business. I keep my Hold rating for PLDT unchanged, taking into account both the positives and negatives associated with the company. Elevator Pitch I rate PLDT Inc.'s (PHI) [TEL:PM] stock as a Hold. I previously wrote about PLDT's initial sale of towers and the company's full-year guidance in a prior May 2, 2022 update for the company. I focus on PHI's recent corporate developments in the current write-up. I retain my Hold rating for PLDT, as I see a mix of positives and negatives for the stock. On the positive side of things, PLDT plans to divest more towers in the following year, which I view as a value-accretive move. On the flip side, losses from PLDT's digital banking business and the intense competition in the mobile business are key negatives. Selling More Towers Is Part Of The Company's Plans I discussed about PLDT's "plans to sell half (5,907) of its telecommunications towers" in my earlier May 2, 2022 write-up for PHI. In that article, I highlighted that the tower sale was "positive for the company in the form of higher earnings, lower debt and special dividends." PLDT announced an interim dividend per share of PHP75 for the first half of 2022, which comprised of an ordinary dividend of PHP47 per share and a special dividend of PHP28 per share. PHI's 1H 2022 special dividend was funded by the divestment of the company's towers as highlighted above. Looking forward, there is a high probability that PLDT will sell more of its towers. The company's management was interviewed by The Philippine Star, a local media publication in the Philippines, in late-October. In that interview, they revealed that PLDT "plans to sign sale and leaseback agreements again in 2023 for the transfer of as many as 3,000 assets to tower operators." I have a positive view of PHI's intention to execute on additional tower sales next year, as this should translate into an increase in profit and a reduction in financial leverage for PLDT. Searching For A New Competitive Edge In The Wireless Business The Philippine Star reported on October 31, 2022 that its "wireless arm Smart Communications Inc." is studying the use of low earth orbit satellites to provide connectivity to their subscribers." Internet access remains an issue in the relatively more remote areas in the Philippines. A Philippine News Agency article published on July 24, 2022 cited comments from a representative of The Congress of the Philippines noting that "the current density of cell towers and/or signal relay stations in the rural areas makes it hard for micro, small and medium enterprises to access the internet." As such, PLDT and its mobile business, Smart Communications, have the opportunity to gain a competitive edge over their rivals, if they can expand the reach of their wireless network utilizing satellites. Based on my analysis, PLDT's revenue for its Individual Mobile segment contracted QoQ for five straight quarters running between the first quarter of 2021 and the first quarter of 2021, prior to achieving positive growth for Q2 2022. Apart from pandemic restrictions and the challenging economic environment in the country, stiff competition was a key factor that led to the decline in PHI's wireless revenue for a prolonged period of time. At its Q2 2022 earnings call in early August, PLDT mentioned that "our competition is really expanding the coverage and also trying to improve their network", and it acknowledged that this is "something that we also have to consider moving forward." But PLDT also cautioned at the recent results briefing that the success and viability of satellite services "depends on the commerciality of offer in the market and how the market can absorb the cost of the service." In a nutshell, PHI's move to explore the use of satellites is all about finding a new competitive edge for its mobile business and fending off competition. However, there is no guarantee that this will be successful, as the relatively high cost of such services might affect the take-up rate. Short-Term Pain, Long-Term Gain For Digital Banking Business A discussion of PLDT won't be complete without touching on the company's digital banking business, Maya Bank. According to an October 11, 2022 news report by BusinessWorld, Maya Bank "gained one million customers and recorded PHP10 billion in deposits just five months after its launch." Maya Bank also referred to itself as "the country’s leading digital bank app" in its media release that was cited in the recent news article.

Seeking Alpha • Aug 22

PLDT: The Short-Term Future Is Grim - Proceed With Caution

PLDT has been setting all-time revenue highs in its H1'22 performance. A 5% increase compared to H1'21. The subscriber base has declined, particularly in PLDT's Mobile and Fixed wireless market. The company issues a special dividend from its tower sales, paying a total dividend of PHP75 per share. The future is uncertain for PLDT; inflation's gravity can significantly affect the company, and without further announcements, I rate the stock as a Hold. Investment Thesis PLDT Inc. (PHI) has been setting record financials in its H1'22, increasing subscribers in its broadband and fixed line subscriber base, and is paying out special dividends from its tower sale. However, I believe the company will have difficulties in the second half of 2022 due to a weaker peso FX rate and inflation impacting its customers. Still, I also think management is shifting its focus in the right direction (generating FCF, deleveraging back to 2.0x, and paying out special dividends), which leads me to a Hold rating. Record High Revenue & A Declining Subscriber Base Source - PLDT Q2’22 Earnings Call Presentation On the company's second-quarter results of FY2022, the company set an all-time high with a 24% revenue growth in its Home business, while a 9% revenue growth in its Enterprise business, and a significant revenue increase of 62% in its Fiber only business YOY, resulting in a 5% increase in total service revenue. In the Home business, PLDT gained PHP2.7 billion in revenue in its Q1'22 results, which is a 25% increase YOY, and achieved PHP2.7 billion in Q2'22, which is a 23% increase YOY, setting an all-time high revenue for the Home business. Moving on to the Enterprise business, PLDT saw a 7% revenue YOY increase or PHP800 million in its Q1'22 results and an 11% revenue YOY increase in PLDT'S Q2'22 results or PHP1.2 billion, which also set an all-time high for the company's quarterly revenue results. However, PLDT did lose some of its revenue in its Individual business, losing PHP1.7 billion or an 8% decline in its Q1'22 performance, and with a 4% decline or PHP900 million decrease in its Q2'22 performance, which means the Individual business is at a decline of 6% compared to H1'21. The decline in its Individual business was offset by its Home and Enterprise businesses resulting in a 5% revenue YOY revenue increase in the company's H1'22 results or an increase of PHP4.4 billion compared to the company's H1'21 performance. This shows that PLDT's revenue is increasing due to consumer and business industry demands. Around two years ago, the Philippines had to adapt to the new normal, which forced people into a community quarantine and forced households without an internet connection to avail the Philippines's fastest internet provider. Although two years have gone by, the demand in these markets, specifically in Fiber connectivity, continues to increase, as proven by its revenue growth. However, I'm not saying that demands have increased throughout all of PLDT's markets: Source - PLDT Q2’22 Earnings Call Presentation PLDT also has had its fair share of subscribers decrease primarily in its Mobile market and under its Broadband market in the Fixed Wireless area. Overall, the Broadband market had a subscriber increase of 3%, a Fixed Line increase of 6%, and a 3% decline in its Mobile market caused by softness in Cellular demands, which is not looking optimistic as Globe Telecom, Inc. (OTCPK:GTMEY) reported a 7% increase in mobile subscribers YOY. The Broadband market also faced a subscriber decrease in its fixed wireless, losing around 100,000 or an 11% decrease compared to the end of 2021. Overall, PLDT had a total subscriber decline of 2%. Tower Sale & Dividends Source - PLDT Q2’22 Earnings Call Presentation In April 2022, PLDT signed tower sales and leasebacks for PHP77 billion. On its first closing on June 01, 2022, the company received PHP39.2 billion for 3,012 towers out of 5,907 and received PHP13.2 billion on its second closing on August 01, 2022. Source - PLDT Q2’22 Earnings Call Presentation PLDT received a gain of PHP16.5 billion from the tower sales, which is expected to provide a valuation uplift and enable capital reallocation for the company. "This partnership with experienced international tower companies represents another milestone in PLDT's strategic transformation. We expect to reap benefits in terms of a valuation uplift and capital reallocation, with PLDT applying the proceeds to deleverage, further invest in the network, and return cash to shareholders via a special dividend." – PLDT Chairman Manuel V. Pangilinan I am on management's side on this one. The tower sales and leasebacks can provide value for the investors and be a way to insulate in a problematic macro situation. With their dividend policy, the sales can potentially improve the company's value while giving back cash to its shareholders. Source - PLDT Q2’22 Earnings Call Presentation With PLDT'S dividend policy: 60% payout of H1'22 telco earnings of PHP17 billion, the company will pay PHP47/share for its regular dividends. Out of the PHP9 billion earmarked from tower sale proceeds, PHP6 billion is to be paid as special dividends - proportionate to the amount received from the two first closings, paying out a total of PHP75/share in dividends. Outlook & Guidance For 2022 Source - PLDT Q2’22 Earnings Call Presentation The picture above shows PLDT's guidance for the rest of 2022, and I must commend management for their ability to recognize strengths and weaknesses. I agree with their outlook on the service revenue growth but wouldn't be too optimistic about a mid-single digit growth. Sure, there are demands in the home broadband market, and revenue momentum is present, but I still think the future is uncertain. Inflation can affect PLDT's core operations, mainly in the Broadband and Mobile markets. The company also reduced its CapEx due to a weak peso FX rate, which I think would continue to become weaker depending on the current macro situation. It's also good that they're slowly leveraging and focusing on generating FCF and creating a valuation uplift through their special dividends. Price Return & Valuation Source - Seeking Alpha Price Return PLDT's price has been up by 25% for the past year, while the S&P 500 has been a bit flat over the past year. I think the stock will hover around PHP1,600-PHP1,700 in FY2022 because of inflation and how it can change consumer spending patterns.

Seeking Alpha • Aug 15

Philippine Long Distance Telephone goes ex-dividend tomorrow

Philippine Long Distance Telephone (NYSE:PHI) declares $1.3486/share dividend. Payable Sept. 20; for shareholders of record Aug. 17; ex-div Aug. 16. See PHI Dividend Scorecard, Yield Chart, & Dividend Growth.

Seeking Alpha • Aug 04

Philippine Long Distance Telephone GAAP EPS of $35.40, revenue of $51.24B

Philippine Long Distance Telephone press release (NYSE:PHI): Q2 GAAP EPS of Php35.40 (vs. Php32.88). Revenue of Php51.24B (+7.4% Y/Y). "As to full year profit guidance, we maintain Telco Core Income at Php33.0 billion, albeit some upside may be possible as portions of proceeds from the Towers sale are used to pay down debts in the second half," Chairman Manuel Pangilinan said.

Seeking Alpha • May 02

PLDT: Spotlight On Tower Sale And Management Guidance

PLDT's recent tower sale was done at premium valuations, and this should be positive for the company in the form of higher earnings, lower debt and special dividends. The company is targeting a high-single digit percentage EBITDA growth for 2022, which I think is achievable thanks to the strength of its home broadband business. PLDT is a Hold; I am positive on PLDT's tower divestment deal and the company's favorable management guidance, but these are already factored into its price performance and valuations.

Seeking Alpha • Sep 22

PLDT: Average Up Or Cash Out Profit

PLDT’s stock is +21.04% since my July 29 buy recommendation. You may take your profits or you could average up. Only seven banking licenses are allowed in the Philippines. PLDT’s subsidiary got the sixth. Digital banking could boost PLDT’s estimated forward revenue CAGR of 7.64%. PLDT’s PayMaya touts 38 million users. Two decades of running PayMaya makes PLDT a potent digital banking operator.

Seeking Alpha • Jul 29

Why You Should Now Invest In PLDT

The -15.15% six-month price slide makes PLDT Inc.’s stock a bargain value hunter's great find. PLDT’s forward P/E valuation is now only 9.90x. This ratio is -57.25% lower than Communication Sector’s average of 23.16x. PLDT has better growth potential than its American peers Verizon and AT&T. PLDT’s 48% market share in fixed broadband services and 42% market share in mobile gives it a wide moat. Dennis Uy-controlled Dito Telecommunity is not a serious threat to PLDT’s market dominance. Dennis Uy’s business conglomerate is debt-fueled.

Seeking Alpha • Jul 09

PLDT Inc.: Stiffer Competition Is The Key Concern

PLDT's mobile services revenue growth has declined on a QoQ basis in 1Q 2021, as a result of COVID-19 headwinds and stiffer competition from its rival. The company's home broadband services business performed well in the first quarter with a +23.1% YoY increase in revenue, but Converge ICT Solutions poses a threat with its expansion plans. The market values PLDT at consensus forward FY 2022 EV/EBITDA and P/E multiples of 5.2 times and 11.1 times, respectively, and it boasts a 6.1% forward FY 2022 dividend yield.

이자보상배율	3.3x
현금	₱14.58b
자본	₱127.17b
총부채	₱512.39b
총자산	₱639.56b

데이터	최종 업데이트 (UTC 시간)
기업 분석	2026/05/25 05:10
종가	2026/05/22 00:00
수익	2026/03/31
연간 수익	2025/12/31

패키지	데이터	기간	미국 소스 예시 ^*
기업 재무제표	10년	손익계산서 현금흐름표 대차대조표	SEC 양식 10-K SEC 양식 10-Q
분석가 컨센서스 추정치	+3년	재무 예측 분석가 목표주가	분석가 리서치 보고서 Blue Matrix
시장 가격	30년	주가 배당, 분할 및 기타 조치	ICE 시장 데이터 SEC 양식 S-1
지분 구조	10년	주요 주주 내부자 거래	SEC 양식 4 SEC 양식 13D
경영진	10년	리더십 팀 이사회	SEC 양식 10-K SEC 양식 DEF 14A
주요 개발	10년	회사 공시	SEC 양식 8-K

분석가	기관
Emeterio Gonzales	BofA Global Research
Eunice Dolatre	CGS International
Bertram Lai	CGS International

PLDT 대차대조표 건전성

재무 건전성 기준 점검 2/6

핵심 정보

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Recent updates

PLDT: Defensive With Its Solid Fundamentals And Continued Data Center Investment

PLDT Inc., Annual General Meeting, Jun 09, 2026

PLDT Inc. to Report Nine Months, 2025 Results on Nov 11, 2025

PLDT Inc. Announces Separation of Jeremiah M. De La Cruz from Senior Vice President Service, Effective July 1, 2025

PLDT: A New Hope After Its Deep Plunge

PLDT Inc. Announces Executive Changes

PLDT Inc., Annual General Meeting, Jun 10, 2025

PLDT Inc. Announces Resignation of Santiago Dionisio R. Agdeppa as Director, Effective February 1, 2025

PLDT: Potential Growth Opportunities Amid The Philippine Economic Recovery

PLDT: Positive On Wireless Business Outlook And Digital Bank Turnaround

PLDT Inc. Provides Update on Securities Class Action

PLDT Inc. Appoints Menardo G. Jimenez, Jr. as Executive Vice President and Chief Operating Officer

Pldt Inc. Declares Regular Cash Dividend on Common Stock, Payable on September 11, 2024

PLDT Exits NTT Japan Talks for Data Center

PLDT: Data Center Business Monetization Plan Draws Attention (Rating Upgrade)

PLDT in Talks to Sell Up to 49% of Data Centre Business to NTT

PLDT: Spotlight On Broadband Business And EBITDA Guidance

PLDT Inc. Promotes John Gregory Y. Palanca from First Vice President to Senior Vice President

PLDT Inc. Declares Regular Cash Dividend, Payable on April 5, 2024

PLDT Inc. Announces Separation of Emmanuel Ramon C. Lorenzana, A Senior Vice President and the Chief Transformation and Customer Officer, Effective March 1, 2024

PLDT Inc. Reaches $3 Million Settlement on the US Class Action

PLDT Inc. Struggling To Get Traction

PLDT Inc. Announces Board Changes

PLDT Inc. Announces Resignation of Judge Manuel L. Argel, Jr. (Ret.) as A Member of the Board of Directors

PLDT Inc. Announces Chief Executive Officer Changes

PLDT: A Closer Look At Data Center And Mobile Businesses

PLDT: This Telco Giant Is Very Cheap Now With Decent Growth Prospects

PLDT: Lackluster Outlook, Reasonable Valuations

PLDT Inc. Announces Executive Changes

PLDT Inc. Declares Regular Dividend, Payable on September 1, 2023

PLDT's Future Depends On SIM Cards

PLDT: Recent Share Price Correction Is Justified

Bronstein, Gewirtz & Grossman, LLC Notifies Class Action Lawsuits Against PLDT Inc

Accumulate More Shares Of PLDT

PLDT: A Mix Of Positives And Negatives

PLDT: The Short-Term Future Is Grim - Proceed With Caution

Philippine Long Distance Telephone goes ex-dividend tomorrow

Philippine Long Distance Telephone GAAP EPS of $35.40, revenue of $51.24B

PLDT: Spotlight On Tower Sale And Management Guidance

PLDT: Average Up Or Cash Out Profit

Why You Should Now Invest In PLDT

PLDT Inc.: Stiffer Competition Is The Key Concern

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