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Filipino (PSEi) Market Analysis & Valuation

UpdatedDec 29, 2025
DataAggregated Company Financials
Companies253
  • 7D2.0%
  • 3M1.2%
  • 1Y-7.6%
  • YTD-7.6%

The Financials sector has led the market, which has gained 2.0%. Longer term the market is actually down 7.6% over the past year. As for the next few years, earnings are expected to grow by 11% per annum.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

Has the Filipino Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 29 Dec 2025₱13.2t₱13.7t₱1.3t8.6x9.9x1x
Wed, 26 Nov 2025₱13.7t₱13.7t₱1.3t8.6x10.2x1x
Fri, 24 Oct 2025₱12.4t₱13.6t₱1.3t8.6x9.4x0.9x
Sun, 21 Sep 2025₱12.7t₱13.6t₱1.3t8.7x9.7x0.9x
Tue, 19 Aug 2025₱12.7t₱13.7t₱1.3t8.9x9.7x0.9x
Thu, 17 Jul 2025₱14.2t₱13.6t₱1.2t9.2x11.4x1x
Sat, 14 Jun 2025₱14.4t₱13.6t₱1.2t9x11.5x1.1x
Mon, 12 May 2025₱14.3t₱13.6t₱1.2t9.1x12x1x
Wed, 09 Apr 2025₱13.6t₱13.5t₱1.2t9x11.4x1x
Fri, 07 Mar 2025₱14.0t₱13.5t₱1.2t9.4x11.9x1x
Sun, 02 Feb 2025₱13.3t₱13.4t₱1.1t9.2x11.6x1x
Tue, 31 Dec 2024₱14.2t₱13.4t₱1.1t9.3x12.4x1.1x
Thu, 28 Nov 2024₱14.3t₱13.5t₱1.1t9.3x12.4x1.1x
Sat, 26 Oct 2024₱15.2t₱13.3t₱1.1t9.8x13.8x1.1x
Mon, 23 Sep 2024₱14.7t₱13.3t₱1.1t9.2x13.3x1.1x
Wed, 21 Aug 2024₱14.0t₱13.3t₱1.1t8.6x12.3x1.1x
Fri, 19 Jul 2024₱13.6t₱13.0t₱1.1t9.4x11.9x1x
Sun, 16 Jun 2024₱13.0t₱13.0t₱1.1t9.5x11.4x1x
Tue, 14 May 2024₱13.1t₱12.8t₱1.2t9.9x11.4x1x
Thu, 11 Apr 2024₱13.3t₱12.7t₱1.1t10.5x12x1x
Sat, 09 Mar 2024₱13.4t₱12.7t₱1.1t10.4x12.6x1.1x
Mon, 05 Feb 2024₱13.2t₱12.7t₱1.1t10.2x12.4x1x
Wed, 03 Jan 2024₱13.0t₱12.7t₱1.1t10.5x12.2x1x
Fri, 01 Dec 2023₱12.4t₱12.7t₱1.1t9.9x11.7x1x
Sun, 29 Oct 2023₱12.1t₱12.6t₱1.0t10.2x11.9x1x
Tue, 26 Sep 2023₱12.5t₱12.7t₱1.0t10.5x12.2x1x
Thu, 24 Aug 2023₱12.6t₱12.8t₱1.0t10.7x12.4x1x
Sat, 22 Jul 2023₱13.2t₱12.8t₱972.5b11.2x13.6x1x
Mon, 19 Jun 2023₱13.0t₱12.8t₱972.8b10.5x13.4x1x
Wed, 17 May 2023₱13.1t₱12.6t₱949.4b12.1x13.8x1x
Fri, 14 Apr 2023₱13.0t₱12.1t₱922.1b10.9x14.1x1.1x
Sun, 12 Mar 2023₱13.2t₱11.8t₱1.1t11.3x12.4x1.1x
Tue, 07 Feb 2023₱13.7t₱11.6t₱1.0t11.5x13.4x1.2x
Thu, 05 Jan 2023₱13.2t₱11.6t₱1.0t11x12.9x1.1x
Price to Earnings Ratio

12.9x


Total Market Cap: ₱13.2tTotal Earnings: ₱1.0tTotal Revenue: ₱11.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Filipino Market Price to Earnings3Y Average 12x20242025
Current Market PE
  • Investors are pessimistic on the Filipino market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 9.9x which is lower than its 3-year average PE of 12.0x.
Past Earnings Growth
  • The earnings for Filipino listed companies have grown 9.1% per year over the last three years.
  • Revenues for these companies have grown 5.5% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Filipino Market?

PH Market1.97%
Materials6.36%
Real Estate3.15%
Financials3.05%
Industrials1.81%
Telecom1.77%
Consumer Staples1.72%
Healthcare1.38%
Utilities0.46%
Energy0.13%
Consumer Discretionary-0.079%
Tech-1.46%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth even though it's trading below its 3-year average PE ratio of 40.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 25.2%, which is higher than its past year's earnings growth of 4.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 32% over the next 5 years.
  • However this is lower than its past earnings growth rate of 61% per year.
  • In contrast, the Real Estate sector is expected to see its earnings grow by 2.8% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
PTC Philippine Trust₱120.0023.7%
+₱23.0b		0.8%PB5.1xFinancials
AP Aboitiz Power₱44.003.5%
+₱10.8b		16.7%PE10.6xUtilities
EMI Emperador₱16.004.3%
+₱10.4b		-11.4%PE40.5xConsumer Staples
AEV Aboitiz Equity Ventures₱28.007.1%
+₱10.3b		-18.5%PE9.3xIndustrials
AC Ayala₱468.003.3%
+₱9.3b		-21.9%PE5.6xIndustrials
See more

Market Insights

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Latest News

MER
₱574.00
Manila Electric
7D
-1.9%
1Y
17.6%

MER: Smart Grid Expansion Will Support Stable Margins And Fairly Valued Outlook

Analysts have maintained their price target for Manila Electric at PHP 598.21, as slightly softer long term revenue growth assumptions are seen as being offset by a modestly stronger profit margin outlook and an unchanged future valuation multiple. What's in the News A board meeting is set for December 3, 2025 to approve various rank conferments effective January 1, 2026 (Key Developments) A board meeting is scheduled on October 27, 2025 to approve Manila Electric's financial and operating results for the first nine months of 2025, with 2024 comparatives (Key Developments) An Itron collaboration has been announced to deploy Advanced Metering Infrastructure across Metro Manila, starting with 73,000 endpoints as part of Meralco's multi year smart grid modernization program (Key Developments) Valuation Changes Fair Value: Unchanged at approximately ₱598.21 per share, indicating a stable overall valuation outlook.
EMI
₱16.00
Emperador
7D
4.3%
1Y
-11.4%

EMI: Governance Reforms And Higher Multiple Will Likely Support Future Upside

Narrative Update on Emperador Analyst Price Target Analysts have lifted their price target on Emperador substantially, from approximately $10.20 to about $18.87. They cite a stronger outlook for revenue growth that more than offsets slightly lower projected profit margins and a higher future earnings multiple.
JFC
₱180.00
Jollibee Foods
7D
-2.9%
1Y
-33.1%

JFC: Rising Dividend Will Support Future Upside Potential

Analysts have modestly raised their price target on Jollibee Foods by approximately PHP 0.00. This reflects slightly higher assumed revenue growth, marginally improved profit margins, and a small uptick in the discount rate, while future valuation multiples are expected to remain broadly unchanged.
ALI
₱22.45
Ayala Land
7D
2.5%
1Y
-14.3%

ALI: Regular Cash Dividends Will Support Share Price Upside Into Late 2025

Analysts have slightly lowered their price target for Ayala Land to PHP 32.37 from PHP 32.83, citing marginally softer expectations for revenue growth and profit margins, even though the discount rate has been modestly reduced and a slightly higher future P/E multiple has been assumed. What's in the News Board meeting scheduled for October 29, 2025, to consider declaration of a regular cash dividend of PHP 0.2928 per common share for the second half of 2025 (Key Developments) Board approved a regular cash dividend of PHP 0.2928 per common share for the second half of 2025 at the October 28, 2025, meeting, with record date on November 12, 2025, and payment date on November 26, 2025 (Key Developments) Valuation Changes Fair Value: Lowered slightly to ₱32.37 from ₱32.83, reflecting a modest reduction of about 1.4 percent.
BPI
₱116.10
Bank of the Philippine Islands
7D
-2.7%
1Y
-4.8%

BPI: Steady Dividend And Merger Plans Will Support Bullish Outlook

Analysts have trimmed their price target for Bank of the Philippine Islands slightly, citing marginally lower assumed revenue growth and discount rates, offset by a modestly higher projected profit margin and a slightly cheaper future price to earnings multiple. This results in an updated fair value estimate that remains effectively unchanged at PHP 150.31.
AC
₱468.00
Ayala
7D
3.3%
1Y
-21.9%
SPC
₱9.74
SPC Power
7D
-15.3%
1Y
8.1%
AP
₱44.00
Aboitiz Power
7D
3.5%
1Y
16.7%

AP: Large Solar Expansion And Index Inclusion Will Support Bullish Outlook

Analysts have trimmed their price target on Aboitiz Power slightly, holding it at PHP 54.30, reflecting modestly higher discount rate assumptions and slightly softer long term revenue growth and profit margin forecasts. What's in the News Aboitiz Power Corp.
PTC
₱120.00
Philippine Trust
7D
23.7%
1Y
0.8%
PLUS
₱16.20
DigiPlus Interactive
7D
-5.5%
1Y
-40.3%
AGI
₱8.19
Alliance Global Group
7D
10.7%
1Y
-9.0%
SMC
₱82.00
San Miguel
7D
-2.4%
1Y
-4.7%
SGP
₱16.56
Synergy Grid & Development Phils
7D
-2.4%
1Y
69.0%
AEV
₱28.00
Aboitiz Equity Ventures
7D
7.1%
1Y
-18.5%
JGS
₱23.65
JG Summit Holdings
7D
3.7%
1Y
15.1%
ICT
₱567.00
International Container Terminal Services
7D
-1.3%
1Y
46.9%