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01/11 03:36
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents a mixed picture. Financial performance shows stable core income and revenue growth in fiber and ICT, but a decline in telco core income and mobile revenue. The Q&A reveals ongoing challenges, such as POGO revenue pressures and a lack of guidance for 2025 net income. However, there are positive aspects like the signing of a large hyperscale customer for VITRO and sustainable subscriber growth. The lack of guidance and ongoing depreciation costs offset some positives, resulting in a neutral sentiment.
Revenue PHP 53.4 billion, up 2% year-on-year, driven by continued strength in fiber and ICT segments, coupled with prudent cost management.
EBITDA PHP 27.9 billion, up 2% year-on-year, driven by continued strength in fiber and ICT segments, coupled with prudent cost management.
Telco Core Income PHP 8.8 billion, down 6% year-on-year, reflecting increased depreciation linked to recent strategic investment in network infrastructure, coupled with related financing costs.
Core Income PHP 8.9 billion, steady year-on-year, driven by Maya’s positive earnings contribution as it turned profitable this quarter.
Home Revenue PHP 15.2 billion, up 4% year-on-year, thanks to continued fiber demand.
Fiber Revenue PHP 14.7 billion, up 7% year-on-year, reflecting the successful shift from legacy to fiber services.
Enterprise Revenue PHP 11.9 billion, steady year-on-year, with a slight 1% uptick in corporate data and ICT revenues.
ICT Revenue PHP 2.2 billion, up 16% year-on-year, now accounting for over 22% of enterprise revenues, up from 19% a year ago.
Mobile Revenue PHP 21.3 billion, down slightly year-on-year, due to lower packet Wi-Fi usage as customers shifted to smartphones or fixed data access.
ARPU Stable at around PHP 1,493, reflecting success in bundling high-value products while managing churn effectively.
Churn Rate Less than 2%, remains among the lowest in the industry.
New Subscribers: Added 101,000 net new subscribers this quarter compared to negative net additions a year ago.
Fiber Revenue Growth: Home revenue rose 4% year-on-year, reaching PHP 15.2 billion, driven by fiber which posted a healthy 7% increase to PHP 14.7 billion.
Market Positioning in Fiber: Fiber now accounts for 97% of Home revenues, up from 92% in 2024.
ICT Revenue Growth: ICT segment grew 16% year-on-year to PHP 2.2 billion, now accounting for over 22% of enterprise revenues, up from 19% a year ago.
Cost Management: EBITDA grew by 2% to PHP 27.9 billion, driven by continued strength in fiber and ICT segments, coupled with prudent cost management.
Churn Rate: Churn rate of less than 2% remains among the lowest in the industry.
Strategic Investments: Increased depreciation linked to recent strategic investment in network infrastructure.
Focus on Emerging Technologies: Actively building a pipeline of new opportunities by leveraging emerging technologies.
Competitive Pressures: PLDT's connectivity business is navigating a transitional phase, indicating potential challenges in maintaining market share against competitors.
Regulatory Issues: No specific regulatory issues were mentioned, but the mention of strategic investments suggests potential scrutiny from regulatory bodies.
Supply Chain Challenges: The report does not explicitly mention supply chain challenges, but the increased depreciation linked to strategic investments may imply risks related to supply chain management.
Economic Factors: The slight decline in core income and the impact of financing costs suggest economic pressures that could affect future profitability.
Revenue Growth Strategy: PLDT aims to pursue steady revenue growth through disciplined expense management, asset monetization, and prudent capital allocation.
Fiber Transition: The company is actively migrating legacy subscribers to fiber, which now accounts for 97% of Home revenues, up from 92% in 2024.
Emerging Technologies: PLDT is building a pipeline of new opportunities by leveraging emerging technologies to navigate the transitional phase of its connectivity business.
5G Adoption: The company is encouraged by rapid 5G adoption and a steady rise in data traffic, indicating potential for improved monetization and growth.
Core Income Outlook: Core income was steady at PHP 8.9 billion, driven by Maya’s positive earnings contribution as it turned profitable this quarter.
Revenue Projections: Net service revenue growth reflects stable demand across key business segments, with a 2% growth excluding legacy services.
Home Segment Growth: Home revenue rose 4% year-on-year to PHP 15.2 billion, driven by fiber demand.
Enterprise Segment Performance: Enterprise revenue remained steady at PHP 11.9 billion year-on-year, with ICT revenues growing 16% year-on-year to PHP 2.2 billion.
Share Buyback Program: PLDT has initiated a share buyback program, allocating $100 million for the repurchase of shares to enhance shareholder value.
The earnings call highlights robust growth in key areas such as 5G adoption, enterprise and ICT revenues, and Maya's financial performance. Despite some concerns about Maya's net income drop and mobile business performance, the overall outlook remains positive with strong financial metrics, improved cash flow, and strategic investments in AI and digital infrastructure. The Q&A session revealed optimism about government projects and potential partnerships, though some regulatory uncertainties persist. Overall, the company's strategic initiatives and financial health suggest a positive stock price movement over the next two weeks.
The earnings call shows mixed signals. Basic financial performance is stable, with fiber and fixed wireless revenues growing, but overall revenue is down. Product development and market strategies are promising, with 5G and AI services expanding. However, there are concerns about wireless revenue softness and unclear management guidance. The Q&A highlights potential legal challenges and refinancing concerns, but also growth in Maya and 5G. Without clear guidance and given mixed financial results, the stock is likely to remain neutral in the short term.
The earnings call presents a mixed picture. Financial performance shows stable core income and revenue growth in fiber and ICT, but a decline in telco core income and mobile revenue. The Q&A reveals ongoing challenges, such as POGO revenue pressures and a lack of guidance for 2025 net income. However, there are positive aspects like the signing of a large hyperscale customer for VITRO and sustainable subscriber growth. The lack of guidance and ongoing depreciation costs offset some positives, resulting in a neutral sentiment.
The earnings call presents a mixed picture. Financial performance shows some positive aspects, like EBITDA growth and Maya's profitability, but core income decline and lack of net income guidance are concerning. The Q&A highlights uncertainties in mobile segment and reluctance to disclose certain financial metrics. While there are positive developments in 5G and enterprise solutions, the absence of net income guidance and ongoing challenges in mobile revenue temper enthusiasm. The market's reaction is likely to be neutral, as positives are balanced by uncertainties and lack of guidance.
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