PLDT Inc: Model update

Research evidence excerpt

PLDT Inc: Model update

J P M O R G A N Asia Pacific Equity Research

29 July 2026

PLDT Inc Overweight

TEL.PS, TEL PM

Model update Price (29 Jul 26):Php1,248.00

▼Price Target (Dec-27):Php1,800.00

Prior (Dec-26):Php1,945.00

We decrease our forecasts for the telecom business, extend our PT timeframe to

Dec-27, and reduce our PT to PHP1,800. We incorporate the proceeds from the ASEAN TMT

proposed VITRO REIT IPO. Our rating is OW. Ranjan Sharma, CFA AC

(65) 6882-1303

• Moderately reduced revenue forecasts. PLDT seems to have lost market ranjan.x.sharma@jpmorgan.com

share with wireless consumer revenues declining 1% yoy in 1Q26 vs GLO J.P. Morgan Securities Singapore Private Limited

seeing wireless revenues growth of 5%. We decrease our wireless revenue Sigrid Qiu

forecasts for PLDT. Nevertheless, we continue to highlight the possibility of (65) 6882-1454

the wireless industry consolidating in the Philippines and we anticipate ARPU sigrid.qiu@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited

growth in the mid-term (2027E wireless ARPU: 3.5%).

Jeanette Yutan

• We lower our 2027/28 EBIT forecasts by 7-8%. This is driven by lower (63-2) 8878-1188

revenue forecasts and higher D&A forecasts with ongoing investments. PLDT jeanette.g.yutan@jpmorgan.com

is also seeing higher lease expenses. J.P. Morgan Securities Philippines, Inc.

Ankur Rudra, CFA

• VITRO REIT IPO supports moderate reduction in debt. PLDT has (65) 6801-3237

submitted a registration statement for the proposed VITRO REIT IPO. Subject ankur.rudra@jpmorgan.com

to receipt of regulatory approvals, market conditions and other applicable J.P. Morgan Securities Singapore Private Limited

approvals, PLDT plans to offer up to 1.9 bn of secondary common shares of

VITRO REIT with an over-allotment option of up to 287m.