PLDT Inc First Take: 1Q26 results were underwhelming, indicative of market share gains at GLO

研报英文原文证据摘录

PLDT Inc First Take: 1Q26 results were underwhelming, indicative of market share gains at GLO

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

14 May 2026

PLDT Inc Overweight

TEL.PS, TEL PM

First Take: 1Q26 results were underwhelming, Price (13 May 26):Php1,221.00

indicative of market share gains at GLO Price Target (Dec-26):Php1,945.00

Our First Take: PLDT's 1Q26 service revenue was up 3% yoy, while net service

revenues remained flat as interconnection costs spiked 34% yoy on PLDT’s Global

hubbing activity. Group core income grew 2% yoy, supported by Maya's improved

profitability and PHP 0.3bn in asset sale gains, offsetting a 2% decline in telco core

income driven by higher D&A. EBITDA rose 2% yoy with margins steady at 52%.

Enterprise was the main growth driver in the quarter with revenue up 4% yoy.

Home and wireless weakness was driven by OSS migration and fuel crisis-driven ASEAN TMT

ACwallet pressure. Management expects the trend to normalize in 2Q. Ranjan Sharma, CFA

(65) 6882-1303

ranjan.x.sharma@jpmorgan.com

Key Positives J.P. Morgan Securities Singapore Private Limited

Sigrid Qiu

• 1Q26 enterprise revenues improved 4% yoy with ICT (including data centers) (65)sigrid.qiu@jpmorgan.com6882-1454

up 17%, IT solutions revenues up 34%, PLDT Global up 26%, and Smart J.P. Morgan Securities Singapore Private Limited

Enterprise up 13%. Jeanette Yutan

• EBITDA (ex-MRP) improved 2% yoy with margins holding at 52%. (63-2) 8878-1188

jeanette.g.yutan@jpmorgan.com

• Group core income improved 2% yoy to PHP 9.1bn, supported by Maya's J.P. Morgan Securities Philippines, Inc.

PHP285mn contribution and PHP 0.3bn in property sales. Ankur Rudra, CFA

(65) 6801-3237

Key Negatives/Question Marks ankur.rudra@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited