First Read: Ayala Corp "Ayala Group Day 2026: Balancing near-term caution..."

研报英文原文证据摘录

First Read: Ayala Corp "Ayala Group Day 2026: Balancing near-term caution..."

Global Research

4 June 2026ab

First Read

EquitiesAyala Corp

Ayala Group Day 2026: Balancing near-term Philippines

caution with long-term strategic continuity Industrial, Diversified

12-month rating Buy

12m price target P840.00

Focus on resilience, cash generation and disciplined capital allocation

We hosted the Ayala Group for a day of investor meetings in Singapore. As Ayala Corp

navigates a challenging macroeconomic backdrop, it maintains a consistent strategy Price (04 Jun 2026) P403.80

across its businesses, centered on resilience, capital discipline, and long-term RIC: AC.PS BBG: AC PM

positioning. According to management, supply-driven inflation, rising interest rates and

Trading data and key metrics

FX pressures are weighing down consumption and investment decisions. In response,

the group is tightening capital allocation, prioritizing cash generative segments (i.e. 52-wk range P618.00-402.00

malls and EVs) and recalibrating project timelines to preserve returns. Market cap. P252b/US$4.09b

Shares o/s 624m (ORD)

Property and banking prioritizes preservation over growth Free float 40%

Residential property and banking are in cyclical pause mode, reflecting their higher Avg. daily volume ('000) 332

sensitivity to macro conditions. Ayala Land is deferring launches, scaling back capital Avg. daily value (m) P160.2

expenditure (P50bn from P70-80bn), and prioritizing inventory normalization amid cost Common s/h equity (12/25E) P469b

volatility and weaker residential sentiment, even as leasing remains a relative bright spot. P/BV (12/25E) 0.5x

Similarly, BPI is tempering loan growth guidance (10% from 12-13%, but with Net debt to EBITDA (12/25E) 8.7x