Ayala Corp. & Ayala Land: ALI at risk of MSCI Standard Index deletion despite AC’s US$59mn open-market buying

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Ayala Corp. & Ayala Land: ALI at risk of MSCI Standard Index deletion despite AC’s US$59mn open-market buying

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

03 August 2026

Ayala Corp. & Ayala Land

ALI at risk of MSCI Standard Index deletion despite

AC’s US$59mn open-market buying

Our index team sees ALI (ALI PM, OW) as a potential MSCI Standard Index Conglomerates and Property

ACdeletion in the upcoming August rebalancing, as ALI may have missed the Jeanette Yutan

minimum global EM full market cap threshold. Our index team estimates a (63-2) 8878-1188

potential net selling of 380mn shares worth US$105mn or 26 days of daily traded jeanette.g.yutan@jpmorgan.com

value, net of inflows from ALI’s demotion to the MSCI Small Cap Index. If the J.P. Morgan Securities Philippines, Inc.

deletion pans out, this makes Ayala Corp’s US$59m ALI share buyback moot. AC Jelline Gaza, CFA AC

has acquired a cumulative 224mn shares or a 1.6% stake in ALI since mid-June 15, (63-2) 8878-1131

jelline.gaza@jpmchase.com

deploying Php3.6bn (US$59mn) out of its allocated Php5.0bn (US$82mn) to J.P. Morgan Securities Philippines, Inc.

purchase shares of its property subsidiary. We estimate that AC’s remaining AC Joanne Cheung

Php1.4bn budget can only cover ~22% of the expected net selling in ALI. (852) 2800-8596

joanne.cy.cheung@jpmorgan.com

Regardless, we’d use the weakness to revisit ALI, given its cheap valuation (81% J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

NAV discount, 9.6x P/E, 0.7x P/B 2027E) and direct access into the country’s Morgan Broking (Hong Kong) Limited

premier estate and residential developer. We estimate AC’s full deployment of its Nadine Bautista, CFA

Php5bn budget to acquire ALI shares (2.1% stake boost) to be EPS accretive (63-2) 8554-2478

nadine.bautista@jpmorgan.com