Yahoo Finance

• Dividend Payout: HKD0.255 per share to shareholders.

• Interest Coverage Ratio: 4 times, above the comfort level of 3 times.

• Indofood Revenue: Record high revenues for the 11th consecutive year.

• Indofood EBIT Margin: Noodles division full-year margin at 25.9%, highest ever for the food group.

• MPIC Stake Increase: From 46.3% to 49.9%.

• MPIC Record Highs: Record high contribution and core profit driven by power, water, and roads.

• PLDT Record Highs: Record high sales and service revenues, record high EBITDA.

• PLDT Dividend Policy: Pays 60% of core profit to shareholders.

• Fintech Growth: Depositors more than doubled, deposit balances and loan dispersals up significantly.

• PacificLight Power Project: Awarded a 600 MW hydrogen-ready CCGT power project.

• Philex Mining Profitability: Remains profitable with extended mine life at Padcal through 2028.

• Warning! GuruFocus has detected 7 Warning Signs with FPAFF.

Release Date: March 28, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• First Pacific Co Ltd (FPAFF) reported record high contributions, recurring profit, and full-year distribution to shareholders for 2024.

• Indofood achieved its 11th consecutive year of record high revenues, with the noodles division being a significant driver of profit.

• Metro Pacific saw record high contributions and core profit, driven by increased tariffs in water and roads, and higher sales in power.

• PLDT reported record high sales and service revenues, with strong growth in mobile data, SMS, and fixed line data.

• The company maintains a strong balance sheet with no borrowings due in 2025 and a comfortable interest coverage ratio of 4 times.

Negative Points

• Dividend income was slightly down from the record high set in 2023.

• PacificLight Power experienced a more moderate pace of earnings in 2024 due to lower blended non-fuel margins.

• Philex Mining Corporation faces declining grades at the Padcal Mine, although it remains profitable.

• The company faces challenges in maintaining liquidity for potential share buybacks due to capital allocation needs.

• The future of Maya, PLDT's fintech venture, remains uncertain with discussions ongoing about potential strategic options.

Q & A Highlights

Q: Can you provide insights into the earnings trajectory for PacificLight Power in 2025 and 2026? A: Stanley Yang, Associate Director, Head of Corporate Development, explained that 2023 was an exceptional year due to unique market conditions. The non-fuel margin was over SGD100 per megawatt-hour, but it has since decreased to mid-80s. A gradual tapering is expected, with long-term marginal costs around $45 to $50 per megawatt-hour. The market growth is anticipated to be strong, with a 4% annual increase in generation demand. The new 600-megawatt project, expected to be completed in 2029, will enhance PLP's portfolio.