The case for & against
Bull & Bear analysis
Bearish
PLDT Inc. (NYSE: PHI) is a leading telecommunications and digital services provider based in the Philippines. The company operates through three main segments: Wireless, Fixed Line, and Others, offering a broad array of services including mobile, internet broadband, corporate data solutions, cybersecurity, and AI-driven innovations. PLDT is strategically enhancing its fiber and digital infrastructure to address the growing demand for connectivity and to position itself at the forefront of the digital transformation in the region.
Bull says
- ↑Gross service revenues rose 2% YoY to $212.2B in FY25.
- ↑Maya achieved its first profitable year with $1.7B net income.
- ↑CapEx intensity fell from 26% to 19%, sustaining positive FCF.
- ↑Added 392K fiber subscribers (98% YoY growth), ARPU at ₱1,330.
- ↑Launching Pilipinas AI to expand high-margin enterprise offerings.
- ↑High dividend yield (~1.3%) and low leverage indicate financial resilience.
Bear says
- ↓Core income fell 5% to ₱25.3B due to higher depreciation and financing.
- ↓Wireless revenue under pressure as legacy services decline.
- ↓ARPU risk from aggressive pricing amid fierce mobile competition.
- ↓Regulatory uncertainty from Conectadong Pinoy Bill threatens operations.
- ↓Analyst revisions are trending down; growth and liquidity metrics weakening.
- ↓High negative liquidity profile suggests potential cash flow constraints.
Earnings Call · Q1 2025 · Mgmt. Guidance
Updated 09-11-2026neutral
Transcript signals
Bull points
- Our net service revenue is slightly up year-on-year
- Core income was steady at $8.9 billion, driven by Maya's positive earning contribution as it turned profitable this quarter.
- 97% of home revenues, up significantly from 92% in 2024
Bear points
- Telco core income was recorded at $8.8 billion, down 6% year-on-year, reflecting increased depreciation linked to recent strategic investment in network infra, coupled with related financing costs.
- revenues were down slightly at 21.3 billion due to lower packet Wi-Fi usage as customers shifted to smartphone or fixed data access.
- Some prepared packages available in the first quarter of 2024 were also adjusted, leading to less headline growth but better fundamentals.
Read full transcript analysis ›