Summary of Key Points Core Viewpoint - The LME (London Metal Exchange) reports a decrease in the inventory levels of various non-ferrous metals, indicating potential supply tightening in the market [1]. Inventory Changes - Copper inventory stands at 152,375 tons, down by 1,925 tons [1] - Aluminum inventory is at 375,075 tons, reduced by 2,250 tons [1] - Nickel inventory totals 200,142 tons, decreasing by 720 tons [1] - Zinc inventory is recorded at 141,375 tons, down by 2,075 tons [1] - Lead inventory is at 288,550 tons, with a reduction of 2,500 tons [1] - Tin inventory remains unchanged at 2,680 tons [1]

Group 1: Xpeng Motors - Xpeng Motors delivered 15,613 smart electric vehicles in November, representing a year-on-year increase of 270% [1] - The total cumulative deliveries reached 82,155 vehicles by the end of November, a 285% increase year-on-year [1] - The P7 model accounted for 53,110 of the cumulative deliveries, while the newly launched P5 and G3i models also contributed significantly to the monthly figures [1] Group 2: Li Auto - Li Auto delivered 13,485 units of the Li ONE in November, marking a year-on-year growth of 190.2% [2] - The total deliveries for the first eleven months of 2021 reached 76,404 units, with cumulative deliveries since launch hitting 110,001 units [2] - The Li ONE achieved a record monthly delivery exceeding 13,000 units, becoming a preferred choice among Chinese mid-to-large SUVs [2] Group 3: Sinopec - Sinopec's controlling shareholder increased its stake by acquiring 35 million H-shares, representing approximately 0.03% of the total issued shares [3] - Following the acquisition, the controlling shareholder's total stake rose to 68.80% of the company's issued shares [3] - The shareholder plans to continue increasing its holdings, with a maximum target of 2% of the total issued shares [3] Group 4: Wuling Motors - Wuling Motors and Guangxi Automobile signed a letter of intent for asset restructuring and investment in Wuling New Energy [4] - Guangxi Automobile plans to integrate and restructure its new energy vehicle assets through Wuling New Energy, which will focus on R&D, manufacturing, and sales of new energy vehicles [4] - The investment includes approximately RMB 16 billion from Guangxi Automobile, RMB 10 billion from Wuling Motors, and RMB 3.06 billion from Wuling Industrial [4] Group 5: Cloudthink Technology - Cloudthink Technology reported a total billing amount of approximately RMB 5.116 billion for the first three quarters, reflecting a year-on-year growth of 88.99% [6]

Summary of First Pacific Company Limited Investor Conference Company Overview - **Company Name**: First Pacific Company Limited - **Stock Symbols**: 142 (Hong Kong Stock Exchange), FPAFY (OTC Markets) [2] Key Industry Focus - **Geographical Focus**: Emerging Asia, identified as the fastest-growing region globally according to the IMF [5] - **Core Business Segments**: - Consumer food products - Infrastructure - Telecommunications - Natural resources [6] Financial Performance Highlights - **Gross Asset Value**: Approximately $5.3 billion as of March [10] - **Record Profits**: 2024 marked the fourth consecutive year of record high profits, leading to the highest dividends distributed to shareholders [12] - **Dividend Policy**: Commitment to a progressive dividend policy, expecting annual increases in dividends [12] - **Cash Position**: Opening cash of $71 million at the beginning of the year, with expectations for dividend income to exceed $300 million in the future [13][14] Business Segment Performance Indofood - **Revenue Growth**: Revenues rose 4% to over 100 trillion rupiah, with core profit increasing by 16% [17] - **Key Product**: Instant noodles, contributing 46% of total sales [21] - **Cash Reserves**: $2.4 billion in cash at the end of 2024, potential for strategic acquisitions [22] Metro Pacific Investments Corporation (MPIC) - **Ownership**: Approximately 50% stake in MPIC, contributing 25% to gross asset value [24] - **Earnings Growth**: Consistent record highs in earnings, with contributions from power, toll roads, and water sectors [25][26] - **Upcoming IPO**: Mainalad, the largest water company in the Philippines, is set for an IPO in July [32] PLDT (Telecommunications) - **Market Position**: Over a quarter ownership in PLDT, the largest phone company in the Philippines [8] - **Revenue Drivers**: Growth in mobile and fixed-line data services [33] - **Digital Banking**: Maya, PLDT's fintech unit, has achieved profitability and is positioned to capture the unbanked population [35] Pacific Light Power (Power Generation) - **Performance**: Achieved record high earnings in 2023 due to favorable supply-demand dynamics [37] - **Future Projects**: Plans to build a 600 MW hydrogen-ready power plant by 2029 [37] Felix Mining Corporation - **Upcoming Production**: New mine expected to begin production in 2026, with significantly higher ore grades compared to current operations [40][41] Market Valuation and Analyst Coverage - **Share Price Performance**: Share price increased from $2.33 at the end of 2022 to approximately $5.40, reflecting growing confidence in earnings and dividends [42][44] - **Analyst Valuations**: Citi estimates gross asset value at $8.8 billion, with price targets significantly higher than current valuations [45][46] Conclusion - **Investment Outlook**: First Pacific Company Limited is positioned for continued growth across its diverse portfolio, with strong fundamentals and a commitment to shareholder returns. The company remains resilient against global trade challenges, particularly in the context of tariff fluctuations [12][13]

HONG KONG, May 12, 2025 (GLOBE NEWSWIRE) -- First Pacific Company Limited (Hong Kong: 00142, ADR: FPAFY) based in Hong Kong and focused on domestic defensive businesses in the fast-growing region of Southeast Asia, today announced that Associate Director John W. Ryan will present at the dbVIC - Deutsche Bank American Depositary Receipt (ADR) Virtual Investor Conference on May 15, 2025. This virtual investor conference is aimed exclusively at introducing global companies with ADR programs to investors. DATE: ...

Financial Performance - Revenue for 2024 was $10,057.2 million, a decrease of 4.3% from $10,510.7 million in 2023[11] - Net profit for the year increased to $1,603.3 million, up 19.5% from $1,341.4 million in 2023[11] - Profit attributable to equity holders of the parent rose to $600.3 million, representing a 19.7% increase from $501.2 million in 2023[11] - Operating contribution from core operations was $776.5 million, an increase of 10.7% compared to $701.5 million in 2023[11] - Basic earnings per share increased to 14.15 cents, up from 11.82 cents in 2023, reflecting a growth of 19.7%[11] - The total revenue for the group decreased by 4% to $10.1 billion, primarily due to a decline in PLP's revenue, offset by increased water service charges from Maynilad and traffic volume from MPTC[41] - Regular profit increased by 11% to $672.5 million, driven by profit contributions from Indofood, MPIC, and PLDT[41] Assets and Liabilities - The total assets reached $673.95 million, an increase of 4.9% from $644.87 million in 2023[11] - Total assets increased to $28,677.9 million in 2024, up from $27,357.5 million in 2023, representing a growth of 4.8%[12] - Net debt rose to $9,098.5 million in 2024, compared to $8,450.3 million in 2023, indicating an increase of 7.7%[12] - The company's equity attributable to owners increased by 6% to $3,926.2 million in 2024 from $3,688.0 million in 2023[15] - The company's total debt as of December 31, 2024, is approximately USD 1.5 billion, with a net debt of about USD 1.3 billion and an average maturity of 3.5 years[47] Profitability Metrics - The gross profit margin improved to 36.34%, up from 32.11% in 2023[11] - The return on average equity was 17.66%, compared to 17.29% in 2023, indicating a slight improvement[11] - The adjusted net asset value per share rose to HKD 7.30 in 2024, compared to HKD 6.98 in 2023, marking a growth of 4.6%[12] - The average exchange rate for the Indonesian Rupiah against the USD decreased by 4.2% year-on-year, impacting the company's financial results[43] Dividends - The dividend payout ratio was 20.65%, consistent with the previous year, maintaining shareholder returns[11] - The dividend payout for the year is projected to reach $138.9 million, reflecting a commitment to returning value to shareholders[24] - The final dividend announced by the company is HKD 0.135 per share (USD 0.0173), an increase of 11% from HKD 0.230 per share (USD 0.0295) in 2023 to HKD 0.255 per share (USD 0.0327) in 2024[45] - The company plans to continue its progressive dividend policy to provide higher cash returns to shareholders[51] Market Outlook and Strategy - The company anticipates continued positive growth in its key markets, with Indonesia and the Philippines expected to exceed 5% growth in 2024[27] - The company plans to enhance productivity and strategically invest in new projects to capitalize on emerging opportunities[27] - The company's core business markets are expected to grow by over 5% in 2024, driven by investments in consumer goods, infrastructure, telecommunications, and natural resources[33] - The company's management is optimistic about sustainable profit growth despite potential challenges, with strategic planning in place to ensure continued profitability[34] Operational Highlights - Indofood contributed $333.3 million to the group's profit in 2024, reflecting a double-digit growth, while PLDT's profit contribution was $148.5 million, up from $143.2 million in 2023[38] - PLDT's fintech investment, Maya, recorded profitability in the last month of the year, significantly increasing its banking customer base and loan disbursements[33] - The company plans to build a 670 MW hydrogen-fueled combined cycle gas turbine facility, expected to start operations in January 2029, which will be the largest of its kind in Singapore[34] - Philex Mining's Silangan project is set to commence production by the end of Q1 2026, while the Padcal mine's operational period has been extended to 2028[34] Capital Expenditures - Capital expenditures reached $1,358.4 million in 2024, an increase of 12.9% from $1,203.5 million in 2023[12] - Capital expenditures for 2024 are projected to decrease by 8% to 78.2 billion pesos ($1.4 billion), with a target to achieve positive free cash flow[88] - Capital expenditures for Meralco rose by 52% to PHP 44.7 billion (USD 779 million), reflecting network upgrades and new solar power plant developments[128] - Capital expenditures for MPTC increased by 19% to PHP 18.2 billion (USD 31.65 million), primarily for the construction of C5 South Link and Candaba[131] Corporate Governance - The board includes independent non-executive directors with diverse backgrounds in finance and management, enhancing corporate governance[192][193][194][196] - The governance structure is designed to ensure accountability and transparency, which is crucial for investor confidence[192] - The board's experience in mergers and acquisitions can facilitate future growth opportunities for the company[194][200] - The company emphasizes the importance of financial oversight and strategic planning through its experienced board members[195] Challenges and Risks - The company recorded a net foreign exchange and derivative loss of $40.2 million in 2024, compared to a gain of $19.5 million in 2023[43] - PLP's profit contribution decreased by 18% to USD 9.69 million in 2024, reflecting a decline in core profit[144] - PLP's total revenue decreased by 27% to SGD 2 billion (USD 1.5 billion) due to a drop in average selling prices[149] - The exploration activities for Service Contracts 72 and 75 have been largely suspended since 2014 and 2015, respectively, due to force majeure declarations by the Philippine Department of Energy[176]

Core Insights - The 2024 Greater Bay Area office market is experiencing adjustments amid challenges, with new productivity trends emerging to drive development [1][6][38] Economic Growth and New Productivity - The Greater Bay Area's economy is projected to grow by 5.1% in 2024, surpassing the national average, although the growth rate has slowed by 1.1 percentage points compared to the previous year [1][6][11] - New productivity is becoming a significant driver of economic growth, with Shenzhen's strategic emerging industries seeing a value-added growth of 10.5% [1][6][11] Office Market Supply and Vacancy Rates - The office leasing market is in an adjustment phase, with new supply dropping to a near ten-year low of 1.203 million square meters, a year-on-year decrease of 46.5% [1][13][12] - The net absorption rate is at 530,000 square meters, with a vacancy rate rising to 28.0%, although the increase in vacancy rates has narrowed due to the development of emerging industries [1][17][18] Rental Market Strategies and Demand Trends - Cost reduction and efficiency enhancement are the dominant strategies in the leasing market, with emerging business districts attracting companies due to their cost-effectiveness [1][21][22] - Policy support is driving growth in new office demand, with state-owned buildings showing significant industry cluster effects [1][22] Rental and Price Trends - The rental index has decreased by 7.0% year-on-year, with a cumulative decline of 28.6% since the peak at the end of 2018 [2][29][30] - The price index has dropped by 9.4% year-on-year, with a cumulative decline of 28.0% since the end of 2018, indicating a more significant decrease in prices compared to rents [2][33][34] Future Market Outlook - The 2025 office market in the Greater Bay Area is expected to face both challenges and opportunities, with a projected supply peak of 4.237 million square meters [2][38] - Despite a challenging external environment, policy support is anticipated to stimulate endogenous demand, aiding market development [2][38]

Core Viewpoint - In the context of a slowing global economy and increasing geopolitical tensions in 2024, the company has demonstrated strong performance through quality growth, creating verifiable value from invested capital [1] Group 1: Business Resilience and Profit Quality - The company's core business has shown strong resilience, achieving significant breakthroughs in key metrics despite a complex economic environment. Regular profit increased by 11.4% year-on-year to $672.5 million, marking a four-year high [1] - The consumer food sector has become a major profit driver, with the Indofood brand contributing $333 million to profits, a 17% year-on-year increase. Product innovation and expanded distribution have enhanced profitability [3] - PLDT's business maintained stability with a profit contribution of $149 million, a 4% increase year-on-year, supported by a surge in data demand and operational efficiency [4] - The MPIC infrastructure segment saw a 16% year-on-year profit increase to $495 million, driven by strong energy sales and water price adjustments [4] Group 2: Financial Structure and Long-term Dividends - The company exhibits prudent capital management and strategic foresight, maintaining a healthy financial status with a cash interest coverage ratio above 4 times. Debt levels remain at $1.5 billion, with an average interest rate reduced from 5.4% to 5.1% [5] - Despite currency depreciation concerns, the company's core business has continued to achieve profit growth, supported by a robust structure. The Philippine peso and Indonesian rupiah depreciated by 9% and 11% respectively over the past six years, yet core business profits have consistently increased [5][7] - The company has a solid financial position and ample cash reserves, allowing for sustained dividend distributions. The board proposed a final dividend of 13.5 HK cents per share, an 8% increase year-on-year, with total dividends rising from 23.0 HK cents to 25.5 HK cents [8] Group 3: Growth Sustainability and Market Recognition - The company maintains a long-term dividend payout ratio between 5% and 8%, significantly higher than bank deposits and most fixed-income products, providing stable returns for investors [9] - The company has a history of stable and sustainable dividends, reflecting management's commitment to shareholder returns and effective strategic execution. Moody's and S&P have affirmed stable ratings of Baa3 and BBB- respectively, indicating market recognition of financial resilience [9][10] - The company's growth is characterized by certainty and sustainability, aligning with the traits of a "good company," thus warranting higher expectations from investors [10]

Core Viewpoint - In the context of a slowing global economy and increasing geopolitical tensions in 2024, the company has demonstrated strong performance through quality growth, creating verifiable value from invested capital [1] Group 1: Business Performance - The company's core business has shown resilience, achieving a recurring profit increase of 11.4% year-on-year to $672.5 million, marking a four-year high [1] - The Indofood brand has become the largest profit driver, contributing $333 million, a 17% increase year-on-year, through product innovation and expanded distribution [3] - PLDT's operations maintained stability with a profit contribution of $149 million, a 4% year-on-year increase, supported by a growing fiber network and a leading digital banking position [3] - The MPIC infrastructure segment reported a 16% year-on-year profit increase to $495 million, driven by strong energy sales and water price adjustments [4] Group 2: Financial Structure - The company exhibits prudent capital management, maintaining a cash interest coverage ratio above 4 times and reducing average debt interest rates from 5.4% to 5.1% [5] - Despite currency depreciation, the core business has continued to achieve profit growth, with the Philippine peso and Indonesian rupiah depreciating by 9% and 11% respectively over the past six years [5][6] - The company’s financial health and cash reserves support ongoing dividend distributions, with a proposed final dividend of 13.5 HK cents per share, an 8% increase year-on-year [6] Group 3: Dividend and Investor Confidence - The company maintains a long-term dividend payout ratio of 5%-8%, which is attractive compared to bank deposits and fixed-income products, providing stability for investors [7] - The company has a history of stable and sustainable dividends, reflecting management's commitment to shareholder returns and effective strategic execution [8] - Ratings from Moody's and S&P affirm the company's financial resilience, with stable outlooks, indicating a strong growth trajectory [8]

Core Viewpoint - The Hong Kong residential market is facing pressure from excess inventory, despite a temporary boost in luxury property transactions due to interest rate cuts and discount offerings. Price adjustments are expected to continue into 2025, particularly affecting the luxury segment [1][2]. Group 1: Market Trends - The luxury property transaction volume in Q4 2024 doubled to 180 transactions, driven by interest rate cuts and an increase in discounted listings [1]. - The overall residential market is expected to see continued price adjustments in 2025, with predictions of a 5-10% decline for general residential properties [1]. - The supply of new units is projected to be high, with 107,000 new units expected over the next four years, contributing to ongoing price pressure [1]. Group 2: Developer Strategies - Developers are actively launching new luxury projects in response to improved market sentiment, despite the low average absorption rates for independent houses and luxury units [2]. - Financially stable developers may choose to hold onto their most valuable assets and only release them when market conditions and prices are favorable [2].

Financial Data and Key Metrics Changes - The company reported record high contributions, recurring profits, and full-year distributions to shareholders, with a total payout of HKD0.25 per share [5][6] - The interest coverage ratio at the end of the year was four times, exceeding the comfort level of three times [9] - The company maintained strong cash flows and retained two investment-grade credit ratings [6][9] Business Line Data and Key Metrics Changes - Indofood achieved record revenues for the eleventh consecutive year, with EBIT margins for the Noodles division reaching 25.9%, the highest ever [10] - Metro Pacific's core profit also reached record highs, driven primarily by power, water, and toll roads, with expectations for continued strong performance in 2025 [12][13] - PLDT reported record high sales and service revenues, with mobile data and SMS showing the strongest growth [13] Market Data and Key Metrics Changes - The company increased its stake in MPIC from 46.3% to 49.9% [4] - The Philippines and Indonesia's economies are expected to double from 2018 to 2029, which may positively impact the company's performance [75] Company Strategy and Development Direction - The company plans to continue focusing on growth in its core businesses, particularly in defensive industries like power, roads, and water [75] - There is an emphasis on improving operational efficiency and reducing non-revenue water in Metro Pacific to enhance revenue [36] - The company is exploring strategic options for Maya, including potential IPO or trade sale discussions [72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, indicating that current trends suggest another strong year for Metro Pacific in 2025 and 2026 [75] - The company highlighted the importance of securing long-term contracts for gas supply to mitigate past issues and enhance profitability [28] Other Important Information - The company is planning a new 600-megawatt hydrogen-ready power project expected to commence operations in January 2029 [16] - The financing mix for new power plant projects is anticipated to be approximately 60% debt and 40% equity [47] Q&A Session Summary Question: What is the expected earnings trajectory for FPM power in 2025 and 2026? - Management indicated that 2023 was an exceptional year and that profits are expected to taper gradually, with long-run marginal costs influencing future earnings [24][27] Question: Can you provide updates on the Terra Solar Phase two project? - The focus remains on Phase one of the Terra Solar project, with initial delivery expected in Q1 2026 [30] Question: What are the considerations for the spin-off of MailiNet? - The valuation is tied to strong performance and operational efficiency improvements, with a focus on reducing non-revenue water [35] Question: Will there be share buybacks given the current NAV discount? - Management stated that share buybacks are part of a dynamic capital allocation strategy and will be assessed based on liquidity and other commitments [39][41] Question: What is the financing mix for PLP's new power plant projects? - The financing is expected to consist of approximately 60% debt and 40% equity, with dividends continuing to be paid to shareholders [47] Question: What are the plans for Maya, PLDT's online bank? - Maya is experiencing significant growth, and discussions regarding its future, including potential IPO or trade sale, are ongoing [72]