Investment Rating - The report assigns an "Outperform" rating to the company for the first time [6]. Core Views - The company focuses on the Southeast Asian market, with core businesses driving growth and maintaining strong profitability [1][4]. - The macroeconomic growth in Southeast Asia, particularly in Indonesia and the Philippines, is expected to expand the packaging food market significantly [2][32]. - The company actively participates in the governance of its subsidiaries, ensuring strategic alignment and operational efficiency [3][42]. Revenue and Profitability - The company has seen continuous revenue growth from 2021 to 2023, with a projected revenue of $10.5 billion in 2025, reflecting a 4.5% growth [5][54]. - The net profit attributable to the parent company is expected to reach $788 million in 2025, a 31.2% increase year-on-year [5][54]. - The company's net profit margin improved to 7.8% in the first half of 2025, up 2.2 percentage points year-on-year, indicating robust profitability [1][29]. Business Segments - The company operates in four main sectors: consumer food, telecommunications, infrastructure, and natural resources, with a diversified investment strategy [1][9]. - Indofood, the consumer food segment, is a market leader in Indonesia, holding over 70% of the instant noodle market share [2][41]. - The infrastructure segment, represented by MPIC, is expected to benefit from increased government investment in the Philippines [51]. Financial Projections - The company anticipates total revenues of $105.1 billion, $112.2 billion, and $118.8 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of $7.9 billion, $9.3 billion, and $10.5 billion [54][55]. - The gross margin is projected to improve gradually, reaching 36.7% in 2025 and 37.1% by 2027 [54][52]. Valuation - The report estimates a reasonable valuation range for the company between HKD 8.13 and HKD 8.81, indicating a potential premium of 25%-35% compared to the current price [4][62]. - The company is valued at a price-to-earnings ratio of 4.8-5.2 times for 2025 [4][62].

第一太平(00142)绩后涨超5%，截至发稿，涨5.68%，报6.88港元，成交额2983.02万港元。 消息面上，8月28日，第一太平发布截至2025年6月30日止6个月中期业绩，该集团取得营业额50.28亿美 元，同比增加0.65%；母公司拥有人应占溢利3.91亿美元，同比增加40.82%；每股盈利9.19美仙，拟派 发中期股息每股13港仙。 第一太平强劲的增长势头于2025年上半年持续，来自营运业务的溢利贡献增长8%至4.232亿美元及经常 性溢利上升11%至3.754亿美元—创下新高。这是继连续四年全年溢利创新高之后的又一佳绩。 ...

第一太平强劲的增长势头于2025年上半年持续，来自营运业务的溢利贡献增长8%至4.232亿美元及经常 性溢利上升11%至3.754亿美元—创下新高。这是继连续四年全年溢利创新高之后的又一佳绩。 第一太平(00142)绩后涨超5%，截至发稿，涨5.68%，报6.88港元，成交额2983.02万港元。 消息面上，8月28日，第一太平发布截至2025年6月30日止6个月中期业绩，该集团取得营业额50.28亿美 元，同比增加0.65%；母公司拥有人应占溢利3.91亿美元，同比增加40.82%；每股盈利9.19美仙，拟派 发中期股息每股13港仙。 ...

Financial Data and Key Metrics Changes - The gross asset value as of June is approximately $5.6 billion, with three of the four core holdings being billion-dollar companies [4] - Recurring profit reached a record high of over $375 million, reflecting an 11% increase [7] - Turnover saw a slight increase, while contribution from operations rose by 8% to over $400 million [6] - Interest expenses decreased by 10% to $35 million due to declining interest rates [7] - Recurring EPS increased by 10% [8] Business Line Data and Key Metrics Changes - Indofood reported record high revenues, with sales continuing to hit successive record highs since 2014 [12] - Indofood's EBIT decreased by 1%, while core profit increased by 2% [13] - Metro Pacific's contribution rose by 18%, driven by power and water businesses, with the water business benefiting from tariff increases [17] - PLDT's revenues and EBITDA reached record highs, although core profit faced slight declines due to competitive pressures [19] Market Data and Key Metrics Changes - The Philippines and Indonesia are identified as the fastest-growing regions, with GDP expected to double over the next twelve years [39] - Foreign exchange rates have shown a historical decline, impacting profit reporting in US dollars [40] Company Strategy and Development Direction - The company is confident in continuing earnings growth in the medium term, supported by essential services in defensive industries [8] - PLDT is focusing on leveraging its strong market position to enhance customer experience and drive growth despite increased competition [33] - Indofood aims to maintain market share and profitability while addressing input price pressures [13] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook for Indofood despite current consumer confidence challenges in Indonesia [39] - The company anticipates a stable dividend income stream for the full year, supported by expected growth in profitability from NPIC and PLDT [48] - The competitive landscape in the telecommunications sector is expected to remain challenging, but PLDT's established network provides a strong foundation for growth [33] Other Important Information - The company has a strong focus on maintaining investment-grade credit ratings, with stable outlooks from both S&P and Moody's [12] - The upcoming IPO for a subsidiary has been delayed due to internal decision-making processes among cornerstone investors [80] Q&A Session Summary Question: What is the impact of the new telco bill on PLDT? - Management indicated that while the new bill opens the market, PLDT's established network and brand position will allow it to leverage growth opportunities despite increased competition [32][33] Question: Which companies are benefiting from AI spending? - Companies involved in data centers and power generation are expected to benefit indirectly from increased AI-related power demand [34][36] Question: What is the outlook for Indofood given weak consumer confidence in Indonesia? - Despite low consumer confidence, the overall economic growth forecast for Indonesia remains positive, supporting Indofood's outlook [39] Question: What is the status of the holding company cash flow and dividend income? - The decline in dividend income was attributed to timing differences, with expectations for recovery in the full year [46][48] Question: What is the expected CapEx for the new power project? - The total project cost for the new 670 MW CCGT plant is estimated at around $900 million, with equity requirements spread over several years [62]

第一太平有限公司 （根據百慕達法例註冊成立之有限公司） （股份代號：00142） 網址：www.firstpacific.com 企業管治委員會之 職權範圍 1. 成員 2. 會議次數及程序 1 i. 所有企業管治委員會（「委員會」）之成員（「成員」）均須由第一太平有限 公司（「本公司」）之董事會（「董事會」）委任，並須包括最少三(3)名成員。 ii. 大部份成員均須為獨立非執行董事。 iii. 委員會主席（「主席」）須由董事會委任，並須為本公司之獨立非執行董事。 iv. 所有成員均由董事會委任，並可由董事會全權酌情決定免任。董事會可 不時根據香港聯合交易所有限公司證券上市規則（經不時修訂）（「上市 規則」）或其他適用規則之規定而更改委員會的組成。 v. 公司秘書或其所指派者將擔任委員會秘書一職。 i. 委員會每年須最少召開兩次會議，並可於委員會認為適當時舉行額外 會議，以履行其責任。 ii. 會議所需的法定人數為任何兩(2)名成員，其可透過親身出席或以電話 會議或參與會議的所有人能聽到對方發言的類似通訊設備的方式參與 會議。 iii. 委員會會議之程序須受本公司之公司細則第125條至第130條之條文所管 限 ...

第一太平有限公司 （根據百慕達法例註冊成立之有限公司） （股份代號：00142） 網址：www.firstpacific.com 提名委員會 職權範圍 1. 目標 第一太平有限公司（「本公司」）提名委員會（「委員會」）之設立乃為協助本公 司董事會（「董事會」）處理有關董事委任及免任的事宜，制訂提名政策以供董 事會考慮，實施董事會已批准的提名政策，以及處理控股股東對董事會組成 之影響的事宜。 1 2. 成員 i. 所有委員會成員（「成員」）均須由董事會委任，並可由董事會全權酌情 決定免任。 ii. 委員會須包括最少三(3)名成員，大部份須為獨立非執行董事，以及至 少一名成員須為不同性別。 iii. 委員會主席（「主席」）須由董事會委任，並須為獨立非執行董事。 iv. 董事會可不時根據香港聯合交易所有限公司證券上市規則（經不時修訂） （「上市規則」）或適用監管機構可不時指明的其他守則、規則及規例之 規定而更改委員會的組成。 v. 公司秘書或其代名人將擔任委員會秘書一職。倘若秘書並無出席，則其 代表或任何一名成員須擔任委員會秘書。 3. 會議 委員會每年須最少召開一次會議。此外，主席可按其酌情權決定召開額 外會議， ...

Financial Performance - First Pacific's gross asset value reached $5.6 billion[8] - Recurring profit increased by 11% to a record high of $375.4 million compared to $339.1 million[19] - Net profit rose 41% to $391.2 million from $277.8 million[19] - The Board approved an interim distribution of 13.0 HK cents (1.67 U S cents) per share[19] Portfolio Highlights - Indofood's net sales rose 4% to a record high of IDR59.8 trillion[31] - MPIC's contribution from investee companies increased by 18% to a record high of ₱17.5 billion[47] - Meralco's core profit increased by 10% to a record high of ₱25.5 billion[58] - MPTC's revenues rose 18% to a record ₱18.1 billion[69] Debt and Ratings - Investment-grade credit ratings are maintained from S&P (BBB- with Stable outlook) and Moody's (Baa3 with Stable outlook)[26] - Fixed-rate borrowings constitute 54% of total borrowings[25] - PLDT's Maya fintech unit delivered its first half-yearly profit with PLDT's share amounting to ₱0.4 billion[93]

Core Viewpoint - First Pacific Company Limited (00142.HK) reported a strong performance in the first half of 2025, with significant growth in profit and revenue, indicating continued operational strength and resilience in its business segments [1] Financial Performance - The group's revenue for the first half of 2025 was $5.0278 billion, reflecting a year-on-year increase of 0.7% [1] - Profit attributable to equity holders of the parent company was $391.2 million, representing a year-on-year growth of 40.8% [1] - Basic earnings per share were 9.19 cents, with a proposed interim dividend of 13.00 Hong Kong cents per ordinary share [1] Operational Highlights - Operating profit contribution increased by 8% to $423.2 million, while recurring profit rose by 11% to a record high of $375.4 million [1] - The revenue growth was driven by increased toll revenues and traffic volumes from MPTC in the Philippines, as well as higher average water charges from Maynilad [1] - Indofood's revenue benefited from higher sales of pasta and palm oil prices, although partially offset by reduced income from PLP due to lower average electricity prices resulting from decreased fuel costs [1]

格隆汇8月28日｜第一太平发布截至2025年6月30日止6个月中期业绩，集团取得营业额50.28亿美元，同 比增加0.65%；母公司拥有人应占溢利3.91亿美元，同比增加40.82%，合每股盈利9.19美仙；拟派发中 期股息每股13港仙。 ...

第一太平(00142)发布截至2025年6月30日止6个月中期业绩，该集团取得营业额50.28亿美元，同比增加 0.65%;母公司拥有人应占溢利3.91亿美元，同比增加40.82%;每股盈利9.19美仙，拟派发中期股息每股13 港仙。 第一太平强劲的增长势头于2025年上半年持续，来自营运业务的溢利贡献增长8%至4.232亿美元及经常 性溢利上升11%至3.754亿美元—创下新高。这是继连续四年全年溢利创新高之后的又一佳绩。 ...