Core Insights - The investment sentiment in Hong Kong's property market is showing significant improvement due to continuous interest rate cuts, a rebound in the local stock market, and a reduction in geopolitical risks, leading to a "selective recovery under polarization" in the market [1] Summary by Categories Market Performance - In 2025, the total investment transaction value for non-residential properties (individual transactions over HKD 50 million) reached approximately HKD 47.1 billion, representing an annual increase of about 7% [1] - Office buildings accounted for 68% of the total transaction value, making it the dominant sector [1] Buyer Composition - End-users comprised about 52% of non-residential buyers, indicating that the market is driven by strategic end-users and operating businesses rather than purely financial investors [1] Investment Trends - Capital is increasingly directed towards assets with structural support and strong resilience, including prime grade A office buildings, luxury and super-luxury residences, hotel conversion projects related to student accommodation, and high-yield retail and industrial properties with redevelopment potential [1] - The key for investors in 2026 will be "how to carefully select" properties, with expectations that core office buildings, quality luxury homes, hotels convertible to dormitories, and high-yield retail and industrial properties with upgrade potential will outperform the market [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 第一太平有限公司 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00142 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | USD | | 0.01 USD | | 60,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 6,000,000,000 | USD | | 0.01 USD | | 60,000,000 | III.已發行股份及/或庫存股份變動詳情 本月底法定/註冊股本總額： USD 60,000 ...

Core Insights - The Hong Kong Grade A office market is expected to experience a selective recovery in 2025, with a net absorption of 1.8 million square feet, indicating strong demand for quality office spaces in prime locations [1][3] - The overall vacancy rate reached a historical high of 15.5% in December 2025, but the Central district showed a decrease in vacancy to approximately 11.3%, contrasting with the rising vacancy in Kowloon East at about 24.5% [2][3] Market Dynamics - The demand for prime office spaces is driven by hedge funds, asset and wealth management companies, and quantitative funds, which increased their leased area by approximately 14% year-on-year [2][4] - Major leasing activities include Qube's expansion of approximately 146,000 square feet at the International Finance Centre and a significant fintech company's move into CentralYards with about 223,000 square feet, marking one of the largest leasing transactions in over a decade [2] Rental Trends - Rental prices for prime Grade A offices in Central and Tsim Sha Tsui are projected to rise by 5% to 7% in 2026, while other areas may see a mild rebound of 0% to 3% or face declines of about 5% [3] - The limited new supply of approximately 600,000 square feet annually from 2026 to 2032 is expected to support long-term rental performance in core areas [3] Recovery Drivers - The recovery of the Hong Kong office market is driven by three main factors: the expansion of hedge funds and asset management companies, strong demand from the insurance and private wealth sectors, and an increase in non-local student numbers leading to higher leasing activity from educational institutions [4]

Core Viewpoint - The announcement reveals that PLDT Inc. has achieved a slight increase in customer contract revenue, but the net income attributable to equity holders has decreased significantly, indicating potential challenges in profitability despite stable revenue growth [1] Group 1: Financial Performance - PLDT Inc. reported customer contract revenue of 218.388 billion pesos for the year ending December 31, 2025, representing a year-on-year growth of 0.72% [1] - The net income attributable to equity holders was 30.011 billion pesos, reflecting a year-on-year decline of 7.1% [1] - Basic earnings per share stood at 138.63 pesos [1]

Group 1 - The core viewpoint of the article is that First Pacific Company Limited (00142.HK) reported its financial results for the year ending December 31, 2025, highlighting the performance of its major operating associate, PLDT [1] Group 2 - PLDT achieved customer contract revenue of 212.186 billion pesos, representing a year-on-year growth of 1.83% [1] - The net income attributable to equity holders of PLDT was 30.011 billion pesos, with earnings per share of 138.63 pesos [1]

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 PLDT INC. 就其截至2025年12月31日止年度之 經審核綜合財務業績發表公告 根據香港聯合交易所有限公司（「香港聯交所」）證券上市規則第13.09(2)(a)條及香 港法例第571章證券及期貨條例第XIVA部之內幕消息條文之規定，第一太平有限 公司（「第一太平」或「本公司」）發表本公告，以向第一太平之股東及公眾提供有關 本公司之主要營運聯營公司PLDT Inc.（「PLDT」）截至2025年12月31日止年度之經 審核綜合財務業績之相關資料。 概要 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並表明概不就因本公告之全部或任何部 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 於2026年2月26日，PLDT之董事會批准刊發其截至2025年12月31日止年度之經審 核綜合財務業績。PLDT之經審核綜合財務業績已於2026年2月26日以披露形式 向菲律賓證券交易所及紐約證券交易所提交，並且以本公司之 ...

Industry Policy and Environment - The Indonesian Ministry of Communication and Information Technology issued Ministerial Regulation No. 469 on December 7, 2025, mandating that 187 types of telecommunications products must obtain DJID certification to enter the market, affecting smart appliances, IoT devices, and consumer electronics. This regulation will be enforced in 2026, impacting compliance progress and market adaptability of telecom equipment suppliers [1]. - Indonesia's GDP growth was 5.11% in 2025, with Q4 growth reaching 5.39%, exceeding expectations. Economic performance in 2026 will be influenced by the effectiveness of fiscal policies, commodity price fluctuations, and central bank monetary policies. Capital Economics predicts a potential 75 basis point rate cut by the central bank, which could enhance market liquidity [3]. - A trade agreement between Indonesia and the United States has reduced some export uncertainties, but concerns over commodity price volatility and fiscal sustainability may still affect market sentiment. Continuous monitoring is required to assess whether infrastructure investments, including telecommunications, are supported by fiscal expansion policies [5]. Company Project Progress - The Silangan copper-gold project under First Pacific is expected to commence production in Q1 2026, potentially releasing profit elasticity during a strong cycle in non-ferrous metal prices. Additionally, PLDT's fintech platform, Maya, achieved semi-annual profitability in 2025, with a focus on user growth and commercialization deepening in 2026 [2]. Industry Status - Global operators are accelerating resource allocation towards emerging fields such as computing networks and 6G research. As an emerging market in Southeast Asia, Indonesia's telecom operators need to be closely monitored for their progress in 5G coverage, green data center initiatives (e.g., PUE below 1.25), and AI computing power deployment [4].

Core Insights - The Chinese real estate market is in a deep reassessment phase, transitioning from a growth model based on scale and price increases to a structural transformation, with a focus on breaking the cycle of cost reduction and service decline [1][7] - The macroeconomic outlook for 2026-2027 indicates a relatively stable growth trajectory, although the growth rate is expected to be lower than in 2025, with a "slow recovery" pattern emerging [1][9] - The industry is characterized by a "three-speed economy," where traditional sectors like real estate are in a slow adjustment lane, necessitating a redefinition of their roles to align with new development orders [1][14] Market Segmentation - The office market is shifting towards quality and efficiency, adopting a "less is more" strategy, focusing on multifunctional spaces and optimizing value through stock renovation and intensive management [2][18] - The retail market shows stable overall data but increasing differentiation among segments, with traditional core business districts losing their advantages, while regional projects and unique operators are rising [2][26] - The logistics market is closely tied to the real economy, with high-quality assets demonstrating resilience, and the industry is transitioning towards "quality asset holding + refined operations" [2][33] - The residential market is stabilizing at low levels, with sales steady but confidence fragile, emphasizing quality delivery and livability as key competitive factors [2][40] Investment Market Outlook - The investment market is likely to remain sluggish in 2026, but structural opportunities are emerging, with a preference for high-quality assets with stable cash flows [2][48] - The financialization of the industry is accelerating, with an increase in public REITs and holding-type ABS issuance, pushing the industry towards a "hold and operate" model [2][56] - Long-term capital is gradually entering the market, with a shift in valuation systems rewarding discipline and operational capability, making transparent pricing and precise positioning crucial for asset differentiation [2][53] Key Opportunities - The core opportunity for the real estate industry in 2026 lies in aligning with economic transformation and reshaping asset value logic, focusing on quality upgrades, operational optimization, and innovative models [3][8] - Each segment must return to its essence: offices focusing on collaboration efficiency, retail enhancing emotional connections, logistics adapting to supply chain upgrades, and residential emphasizing livability [3][40]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 第一太平有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00142 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | USD | | 0.01 USD | | 60,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 6,000,000,000 | USD | | 0.01 USD | | 60,000,000 | 本月底法定/註冊股本總額： USD 60,000,000 第 1 頁 共 10 頁 v 1.2.0 | ...

Core Viewpoint - Guosheng Securities has initiated coverage on First Pacific with a "Buy" rating, forecasting steady growth in net profit from 2025 to 2027, which is expected to reach $649 million, $708 million, and $767 million respectively, with year-on-year growth rates of 8.2%, 8.9%, and 8.4% [1] Financial Performance - Revenue for 2023 is projected at $10,511 million, with a decline to $10,057 million in 2024, followed by a recovery to $10,585 million in 2025, and further growth to $11,220 million in 2026 and $11,958 million in 2027 [2] - Net profit for 2023 is estimated at $501 million, increasing to $600 million in 2024, and continuing to grow to $649 million in 2025, $708 million in 2026, and $767 million in 2027, with year-on-year growth rates of 28.0%, 19.8%, 8.2%, 8.9%, and 8.4% respectively [2] - The latest diluted EPS is projected to rise from $0.12 in 2023 to $0.18 in 2027, while the return on equity is expected to remain stable around 13.6% to 15.3% over the forecast period [2] Business Segments and Growth Drivers - First Pacific has established a diversified business portfolio in consumer food, telecommunications, infrastructure, and natural resources, focusing on key markets like Indonesia and the Philippines [3] - The consumer food segment, particularly through Indofood, is a significant profit driver, contributing $333 million in profit in 2024, which is 42.92% of total profit [6] - The infrastructure segment, led by MPIC, is emerging as a new growth engine, contributing $199 million in profit in 2024, with a 24.78% year-on-year increase [6] - The telecommunications segment, through PLDT, continues to provide stable revenue, while the natural resources segment is positioned to benefit from the strong cycle of non-ferrous metals [7] Strategic Positioning and Market Opportunities - First Pacific's deep engagement in emerging markets like Southeast Asia allows it to capitalize on demographic dividends and consumption upgrades [9] - The company is enhancing its infrastructure capabilities, with MPIC's privatization increasing control over the segment, and expanding its toll road network in Indonesia [10] - The natural resources segment is set to benefit from the strong pricing of gold and copper, with the Silangan project expected to start production in Q1 2026 [10] Valuation and Investment Outlook - According to Guosheng Securities, First Pacific's P/E ratio is projected to be around 5.1 times in 2025, significantly lower than the average P/E ratio of comparable companies at 15.7 times, indicating substantial valuation upside [10][11] - The company's robust profitability and clear growth trajectory are seen as rare strengths in the current market environment, justifying the "Buy" rating [12]