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]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In the protein meal market, international soybean prices rebounded after a decline this week. Domestic soybean meal followed the upward trend of US soybeans, showing a strong and volatile pattern. In the short - term, domestic soybean meal is expected to continue its strong and volatile performance, with the M2509 contract facing resistance at the previous high of 3089. - In the oil market, international oils rose significantly this week. Domestic oils followed the international trend, with palm oil leading the increase. In the future, international palm oil may continue to rise if Indonesian production is lower than expected, and US soybean oil remains bullish. Domestic oils are likely to have a rotation effect, and there may be a catch - up increase in soybean oil and rapeseed oil [65][131]. Summary by Relevant Catalogs Part 1: Protein Meal Market Analysis 1. Market Review - This week, CBOT soybeans first declined and then rebounded. USDA report was bearish at the beginning, but later factors such as higher - than - expected June crushing data, increased exports, and rising soybean oil prices drove the rebound. Domestic soybean meal fluctuated upwards, with the main contract breaking through key integer levels [6]. 2. US Market Information - As of July 10, 2025, the weekly US soybean export inspection volume was 147,045 tons. From 2024/25 to date, the total US soybean export inspection volume reached 46,411,264 tons, a year - on - year increase of 10.4%. As of July 13, the US soybean good - to - excellent rate was 70%, higher than expected, with a flowering rate of 47% and a pod - setting rate of 15% [10][18]. 3. North American Weather - In the US, some areas in Texas had continuous heavy rain, while the western part was dry. In Canada, the prairie region was affected by drought, which had an impact on crop growth [22][29]. 4. Domestic and International Oilseed Markets - US soybean crushing capacity has increased, but the oversupply of soybean meal restricts full utilization. In June 2025, China imported 12.26 million tons of soybeans, a year - on - year increase of 10.35%. Brazil was the main supplier. Various institutions adjusted their forecasts for global soybean production, consumption, and trade [31]. 5. Global Trade Pattern Changes - The US and Indonesia reached a trade agreement, including Indonesia's purchase of US agricultural products, energy products, and aircraft, which may affect the global trade pattern [36]. 6. Domestic Market Indicators - Domestic spot and futures crushing margins improved. As of the end of the week, port soybean inventory was about 6.5215 million tons, and the theoretical crushable days were 19 days. The soybean oil mill opening rate was high, and the soybean meal inventory increased [42][48]. Part 2: Oil Market Analysis 1. Market Review - International oils rose significantly this week. US soybean oil and Malaysian palm oil reached new highs. Domestic oils followed the international trend, with palm oil leading the increase [65]. 2. International Oil Information - In June, India's palm oil imports reached an 11 - month high. In June 2025, China imported 696,000 tons of edible vegetable oils, a month - on - month increase of 50.65%. From July 1 - 15, Malaysian palm oil exports decreased. US soybean oil inventory at the end of June was lower than expected. Malaysia raised the export tax rate for August palm oil. Indonesia's biodiesel policy had a positive impact on the market [69][70]. 3. Southeast Asian Weather - Thailand and surrounding areas had seasonal monsoon rainfall, and Malaysia and Indonesia also had beneficial rainfall [77]. 4. Domestic Market Indicators - As of the 28th week of 2025, the total inventory of three major domestic edible oils increased. The inventory of soybean oil increased, palm oil increased slightly, and rapeseed oil decreased [87]. Part 3: Market Outlook 1. Seasonal Analysis - Seasonal index charts of various products such as US soybeans, soybean meal, and domestic oils were provided, but no specific analysis content was given. 2. Next - Week Market Outlook - **Technical Level**: For soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil, different short - term, medium - term, and long - term indicators showed different trends [130]. - **Fundamentals** - **Protein Meal**: Internationally, US soybeans may be affected by weather and tariff policies, and are expected to fluctuate between 1000 - 1100. Domestically, soybean meal inventory is increasing, and short - term soybean meal is expected to be strong and volatile. - **Oils**: Internationally, Malaysian palm oil may continue to rise if Indonesian production is lower than expected, and US soybean oil remains bullish. Domestically, oils follow the international trend, and there may be a catch - up increase in soybean oil and rapeseed oil [131].

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]

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 [6][11][12] - The interest coverage ratio at the end of the year was four times, exceeding the comfort level of three times [8][49] - The company maintained two investment-grade credit ratings and had no borrowings due in 2025 [6][7] 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 [9][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 [11][12] - PLDT reported record high sales and service revenues, with mobile data and SMS showing the strongest growth [12][14] Market Data and Key Metrics Changes - The company noted that the electricity generation market in Singapore is expected to grow at rates exceeding 4% annually [24] - The Philippines and Indonesia's economies are projected to double from 2018 to 2029, which is expected to positively impact Metro Pacific's revenues and profits [75] Company Strategy and Development Direction - The company is focusing on capitalizing on strong growth in its core businesses, particularly in defensive industries like power and water [75][80] - There are ongoing discussions regarding the potential IPO of Metro Pacific, with a focus on finding new capital through private placements [57][62] - The company is also exploring strategic options for Maya, its fintech venture, including potential IPOs or trade sales in the future [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][80] - The management highlighted the importance of improving operational efficiencies and reducing non-revenue water in Metro Pacific's water utility business to enhance valuation [33] Other Important Information - The company has secured long-term contracts for gas supply, which is expected to provide a competitive advantage in the electricity generation market [26] - The new 600 megawatt hydrogen-ready power project is anticipated to begin operations in January 2029, adding significant capacity to the portfolio [16][25] Q&A Session Summary Question: What is the expected earnings trajectory for Pacific Light Power in 2025 and 2026? - Management indicated that 2023 was an exceptional year, and while profits are expected to taper, the overall portfolio remains strong with new projects in the pipeline [24][25] 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 deliveries expected in Q1 2026 [27][29] Question: What are the considerations for the spin-off of MailiNet? - The valuation is tied to strong performance and operational efficiencies, with a focus on reducing non-revenue water [30][33] 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 [35][39] Question: What is the financing mix for PLP's new power plant projects? - The financing plan anticipates approximately 60% debt and 40% equity for the project costs [45][47] Question: What are the expected returns for the new power project in Singapore? - Expected returns are projected to be in excess of 12% up to mid-teens for investments in this space [53][54] Question: Any updates on the potential IPO for Maya? - Management confirmed that Maya is at an inflection point with growing customer bases and is generating positive net income, with discussions ongoing about future strategic options [70][72]