（来源：吴说） 来源：市场资讯 据 Decrypt ，菲律宾数字银行 Maya 正在与顾问评估赴美国上市，IPO 募资规模或最高达 10 亿美元。 Maya 持有菲律宾央行（BSP）数字银行牌照，提供储蓄、消费贷、支付及商户服务，同时在受监管的 虚拟资产服务商（VASP）框架下提供 App 内加密交易功能；其加密业务收入/交易量占比尚未公开。报 道称，部分用户曾反馈在行情剧烈波动时出现个别代币交易按钮"灰掉/暂不可用"等情况。 ...

Group 1 - Maya, a fintech company in the Philippines, is considering a US IPO that could raise between $500 million and $1 billion, with advisers currently working on the potential listing [1] - Maya's digital bank has 5.4 million customers and provided 68 billion pesos (approximately $1.2 billion) in loans in 2024, according to data from PLDT, a major investor [2] - Maya Bank, the digital banking arm of Voyager Innovations, is regulated by the Bangko Sentral ng Pilipinas and offers a variety of digital banking services through its platforms [3] Group 2 - GCash, another fintech company in the Philippines, has postponed its planned IPO on the Manila exchange until at least the second half of 2026, highlighting challenges in the local market [4] - The Philippines' securities regulator is looking to ease free-float requirements for IPOs to attract more large companies to list locally, indicating a shift in the regulatory environment [4]

来源：滚动播报 菲律宾金融科技公司Maya正考虑在美国进行IPO，可能筹集5亿至10亿美元资金。 ...

Financial Data and Key Metrics Changes - Service revenues net of interconnection reached $145.9 billion, up 1% year on year, driven by steady demand across fiber, data, and ICT [4][6] - Cash operating expenses, subsidies, and provisions decreased by 2%, reflecting the company's focus on spending control [4][16] - EBITDA rose 3% to $82.8 billion with margins steady at 52% amidst higher revenues and lower operating expenses [4][17] - Telco core income was $5.3 billion, down 5% mainly due to higher depreciation and financing costs from network and IT investments [5][18] - Core income remained stable at $25.8 billion, supported by Maya's sustained profitability [5][19] Business Line Data and Key Metrics Changes - Fiber revenues grew 7%, reflecting solid demand for reliable connectivity [6][10] - Mobile data and fixed wireless revenues were up 1%, with fixed wireless showing strong momentum with an 18% year-on-year increase [6][15] - Corporate Data and ICT revenues grew 2%, with ICT services alone growing 27% year on year [7][13] - Home revenues grew 4% year on year, driven mainly by continued fiber demand [10][12] Market Data and Key Metrics Changes - The enterprise segment returned to growth in the third quarter, with corporate data and ICT up 5% year on year [9][13] - Government and public sector projects began to ramp up after election-related delays, contributing to the growth in enterprise revenues [7][13] - The number of 5G devices increased by 39% year on year, driving higher data usage and improved customer experience [15] Company Strategy and Development Direction - The company continues to invest in new cell sites, LTE and 5G upgrades, home fiber ports, data center development, and submarine cables to strengthen network quality and support growth [20] - PLDT launched Filipinas AI, the country's first sovereign AI platform, to enable enterprises to build and deploy AI models locally [14][89] - The company is focused on asset monetization programs, including a potential REIT listing for its data center [71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining positive free cash flow into 2026, supported by lower CapEx and asset monetization [22][70] - The government is expected to continue investing in digital connectivity, which is seen as a priority for future growth [46] - Management highlighted the importance of maintaining profitability amidst a competitive environment, with a focus on disciplined growth [17][18] Other Important Information - Maya's net income for the third quarter was $532 million, with significant growth in deposits and loans [24][25] - The company recorded a $1.1 billion in proceeds from tower sales and completed a $20.5 billion final dividend payment for 2024 [22] Q&A Session Summary Question: What were the main drivers for the drop in Maya's net income for the period? - The drop was attributed to the removal of gaming links and the launch of new credit products, which will have some provision impact in the near term [33][34] Question: How do you see the KPA and IRRs impacting profitability and investment profile? - The law aims for cheaper internet and wider coverage, but lacks obligations for new entrants to build infrastructure, raising concerns about its effectiveness [36][54] Question: What is driving the difference in performance in the mobile segment? - Smart Wireless Group achieved flattish growth year to date, with improved ARPU due to targeted customer acquisition strategies [39][40] Question: Are you seeing sustained uptick in government projects into the fourth quarter? - Continued demand from government agencies is expected, with investments in digital connectivity prioritized [42][46] Question: What is the status of the asset monetization programs? - The company is in talks for a 49% stake sale in its data center and exploring a REIT listing [71][92]

Summary of First Pacific Company Conference Call Company Overview - **Company**: First Pacific Company (SEHK:00142) - **Industry**: Investment holding company with interests in various sectors including food, telecommunications, utilities, and natural resources - **Key Assets**: Indofood, Metro Pacific Investments (MPIC), PLDT, PacificLight Power, IndoAgri, Philex Mining Corporation Core Points and Arguments - **Investment Strategy**: Focus on defensive assets in Southeast Asia, particularly in sectors less affected by economic downturns such as utilities and telecommunications [6][7][8] - **Financial Performance**: - First half of 2025 showed an 8% increase in recurring profit and an 11% increase in overall profit due to controlled head office costs [10] - Record high earnings reported in the past four years, with the first half of 2025 exceeding the total profit of 2020 [9][10] - **Dividend Policy**: Progressive dividend policy aimed at increasing per-share distributions annually, contingent on financial performance [10][34] - **Market Position**: - First Pacific's market cap is approximately $3.5 billion, with a low price-to-earnings ratio of less than five times compared to peers [22] - Significant NAV discount of about 7.4% as of September [27] Key Holdings - **Indofood**: - Largest maker of wheat-based instant noodles globally, contributing $1.9 billion to First Pacific's asset value [4][13] - Revenue growth from IDR 40 trillion to over IDR 100 trillion over 14 years, with strong EBIT margins around 25% [14][15] - **Metro Pacific Investments (MPIC)**: - Major electricity distributor in the Philippines, owning 48% of Meralco and 93% of Metro Pacific Tollways Corporation [17][18] - Strong earnings growth, with power generation becoming a significant source of income [19] - **PLDT**: - Largest telecommunications company in the Philippines, providing steady earnings and significant dividends [20] - **PacificLight Power**: - Operator of LNG power plants in Singapore, contributing to dividend income and future growth with new projects [21] Growth Catalysts - **Philex Mining Corporation**: New Salangan mine expected to open next year, potentially increasing earnings significantly [23][24] - **Maya**: Fintech platform with rapid growth, currently the largest consumer fintech app in the Philippines, showing a net interest margin increase from 7% to over 20% [25][26] - **MPIC Valuation**: Potential for revaluation as the market recognizes the value of its assets, particularly Meralco [28][29] Additional Insights - **Geographic Focus**: Majority of assets located in the Philippines (over 50%), with significant investments in Indonesia and Singapore [5] - **Debt Management**: Gross debt of approximately $1.4 billion, with a balanced approach to fixed and floating interest rate borrowings [12] - **Market Conditions**: Confidence in continued earnings growth supported by economic forecasts for the regions of operation [11][29] Conclusion - First Pacific Company is positioned as a stable investment opportunity with a focus on defensive assets in high-growth markets. The company is confident in its ability to deliver continued earnings growth and shareholder value through its diversified portfolio and strategic investments in key sectors.

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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]

Financial Data and Key Metrics Changes - Service revenues net of interconnection costs reached PHP 97.1 billion, slightly higher year on year [5] - EBITDA came in at PHP 55.5 billion, up 3% from last year, with an EBITDA margin steady at 52% [5][26] - Telco core income decreased by 4% due to higher depreciation and financing costs, while core income rose to PHP 17.6 billion, up 1% [6][26] - Consolidated core income rose to PHP 17.6 billion, reflecting a 1% increase compared to the same period last year [27] Business Line Data and Key Metrics Changes - Home segment revenues grew 4% year on year to PHP 30.4 billion, driven by strong fiber demand [7][10] - Enterprise revenues slightly declined by 1% due to legacy business declines, but ICT revenues grew by 15% [12][13] - Individual revenues reached PHP 37.4 billion, down 1% from last year, with mobile data revenues stable [15] Market Data and Key Metrics Changes - Mobile data traffic grew 5% year on year to 2,766 petabytes, with 5G traffic surging 84% [15][16] - Fiber revenues in the Home segment increased by 7% year on year, now making up 97% of total home revenues [10] - Data center colocation grew by 36%, while cybersecurity services expanded by 24% [13] Company Strategy and Development Direction - The company is focused on disciplined cost management and optimizing spending while supporting growth areas like fiber and mobile data [25][26] - PLDT aims to position the Philippines as a regional hub for digital services and AI innovation through investments in AI-ready data centers [14] - The launch of the Kik mobile service targets the Gen Z market, emphasizing personalized digital experiences [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in market position despite near-term challenges, supported by strong operational fundamentals and strategic investments [39] - The company anticipates a better outlook in the second half of the year, driven by innovations and customer-centric strategies [47][48] - Management highlighted the importance of customer delight through innovations to drive revenue growth [48] Other Important Information - CapEx for 2025 is guided at PHP 63 billion, lower than the original guidance due to favorable pricing [29] - The company declared an interim cash dividend of PHP 48 per share, reflecting a commitment to stable shareholder returns [32] - PLDT's net debt stood at PHP 282.6 billion, with a net debt to EBITDA ratio of 2.57x, indicating healthy financial management [30][31] Q&A Session Questions and Answers Question: What is driving the softness in mobile revenues? - Management noted that the dip is a normal fluctuation and expects revenues to rebound in the second half [47][48] Question: Can we get an update on the Connectatum Cranoe Bill? - The bill will become law by August 24 if not signed by the president, and there are concerns about its constitutionality [51][53] Question: What guidance can be provided regarding refinancing activities for maturing debt? - Current interest rates are high, but the company has negotiated better spreads for refinancing [62] Question: Are there updates on 5G city expansions? - The company is expanding 5G services to provinces, starting with Cebu, and is testing the network there [64] Question: What are the plans for asset monetization? - The company is negotiating the sale of legacy assets, including copper, and has a robust program for monetizing other legacy assets [71][72]

Financial Data and Key Metrics Changes - Net service revenue increased slightly year on year, with gross revenue reaching $27.9 billion, up 2% from last year [4] - EBITDA grew by 2% to $7.9 billion, driven by strength in fiber and ICT segments, along with prudent cost management [4][11] - Telco core income was recorded at $8.8 billion, down 6% year on year due to increased depreciation linked to strategic investments [4][12] - Core income remained steady year on year, supported by Maya's positive contribution, which turned profitable this quarter [12][13] Business Line Data and Key Metrics Changes - Home segment revenue rose by 4% year on year to $15.2 billion, with fiber now accounting for 97% of home revenues, up from 92% in 2024 [5][8] - Enterprise segment total revenue remained steady at $11.9 billion, with corporate data and ICT revenues slightly up by 1% [5][9] - ICT revenue grew by 16% year on year, now accounting for over 22% of enterprise revenues, up from 19% a year ago [6][9] - Mobile revenues decreased slightly due to lower packet Wi-Fi usage, but 5G adoption and data traffic are on the rise, indicating potential for future growth [6][11] Market Data and Key Metrics Changes - Mobile data, fiber, corporate data, and ICT now account for 89% of total revenues, up from 88% in 2024 [7] - 5G data traffic surged by 81% year on year, with 5G device adoption growing by 60% quarter on quarter [11] - The churn rate remains below 2%, one of the lowest in the industry, reflecting effective customer retention strategies [8][59] Company Strategy and Development Direction - The company aims to pursue steady revenue growth, disciplined expense management, asset monetization, and prudent capital allocation [5] - PLDT is focusing on expanding its fiber footprint and enhancing its digital infrastructure, including the launch of the Asia Direct Cable to improve international connectivity [22][24] - Maya, the fintech driver, is positioned for sustainable growth with its all-in-one ecosystem combining payment, banking, and lending services [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's market position despite near-term challenges, supported by strong operational fundamentals and strategic investments [33] - The company anticipates continued growth in the home segment and is optimistic about the enterprise segment recovering as new capacities come online [36][40] - Management highlighted the importance of maintaining a strong focus on customer experience and product innovation to drive future growth [72] Other Important Information - PLDT's net debt stood at $270.7 billion, with a net debt to EBITDA ratio of 2.48 times, slightly improved from the previous year [15] - The company retains investment-grade credit ratings, underscoring investor confidence in its financial health [17] - PLDT is committed to generating positive free cash flow by 2026 and reducing leverage to around a 2.0x net debt to EBITDA ratio over the medium term [17] Q&A Session Summary Question: What is the outlook for the enterprise segment regarding Pogo-related revenue pressures? - Management indicated that the impact from Pogo cancellations is expected to continue until at least Q3, but efforts are being made to mitigate revenue loss [38] Question: Can you provide updates on VITRO's capacity take-up and profitability contributions? - A significant hyperscale customer has already signed for 4 megawatts of capacity, with ongoing discussions for further capacity fill [40] Question: What is the profit momentum expected for Maya for the rest of the year? - Management expects steady and gradual margin improvement rather than a sharp increase, as operating leverage continues to strengthen [42] Question: How is the mobile business expected to perform in the second quarter? - Management noted that while the market has softened, they continue to see growth in traffic, which is expected to help monetize demand [44] Question: What is the current water usage rate for VITRO Santa Rosa? - Water usage is currently at normal levels, with expectations for an increase as AI workloads ramp up [47] Question: What is the target loan to deposit ratio for Maya? - There is no specific target, but the company aims to maintain a conservative loan to deposit ratio compared to traditional banks [50] Question: How does the company plan to improve working capital efficiency? - Strategies include asset monetization, consolidation of central offices, and seeking strategic partners in data centers [82]

Financial Data and Key Metrics Changes - Net service revenue increased by 2% year on year, reaching R27.9 billion, with EBITDA also growing by 2% [4][12] - Telco core income decreased by 6% year on year, primarily due to increased depreciation from network investments [4][13] - Core income remained steady, supported by Maya's positive contribution, which turned profitable this quarter [4][13] Business Line Data and Key Metrics Changes - Home segment revenue rose by 4% year on year, driven by fiber demand, which now accounts for 97% of home revenues, up from 92% in 2024 [5][8] - Enterprise segment total revenue remained stable at R11.9 billion, with ICT revenues growing by 16% year on year [6][10] - Mobile revenues declined slightly due to lower packet Wi-Fi usage, but 5G adoption and data traffic are increasing [6][12] Market Data and Key Metrics Changes - Mobile data, fiber, corporate data, and ICT now account for 89% of total revenues, up from 88% in 2024 [7] - 5G data traffic surged by 81% year on year, with 5G device adoption growing by 60% quarter on quarter [12][63] Company Strategy and Development Direction - The company aims for steady revenue growth, disciplined expense management, and prudent capital allocation [5][14] - PLDT is focusing on expanding its fiber footprint and enhancing its digital infrastructure, including the launch of the Asia Direct Cable to improve international connectivity [23][24] - Maya, the fintech driver, is positioned for sustainable growth with its integrated ecosystem of payment, banking, and lending services [25][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledges near-term challenges but remains confident in market position supported by strong operational fundamentals [35] - The company is committed to generating positive free cash flow by 2026 and reducing leverage to around a 2.0x net debt to EBITDA ratio [17][18] Other Important Information - PLDT's CapEx for Q1 2025 was R10.8 billion, lower than the previous year, with a guidance adjustment for 2025 [14][15] - The company maintains investment-grade credit ratings, reflecting investor confidence in its financial health [16][17] - Sustainability initiatives include commitments to no net deforestation and enhancing online safety for customers [32][33] Q&A Session Summary Question: Impact of Pogo-related revenue pressures on the enterprise segment - Management anticipates continued impact from Pogo cancellations until Q3, but efforts are being made to mitigate revenue loss [40] Question: Take-up levels for VITRO Santa Rosa's new capacities - A significant hyperscale customer has already signed for four megawatts, with ongoing discussions for additional capacity [42] Question: Profit momentum for Maya for the remainder of the year - Management expects steady and gradual margin improvement rather than a hockey stick growth pattern [45] Question: Trends in the mobile business for Q2 - The market has softened, but traffic growth year on year gives confidence in monetizing demand [47] Question: Water usage for VITRO Santa Rosa - Current water usage is normal, with expectations for increased usage as AI workloads ramp up [49][50] Question: Interest income on loans and cost of funds for Maya - Specific numbers on loan yields and cost of funds were not disclosed, but receivables include credit card business [51] Question: Target loan to deposit ratio for Maya - No specific target is set, but a conservative approach will be maintained [53] Question: Subscriber growth in the home segment - Management anticipates sustained growth in subscriber additions throughout 2025 [55] Question: Guidance for 2025 net income - No guidance is provided due to the fluid environment [81] Question: Strategies to improve working capital efficiency - Focus on asset monetization and consolidation of central offices is planned over the next three years [85] Question: Competition in the mobile business - Management does not foresee the same trend of softness as the rest of the industry, citing continued traffic growth [86] Question: Revenue uplift from VITRO Santa Rosa - The facility is expected to generate significant enterprise revenue once fully operational, with current AI workloads already recognized [88]