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]

Core Viewpoint - The average yield of stocks in the S&P 500 is 1.3%, but there are several high-yielding stocks available that can provide better returns for long-term investors [1] Group 1: UnitedHealth Group - UnitedHealth Group offers a yield of 2.9% and is considered a strong long-term holding despite recent struggles related to billing practices and rising costs, which have led to a 40% decline in stock price this year [4][6] - The company reported over $400 billion in sales and a profit of $14 billion last year, with a modest payout ratio of 35%, indicating a strong capacity to maintain dividend payments [6] - Although facing current challenges, the long-term outlook remains positive as the issues may be resolved over time, potentially leading to a recovery in share price [5] Group 2: Restaurant Brands International - Restaurant Brands International has a yield of 3.8% and owns well-known brands like Burger King and Tim Hortons, benefiting from acquisitions and market expansion [7][8] - The company earned $1.4 billion in profit on sales of $8.4 billion last year, achieving a profit margin of 17%, with a payout ratio around 80%, suggesting sustainability of its dividend [10] - Despite challenges in the fast-food sector, the company remains a strong option for long-term investment due to its established brands and low-cost offerings [9] Group 3: AT&T - AT&T has the highest yield at 4% and has seen a 53% increase in share price over the past year, reflecting improved operational stability [11] - The company is focusing on its telecom operations after selling its stake in DirecTV and plans to acquire Lumen's mass-market fiber business to expand its fiber reach to 60 million locations by 2030 [12] - AT&T expects to generate at least $16 billion in free cash flow this year, which supports its annual dividend cost of approximately $8.3 billion, making it an attractive option for income investors [13]