Financial Data and Key Metrics Changes - The company achieved a recurring profit increase of nearly 20% to a record high, driven by record turnover and contributions from operations despite currency declines [5][6] - Recurring earnings per share rose to just under 55 million due to higher interest rates [6][8] Business Line Data and Key Metrics Changes - Indofood reported record high net sales, EBITDA, and core profit, with EBIT margins holding steady despite commodity price fluctuations [11][12] - PLDT's service revenue increased by 6% to a record high, with EBITDA surpassing PHP 100 billion for the first time [16][17] - Metro Pacific Investments saw revenue growth led by the Toll Roads and Power businesses as the economy recovered from pandemic impacts [20][21][22] Market Data and Key Metrics Changes - The Indonesian rupee declined nearly 10% and the peso by almost 4%, yet the company managed to deliver strong financial results [5] - The demand for electricity in Singapore has risen, contributing to strong performance for PacificLight Power [29][30] Company Strategy and Development Direction - The company is focusing on expanding its investments in renewable energy and agriculture, including significant investments in solar and coconut processing facilities [39][42][46] - The strategy includes diversifying into less regulated sectors to mitigate risks associated with traditional utility businesses [57] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2023, expecting continued strong performance from PLP and growth in profitability driven by Meralco and Tollways [60][62] - The company anticipates a recovery in profitability for Global Business Power and a positive outlook for the generation business [61] Other Important Information - The company has set a net zero target for Scope 1 emissions by 2030 [10] - The forensic investigation into PLDT's CapEx overspending has concluded, identifying responsible parties without evidence of fraudulent activity [34][35] Q&A Session All Questions and Answers Question: How should we think about the business earnings capability going into the current year? - Management indicated that demand in the Singapore market continues to rise, and they expect strong results for PLP in the first half of the year [28][30] Question: Can you provide an update on CapEx overspending at PLDT? - The forensic investigation has been completed, identifying responsible parties and confirming no fraudulent transactions [34][35] Question: What kind of assets is the company looking to invest in the near and medium term? - The company is focusing on solar energy and agriculture, with significant investments planned in these sectors [39][42] Question: Will the company consider stock buybacks to address the discount at which Metro Pacific trades? - Management acknowledged the discount and indicated that share buybacks have been attempted but have not significantly moved the stock price [55][56]
FIRST PACIFIC(FPAFY) - 2022 Q4 - Earnings Call Transcript