August 2, 2026

AC. AC dropped 12.4% this week (P485 to P425) amid a broad 1.1% PSE sell-off on July 31 as investors awaited inflation and GDP data, not on any AC-specific news (via BusinessWorld). H1 earnings (due August 7) and the pending MSCI Philippines review remain the key unresolved catalysts, and the committee stayed Sell on financing quality.

ACEN. Price held roughly flat in a tight P2.91 to P3.05 band as Q2 results remain pending (due August 11); no dividend action or resolution on the P30 billion rights offer or the Ayala ownership question. Committee stayed Sell on negative free cash flow and rising leverage.

AEV. H1 2026 results, released July 30 to 31, confirmed a sharp earnings acceleration: consolidated net income rose 63% year on year to P13.6 billion and net debt to equity improved to 0.9x from 1.29x (via Tribune). The committee flipped fully bullish, 4 bullish and 1 neutral, on the balance-sheet improvement.

AGI. Emperador's Q2 profit accelerated to plus 19% net income growth (via GMA News), lifting the stock modestly to P8.55, but Megaworld and Newport World Resorts stayed soft and the 68% discount to listed stakes remains unaddressed. Committee held Sell.

ALI. Parent Ayala Corp kept buying ALI shares through late July at P16.8 to P16.9, even after a 34% rally off the June low (via BusinessWorld). H1 earnings due August 5 are the next hard test of whether property development has stabilized.

APX. The stock rose another 3.6% even as gold spot prices were essentially flat for the week, extending a disconnect the page has flagged as a sell signal since gold's realized price has fallen 17.4% since Q1. Committee stayed unanimously Sell ahead of Q2 earnings.

AREIT. H1 2026 net income rose 45% and management confirmed the P21 billion asset infusion deed of exchange was filed with the SEC in July, moving the deal closer to close (via Inquirer). Price ticked up to P38, but the committee stayed Hold on office-market softness in incoming Cebu and Davao assets.

AUB. H1 2026 net income of P6.19 billion put the stock at book value for the first time, firing the stated buy trigger (via BusinessWorld), but net income growth has slowed to just 1% year on year and an August 28 shareholder vote on a large capital-stock increase adds dilution uncertainty.

BDO. Q2 net income fell 1.43% year on year to P20.61 billion despite 15% loan growth, as higher provisioning ate the gains (via BusinessWorld). Capital ratios kept eroding, and the committee moved to a firmer 4-bearish lean.

BLOOM. No new results or dividend action since the last review; the stock drifted from P2.16 to P2.10 with FUNaloMAX still showing zero disclosed user traction 25 days after its full launch. Q2 results, due August 11, are the next data point.

BPI. H1 2026 results showed NPL coverage rebuilding to 92.98% from 87.15%, the first quarter of credit-quality improvement in a year, but net income still slipped 0.4% year on year and management flagged a cautious H2 outlook on July 30 (via BusinessWorld).

CBC. Price fell 5.7% to P53.05 over two weeks with Q2 results still pending. The Q1 cost-to-income spike to 49% from 45% remains unresolved, and the committee split evenly, 2 bullish and 2 bearish, pending confirmation.

CEB. The stock rose 6% on bargain hunting even as jet fuel wobbled back up to 149 dollars a barrel from a brief 127 dollar dip, narrowing the bull case. The critical Q2 print has been pushed back to August 12 from the previously expected August 6.

CLI. Price ticked up modestly to P2.20 with the credit rating confirmed stable at PRS Aa and no covenant breaches. Q2 results, due August 18, are the next test of whether the persistent negative operating cash flow is turning.

CNPF. No new dividend or capex news since the last review; the branded-foods business kept growing 11 to 13% in the core segment while trailing free cash flow stayed negative as the record P8 to 9 billion capex year continues. Q2 results are due August 5.

CNVRG. The stock jumped 8% to P10.78 on no company-specific news ahead of Q2 results due August 6, which will test whether Q1's revenue deceleration to plus 3.6% was seasonal or a longer-term slowdown. The board approved a P5 billion buyback expansion on July 16 (via BusinessWorld).

COSCO. The sum-of-the-parts discount to Puregold and Keepers widened to roughly 26.5% from 23% a week earlier, as COSCO's own price fell to P8.30 even as both subsidiaries rose. Committee stayed bullish, 4 to 1.

DDMPR. No new occupancy disclosure since the January print; a material information filing was lodged with the PSE on July 31, but its contents are not yet public. Committee remains unanimously Sell on the 2026 lease cliff.

DMC. The Semirara coal-contract auction, once expected to conclude in July, was pushed by the DOE to August or September as it revises terms of reference (via BusinessMirror), prompting a downgrade from Buy to Hold as the stock's discount tightens without a resolved catalyst.

DNL. The stock rebounded nearly 6% to P3.60 with no fresh negative news. Q2 results, due August 5, will show whether the Food Ingredients segment recovery and the ongoing BIR tax-evasion probe into subsidiary Oleo Fats have moved.

EMI. Q2 net income jumped 19% to break a four-year earnings decline, the strongest quarter since the acquisition of Whyte and Mackay (via GMA News), lifting the call from Sell to Hold pending a second confirming quarter.

EW. H1 net income fell 17% year on year to P3.4 billion as provisions surged to P10.1 billion, more than double the pace implied by full-year 2025 (via Manila Bulletin), confirming the credit cycle described in the prior review is now visible in the numbers.

FGEN. Barito's unsolicited 5 billion dollar bid for EDC has sat unsigned and non-binding for two weeks while EDC's own recurring geothermal income fell 36% year on year through September 2025, and both parent-company boards remain frozen under SEC-ordered election delays.

GLO. Mynt, the GCash parent, firmed its IPO offer window to October 5 to 9 with listing October 19, but Globe's own stock pulled back 6.3% this week to P1,705 on no company-specific news, the largest weekly move since the deal was first disclosed.

GMA7. Q2 net income of just P102.5 million confirmed the election-cycle trough is deeper than Q1 suggested (via Macroaxis). Three undisclosed streaming-distribution partnerships from the July 17 annual meeting remain unpriced, leaving no near-term catalyst before the 2028 election.

GSMI. The stock climbed to a fresh high of P266.40 on modest volume with no new catalyst. Q2 results, due around August 13, will test whether Q1's 9% net income growth and margin expansion continued.

GTCAP. Q1 2026 results showed consolidated net income down 3% and core income down 8.5%, with Toyota profit falling 16% even as it gained market share in a shrinking industry (via Business Inquirer). The call was downgraded from Buy to Hold as near-term momentum turned negative despite the Metrobank stake still exceeding the whole company's market cap.

ICT. ICTSI secured a 25-year extension of the Manila International Container Terminal concession to 2063 on July 31 (via Philstar), but the stock had already priced in the win, trading near its all-time high. Q2 results around August 5 will show whether organic, non-new-terminal volume growth is reaccelerating from Q1's roughly 1%.

JFC. The stock recovered 10.5% to P166 on no confirmed catalyst ahead of the August 12 Q2 print, the real test of whether management's promised price increases have restored margins after Q1's core earnings fell to just P108 million.

JGS. The stock bounced back to P25.50 from P23.80 as Meralco posted strong H1 core income, up 3.8% to P26.5 billion (via BusinessWorld), narrowing the sum-of-the-parts discount to roughly 27 to 28%, but the Batangas petrochemical unit sale remains unresolved two months into marketing.

KEEPR. The stock jumped 23% in two weeks to P2.37 on no announced dividend, earnings, or corporate news. Q2 results due August 18 are the first opportunity to confirm whether the move is justified.

LTG. Q1 2026 attributable net income of P7.49 billion, up 3%, was confirmed, and illicit cigarette trade data was updated to 23% of the market, but the PNB Holdings property-arm listing remains stalled with no firm date as of early August. Q2 results are due August 7.

MAC. Q1 2026 results confirmed the Lufthansa Technik Philippines rent shock in full: associate equity income fell 74% year on year to P53.8 million, and net debt jumped from P313 million to P2.4 billion in six months. Q2 results, expected mid-August, are the next test of whether the drag is stabilizing.

MBT. H1 2026 results confirmed the earnings stall flagged in Q1: net income was essentially flat year on year despite 12.8% net-interest-income growth and 12.4% loan growth, as provisions rose 26.8% (via BusinessWorld). The call was downgraded from Buy to Hold.

MEG. Management raised 2026 capex back up to P65 billion from P55 billion and closed the largest REIT deal of the year, a P27 billion Wave 5 asset infusion into MREIT (via Manila Bulletin), even as H1 office lease renewals grew 45.6% year on year. The committee moved to a unanimous Buy.

MER. The ERC ordered Meralco to refund P9.51 billion to customers over six months on August 2, a surprise clawback landing days after H1 core income grew only 3.8% and total energy sales fell 0.5% despite 15.7% revenue growth (via Tribune). The stock fell 15% from P585 to P495 and the committee moved unanimously bearish.

MONDE. Q1 2026 results confirmed Quorn's UK turnaround extended into a second quarter, with gross margin up 881 basis points and EBITDA more than doubled, while APAC branded foods grew a steady 8.6%. No new corporate news has emerged beyond a routine CIO exit.

MREIT. Wave 5 finalized at a P16.50 per share subscription price, an 18.6% premium to the 30-day average, better than Wave 4's terms (via Philstar), and H1 distributable income grew 34% year on year. The committee upgraded to a unanimous Buy.

MWC. Angat Dam, which supplies roughly 90% of Metro Manila's water, hit a record low of 152.12 meters on July 22 before recovering only slightly to 155.07 meters by July 31 (via Manila Bulletin). Manila Water reports no rationing so far, a live test of its alternative-source capex spend.

MYNLD. The stock's PSEi-inclusion catalyst fired as scheduled on August 3, but a surprise Q3 tariff cut of P0.01 per cubic meter, announced August 2 (via GMA News), is the first tariff decline of the current rebasing cycle and dents the earnings visibility the prior Buy call relied on. Downgraded to Hold.

NIKL. LME nickel prices rallied to about 18,500 dollars a tonne on tightened Indonesian export quotas (via Mysteel), but Q2 net income came in essentially flat versus Q1 despite the tailwind, an execution miss that widened the committee's bearish lean.

OGP. The stock's trailing P/E jumped from 11.35x to 17.62x in just two weeks even as gold ticked up, signaling the market expects Q2 results, due August 5, to show a sharp earnings step-down from Q1's 5,049 dollar per ounce realized gold price.

PCOR. Price fell 2.4% to P2.41 despite a renewed Strait of Hormuz closure and crude rebound to 82 to 89 dollars a barrel, a sign the market doubts the shock will convert into common-shareholder earnings. Q2 results are due August 13.

PGOLD. The stock held flat at P40.85 on no company-specific news. Q2 results due August 6 and the special dividend ex-date on August 14 are the next two events for a business still compounding at under 10x earnings.

PLUS. The stock fell 12% to P9.80 over two weeks as analyst estimates were cut and the price target lowered from P41.03 to P30.89. Q2 results due August 6 will show whether management's guidance for a stable quarter following the e-wallet delinking shock holds.

PNB. H1 2026 net income rose 17% to P14.6 billion and the NPL ratio fell to 4.2% from 4.7% (via Tribune), while the PNB Holdings property-arm listing firmed to a confirmed September 25 date. The call was upgraded from Hold to Buy.

RCR. CEO Jericho Go said on July 16 that a ready sixth sponsor asset infusion is being held back on macro caution, citing Middle East and Fed-policy risk, an unusually candid signal from management (via Philstar). The committee turned unanimously bearish and the call was downgraded to Sell.

RLC. Price eased modestly to P17.00 with no new results. Q2 earnings due August 11 remain the key test of whether the 46% year on year drop in joint-venture equity earnings reflects genuine residential-demand weakness or one-off timing.

SCC. The stock recovered 13.8% from its July low to P23.05 even as the coal-contract rebid Semirara depends on heads into an August-September bidding phase with well-capitalized rivals still in contention and Semirara's own court case against the DOE unresolved (via BusinessMirror).

SECB. Price rose 6% to P67.15 as analyst consensus stayed Strong Buy, but Q1 asset-quality metrics, an NPL ratio of 3.08% and coverage of 81%, have not yet reversed, and Q2 results that would confirm or deny new CEO Victor Lee's turnaround thesis remain pending.

SEVN. The board raised the dividend to P1.10 per share for a second straight year and management turned explicitly bullish for H2 at the July 16 annual meeting, but the stock fell 3% on no news. The August 11 Q2 print is the real confirmation test.

SGP. The ERC's approved P0.06 per kWh transmission-rate increase went live August 1 (via BusinessWorld), and the stock recovered 11% to P28.50 over two weeks. The June ruling opening new transmission projects to third-party builders remains a live, unresolved erosion of NGCP's exclusivity.

SHLPH. No new quarterly data since the last review. Q2 results, due August 19, remain the test of whether core earnings recover from Q1's 87.6% collapse under the government's fuel price-control regime.

SM. H1 2026 net income rose 6% to P42.6 billion, extending a six-year growth streak, even as BDO's own H1 profit came in essentially flat (via SM Investments). The P60 billion buyback remains active, still averaging well below the current price.

SMC. SMC priced a P30 billion preferred share offering at record-high rates of 8.04 to 8.65% in mid-July, with proceeds used almost entirely for debt refinancing rather than growth capex, confirming rising capital-market stress even as book value looks statistically cheap. Q2 results, due July 30, had not yet been published as of this review.

SMPH. The stock pulled back 3% to P18.52 on no news, improving the entry into next week's Q2 print due August 10. The mall segment kept growing, with rental income up 8% in Q1, while residential stayed soft and the board's first buyback in 22 years continued at a modest pace.

TEL. The stock fell 5.3% to P1,184 over two weeks on broad index consolidation rather than company news, lifting the dividend yield to 7.95%. H1 results due August 13 and the VITRO data-center REIT's now-confirmed October listing are the next two catalysts.

URC. Q2 results, released July 24, showed net margin holding at roughly 8.3% for a second straight quarter, the first sign of margin stabilization since 2021, and the stock rose 3% to P63.25 on the news.

WLCON. Q2 EPS of P0.15 missed the P0.16 consensus even as same-store sales stayed positive, leaving the post-turnaround recovery thesis unconfirmed for a second straight quarter.