Loading, Please wait ...

Philippine Long Distance Telephone Company

Please contact us if you would like to upgrade your account to include access to financial models

Please contact us if you would like to upgrade your account to include short term strategies for this stock.

PHI.N

ISIN: US7182526043
SEDOL: 2685654

Rating:

SELL

Target Price:

42.03 USD

Investment Horizon:

6 to 12 months
2nd Mar 2010 View Report   Download

4Q 09 & FY 2009 News Alert

Philippine Long Distance Telephone Company's (PLDT) FY 2009 revenues were in line with our estimate. Growth in revenues was supported by strong performance from the Wireless segment, supported by the Fixed Line and Information Communication Technology (ICT) segments. The company has given optimistic guidance with the Meralco investment expected to boost FY 2010 earnings....

11th Dec 2009 View Report   Download

9M 09 Update Report

In 3Q 09 there was a consistent decline in the blended ARPU, higher than our anticipation, reflecting the impact of intensifying competition in a market nearing maturity. Moreover, as we believe that further growth in subscriber-base will come from non-urban low ARPU areas, we expect cellular ARPU to continue its declining trend, going forward. Nonetheless, we anticipate data to drive revenue growth…

3rd Nov 2009 View Report   Download

3Q 09 News Alert

While Philippine Long Distance Telephone Company’s (PLDT) 9M 09 revenues were in line with our estimate, operating and adjusted1 net margins were marginally below our estimates. Growth in revenues was supported by moderate performance from all three segments, whereas operating and adjusted net margins were below our estimates due to higher-than-expected Depreciation and Amortization (D&A;) expenses, partially offset lower-than-expected net finance costs....

20th Aug 2009 View Report   Download

1H 09 Update Report

In 2Q 09, although a decline in blended ARPU was higher-than-expected, revenues increased primarily due to higher-than-expected growth in subscriber-base. We believe that Philippine cellular market has reached near maturity and the future growth in subscriber-base will come from low ARPU rural areas. This coupled with intensifying competition and increased regulatory interference in the region we expect blended ARPU to continue its declining trend, going forward....

4th Aug 2009 View Report   Download

2Q 09 News Alert

The Philippine Long Distance Telephone Company's (PLDT) 1H 09 revenues and margins were in line with our estimates. However, adjusted net margin improved significantly y-o-y due to a decrease in the corporate tax rate in the Philippines. Growth in revenues was supported by moderate performance from all the three segments. As we now expect an improvement in the subscriber-base growth rate, going forward, reflecting improved consumer…