First Pacific Co Ltd
(MEX:FPAFY N)
MXN
42.68
(0%)
Market Cap: 36.38 Bil
Enterprise Value: 317.05 Bil
PE Ratio: 4.74
PB Ratio: 0.61
GF Score: 86/100 
Half Year 2026 First Pacific Company Limited Earnings Call Transcript
Aug 27, 2026 / 09:00AM GMT
Release Date Price:
MXN42.68
Key Points
Positve
- First Pacific Co Ltd (FPAFF) achieved its second-highest recurring profit ever, despite currency headwinds from the weaker Indonesian rupiah and Philippine peso.
- S&P upgraded First Pacific Co Ltd (FPAFF)'s credit rating to BBB with a stable outlook, reflecting improved financial strength and a more favorable view of its asset values.
- Indofood, a key subsidiary, posted record-high revenues and core profit, with its food division ICBP expecting sales growth of up to 7% and a strong EBIT margin of 20-22% for the full year.
- Metro Pacific delivered a record-high core profit, driven by strong performances from Meralco, toll roads, and Maynilad, with expectations of a fourth consecutive record year.
- PLDT achieved its highest-ever first-half service revenues and EBITDA, with positive free cash flow and a dividend yield of 8%, while its fintech arm Maya saw a significant increase in contribution.
- The company maintains a stable dividend yield of approximately 5.4%, with an unchanged interim distribution of 13 HK cents per share.
- Philex Mining's Padcal mine doubled its contribution to First Pacific Co Ltd (FPAFF)'s earnings due to higher metal prices, and the new Silangan mine is on track for commercial operations by end-2026.
- The company has a strong liquidity position with an interest coverage ratio of 4.8x and a manageable debt maturity profile, with plans to refinance its upcoming bond without taking on new debt.
- PLDT's capital expenditure as a percentage of service revenues has fallen below 20%, and the company has continued to generate positive free cash flow.
- The company's gross asset value is diversified across Indofood, MPIC, PLDT, and Philex, with potential for revaluation as more subsidiaries become listed or undergo mergers.
Negative
- First Pacific Co Ltd (FPAFF)'s recurring profit declined 3% year-over-year, impacted by weaker Indonesian rupiah and Philippine peso exchange rates.
- Pacific Light Power (PLP) saw a 26% decline in core profit due to lower non-fuel margins on renewed retail contracts, and faces potential gas supply disruptions from Shell's force majeure.
- The company's head office other expenses rose significantly (about three times year-over-year) due to accruals for a new long-term incentive scheme.
- Indofood's foreign exchange losses were substantial, with a $51 million loss in the first half, largely due to unhedged USD bonds and rupiah depreciation.
- The potential regulatory change in the Philippines regarding system loss charges could negatively impact Meralco's profitability, though the company believes it won't be the one to bear the cost.
- The Padcal mine experienced lower tonnage and grades due to aging equipment, leading to a 9% decline in revenues, despite higher metal prices.
- The company's net asset value (NAV) discount remains a concern, though management argues it is overstated due to conservative accounting for MPIC.
- The refinancing of the $350 million bond due in September 2027 is subject to volatile market conditions, and the company is not in a rush to lock in terms.
- The new PLP power plant's commercial operation is not expected until mid-2029, and there is uncertainty about contract renewals and ramp-up to full capacity.
- Indofood's dividend payout ratio is relatively low at around 24%, and management has not indicated any plans to increase it, despite a large cash balance.
Sara Cheung;John Ryan
First Pacific Company Limited - Vice President - Group Corporate Communications;First Pacific Company
Good day, everyone. Thank you for joining this online evening to discuss First Pacific 2026, first six months financial and operating results. The results presentation, as usual, is available on the First Pacific website, www.firstpacific.com, under the Investor Relations Session presentation page.
This results giving is being recorded and the remind will be available on First Pacific website this evening.
In the investor relations session. If there's any participant from the media, please look, the Q&A session is open for investors and earners only. If you would like to raise questions, please contact us when the briefing finishes.
Today, we have with us our CFO, Mr. Joseph Ng, Associate Director John Ryan, and other senior executives from the head office in Hong Kong. Over to you, John, for the presentation, please.
Thank you much, Sarah.
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