https://linktr.ee/lunasecuritiesinc

Luna Securities Inc., Ortigas Center, Pasig (2026)

27/08/2026

Good Morning! Morning Coffee's Ready for August 28, 2026!

Get your cup of the latest news regarding Corporate, Economic, and Foreign news, brought to you by Luna APSIS.

26/08/2026

Good Morning! Morning Coffee's Ready for August 27, 2026!

Get your cup of the latest news regarding Corporate, Economic, and Foreign news, brought to you by Luna APSIS.

25/08/2026

Strong Sales, Resilient Growth: Emperador Delivers 5% Topline Expansion Led by Sustained Spirits Momentum

Emperador Inc. (EMI) delivered solid top-line expansion in the first half of 2026, generating ₱29.60 billion in consolidated total revenues (+5.0% YoY) led by steady growth across both its brandy (₱19.20 billion, +4.0% YoY) and whisky (₱10.40 billion, +7.0% YoY) portfolios! Second-quarter momentum accelerated notably, with brandy revenues surging to ₱10.50 billion (+20.0% QoQ) driven by Clvb Emperador and Fundador Super Special, while whisky revenues jumped to ₱5.80 billion (+24.0% QoQ) behind strong single malt demand and new releases like Dalmore 17 YO and Tamnavulin 12 YO. Although higher operational, depreciation, and interest expenses squeezed net income attributable to the parent to ₱3.74 billion (-6.4% YoY), a planned ₱2.40 billion annual CAPEX—focused heavily on whisky maturation sites, warehouse facilities, and production upgrades across China, Northern Asia, Indochina, Europe, and the US—positions the company for market share gains into 2027. Trading at ₱15.00 per share, EMI paints a mixed valuation picture under the APSIS framework: its price touches the maximum PER band (14.90x), reflecting strong top-line market optimism, while remaining below its average PBR band (16.86x), highlighting attractive asset backing as revenue expansion works to overcome short-term margin pressures!

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25/08/2026

Robust Real Sstate and Non-VIP Gaming Growth Led Alliance Global Earn P16 Billion

Alliance Global Group Inc. (AGI) delivered resilient profitability in the first half of 2026, generating ₱89.92 billion in consolidated total revenues (+2.7% YoY) and ₱16.03 billion in consolidated net income (+2.7% YoY, excluding GADC deconsolidation gains)—anchored by its property, non-VIP mass gaming, and spirit segments! Megaworld Corporation led performance with ₱44.20 billion in total revenues (+15% YoY reservation sales to ₱63.00B; ₱11.40B rental income; ₱3.10B hotel revenues boosted by Belmont Hotel Iloilo and Mactan Expo during the 48th ASEAN Summit), while Travellers International generated ₱15.20 billion in net revenues (+1% YoY; ₱9.60B mass gaming, ₱3.90B non-gaming at 86% occupancy) ahead of Q4 openings for Westside Resort and Narra Palm Resort & Villas. Emperador Inc. sustained top-line recovery with consolidated revenues reaching ₱29.60 billion (+5% YoY; ₱19.20B brandy sales, ₱10.40B whisky sales) despite attributable net income easing to ₱3.70 billion (-6% YoY). Trading at ₱9.72 per share, AGI sits slightly above its APSIS Valuation Cycle Averages (PER: 7.53x | PBR: 9.50x), validating its durable asset backing and high-quality earnings mix as aggressive township scaling and recurring real estate income continue to compound through market cycles!

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17/08/2026

RLC Defies Property Downturn as Diverse Property Portfolio Drives Double Digit Profits Growth to P9 Billion

Robinsons Land Corporation ($RLC) defied broader real estate market headwinds in the first half of 2026, boosting consolidated net income to ₱9.02 billion (+12% YoY) on ₱25.42 billion in consolidated revenues (+10% YoY)! Growth was anchored by its resilient recurring investment portfolio—spanning lifestyle malls, offices, hotels, and logistics warehouses—which generated 72% of total top-line earnings at ₱18.40 billion, led by Robinsons Malls at ₱10.03 billion (+6% YoY with a 94% occupancy rate) and Logistics & Industrial jumping to ₱561 million (+25% YoY). Meanwhile, the development portfolio expanded to ₱5.81 billion (+23% YoY), driven by strong construction ex*****on and residential top-line gains of ₱6.53 billion (+20% YoY). Supported by ₱7.47 billion in 1H CAPEX, RLC trades at ₱17.30 per share, moving near its normal APSIS cycle valuation targets (PER 17.88x | PBR 17.85x)—reflecting neutral market sentiment around interest rates while highlighting a diversified, high-margin property giant with strong capital efficiency!

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17/08/2026

How TEL is Capitalizing on Enterprise Growth, Cost Discipline, and Data Infrastructure to Drive Margins

PLDT Inc. ($TEL) sustained resilient profitability in the first half of 2026, generating ₱108.73 billion in consolidated gross service revenues (+2% YoY) and ₱56.05 billion in consolidated EBITDA (+1% YoY) to maintain an industry-leading 52% EBITDA margin! Core earnings held firm with Telco Core Income at ₱16.60 billion and Consolidated Core Income reaching ₱17.30 billion—lifted by Maya’s digital banking expansion (₱39.00B in loans, +71% YoY) and ePLDT VITRO data center momentum (~34MW activated capacity). Expansion was anchored by Enterprise service revenues climbing to ₱24.80 billion (+5% YoY), while cash cost discipline (cash OPEX down -0.2% YoY to ₱41.72B) and declining CAPEX intensity (₱35.30 billion) accelerated deleveraging toward a healthy 2.6x Net Debt-to-EBITDA ratio. Supported by an interim cash dividend of ₱46 per share (~8% yield), TEL trades near historical cyclical floors at ₱1,280.00 per share—sitting near its APSIS Cycle Low targets (PER: ₱1,250.00 | PBR: ₱1,215.00 | PDR: ₱1,230.00) while offering strong double-digit upside toward Cycle Averages (PER: ₱1,480.00 / +15.63%) for a high-yielding telecom and data infrastructure powerhouse!

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14/08/2026

Stronger Sales, Consistent Demand Helped Lift Wilcon Depot’s Profits for H1 to P1.2 Billion

Wilcon Depot, Inc. ($WLCON) delivered resilient first-half 2026 performance, lifting net income to ₱1.20 billion (+3.5% YoY) on ₱18.98 billion in net sales (+10.9% YoY) driven by sustained home improvement demand, higher transaction volumes (+1.6%), and expanding average ticket sizes (+4.9%) across all geographic regions! Momentum accelerated in 2Q with net sales surging 12.7% YoY to ₱9.81 billion and same-store sales growth (SSSG) rising 8.4%, offsetting a gross margin compression to 50.5% caused by a shift toward lower-margin non-exclusive brands. Fueled by ₱1.20 billion in 1H CAPEX, Wilcon opened 5 new locations (bringing its footprint to 109 stores) with 3 more planned in 2H. Trading at ₱5.96 per share, the stock moves near its APSIS minimum PER (5.83x) and PBR (5.65x) valuation bands—reflecting temporary market pessimism surrounding a soft real estate sector—while offering a high-conviction fundamental entry for a high-volume, low-debt retail leader poised for long-term growth.

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14/08/2026

Resilient Momentum: How MONDE is Leveraging Core APAC BFB Strength and Meat-Free Margin Expansion to Power Earnings Growth

Monde Nissin Corporation (MONDE) delivered high-margin profitability in the first half of 2026, posting a 31.2% YOY jump in reported net income to ₱5.79 billion on ₱44.30 billion in consolidated revenues (+6.8% YOY)! Core performance was anchored by its dominant Asia-Pacific Branded Food & Beverage (APAC BFB) division, which generated ₱36.91 billion (+5.9% YOY) thanks to strong biscuit and beverage demand alongside forward-hedged wheat and palm oil costs. Crucially, the Meat-Free (Quorn) segment executed a full operational turnaround—turning Core Net Income profitable to ₱110 million and driving Protein Core EBITDA up 3.5x to ₱574 million. Backed by ₱7.47 billion in free cash flow, a low 0.10x net debt-to-equity ratio, and a ₱6.49 billion CapEx rollout, MONDE is trading at ₱10.20 per share—right near its APSIS PER cycle average (₱10.15) with an upside target of ₱12.80 (+25.5%).

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13/08/2026

Manila Water Sustains Robust Performance as Profits Rose to P22.18 Billion

Manila Water Company (MWC) delivered a strong first half, with consolidated revenues surging 11% YOY to ₱22.18 billion and net income rising 6% to ₱8.47 billion! Operational gains were anchored by higher tariff adjustments, an expanding network of 1.42 million customers, and an industry-leading non-revenue water (NRW) loss reduction to 13.5%. Following its full buyout of WawaJVCo. Inc. to secure long-term raw water supply, Manila Water continues to strengthen resilience against El Niño and external cost volatility. Currently trading at ₱33.95 per share, the stock trades below its minimum APSIS PER band (36.25) and average PBR band (36.65)—offering a clear valuation discount despite robust underlying profitability and strategic growth.

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13/08/2026

How PNB is Capitalizing on Core Banking Discipline and Asset Monetization to Power Earnings Growth

Philippine National Bank (PNB) delivered an impressive 1H performance, with net income jumping 17% YOY to ₱14.6 billion on ₱35.0 billion in total operating revenues! Supported by an industry-leading 78% CASA deposit ratio that slashed interest expenses by 15%, PNB accelerated consumer lending (+21% YOY) and surged non-interest gains through aggressive ROPA asset sales (+117% YOY to ₱4.13B). Gross NPLs improved to 4.2% while ROE climbed to 12.1%. Currently trading at ₱62.45 per share, the stock sits near its historical PER and PBR cycle ceilings (Cycle High PER: ₱63.34 | Cycle High PBR: ₱62.70)—reflecting market recognition of its earnings turnaround. With a strong 19.4% CET1 ratio and robust core funding, is PNB positioned to sustain its high-margin growth?

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