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Research Analysts at Unicapital Securities, Inc.

Makati City
Joined September 2017
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Currency. The Peso weakened by 45 centavos to PhP 63.70 per dollar on Thursday from PhP 63.25 a day earlier, its weakest close in nearly two weeks, as stronger-than-expected US inflation and hawkish Federal Reserve remarks fueled expectations of further rate hikes.
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The dollar index rose 0.11% to 102.98, while higher global oil prices also weighed on the peso. Trading volume increased to USD 1.72B from USD 1.42B previously.
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Oil. Oil prices fell on Thursday, with Brent crude down 0.58% to USD 92.22/bbl and WTI declining 0.77% to USD 85.86/bbl, as expectations of higher OPEC+ output outweighed persistent geopolitical risks in the Middle East and Ukraine.
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OPEC+ crude production increased in October, led by higher Saudi Arabian output, despite shipping disruptions through the Strait of Hormuz.
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Both benchmarks were also headed for a weekly decline as markets continued to monitor developments in the region and the delayed US EIA inventory data.
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US stock market. US stocks fell on Thursday as investors assessed leadership changes at Nvidia and renewed uncertainty surrounding the Middle East conflict.
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The Nasdaq Composite declined 0.39% to 25,366.09, while the S&P 500 fell 0.35% to 7,592.40 and the DJIA dropped 0.36% to 52,297.09.
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Nvidia shares fell more than 4% to a 52-week low after CEO Jensen Huang’s reported departure, while AMD and Broadcom gained more than 5% each as investors rotated toward AI chip competitors.
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$PSEi. The Philippine Stock Exchange index (PSEi) fell 0.57% to 5,660.55 on Thursday, extending its decline to a second straight session, as investors remained cautious amid limited catalysts, third-quarter earnings, and the upcoming MSCI rebalancing.
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All sectors closed lower, led by mining and oil, which dropped 3.91%. Total market turnover increased to PhP 7.52B from PhP 6.08B, while decliners outnumbered advancers 131 to 41.
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Meralco and PLDT fell around 4% and 3%, respectively, as investors positioned ahead of their removal from the MSCI Philippines Standard Index.
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$AGI. Alliance Global Group, Inc. reported an 18% increase in third-quarter attributable net income to PhP 3.9B, while consolidated net income rose 11% to PhP 6.3B.
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Adjusted consolidated revenues grew 12% to PhP 47.7B, driven by stronger liquor sales and higher contributions from property leasing and hotel operations. For the first 9M26, net income increased 5% to PhP 22.3B, while adjusted revenues rose 6% to PhP 137.6B.
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Subsidiary Emperador posted 47% growth in third-quarter net income, while Megaworld's nine-month net income increased 6% to PhP 19B. Meanwhile, Travellers International recorded PhP 23.1B in nine-month net revenues, supported by 16% growth in non-gaming revenues.
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$BNCOM. Bank of Commerce reported a 20% increase in third-quarter net income to PhP 1.06B, bringing nine-month net profit to PhP 3.17B, up 15.5% YoY.
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Net interest income rose 26.4% to PhP 3.48B, driven by growth in earning assets, while net interest margin improved to 4.88% from 4.34% at end-2025. Total operating income increased 17.5% despite a 33% decline in non-interest income.
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Loans and receivables were broadly flat at PhP 162.89B, with a gross NPL ratio of 1.52% and NPL coverage of 82.3%. Total deposits increased slightly to PhP 223.96B, resulting in a 72% loan-to-deposit ratio.
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$TEL. PLDT Inc. reported a 15.4% decline in third-quarter attributable net income to PhP 5.23B, bringing nine-month net income down 8.4% to PhP 21.67B.
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Capital expenditures declined 15% to PhP 36.6B, supporting positive free cash flow, while net debt stood at PhP 285.6B.
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Meanwhile, PLDT deferred the planned VITRO REIT IPO to 2027 amid unfavorable market conditions and rising interest rates, although it continues to explore a strategic partnership for its data center business.
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