PLDT Inc. emerged as one of the top dividend payers amid growing market turbulence, according to the latest strategy note from Macquarie Capital.
With the Philippine Stock Exchange index (PSEi) dropping 4.3 percent to a new 52-week low of 5,822.85 as of April 7, investors are shifting focus toward stability and income—turning to companies like PLDT, whose steady dividends help offset the market’s growing unpredictability.
Macquarie, in its April 8 report, reiterated its “Outperform” rating on PLDT, citing a 2025 forecast dividend yield of 9.3 percent—among the highest in the market and well above the PCOMP’s 3.7 percent average.
The firm also set a target price of P1,800, representing a 47-percent upside from PLDT’s April 7 closing price of about P1,224.
Telecoms stand out as dividend contributors, and PLDT ranks among the top payers, supported by a solid estimated 2025 return on equity of 33 percent.
The report also flags risks: “Revenues could weaken on lower pre-paid ARPU and lower-quality customer base. Risk of dividends declining in tandem for 2025.”
Despite this, it emphasized the importance of revisiting high-quality dividend names as investors seek safety in a volatile market. In this context, PLDT remains one of the market’s most attractive income plays.
PLDT reported a net income of P32.3 billion last year, up 21 percent from P26.6 billion in 2023.
The company’s consolidated service revenues amounted to P194.7 billion in 2024, up by 2 percent compared to 2023.
Telco core income, excluding the impact of asset sales and losses from Maya Innovations Holdings, reached P35.1 billion, up by 2 percent from the previous year’s.
