PLDT whiffs as Q1 net income down 12% y/y, capex on chopping block (Friday, May 8)

[lilbithmb]

Happy Friday, Barkada --​

The PSE closed up 14 points to 5654 [▲0.25%].​

Daily meme​

COVID Update​

WW:  3903965  ▲1%
PH:  10343  ▲3%

Top 3 MB indices:​

 #COVID-19   ▲2.63%
 POGO Prop.  ▲1.93%
 D30 Targets ▲1.64%

Bottom 3 MB indices:​

 Telco       ▼3.10%
 2019 IPOs   ▼2.64%
 POGO Gaming ▼2.01%

Main stories covered:​

1. China Bank posts Q1 net income increase of 19% y/y
2. Philippine GDP actually shrank 0.2% in Q1; the first contraction since the 1998 Asian Financial Crisis
3. Robinsons Land posts Q1 net income gain of 82% y/y
4. PLDT posts Q1 net income decrease of 12% y/y

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[minnie19]

@lilbithmb If I were a corporate big wig, I'd say declare all the one off losses now. Blame pandemic. Next reporting periods, very strong recovery.

 

[lilbithmb]

@minnie19 That's my thinking; it's like... some of the companies are trying hard to make it look like they aren't suffering, so apply accounting tricks, and then others are making moves that cause drops now because how much worse can it hurt?

 

[modechristina]

@lilbithmb Shouldn't Telco be more resilient to the lockdown?

 

[lilbithmb]

@modechristina Telco should. But it looks like Globe is expecting Q2 to suck in part because people will have less discretionary income to spend on data