TEL. VITRO REIT IPO Slips to 2027, Pushing Back PLDT's Deleveraging Cash

Highlights

• PLDT has pushed the VITRO REIT IPO to 2027, delaying a key part of its asset-monetization and deleveraging plan.
• At ₱1,111 and a ₱245.9 billion market cap, TEL trades just above its 52-week low and far below its ₱1,425 February high.
• Vini Research Desk rates TEL a Buy, ~43% upside to our ₱1589.50 fair value.

The Setup

Since our Sept. 29 note, PLDT has deferred the VITRO REIT listing, citing current market conditions and rising interest rates. TEL is trading near its 52-week low of ₱1,075.00, set on Sep. 29, 2026, and is down about 3% over the past month on net foreign selling. Our momentum read on TEL is Bearish.

Source: PSE disclosure

Our Read

This is a timing setback, not a strategic reversal. The REIT exists to turn data-center real estate into cash for debt reduction. That cash now arrives in 2027, so leverage stays where it is for longer while borrowing costs are rising. The size of that eventual cash inflow will only become clear when the refreshed offer price and offer size are set ahead of the 2027 listing. Until then, valuation rests on PLDT's core mobile and fixed-line cash flows.

Vini Research Desk rates TEL a Buy, seeing about 43% upside to our fair value of ₱1589.50. Holding the data-center assets until VITRO can list on better terms keeps that monetization value intact, which supports future dividend growth and capital appreciation for holders of the Passive Income Plan.

What We're Watching

• VITRO REIT's refreshed offer price and size ahead of the 2027 listing
• PLDT's third-quarter results for net debt and dividend signals
• Philippine bond yields, the stated gating factor for the deferral