TEL. Maya IPO Plan Lands as PLDT Trades Near Its Lows

Highlights

• TEL's ₱244.8 billion market cap sits just 4.4% above the stock's 52-week low, a level that prices little beyond the core telco.
• Maya, the group's digital bank and wallet, is targeting a 2027 IPO, with Manuel V. Pangilinan favoring a Philippine listing.
• Vini Research Desk rates TEL a Buy, ~42% upside to our ₱1589.50 fair value.

The Setup

Maya, PLDT's fintech arm, is lining up a 2027 initial public offering, and the group chairman has signaled a preference for listing it on the local exchange rather than offshore. TEL last traded at ₱1,122 and is trading near its 52-week low of ₱1,075 set on Sep. 29, 2026, well below its ₱1,425 high of Feb. 26, 2026. Our momentum read on TEL is Neutral.

Source: PSE disclosure

Our Read

At current levels, the market is valuing PLDT almost entirely as a mature mobile and fixed-line operator, and it gives Maya little visible credit. A domestic listing in 2027 would put a traded price on that stake for the first time, turning a hard-to-value embedded fintech into a marked asset that sits on top of the telco cash flows.

Vini Research Desk rates TEL a Buy, seeing about 42% upside to our fair value of ₱1589.50. A priced Maya stake supports capital appreciation and gives PLDT room to keep growing its dividend, which benefits holders of the Passive Income Plan.

What We're Watching

• PLDT's scheduled investors' briefing and its 2026 earnings and capex outlook
• Maya's IPO registration, offer price and PLDT's retained stake
• A reversal in foreign net selling