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Investing.com - CLSA downgraded Manila Electric Co (PSE:MER) from Outperform to Hold and lowered its price target to PHP570.00 from PHP585.00 on Thursday.
The research firm cited meager volume growth of 0.5% year-over-year in Manila Electric’s distribution business due to a high base effect, which prompted CLSA to slightly downgrade its estimates for the company.
Manila Electric, commonly known as Meralco, reported first-half core earnings of P25.5 billion, representing a 10% increase year-over-year, which aligned with CLSA’s estimates despite the distribution challenges.
The power company’s generation business continues to be a bright spot, now contributing almost half of Meralco’s bottom line, according to CLSA’s analysis of the financial results.
CLSA noted that Meralco’s Terra Solar project remains on track for the first half of 2026, while the company’s liquefied natural gas (LNG) operations continue to ramp up production.
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