2TradeAsia

#FY2025UnauditedEarnings $FOOD (US$1.8mn) vs ($3mn), 4Q ($715k) vs ($3.39mn)

#FY2025UnauditedEarnings $CLI P4.03bn* (+0.8%), 4Q P932mn (+4% YoY, +54% vs 3Q) EPS P1.11, 2x *after tax

CAAP added, DoTr is seriously considering solicited mode as this facility is considered to have storng revenue potential, making it attractive for development via PPP.

PAVI’s bid for Iloilo airport rejected. Civil Aviation Authority (CAAP) said the P21bn unsolicited proposal of Villar-owned Prime Asset Ventures (PAVI) to upgrade & operate Iloilo International Airport has been rejected due to deficiencies in documentation.

The new schedule requires gaming system administrators (GSAs) with e-Games & P30mn minimum monthly gross gaming revenue (GGR) to pay the first tranche of P9mn for June-Dec. Period, while GSAs without e-Games & with P15mn minimum monthly GGR are to pay P3mn.

Pagcor provides relief to casino operators. Pagcor suspended the minimum guaranteed fees (MGF) until 01 June, given unfavorable economic conditions.

ITR filing extended to 15 May. BIR extended filing of 2025 annual income tax returns (ITR) to 15 May 2026, to give time to file & pay taxes. BIR chief Charlito Martin Mendoza said this would ease compliance as households & businesses face rising energy costs.

This global growth view assumes quick resolution to the conflict & that energy prices would normalize in 2H26.

IMF lowered global growth outlook. IMF said global economies may be drifting towards an ‘adverse scenario’ of weaker 2.5% growth in 2026, even as it released more benign reference outlook of 3.1%.

ALCO intends to build a steady pipeline of projects, ranging from single & dual towers, to multi-phased projects that would be developed in the long-term.

$ALCO gets PRS Aa on P3bn bonds. ALCO obtained PRS Aa with stable outlook from PhilRatings for the firm’s outstanding Green Bonds amounting to P3bn. ALCO’s gross floor area (GFA) as of 2024 was 456,019sqm. & is entering the ‘next stage’ of its 3-tier plan.

(1) reducioin of EMI’s scope 1 & 2 GHG emission intensity; and (2) increase in use of renewable electricity.

(Banco Bilbao Vizcaya Argentaria, S.A., Singapore Branch, Bank of China (HK) Ltd, DBS Bank) worth EUR300mn (~P21.4bn). The new facility is a sustainability-linked loan (SLL) with two key performance indicators:

$EMI to guarantee unit’s EUR300mn loan. EMI & Emperador Distillers, Inc. will guarantee the refinancing of an existing loan by fully-owned Emperador International Ltd. (EIL) through a facility from a group of lenders

These contractual arrangements were requested by Prime Infra and show the level of trust and confidence that Prime Infra has in FRL (Piki Lopez) and his management team.

Additionally, if Prime Infra exercises its right, it may also cause FGEN to sell its remaining shares in the gas plants to Prime Infra, at the same 25% discount, approx. P8bn.

$FGEN clarified ‘change of management control’ provision with Prime Infra. FGEN confirmed the definitive agreements include ‘change of management control’, specifically during the construction period of Wawa & Pakil Projects.

Smashburger has been named ‘Official Smashburger of the Colorado Rockies’, marking its first official restaurant partnership with a Major League Baseball team. Also, the unit plans to open ~10-12 new stores this year for both traditional & non-traditional format.

Same-store sales for company-owned stores have significantly improved from negative mid-teen levels at the start of campaign rollout, to positive double-digit growth by March 2026, driven by higher transaction volumes.

Smashburger builds marketing momentum. $JFC highlighted Smashburger’s strong commercial momentum with the successful launch of ‘Summer of Smash’ campaign in 3Q25.