Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Maynilad Water Services / Equity Bottom-Up

<ul>
<li>While the Asian stock markets have been mostly focused on the top-tier semiconductor stocks  in the past year, many high quality, dividend yielding stocks have been increasingly ignored.</li>
<li>One of them has been Maynilad Water Services (MYNLD PM) which is one of the largest water and wastewater utilities in the Philippines.</li>
<li>Maynilad Water enjoys an excellent barriers to entry, high EBIT margins (nearly 60%), solid dividend yields (5.6%), and attractive valuations (P/E of 8.4x, P/B of 1.5x, and EV/EBITDA of 8.8).</li>
</ul>


While the Asian stock markets have been mostly focused on the top-tier semiconductor stocks  in the past year, many high quality, dividend yielding stocks have been increasingly ignored.
One of them has been Maynilad Water Services (MYNLD PM) which is one of the largest water and wastewater utilities in the Philippines.
Maynilad Water enjoys an excellent barriers to entry, high EBIT margins (nearly 60%), solid dividend yields (5.6%), and attractive valuations (P/E of 8.4x, P/B of 1.5x, and EV/EBITDA of 8.8).


Asian Dividend Gems: Maynilad Water Services

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Maynilad Water Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maynilad-water-services-inc" target="_blank" data-smartkarma-citation="entities:44852:1" rel="noopener">Maynilad Water Services</a> (MWS) raised around US$520m in its Philippines IPO.</li>
<li>MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Maynilad Water Services (MWS) raised around US$520m in its Philippines IPO.
MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Maynilad Water Services IPO Trading - Main Peer Has Corrected, Still at a Yield Discount

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Philippine Stock Exchange / Equity Bottom-Up

<ul>
<li>We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.</li>
<li>We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation —essential elements for identifying potential multi-bagger opportunities.</li>
<li>In the spotlight is one of our top picks, the <a target="_blank">Philippine Stock Exchange (PSE PM)</a>, which we met at the InvestPH conference and got interesting updates from on the business. </li>
</ul>


We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation —essential elements for identifying potential multi-bagger opportunities.
In the spotlight is one of our top picks, the Philippine Stock Exchange (PSE PM), which we met at the InvestPH conference and got interesting updates from on the business. 


Shortlist of High Conviction Philippines Equity Ideas - March 2026

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This deal for <a href="https://www.smartkarma.com/entities/qube-holdings-ltd" target="_blank" data-smartkarma-citation="entities:958:1" rel="noopener">Qube Holdings (QUB AU)</a> from Macquarie should really get competitive. Scarce and strategic assets  - and nothing else like it that's listed. </li>
<li>As <a href="https://www.smartkarma.com/entities/digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:1697:1" rel="noopener">Digital Holdings (2389 JP)</a> goes higher, "This is Japan" risk increases; but those who didn't sign up say "wait a minute, that's real money" also goes up.</li>
<li>
<a href="https://www.smartkarma.com/entities/wynn-resorts-ltd" target="_blank" data-smartkarma-citation="entities:606:1" rel="noopener">Wynn Resorts (WYNN US)</a> is at extreme levels vs. <a href="https://www.smartkarma.com/entities/wynn-macau-ltd" target="_blank" data-smartkarma-citation="entities:473:1" rel="noopener">Wynn Macau Ltd (1128 HK)</a>; yet consensus indicates considerably higher forward EBITDA growth for Resorts stub ops vs. Macau.</li>
</ul>


This deal for Qube Holdings (QUB AU) from Macquarie should really get competitive. Scarce and strategic assets  - and nothing else like it that's listed. 
As Digital Holdings (2389 JP) goes higher, "This is Japan" risk increases; but those who didn't sign up say "wait a minute, that's real money" also goes up.

Wynn Resorts (WYNN US) is at extreme levels vs. Wynn Macau Ltd (1128 HK); yet consensus indicates considerably higher forward EBITDA growth for Resorts stub ops vs. Macau.


Last Week In Event SPACE: Qube Holdings, Digital Holdings, Wynn Resorts/Macau, SNT/SMEC

<ul>
<li>The proposed spin-off - from 49.9%-held MPIC - and listing of <a href="https://www.smartkarma.com/entities/maynilad-water-services-inc" target="_blank" data-smartkarma-citation="entities:44852:1" rel="noopener">Maynilad Water Services (MYNLD PH)</a> completed on the 7th November. </li>
<li>Priced at PHP 15/share, Maynilad closed yesterday at PHP 14.82/share, down 1.2%. </li>
<li>
<a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a>'s indirect/direct holding in Maynilad is estimated at 19.1%, accounting for ~6% of NAV. </li>
</ul>


The proposed spin-off - from 49.9%-held MPIC - and listing of Maynilad Water Services (MYNLD PH) completed on the 7th November. 
Priced at PHP 15/share, Maynilad closed yesterday at PHP 14.82/share, down 1.2%. 

First Pacific Co (142 HK)'s indirect/direct holding in Maynilad is estimated at 19.1%, accounting for ~6% of NAV. 


First Pacific (142 HK)'s Full Value As Maynilad Commences Trading

Philippines

Maynilad Water Services, Inc. is a private utility company that provides water and wastewater services to cities and municipalities in the West Zone of the Greater Manila Area, Philippines. It manages, operates, and invests in water distribution and sewerage systems, delivering safe, potable water and sanitation solutions. The company is headquartered in Quezon City, Philippines, and was founded in 1997.

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Maynilad Water Services (MYNLD PM)

Asian Dividend Gems: Maynilad Water Services

Asian stock markets have overlooked high quality dividend yielding stocks like Maynilad Water Services, a top water utility in the Philippines...

Douglas Kim

Maynilad Water Services IPO Trading - Main Peer Has Corrected, Still at a Yield Discount

Maynilad Water Services (MWS) raised around US$520m in its Philippines IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Shortlist of High Conviction Philippines Equity Ideas - March 2026

We compile our selection of small and mid-cap names with desired characteristics of high dividend yields, value, and margin of safety, and updates...

Sameer Taneja

Last Week In Event SPACE: Qube Holdings, Digital Holdings, Wynn Resorts/Macau, SNT/SMEC

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

First Pacific (142 HK)'s Full Value As Maynilad Commences Trading

First Pac has had a great run-up in the past 12 months. I don't see any near-term catalyst for the unlisted stub ops. If in (stub set up), I'd be...

David Blennerhassett

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Asian Dividend Gems: Maynilad Water Services

​Asian stock markets have overlooked high quality dividend yielding stocks like Maynilad Water Services, a top water utility in the Philippines...

Douglas Kim

Maynilad Water Services IPO Trading - Main Peer Has Corrected, Still at a Yield Discount

Maynilad Water Services (MWS) raised around US$520m in its Philippines IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Shortlist of High Conviction Philippines Equity Ideas - March 2026

We compile our selection of small and mid-cap names with desired characteristics of high dividend yields, value, and margin of safety, and updates...

Sameer Taneja

Last Week In Event SPACE: Qube Holdings, Digital Holdings, Wynn Resorts/Macau, SNT/SMEC

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

First Pacific (142 HK)'s Full Value As Maynilad Commences Trading

First Pac has had a great run-up in the past 12 months. I don't see any near-term catalyst for the unlisted stub ops. If in (stub set up), I'd be...

David Blennerhassett

Asian stock markets have overlooked high quality dividend yielding stocks like Maynilad Water Services, a top water utility in the Philippines...