FPH to Continue Share Buybacks Amid Undervalued Stock

First Philippine Holdings Corp. (FPH) of the Lopez Group is ready to buy back more shares, believing its stock is currently undervalued. FPH president and chief operating officer Francis Giles Puno stated during the company's annual stockholders' meeting that the company has been actively purchasing its own shares since the buyback program commenced in 2010. To date, FPH has acquired a total of 185 million shares, representing 31 percent of its pre-buyback outstanding shares, and has disbursed P13.1 billion to its shareholders. "Given the undervaluation of FPH shares, we believe that the best way forward is to continue the buyback program. This will benefit loyal shareholders who choose to remain with the company as they will own a larger share of a valuable company," Puno explained. He added, "For shareholders who wish to sell their shares, FPH through the share buyback program serves as a ready buyer, providing them with an immediate opportunity to realize the value of their investment at fair market value." Puno also noted that the program distributes cash to shareholders, with FPH set to pay P3.4 billion to its shareholders under the share buyback initiative in 2025. FPH shares closed at P87.50 yesterday, a 2.29 percent decrease from P89.55 the previous day. The stock's 52-week low is P70.10, and its 52-week high is P120. The company held its annual stockholders' meeting yesterday, following previous postponements due to issues related to the legal dispute between FPH chairman and CEO Federico “Piki” Lopez and Lopez Inc. FPH is part of the Lopez Group of companies, with Lopez Inc. serving as its ultimate parent firm. In his report, Piki Lopez discussed the group’s theme, "compounding good choices," as FPH celebrates its 65th anniversary this year. "Milestones like this naturally invite us to look back. But perhaps their greater value is that they make us look forward. What will it take for FPH to remain relevant and purposeful for the next 65 years?" he remarked. FPH is a holding company with investments in power generation, energy solutions, residential and commercial real estate, industrial real estate, as well as construction and energy services. Piki Lopez stated that over 65 years, FPH has been shaped by choices across many generations. "We inherited businesses and assets. But we also inherited capabilities, partnerships, values and trust accumulated across decades," he concluded.