PNB Holdings closes flat on debut week as property dividend selling meets buyer demand
PNB Holdings Corp. ended its first week on the Philippine Stock Exchange unchanged at P1.20, with 1.07 billion shares worth P1.27 billion traded. Selling by recipients of a property dividend from parent Philippine National Bank was largely absorbed by value buyers, keeping the stock flat while the b
Shares of PNB Holdings Corp. closed flat week on week following its debut on the Philippine Stock Exchange (PSE), as selling by recipients of a property dividend was met by buying interest, according to an equity trader. PNB Holdings was the fifth most actively traded stock last week, with 1.07 billion shares worth P1.27 billion changing hands.
The stock closed at P1.20 on Friday, unchanged from its closing price on its 25 Sept debut. This compared with declines of 1.4% in the property sector and 3.4% in the PSE index over the same period.
“I’d call the reception active but cautious. LTL opened weak at P0.75, swung between P0.70 and P1.24, and closed unchanged at its P1.20 listing price,” First Resources Management Corp. Equity Trader Jervin S. de Celis said. “About 952.8 million shares worth roughly P1 billion changed hands on day one. That turnover came from a large base of property-dividend recipients, who got the shares without paying for them, trading against bargain hunters.”
PNB Holdings listed on the local bourse under the ticker symbol LTL by way of introduction, with 46.93 billion existing shares. Of the total, parent Philippine National Bank declared 23.9 billion PNB Holdings shares as property dividends to its shareholders. Unlike an initial public offering, the listing by way of introduction did not involve the sale of new shares or raise fresh capital for the company.
“High value traded with no net price move means supply and demand were roughly matched. Recipients of the property dividend were selling, and value buyers were absorbing those shares near the listing price,” Mr. de Celis said. He said supply and liquidity were the main factors affecting the stock’s performance during the week. “Management also said it is waiting for market conditions to improve before undertaking large-scale redevelopment of its Makati and Pasay properties, so there was no near-term growth catalyst to rerate the stock.”
PNB Holdings President Karlu Tan Say earlier said the listing was intended to provide longtime shareholders with price transparency and greater liquidity. Following the listing, Chief Financial Officer Ponciano S. Carreon Jr. said the company was considering property acquisitions and developments in strategic locations across Metro Manila. PNB Holdings last week also announced a new office tenant at PNB Makati Center, where RNDMD is set to open a creative studio.
The company’s rental and other dues revenue rose by 26.2% to P634.27 million in the first half from P502.71 million a year earlier. For the second quarter, rental and other dues revenue increased by 36.4% to P315.71 million from P231.36 million in the same period last year. Mr. de Celis expects third-quarter revenue to range from P320 million to P340 million, which would put full-year 2026 revenue at roughly P1.28 billion to P1.35 billion, or about 6% to 11% above the reported FY 2025 revenue of P1.21 billion.
