First Grade Finance Inc. Managing Director Astro C. del Castillo believes that investors will be risk-averse toward one of the Philippines’s blue-chip telco stocks, especially since the issue is far from conclusion.
PLDT heavily invested in its network over the past four years, building a fiber optic cable footprint of over 1 million kilometers, covering almost all of the provinces and municipalities with a mix of 3G, 4G, and 5G. Despite this, the telco highlighted that, as far as initial investigations are concerned, “fraudulent transactions, procurement anomalies, or loss of assets arising from the capex spend” are “not uncovered.”
Investors, del Castillo, said may “opt to stay away or opt to sell,” their stake in PLDT given the situation. However, some may also take advantage of the expected decrease in stock prices, “but not until the fat lady sings or when the dust settles.”
Source: News Formal (newsformal.com)
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