First Metro spots Jollibee, RRHI MSCI exits ahead of rebalancing

Mark Angeles 

FirstMetroSec research head 

The latest MSCI Philippines rebalancing largely played out in line with earlier expectations from First Metro Securities, including the removal of Jollibee Foods Corp. from the Standard Index and the exit of Robinsons Retail Holdings Inc. from MSCI’s broader Philippine stock index.

Ahead of the announcement, the brokerage had flagged JFC as vulnerable to deletion after rising market cap thresholds pushed the fast-food giant below MSCI’s cutoff on several review dates.

It also projected RRHI’s likely removal following the Gokongwei-led retailer’s planned delisting.

Following the MSCI decision and JFC’s weaker-than-expected first-quarter earnings, First Metro reinstated a “hold” rating on the stock with a P145 target price after cutting earnings forecasts by more than 40 percent.

JFC slipped about 3 percent to P136.20 each on Monday’s morning session. 

First Metro had also warned that the May 2026 review would be unusually volatile due to MSCI’s shift to a new tiered free float methodology affecting stock weights across the Philippine market.

—Edited by Miguel R. Camus