Maynilad Water Services (MYNLD) soared to a record high on Wednesday, climbing above P20 for the first time since its November 2025 initial public offering.
The company, one of the largest water concessions in the Philippines, gained as much as 6 percent before finishing at P20.15, up 3.23 percent.
Maynilad, which is backed by Manuel V. Pangilinan-led Metro Pacific Investments, the Consunji family’s DMCI Holdings and Japanese giant Marubeni, listed on Nov. 7, 2025 at P15 per share.
The rally came after the closely followed MSCI kept the Philippines’ main index unchanged but added Maynilad to its small capo index, which takes effect after Feb. 27 this year.
This matters because index inclusion typically attracts fresh buying from passive funds tracking the benchmark.
Tycoon Enrique Razon Jr.'s Apex Mining Co. was also included in the MSCI small cap basket, causing the firm to rally 2.4 percent on Wednesday.
What’s next?
Shawn Atienza, research analyst at AP Securities, said Maynilad had already surpassed their “best case” price of P20.40 each intraday.
The firm could be due for a price upgrade, but analysts would first need to see the latest financial results to confirm this.
“We see a MYNLD positive rerating for MYNLD this year as rate rebasing and tariff adjustments were just implemented recently. Also, the huge reduction in [non revenue water] is expected to increase top line,” Atienza said.
"We shall see analyst reratings somewhere around the tail end of June," he added.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
