First Metro Securities said Maynilad’s strong post-initial public offering rally and improving liquidity position it for inclusion in the Philippine Stock Exchange index, or PSEi.
The PSEi is the country’s basket of the 30 largest and most actively traded companies, which matters as it typically drives institutional flows and boosts stock visibility.
August rebalancing
“MYNLD is eligible for early inclusion into the PSE, as it will meet the six-month minimum trading requirement before end-June 2026,” First Metro said in a note to investors dated May 4, 2026.
“It pointed out the stock has rallied nearly 50 percent since its November 2025 IPO, lifting it to 22nd place by full market cap, while trading activity suggests it will meet early entrant liquidity thresholds by ranking within the top 20 percent in median daily trades for at least six months.”
“Taken together, these factors make MYNLD’s entry into the index highly probable, with the company poised to displace the lowest-ranked constituent in the upcoming review,” First Metro said.
Who is at risk of deletion?
Maynilad’s entry sets up a three-way contest for deletion, with Converge ICT Solutions Inc. currently most at risk, followed by DigiPlus Interactive Corp. and ACEN Corp.
First Metro estimates a 40 percent probability that Converge will be removed, while ACEN and DigiPlus each face roughly a 30 percent chance. It cautioned that this will depend on price performance and trading activity over the next two months.
Converge ranks last among index constituents by market value, while DigiPlus and ACEN sit just above the cutoff, leaving all three vulnerable to shifts in share prices.
The brokerage said the outcome remains highly sensitive to relative price performance and liquidity trends, meaning even small changes could determine which stock gets dropped in the August review.
—Edited by Miguel R. Camus
