Stock Commentary

Manila Water bags bulk water supply contract from Pangasinan

Merkado Barkada
Manila Water bags bulk water supply contract from Pangasinan

The water concessionaire, recently acquired by Enrique Razon in a dubious smash-and-grab transaction prompted by last year’s tubigserye, was given a Notice of Award from the Province of Pangasinan for the bulk water supply rights through a joint venture with the province.

Manila Water [MWC 18.48 0.65%] and the Province of Pangasinan will negotiate and sign a 25-year concession agreement that reportedly contemplates up to P8 billion in capex over the 25-year life of the agreement. The parties expect to deliver up to 200 million litres per day by the last year of the contract (in 2046).


It was a big week for MWC, with this notice of award plus signing the revised 25-year concession that was approved by the Senate for the Manila East Zone. The stock itself has been on quite a steady and consistent run, from its tubigserye low of P7.44/share on December 20, 2020 to its current P18.50/share level. That’s a 147% increase over the past 10 months.


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