Metro Pacific Investments Corp. (MPIC) likely posted income gains last year due to higher tollway revenues and gains from its power and water businesses, Maybank Securities said.

'Amid volume growth due to increased mobility and various tariff adjustments, we forecast Metro Pacific's core net income to grow by 25 percent to P15.1 billion for the full year of 2022,' Maybank Securities analyst Fiorenzo de Jesus said in a report.

Growth this year, meanwhile, is expected to ease to 13 percent or a core net of P17 billion, again due to contributions from Manila Electric Co., Metro Pacific Tollways Corp. and Maynilad Water Services Inc.

'We also forecast Metro Pacific's consolidated capex (capital expenditures) to reach P29-47 billion in the full year of 2023, most of which will go to Maynilad,' de Jesus said.

'We expect Maynilad to fund its capex via 80 percent-20 percent debt-equity, such that its consolidated debt-to-equity ratio is expected to rise to 1.3x by the end of 2024, from 1.07x as of Sep 2022, he added.

The conglomerate's latest venture into agriculture, meanwhile, was said to be 'a long-term positive' although infrastructure will remain the primary income driver'.

'Despite its ... various acquisitions and forays into agriculture, these ventures should account for only less than one percent of full year 2023 revenue estimates,' de Jesus said.

Earlier this month, unit Metro Pacific Agro Ventures (MPAV) announced that it was looking to build the largest vegetable greenhouse in country. It also bought a 35-percent stake in coconut product exporter Axelum Resources Corp.

'Coconut and dairy have strong growth trajectories amid continued consumer preference for protein-rich diets and evolving food industry applications,' de Jesus said.

'However, MPAV conservatively targets revenues from these new subsidiaries to reach P1 billion by the full year of 2027,' he added.

'As such, for the next 12 months, we think Metro Pacific's catalyst should be continued economic reopening and dissipating regulatory risk, which should benefit its mobility-linked infrastructure and utility concessions.'

Metro Pacific shares fell by 13 centavos or 3.11 percent on Thursday to P4.05 apiece, outpacing the benchmark Philippine Stock Exchange index's 0.20-percent drop.

Philippine financial markets were closed on Friday for a holiday.