J P M O R G A N Asia Pacific Equity Research 09 June 2026 Wilcon Depot Downgrade cycle not yet priced in, drives non- consensus UW We downgrade WLCN from Neutral to a non-consensus UW and introduce a Street-low June -27 PT of Php5.00. The stock is inexpensively priced at a 12M forward PE of 9.2x and 0.9x BV after having underperformed the PSEi by 18% YTD. However, we believe that the downward EPS revision cycle is not yet fully reflected and will continue to cap the share price performance. We forecast a 10 ...