Like human beings, companies have life cycles. (Some even have a prolonged adolescence.) And with certain stages in corporate life come certain growth expectations and market valuations. Someday, Philippine Long Distance Telephone (NYSE:PHI) will transition from a growth story and into more of an income play. There's nothing wrong with that. Our own Income Investor maven Matthew Emmert has shown that you can make money with income stocks, but you need to be ready for it.

Unfortunately, there's no fanfare or press release when the transition happens, so it's up to us to see it in the earnings. And when you look at this quarter, you see that PLDT posted revenue growth of just a little more than 2%, as mid-single-digit growth in wireless was offset by more sluggish performance in fixed-line and some lower non-service revenue. EBITDA growth was better at 8%, and while net income was down 7% on a reported basis, "core net income" was actually up by nearly 16%.

Though PLDT is trying to use Internet and broadband services to bulwark the slow decline of the fixed-line business, the story really is still (and will likely continue to be) about wireless. Average revenue per user isn't all that strong, but the company is seeing renewed vigor on the subscriber side. It added almost half a million net new subscribers, and it still has close to 60% market share.

When you're looking at PLDT, it's also important to keep a somewhat unusual detail in mind. Like Telecom New Zealand (NYSE:NZT), PLDT is something of a proxy for its entire country, so its trading behavior is a hybrid of both individual company results and overall feelings about the homeland. That's not a problem when the region is in favor, as it is today, but it can become more annoying when investors abandon the area and the stock falls for what would otherwise seem to be no reason.

There's no such thing as a risk-free play on international investing -- witness the recent turmoil with Telecom New Zealand -- and there are certainly other ways to play Asia through telecoms. Stocks such as NTT DoCoMo (NYSE:DCM) and China Mobile (NYSE:CHL) spring immediately to mind. Still, this company often seems underrated by the investment community, and it could prove to be a very worthwhile long-term holding.

For more foreign-themed Foolishness:

Telecom New Zealand is a Motley Fool Income Investor recommendation. If you like stocks that pay dividends, check out Income Investor free for 30 days.

Interested in other investment opportunities from around the world? The Motley Fool International Stock Report has 13 ideas that are just a click away.

Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).