Megaworld and AGI (parent) thread

[drbubb]

Update, 2023 /

"BREAKOUT TIME" may be here!, I said July 20th

MEG-etc: w/AGI: 2.06 vs. MReit (14.00): R-14.7%, 6.80x MEG ... 10d: 2023:

CLOSE LOOK... / Mreit vs. TLT, MEG from 1/22:  8/22: 10d:  Breaking 252d MA? : w/MCD

MEG. w/AGI : 0.123/=5.83%. MEG-2.11/ Mreit-14.10=14.9%. / TLT: $97.19=2.17%, AGI: 13.00, 8.09.23

prev. 6.27.23: 0.152/=7.60%. MEG-2.00/ Mreit-14.76=13.6%. / TLT: 103.4=1.93%, AGI: 13.42, 6.27.23

MEG-etc.  from 2016: ytd: 10d:  MEG: 2.01, AGI: 13.22, JFC: 236.20

5.03.: 0.182 /2.04=8.92%. MEG/ Mreit-14.70=13.9%, agi:12.66.  ... 2023:

OLD. 6.27.23

from 1/22: 8/22: 8/15: 10d:

w/MCD: Agi (13.60) / Mcd ($295) = 4.61%

2022: MREIT appears to be breaking out over the 252d MA, at P 14.60

 

ELI: 0.186 / MEG: 2.00 = Ratio 9.3% / Psei-6,500: 0.28%, 3.01% at 3.31.23

from mid-2022:  MEG-etc:

ELI .. 2012: 2019: 2022:  Last: x / Book Value: 1.85 at YE'21

ELI/ EmpireEast:   3/’23 :  2022  :  2021  :  2020 :  2019 :   2018 :  2017 :
Book Value/sh. :  P1.88E: P1.87E: P 1.85 : P 1.79 : P 1.76 : P 1.71 : P 1.72 :

Cash Per Share:  0.000  :  0.24E : 0.231 :  0.145 :  0.078 :  0.124 :  0.087 :
Cash Flow/sh.  :   0.000 :  0.05E : 0.059 :  0.044 : 0.050 : 0.040 :  0.041 :
Earnings /sh.   :   0.000 :  0.05E : 0.059 :  0.036 : 0.042 : 0.036 : 0.039 :
    === Net Inc.:   ====.  : ==== :   806M:  531M : 622M : 534M : 569M :
    === EBITDA :   ====.  : ==== :   1.05B : 1.23B : 1.37B : 1.11 B  : 1.19 B :
Adv. Related pt:   ====.  : 5.72B :  5.50B :
Cust. Deposits :   ====.  : 4.57B :  4.46B :
Tot’l Borrowing:   ====.  : ==== :   1.25B : 1.24B : 1.58B : 2.06B : 2.00B :
Sh’hold.Equity :   ====.  :  27.3E :   27.2B : 26,2B : 25.8B : 25.1B : 25.2B :
= TB/ Eq. Ratio:   ====.  : ==== :    4.6% :  4.7% :  6.1%  :  8.2% :  7.9%  :
Note: shares OS: 14.68B > 11.99M (81.7%) held by Phl.Nominee, 2017

In 2022: Fair Value Losses on FVOCI : -P399.7M !  (-33.8M in 2021)

Real Estate Sales
The Group’s marketing and development concepts, sales strategies, project location, and
flexible payment scheme remain to be its competitive advantages. Most projects of the Group are connected to the mass transit system and are conveniently located in business districts of  Metro Manila.

WEBSITE: ELI financial stmts: https://www.empire-east.com/business/company-disclosure

 

[drbubb]

Last year's report...

Empire East to continue to offer affordable prices

Iris Gonzales - The Philippine Star

 

June 22, 2022 | 12:00am

MANILA, Philippines — Empire East Land Holdings Inc., owned by tycoon Andrew Tan, will continue to develop projects that will contribute to homebuyers’ overall lifestyle improvement and well-being.

During the company’s annual stockholders meeting yesterday, Empire East president and CEO Anthony Charlemagne Yu said the pandemic prompted Filipinos to aspire for safer and secure homes.

Empire East saw the pandemic as an opportunity to improve the home buying process and highlight accessibility of its developments, which are near transport-oriented developments.

In 2021, Empire East continued to apply and adapt strategies that would allow them to optimize operations and performance as the company treads the road to financial growth and recovery.

The company announced a 52 percent increase in net income to P797.1 million in 2021 from the previous year’s P524.9 million

“Empire East continued to report healthy and steady growth in profit in 2021. Our performance is attributed to optimized costs, new client acquisition, and attractive payment offers for our homebuyers,” Yu said.

The company reported brisk sales on the first two towers of its newest residential development – the 37-tower Empire East Highland City in Felix Avenue, Pasig-Cainta.

“We also achieved P2.69 billion worth of reservation sales for our Empire East Highland City Arcadia Towers 1 and 2, a 25.1 percent increase from 2020’s performance,” Yu said.

The market acceptance of its newest township in Pasig-Cainta prompted Empire East to open its third tower for pre-selling.

Empire East’s residential developments across all projects also contributed to an overall reservation sales of 10.07 billion, a 12.6 percent increase from the previous year.

The company has focused on pursuing its vision of moving communities ahead by building its newest sustainable development in Pasig-Cainta and reaching out to more communities through its corporate social responsibility initiatives.

Yu said Empire East would continue to focus on maintaining affordable prices despite the increasing demand for homes as the country treads toward recovery.

[drbubb]

HOLDING CO. DISCONNECT?  Why the higher Valuations? AGI-to-MEG gap is the biggest.

CLOSE

Holding Co's: AC, JGS, AGI, FDC .... 2020: Oct'21:

AGI, MEG, vs. AC, ALI ... from 2020: 2022: 10d:

JGS, RLC vs. FDC, FLI ... from 2020: 2022: 10d:

Co.  :  Last : Bk.Vl.: MkCp:  PER :  Yield : Ye’19 : % chg.
AGI  : 12.36: 22.15:  117. B: 6.92x 0.97%:  11.66: +6.00%
MEG: P2.00: P6.24: 63.7B: 4.69x 3.07%: P4.01: -50.1%
Mreit 14.46: 20.60:  36.6B: 10.3x  6.76%: N / A :
AC.  : P650.: 585.3: 403.B: 15.4x 1.06% : 785.5: -17.3%
ALI   : 26.50: 15.83: 389.B: 21.1 x 1.08%: 45.50: -41.8%
Areit: 32.65: 32.40: 49.3B:  17.1 x 6.37%: N / A :
====
JGS : 47.90: 44.58: 360.B: 54.0x 0.84%: 80.80: -40.7%
RLC : 14.70: 24.34:  76.1B: 8.90x 3.40%: P27.55 -46.6%
RCR: P5.80: P6.03:  57.7B: 14.1x  6.70%:  N / A :
FDC: P5.50: 14.29 : 47.6B: 12.3x  1.28%: 13.00: -57.0%
FLI  : P0.75: P3.62 : 18.2B: 6.29x 6.20%: P1.50: -50.0%
Filrt : P5.23: P1.22: 25.6B: 19.6x  6.94%:  N / A :
=====

[drbubb]

I am bullish NOW on MEG. And MREIT

If price relationships Hold, it should jump higher, so long as TLT/Bonds move up above resistance.

TLT and MREIT both closed Friday (4/5) right on the 1yr/ 252d MA.

FOCUS on MREIT, MEG: from 2022: Apr'22: Jul'22: 14.54 / 2.01 = 7.23x

CLOSER LOOK... / Mreit vs. TLT, MEG from 1/22:  8/22: 10d:

2022: MREIT appears to be breaking out over the 252d MA, at P 14.60

Theory of the case:  Rising TLT will push Mreit above resistance, and that will help to catapult MEG back to 2.20 and beyond

MEG vs. TLT : MEG-2.01/ TLT-108.25= 1.86%

No breakout yet, but TLT is poised for that. Next few days will be interesting

[drbubb]

MEG & ELI: at Cross-market "pinch points"?  Watch MREIT for Trigger maybe?

ELI - Meg: w/AGI: 0.186 /2.00= 9.3%. MEG/ Mreit-14.76=13.6%+0.08 +0.54%, breaking 252d MA AGI: 13.78 +6.5%

ELI - Meg: 10d:

Mar'20: Apr'21: 10d:  TOO CHEAP?  MEG/ Mreit Ratio at a LOW now?: 2.00/ 14.78= R: 13.5%

Co.  :  Last : Bk.V.: shOS : MkCap: PER :  Yield : Ye’22 : % chg.
AGI  : 13.80: 22.15:  9.47B: 131. B:  7.72x 0.87%: 11.90 : +3.87%
MEG: P2.00: P6.64: 31.5B: 63.0B: 4.69x 3.07%: P2.00: + 0.0%
Mreit 14.78: 20.60: 2.53B: 74.8B:  N /A   6.63%: 14.48: +2.07%

AGI  : 131B MC owns  6.00B /  100.% MEG pfd., worth? 12B ?
        : 131B MC owns 14.47B / 45.9% MEG shs, worth: 28.9B
AGI  : 131B MC owns 20.47B/ 55.3% of 37.5M MEG shs.
 : Acquired 106M shs x 2.00= P212M in Mar.2023

MEG: 31.5B MC owns 1.84B, 72.5% Mreit:  worth: 27.2B
MEG’s div, 1.84B x 0.98 (Div.6.63%)= 1.80B/ 31.5B sh=P0.057

Hmm. At 2.00, MEG trades at just  35x its incoming div. from MReit
and this covers 93% of the 0.0614 Div. MEG pays.

SUMMARY: in Mar.23 alone, AGI added over P 200M of MEG shs, that's +0.5%

[drbubb]

MREIT, Inc. ... compare w/MEG :

TLT vs RCR,  Mreit. .. /TLT- 106.46 : RCR- 5.77 (5.42%), MReit- 14.78 (13.9%) : Mreit/RCR= 39.0%

C02799: MREIT press release - 1 ... "objective to deliver at least 10% annual total shareholder return"

"MREIT'S DISTRIBUTABLE INCOME MORE THAN DOUBLED IN 2022"

MREIT, Inc., the REIT company of the country's largest office landlord Megaworld Corporation, registered a distributable income of P2.5- billion in 2022, more than doubled compared to last year's P1.1-billion. This is owed to the company's revenues of P3.6-billion, also higher compared to last year's P1.5bn. In 2022, MREIT posted an average occupancy of 96%. Last February 15, MREIT paid out dividends of PO.2428 per share to its shareholders based on its distributable income in the fourth quarter of 2022. Total dividends for the year reached P0.9770 per share. This brings the company's dividend yield to 6.7% as of MREIT's closing share price of Php14.54 per share on April17, 2023.

The company was also recently included in the Philippine Property Index. This achievement affirms the company's commitment to delivering sustained growth and long-term value to our stakeholders and reinforces MREIT's position as a leading player in the market. "We cap off the year firm despite some headwinds faced by the office industry. Our ability to adapt and pivot in response to the ever- changing market conditions is a testament to the quality of our assets. As we look ahead, we believe we are well positioned to withstand any headwinds that may come. We will continue leveraging our expertise and experience to capitalize on emerging opportunities," says Kevin L. Tan, President and Chief Executive Officer, MREIT, Inc. Last month, MREIT announced the approval of the acquisition of an additional four prime office properties in Megaworld's prime township McKinley West and Iloilo Business Park worth P5.3-billion. Income from these new assets will contribute to MREIT starting January 1, 2023 and is expected to further drive MREIT's growth

 2 /

The acquisition expanded MREIT's portfolio by 44,567 square meters or by 16% to 325,000 square meters covering 18 office properties in four Megaworld premier townships: 1800 Eastwood Avenue, 1880 Eastwood Avenue, and E-Commerce Plaza in Eastwood City; One World Square, Two World Square, Three World Square, 8/10 Upper McKinley, 18/20 Upper McKinley, and World Finance Plaza in McKinley Hill; One Techno Place, Two Techno Place, Three Techno Place, One Global Center, Two Global Center, Festive Walk lB, and Richmonde Tower in Iloilo Business Park; and One West Campus and Five West Campus in McKinley West. MREIT is committed to grow its portfolio by 54% to 5001000 square meters by 2024. This will help the company achieve its objective to deliver at least 10% annual total shareholder return through a combination of both organic and inorganic growth.

[drbubb]

Financial Adviser: 5 Things to Know About Andrew Tan's Megaworld Corporation and How to Profit from It

Excerpts

Last year, over 80 percent of property stocks listed on the Philippine Stock Exchange saw a decline in value, ending the year with losses as a result of high interest rates.

One of the top three biggest losers in the sector was Megaworld Corporation (PSE: MEG), which saw a 36.5 percent decline in its stock price.

This year, MEG’s stock price continued to weaken after being removed from the PSE Index last February. The removal of MEG from the index could result in decreased demand for the stock.

1.  Earnings Outlook

"Last year, MEG's total revenues continued to recover, growing by 18.8 percent to P55 billion, but its total net income hardly increased at P13.5 billion, due to higher interest and tax expenses. This year, with the full reopening of the economy, MEG’s net income should be able to meet, if not surpass, its 2019 earnings at P17.9 billion."

2.  PER, Price Multiple

"Based on MEG’s 2022 net income of 13.5 billion, MEG is trading at a Price-to-Earnings (PE) multiple of only 4.6 times, which is comparatively low against its pre-pandemic historical PE average of 10 times.  At 4.6 times PE ratio, the market was valuing the stock at its 2011 level where the company’s net income was at P8.0 billion...  Now, if we will price MEG at 7.8 earnings multiple, given its current income of P13.5 billion, then we should expect its stock price to recover eventually to P3.40 per share."

3.  Financial Strength

MEG has a low debt-to-equity ratio of 0.39 as of end of 2022, which is a slight decrease from the previous year’s ratio of 0.41. This is also significantly lower than the property sector’s average debt-to-equity ratio of 0.73.  MEG's debt-to-equity ratio compares favorably to other property stocks in the market, such as Ayala Land (PSE: ALI) with a ratio of 0.89, and SM Prime Holdings (PSE: SMPH) with a ratio of 1.04.

4.  Book Value : book value per share of P6.70 per share.

MEG’s current share of P1.98 per share represents only 29 percent of its book value, which means that the stock offers a huge 71 percent discount to its accounting net worth.

Based on market experience, the Price-to-Book (P/B) ratio of a stock is positively correlated with the Return on Equity (ROE) ratio. This means that the higher the ROE of a stock, the higher its P/B ratio should be. In the case of MEG, its ROE as of end of 2022 was 6.37 percent, which is higher than the property sector’s average ROE of 5.46 percent, but its P/B ratio of 0.29 is miserably lower than the sector’s average of 1.81 times. Moreover, MEG also compares well to the leading property stocks in the market such as ALI, which has ROE of 5.45 percent but has high P/B ratio of 1.74 and SMPH with ROE of 6.25 percent at P/B ratio of 2.91.

5.  Intrinsic Value

Compare MEG’s premium over its “net-net” value in the past years, the historical premiums were comparatively higher. In 2021, MEG’s premium was 68 percent. In 2020 during the height of the pandemic, its premium was 174 percent. Prior to the pandemic in 2019, MEG’s premium was 183 percent. If we get the average of MEG’s premium from 2019 to 2021, we will derive an average of 142 percent or price-to-net-net value ratio of 2.42 times.

If we apply this to MEG’s net-net value of P1.80, we will derive a target price of P4.36 per share.

> https://www.esquiremag.ph/money/capital/megaworld-corporation-stock-tip-a2334-20230307-lfrm2

[drbubb]

MEG.w/AGI: 0.182 /2.04=8.9%. MEG/ Mreit-14.70=13.9%. / TLT: 105.7=1.93%, AGI: 13.66, 5.03.23

VAFM: VLL: 1.68, FLI: 0.71, MEG: 1.96 (8.02%)  / ALI: 24.45; was MEG: 2.02 (7.35%) / ALI: 27.45, may5th

MEG : from 2019 : Last 2.04

[drbubb]

MEG-etc : 2.12 is 76.0% of SHNG: 2.79

[drbubb]

AGI has a serious FOOD business in Golden Arches

AGI vs. MCD, JFC... since 2012; 10d : P13.12 (4.58%), /$286.37 (100%), 230 (80.3%)

 

[drbubb]

I might get more Bullish if MEG joins the rally and breaks out of that long downtrend (as I expect)

MEG-Shng, etc ... update:  MEG-2.01 / SHNG-2.82 = R-71.3%

[drbubb]

Ratio getting stretched - so I sold some MREIT

MREIT vs. TLT (102.60), MEG. from 2022:  Mreit-15.90 / MEG-1.96,  R-8.11

MEG & ALI have lagged other Prop. shares

Separating the Boys from the Men... when the big guys (like MEG and ALI) aren't doing so well, the shares of SHNG, CDC (Cityland), and ROCK are thriving. 

Why is that?  SHNG has 3x PER and almost a 9% yield,  ALI's PER is 18x

Selective. Not all property shares are Rising...

These figures may be useful is seeing why.
Sym. :  Last :   B.V.  : PER : Yield :
SHNG P2.83:  8.43:  3.00:  8.82%
CDC : P0.79:   1.94:  3.50:  3.73%
ROCK P1.43:   4.16:  3.68:  3.76%
ALI.   : 24.45: 17.30: 18.20:  1.17%
MEG  : P1.96:  6.64:  4.25:  3.14%

VAFM: VLL: 1.68, FLI: 0.71, MEG: 1.96 (8.02%)  / ALI: 24.45; was MEG: 2.02 (7.35%) / ALI: 27.45, may5th

[drbubb]

Update, 2023 /

MEG.w/AGI: 0.152/=7.60%. MEG-2.00/ Mreit-14.76=13.6%. / TLT: 103.4=1.93%, AGI: 13.42, 6.27.23

5.03.: 0.182 /2.04=8.92%. MEG/ Mreit-14.70=13.9%, agi:12.66

from 8/15: 10d:

[drbubb]

FOOD PAIRS :  JFC vs. MAXS & AGI

MAX etc: 1.20.16: 4.70, bv:4.97 (94.6%), pe:5.60x, y:4.10%.  JFC: 242.8, bv: 55.61 (437%), pe: 39.5, y: 0.95%

MAX etc: 1.20.16: AGI: 13.40, bv: 25.42 (52.7%), pe: 7.31x, y: 0.90%

MAX etc: 1.20.16: MEG: P2.00, bv: 6.64 (30.1%), pe: 4.55x, y: 3.07%

[drbubb]

Megaworld expanding Business; P350B new developments

MEG vs MReit: YTD: w/TLT: 10d: MEG: 2.01, MReit: 14.30, PSEI: 6,399

w/TLT: 10d:

MEG-etc.  from 2016: ytd: 10d:  MEG: 2.01, AGI: 13.22, JFC: 236.20

Megaworld to spend P350-B in the next 5 years to accelerate...  ( P 350B/ 31.5 B sh= P 11.11 / share )

Megaworld Corporation is allocating P350-billion for capital and project development spending starting this year until 2027 to accelerate and further expand its township footprints across the country.

Some EXAMPLES follow:

- 1 /

"MEGAWORLD TO BUILD ITS FIRST BEACHSIDE RESIDENTIAL CONDO IN SAN VICENTE, PALAWAN"

The 10-story Oceanfront Premier Residences will offer 189 'smart home' units featuring views of the sea and the lush mountains surrounding Megaworld's 462-hectare Paragua Coastown Property giant Megaworld is launching yet another milestone development within Paragua Coastown, its expansive 'ecotourism' township in San Vicente, Palawan. The 10-story Oceanfront Premier Residences will offer 189 'smart home' units in varying types with sizes ranging from Studio with Balcony (32 square meters), Executive Studio (up to 42 square meters), Executive Studio with Balcony (up to 38, square meters), One Bedroom with Balcony (44 square meters), Executive One Bedroom with Balcony (up to 54 square meters), One Bedroom Premier Suite with Balcony (up to 71 square meters), Two Bedroom (64 square meters), Two Bedroom with Balcony (up to 71 square meters), and Two Bedroom Premier Suite with Balcony (up to 105.5 square meters).

"Our first-ever residential condominium development will rise just a minute's walk away from both the beach and the soon-to-rise Savoy Palawan. Future residents will be able to truly enjoy a luxurious resort lifestyle at Oceanfront Premier Residences and marvel at the beauty of the surrounding landscape since Paragua Coastown lies in between the pristine beach and the mountains. What's more, families will also enjoy our new unit varieties—our One Bedroom and Two Bedroom Premier Suites—which come with several features specifically designed to give active adults the freedom and ease of movement throughout their space," says JR Abustan, head of sales and marketing, Megaworld Palawan. Smart features in a beachside address All units at Oceanfront Premier Residences will feature wireless smart home systems.

==

2 / Megaworld launches 'Smart Home' condo tower in Manhattan...

Megaworld Corporation is launching its latest high-rise residential condominium development within the bustling Manhattan Garden City complex at Araneta City in Quezon City, the 39-story Laurent Park. To be completed in 2029, this new residential tower is expected to generate around P6.5 billion in sales.

3 / Megaworld to build P1.5B convention center near the beach in...

Property giant Megaworld Corporation is building the Mactan Expo Center, a P1.5-billion standalone convention center, inside its 30- hectare The Mactan Newtown township in Lapu-Lapu City, Cebu. Construction of the Mactan Expo Center will commence this year, and is expected for completion by 2025.

"MEGAWORLD TO BUILD P1.5-B CONVENTION CENTER NEAR THE BEACH IN MACTAN" The 2,500-seating capacity Mactan Expo Center will further boost Cebu's MICE tourism industry Property giant Megaworld is building a two-level standalone convention center inside its 30-hectare The Mactan Newtown township in Lapu-Lapu City, Cebu. Set to rise just across the newly opened Belmont Hotel Mactan along Newtown Boulevard, the P1.5-billion Mactan Expo Center will offer almost a hectare of MICE space (Meetings, Incentives, Conventions and Exhibitions). T

[drbubb]

MEG looks like a COILED SPRING?

Earnings and Dividends are likely to rise in 2023. EPS >0.56 PE:3.6,  Divs >0.10 (5%)... or higher

2022 Div. was decided in Oct.: P 0.06146228, ex-div.:  26-Oct-2022, at 2.00; 3.07% Yield

MEG-etc : 2yr:  from 7.13.21: YTD: 10d:

===

Stock : Last : shs.OS: MkCp: BkVal.  BV/sh.
MEG. :  2.00 : 31.49B: 63.0B: 209.B: P6.64:
MReit : 14.24: 2.532B: 35.1B: 49.5B: 19.56: at YE’22
 >now: 14.24: 3.20B? ?45.6B 62.0B: 19.3E estimate??
Owns* 14.24: 2.17B? ?30.9B; 49% of MEG's MkCap
====
Stock: Rev’21 Rev’22 Q1’23:  (x 4): chg'23
MEG : 46.38B: 55.11B: 16.2B: 64.8B: +18%
MReit: 2.64B :  3.67B: 1.33B: 5.30B: +44%
MEG
NET : 13.43B: 13.46B: 4.60B: 18.0B: +34%
Earns  13.2B :  13.5B :  Est,>: 18.0B:
/ sh. :  .0.42  :   0.43  : 0.14E: 0.56E x31.46B
Divs    1.34B : 1.93B :  Est.>: 3.15B:
/ sh. :  .0425 : .0615 :  Est.>: 0.10E x31.46B
MReit
Revs:  2.64B :  3.67B:  1.33B:  5.30B: +44%
xPct :   N/A% :  63.5%:  Est.>. 64.0%
Earns.   NEG. : 2.33B : 0.85B: 3.40B:  Est.
Divs.    0.61B : 2.45B : 0.80B: 3.20B:  Est.
/ sh. :   0.240 : 0.970 :  Est.>:  1.00E xBelow
Sh.OS. 2.53B : 2.53B :  Est.>: 3.20B
MEG’s
61,68%*. .37B: 1.49B :  x 4 >: 2.18B:
%MEG’s
Earns.   N/A%: 17.3% :  Est.>: 18.9%:
Divs.     27.6%: 77.2%:  Est.>: 69.2%:

*Based on 61% of 2.532B (= 1.54B) +25% ( 0.63B)= 2.17B, 67.8% of est. 3.2B

**Assumes Div > P0.10, 5.0%, at P2.00
EPS > P0.56, with 18% payout, PER: 3.57x

====
"We look forward to finalizing MREIT's next set of acquisitions soon," says Kevin L. Tan, President and CEO of MREIT, Inc. When the new acquisition being eyed by MREIT is concluded, the company's portfolio will grow to around 475,500 sqm, higher by 46% compared to the current 325,000 sqm and bringing MREIT closer to its target of 500,000 sqm of assets under management by end-2024. Since its IPO in 2021, the company has already injected eight office buildings into its portfolio and grew its value by 25% to Php62 billion, following the two sets of previous acquisitions

===

C03622: Megaworld first quarter 2023 income performance

Megaworld Corporation posted a net income of P4.6-billion in the first quarter of this year, up 30% from P3.5-billion during the same period last year as all core businesses registered strong topline growth. Consolidated revenues grew by 24% to P16.2-billion. Consolidated revenues and net income are already 9% and 11% higher, respectively, compared to the first quarter of 2019.

. . .

The properties to be infused are dividend accretive, meaning that the properties are expected to increase MREIT’s dividend payments to its shareholder.
“The SEC approval of our property-for-share acquisition results in the recognition of income from the new assets by MREIT from January 1, 2023, which will help drive our growth,” said MREIT President and CEO Kevin L. Tan.
He noted that, “The high occupancy rate of these buildings is a clear proof of the quality of our assets and their strategic locations. The new office assets from McKinley West now command one of the highest rental rates in the Greater Manila Area, supported by the high demand for office space in this area.”
“We’re committed to grow our portfolio size by 54 percent to 500,000 square meters by 2024. This will help us achieve our goal of delivering at least 10 percent annual total shareholder return as we are now looking forward to the next phase of MREIT’s growth,” added Tan.

> More: https://mb.com.ph/2023/3/29/sec-approves-mreit-s-stock-for-asset-swap-with-megaworldx

[drbubb]

MEG Downtrend broken. Upswing underway?

I have been making Bullish noises on MEG, and have made a bullish argument on my website. 

At P2.06 today: Finally, MEG has broken a downtrend, and may be starting to follow SHNG higher.

(A MEG div increase would help to get the uptrend underway.)

[drbubb]

MEG & MReit in 2023. YTD:

[drbubb]

"BREAKOUT TIME" may be here!

MEG-etc: w/AGI: 2.06 vs. MReit (14.00): R-14.7%, 6.80x MEG

[drbubb]

Century Property has also had a similar pattern to MEG

Divs re-started: Ex. 7.25.23 (0.006055), 9.26.23 (0.006055) = 0.01211 / .345= 3.5%. PER: 5.53x

CPG vs. MEG etc. mid-2020: start: 0.37 / 3.06 =12.1% .  7.16.23: 0.345 / 2.06 =16.7% . YTD: 10d:

[drbubb]

MEG is a big discount to SHNG, over P1.30

MEG vs. SHNG: from Nov.2022: YTD: 10d: 2.06 / 3.38 : r-60.9%, P1.32 discount to SHNG

YrE'2022: 2.00 / 2.54 : r-78.7%, P0.54 discount to SHNG

Stock: Last : shs.OS: MkCp: BkVal. BV/sh. EPS: PER:  Div.: Yield : Pr./BV
SHNG: 3.38 : 4.764B: 16.1 B: 40.2B: P8.43: .903: 3.74: .250: 7.35%: 40.1%
MEG. :  2.06 : 31.49B: 64.9B: 209.B: P6.64: .461: 4.47: .061: 2.98%: 31.0%
MReit : 14.04: 2.532B: 35.5B: 49.5B: 19.56: at YE’22.                         71.8%
MReit : 14.24: 2.532B: 35.1B: 49.5B: 19.56: at YE’22
 >now: 14.24: 3.20B? ?45.6B 62.0B: 19.3E estimate??
Owns* 14.24: 2.17B? ?30.9B; 49% of MEG's MkCap
====
Owns* 14.24: 2.17B? ?30.9B; 49% of MEG's MkCap
====

YTD: MEG: 2.04 / MReit: 14.06 = r-14.5%

MReit vs. MEG: from Oct.22: Ytd: 10d: 14.06 / 2.04 = r-6.89x

[drbubb]

MORE CLARITY in this chart, with same-price starting point (15.aug.22): MEG: 2.57, Shng: 2.60.

MEG vs-SHNG... from 15.aug.22: YTD: 3.1.23: 10d/ MEG (2.05) -SHNG (3.39) = r-60.5% Disc.:-1.34

Aug: MEG: Shng.  2022…
1/03   3.16 : 2.61: +0.55
3/31   3.01 : 2.60: +0.41
11.   :  2.42 : 2.60 : (0.18)
12.  :  2.45 : 2.50 : (0.05)
15   :  2.57 : 2.60: (0.03)
16.  :  2.55 : 2.62 : (0.07)
17.   :  2.56 : 2.61 : (0.05)
18.   :  2.58 : 2.61 : (0.03)
19.   :  2.65 : 2.61: +0.04
20.   :  2.57 : 2.60 : (0.03)

Stock: Last : shs.OS: MkCp: BkVal. BV/sh. EPS:  PER:  Div.: Yield : Pr./BV
SHNG: 3.40 : 4.764B: 16.2 B: 40.2B: P8.43: .903: 3.77: .250: 7.35%: 40.3%
MEG* : 2.05 : 31.49B: 64.6B: 209.B: P6.64: . 461: 4.45: .061: 2.98%: 30.9%
MReit: 14.20 : 2.532B: 35.9B: 49.5B: 19.56: at YE’22.                        : 72.6%
====
Owns* 14.20: 2.17B? ?30.8B; 48% of MEG's Mkt.Cap.                   

[drbubb]

TOP VOLUME today is...           1
   #1:   MEG    2.05 +0.0300 +1.49% .  Value: 853,792,550.  shs. 422,648,000

Good news.  But how long a rally can that sustain.  Anyway, MEG seems to be making progress

C05873: Megaworld's retail arm bags multimillion deal to bring Finland's...

Megaworld Lifestyle Malls, the retail and commercial arm of property giant Megaworld Corporation, has forged a multimillion-peso agreement with Finland-based SuperPark United to bring the global indoor activity park brand SuperPark in the Philippines. The company has established Megapark Philippines, Inc. to operate all SuperPark Philippines outlets in the country.

"This joint venture with an iconic global leisure concept will provide a new leisure and recreation destination for those who live, work, and play in Megaworld townships. This is in line with our continuing efforts to promote our townships as tourism destinations that host one-of-a- kind attractions for people of all ages," Graham M. Coates, head, Megaworld Lifestyle Malls. Hailed as the 'friendliest all-in-one indoor activity park in the world' with multiple locations in Finland, China, Malaysia, Kuwait and Singapore,

[drbubb]

UPDATE: fr.3.1.23: MEG: 2.10 + 0.06. / SHNG: 3.37 -0.01 = 62.3%, Discount P1.27  

Looks like MEG has finally broken above the down trendline! Vol. 35.6M

Aug: MEG: Shng.  2023…
1/03 2.05 : 2.55 :  (0.50)
3/31 2.00 : 2.73 :  (0.73)
7/28 2.03 : 3.39 : (1.36)
7/31  2.05 : 3.40 : (1.35)
01  :  2.04 : 3.41 : (1.37) . Aug.1, peak discount
02  :  2.02 : 3.38 : (1.36)
03  :  2.05 : 3.35 : (1.30)
04  :  2.04 : 3.38 : (1.34)
07  :  2.10 :  3.37 : (1.27)
===

[drbubb]

Longer Term : ELI, etc. from 2019: ELI: 0.123 / MEG: 2.10 : 5.86% / MReit: 14.10 = r-14.9%, TLT: 96.69

shorter: Oct.2021:  MEG (2.10) /w/AGI (12.54): 16.7% .. w/GERI (0.79) / MEG: 37.6%

===