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STILL WAITING for a good breakout - TLT/ Bonds rise! in Q4, peaking YrE ($100)

2023, yrE.: (1.97,  1.99%): MReit: 12.30, 16.02% / $98.88 
2024, 1.05: (2.03, 2.11%): MReit: 12.72, 15.96% / $96.29 
MEG-etc: :  (1.99, 2.11%): MReit: 13.98, 14.23% / $94.09Z7Lzbdv.gif

M (1.99) vs MReit (13.98) : r-14.2%. /TLT ($94.09): 2.11%

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===

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8.10.23: Megaworld first half 2023 earnings performance

Megaworld Corporation, the country's pioneer developer of integrated urban townships, saw its consolidated revenues increase by 17% to P32.0-billion in the first half of the year as all core businesses registered robust performance during the period. The company's net income soared by 31% to P8.8-billion as it continues to pull away from the pre-pandemic performance across most of its core businesses. The final figures are reflected in the Interim Financial Statements for the period ending June 30, 2023 which shall accordingly be disclosed separately.

( Div. increase coming?? P0.0614, 3.0% ... If x1.31= 3.9% )

With increasing demand for residential and commercial properties outside Metro Manila, we have properly positioned ourselves to achieve growth through strategic land banking. We also worked doubly hard in coming up with new, innovative, and sustainable product offerings in order to further strengthen our leadership as a pioneering real estate company," says Kevin L. Tan, chief strategy officer, Megaworld. Real estate sales for the period grew by 12% year-on-year to P19.1 -billion, driven by the higher completion rate of various projects. Reservation sales increased by 49% to P76.1billion. This figure already accounts for 59% of the company's year-end reservation sales target of P130-billion. During the first half of the year, the company saw a strong uptick in the demand for residential projects in two Taguig townships, particularly in McKinley West and Uptown Bonifacio. From January to June this year, Megaworld already launched P28.2- billion worth of projects.

... Megaworld Premier Offices saw a 4% increase in rental income during the period to P6.3billion from the P6.0-billion recorded last year as rental rates continue to escalate coupled with new signing transactions. BPOs remained as the top rental contributors of Megaworld Premier Offices, paving the way for a stable growth of the company's rental income. Megaworld Lifestyle Malls also continued its recovery momentum with a 71% revenue growth to P2.5-billion during the first half ...

... Just last month, Megaworld Hotels & Resorts announced its plans to build the P1.5-billion Mactan Expo Center, an expansive 2,500- seating capacity standalone convention center inside The Mactan Newtown township in Lapu-Lapu City, Cebu. To date, Megaworld has 30 master-planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the country, namely: Eastwood City in Libis, Quezon City, (18.5 hectares); Newport City in Pasay City (25 hectares); McKinley Hill (50 hectares), McKinley West (34.5 hectares), Uptown Bonifacio (15.4 hectares) and Forbes Town (5 hectares), all in Fort Bonifacio... / and so on

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LOW PER stock Builders look attractive. May follow SHNG higher

MEG discount to SHNG stays Large, at -P1.59 discount.

Low PERs suggest room for big DIV. rises in all these stocks

MEG-etc.:2.02-SHNG:3.61:-P1.59, 56.0% CPG 0.34=16.8% MEG

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ROCK-etc: 1.50,-VLL: 1.60: (P0.10), 93.8% FLI 0.65=40.6% VLL

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Stock : Last: Bk.V.: %BV: PER: E.Yld : D.Yld : Div.%: LastD: ex-Dv
MEG. : 2.01 : 6.64: 30.3% 4.06: 24.6% 3.06% 12.4% .0614 : Oct’22
SHNG: 3.61 : 8.43: 42.8% 4.00: 25.0% 8.02% 32.1%: .1344 : 09.07
CPG. : .340 : 1.85: 18.4%: 5.45: 18.3% 3.56%: 19.5%: .0061 : 09.28
ROCK: 1.50 : 4.16: 36.1%: 3.59:  27.9% 5.01%: 18.0%: .0752 : 08.17
VLL.  :  1.60 : 9.07: 17.6%: 2.62: 38.2% 1.83%: 4.79% .0292: Oct’22
FLI.   :  .650 : 3.69: 17.6%: 5.13: 19.5%  5.45% 27.0%. .0360: 05.09
ALCO: .495 : 1.90 : 26.1%: 4.56: 21.9% 2.42%: 11.1%. .0120:  07.12
==  Average of 7 : 27.0% 4.20=23.8% 4.19% 17.6% =====
ALHI:   5..98 : 8.83: 67.7%: 12.5: 8.00% 0.50% 6.25% .030 : 05.29

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Maybe now that AGI has bought all those shares at near rockbottom prices. We will see a rise in the MEG DIV ??

AGI (12.70) vs. MEG (2.02) / PSEI (6,210)

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Andrew Tan thrift shopping: AGI scoops up P869 million Megaworld shares amid slide to three-year low

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AGI acquired a total of 430.171 million MEG shares last month at a price range of 1.9917 to 2.106 per share.

MEG shares have slumped to a three-year low of P1.91 in June and are down more than third since the pandemic broke out three years ago.

The purchase increased AGI’s stake to 21.071 billion shares or 56.7 percent of MEG.

> https://bilyonaryo.com/2023/09/09/andrew-tan-thrift-shopping-agi-scoops-up-p869-million-megaworld-shares-amid-slide-to-three-year-low/property/

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  • 3 weeks later...

Rising Rates have hurt; Higher Divs. help

SHNG as the Model:  You cannot keep a Cash Flow Giant down! 

Especially, if a company is growing Earnings, and has start pushing up their Dividends faster than interest rates are rising.

MEG (2.02) - SHNG (3.55)= 1.53 discount, ROCK (1.40)

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Rising interest rates= Falling Bonds (TLT) have kept many property shares under pressure.   SHNG / Shang Properties, with its rising dividend has been a pleasant exception.  Other developers have room to increase too.  When will we see their dividends pushed up, and their share prices ramping higher?

Co.    : Last : PER : BkVl: %BV: Yield.:  Div.: EPS, %Pd.
MEG  : 2.02: 4.08: 6.64: 30%: 3.04%: .061: .495, 12.3%
ROCK: 1.40 : 3.35: 4.16: 34%: 5.37%: .075: .418,  17.9%
SHNG: 3.55: 3.74: 8.43: 42%: 8.15%: .289: .949, 30.5%
VLL.   : 1.64: 2.69: 8.43: 42%: 1.77%: .029: .610,  4.75%

MEG is due for Dividend announcement very soon...  
Last year's Div. amt., for 2022 was:  P0.06146228
And was announced before the 26-Oct-2022, ex-div. date

MEG Dividend…. has been climbing back up!

====.  Divid. : ex-Div.date: EPS : %.Pd.
2023: 0.075E.:  ??-Oct-23? 0.56e 13.4%e
2022: 0.0615.., 26-Oct-22 : 0.43: 14.5%
2021: 0.0425.., 19-Nov-21 : 0.42: 10.1%
2020: 0.0374.., 15-Dec-20: 0.29: 12.9%
2019: 0.0748..,  02-July-19: 0.54: 13.9%
2018: 0.0622..,  21-Jun.-18: 0.47: 13.2%
====

My estimate of P0.075 / 2.02= 3.71%, against 27.7% Earnings Yield. (3.61 PER)

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MEG has launched two exciting new Condo projects

MEG vs. SHNG: 2.04 - 3.52 = (1.48) discount, 58%, -42%

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BGC : NEW TOWER IN UPTOWN BGC:

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Andrew Tan sees P29-B sales from 6th condo tower

Tycoon Andrew Tan’s Megaworld Corporation is expecting to generate revenues amounting to P29 billion upon the completion by 2032 of its sixth residential condominium tower within its 15.4-hectare Uptown Bonifacio township  in Taguig City.

The 54-story Uptown Modern will offer more than 1,000 units in varying unit sizes ranging from Studio with and without balcony (up to 49 square meters), One Bedroom with balcony (up to 83 square meters), Two Bedroom with Balcony or Lanai (up to 100 square meters), Two Bedroom Loft with or without lanai (up to 183 square meters), and Three Bedroom with balcony (up to 139 square meters).

All units at Uptown Modern will be equipped with wireless smart home systems that future residents can access remotely using a dedicated smartphone app. This gives them the ease and convenience of controlling several unit features, including lighting fixtures and other smart appliances in the living, kitchen, and dining areas, as well as the bedroom. Each unit will each come with a digital lockset for the main door, inverter split-type air-conditioning units, induction cooktop with range hood, refrigerator, microwave oven, and washer-dryer. The bigger units will also come with built-in ovens.

Standing out as a feature of Uptown Modern's façade are the six (6) sky gardens located on the 14th, 27th, 39th, and 47th floors of the tower. Each of these sky gardens, whose individual heights are equivalent to three floors.

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Bacolod : Megaworld to build 26-storey, two-tower residential condo

Megaworld is launching the two-tower Kensington Sky Garden, its fifth residential condominium development inside its 34-hectare The Upper East township in Bacolod City. Rising 26-storeys high and offering 643 'smart home' units, the project is scheduled for completion in 2029 as Megaworld expects to generate around P5-billion in sales from this new property. (/ 643= P 7.77M ave. price)

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WATCHING MEG vs. Key Moving Aves.  10d: 10.16 cls @2.08

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MEG at 2.06.  Maybe this will be the week that MEG closes above the key 252d./ 1 year MA.  To me, it is more important than the more widely-followed 200d MA

MEG Div announced: now 0.066,
====
2023: 0.06599567 ex.10.23. pay 11.14; 0.066/ 2.07= 3.19%
2022 : 0.06146228  ex.10.23. pay 11.14
Chg :  +  7.37%,  
( I expected more, since 1h.23 EPS were up 31%
“Net income soared by 31% to P8.8-billion”

PER of 4.186 is an Earnings Yield of 23.9% at 2.07, and MEG's new Div. Yield is just 3.19%, that's only 13% of Earnings

MEG-etc: 12.24 / 2.07 = r-5.91 : Flip:

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: Flip:

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Bang, Bang! They shot MEG down.

Big Volumes sellers came in (again) at EOD to know MEG down to 2.04

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Wed ( 2.04 - 0.03, vol. 39.2 Mn.),
Wed ( 2.04 - 0.04, vol. 57.3 Mn.),

"Bang! Bang! They shot my Baby down!" (cleaning out the stale bulls?)

 

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( Note: Megaworld has 81.73% ownership in ELI)

ELI, 6mo Jun’22 :  Jun’23 :
Profit. :  359.8M : 414.2M : +15.1%
Sh.OS :  14.68B :  14.68B :
Per sh.: 0.0245 :  0.0282 : +15.1%
2ndH. :  360.4. : “396.4M” +10%E
12mos.: 720.2M :”810.6M”
Per sh.:  0.0491 : 0.055E :
PER.   :    2.73x. :  2.44x. : at P0.134

ELI vs MEG, agi: from 2016: Add-AGI '16: July'22:

0.134 / 2.00 = 6.70% , Agi-11.60, 5.80x, at 10.23

0.197 / 1.99 = 9.89% , Agi-12.66, 6.36x at 3.3.23

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  • 2 weeks later...

MEG/ Megaworld since 2018, Last: P1.98

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MEG sank, with rising rates, falling Bonds to a huge discount (-70%) below Book Value. Meanwhile, developers kept pushing New Property prices higher.  Developer earnings are growing again, after Covid disruptions, and the capacity to pay higher dividends is growing too.  Rising dividends are a likely pathway to higher stock prices, for most of the developers

MEG vs.TLT: 1.98/83.58= 2.37% (Oct'23). : w/Mreit:

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The importance of TLT / Bond prices in driving developer prices cannot be under-estimated.  Look at the STABILITY in the Historic Ratio between MEG and Bond prices... 

Time: MEG / TLT :  Ratio
Ye’18: 4.75 /121.1  =3.92%
ye’19: 4.01  /137.3 =2.92%
ye’20: 4.08 /157.2 =2.60%
ye’21: 3.33 /146.7 =2.27%
ye’22: 2.00 /100.7 =1.99%
2019-'22 Average: 2.45%
10/23: 1.98 /83.58 =2.37%

Interest rate levels predicted MEG prices much better than rising NAV has.

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MREIT press release - Nov. 7, 2023
 
Ex-Date: Nov 17, 2023 > Payment Date: Dec 14, 2023
Regular Amount of Cash Dividend Per Share: Php0.2460 ( - 0.65%, was. 0.2476)

"MREIT'S 9M DISTRIBUTABLE INCOME GROWS BY 13% TO P2.1B"

MREIT, Inc., the REIT company of the country's largest office landlord Megaworld Corporation, posted a distributable income growth of P2.1 -billion during the first nine months of 2023, up by 13% from the P1.9 -billion recorded in the same period last year.

This was primarily due to the income contribution beginning this year of the four (4) newly- acquired Grade-A office towers worth P5.3-billion. Revenues, on the other hand, grew by 15% to P3.1-billion from the P1.8-billion recorded last year. Aside from the new assets which drove majority of the revenue growth, continued rental escalations of existing tenants also supported MREIT's revenue growth. MREIT's high quality portfolio allowed it to maintain an impressive average occupancy rate of 95% as of end-September 2023. This is above the broader office industry's average occupancy rate of around 81-82% in Metro Manila, based on figures released by various property consultants.

Of MREIT's occupied space, 94% is composed of reputable BPO and traditional office tenants with long-term commitment to their leases and operations. "The consistent outperformance of MREIT compared to industry benchmarks while delivering solid results underscore the quality of our assets and their prime locations. We remain committed on sustaining our earnings growth and distributions by ensuring high occupancy and implementing escalations when possible. We are also actively seeking opportunities for growth through strategic acquisitions, so long as the valuations remain beneficial for our shareholders," says Kevin L. Tan, president and chief executive officer, MREIT, Inc.

In June 2023, MREIT and Megaworld (MEG) signed a memorandum of understanding (MOU) for the potential acquisition of seven (7) grade A office assets with a total gross leasable area (GLA) of around 150,500 square meters. These include buildings located in Megaworld townships McKinley Hill, McKinley West, Iloilo Business Park, and Davao Park District. Once the acquisition is completed, this will increase MREIT's total portfolio GLA by 46% to 475,500 sqm. MREIT remains committed to its target portfolio of 500,000 sqm of GLA by end-2024.

"While our recent MOU with Megaworld is focused on office spaces, we are also keenly observing the impressive growth of Megaworld's retail assets. Average daily tenant sales of Megaworld's malls have surpassed 2019 levels by a large margin, underscoring the strength of consumer spending despite macroeconomic headwinds," adds Tan. Meanwhile, MREIT has declared cash dividends of P0.2460 per share to its shareholders. The dividends will be payable on December 14, 2023 to shareholders on record as of November 20, 2023. Total dividends for the first nine months of the year stands at P0.7412 per share. / 3= 0.2471.

P0.7412 = Annualized, this brings MREIT's dividend yield to 8.1%, as of the closing share price of P12.20 per share on November 6, 2023. 

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MEG vs.TLT: 1.98/94.61= 2.09% : w/Mreit: at 12.03.23 > Bonds rising, but not MEG (yet) 

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1.98/83.58= 2.37% (Oct'23). : w/Mreit: at 11.05.23

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MEG vs. its holdings of MReit, GERI and ELI

Valuation Type        Php.Bn : PerSh. (% NAV)

Net Asset Value      209.2B : P6.64 : 100.%

Mkt.Cap, 31.5B sh.   63.0B : P2.00 : 30.0%

Mreit 12.20 x1.41 B=  17.2B : P0.55  (55.6% of 2.53B sh)

GERI  0.76  x8.25B=  6.27B : P0.20  (75.0% of 11.0B sh )

ELI     0.145 x12.0B=  1.74B : P0.06  (81.7% of 14.7B sh )

Mreit +GERI +ELI   =  25.2B : P0.81 : 40.5% MEG MktCp

                                              : E.P.S.:  Div. : %EPS

MEG Earnings,2021: 13.4B : P0.42: .0425: 10.1%

MEG Earnings,2022: 13.5B : P0.43: .0615: 14.3%

MEG Earnings, ‘23E: 17.0Be: P0.54: .0660: 12.2%

*assumes 25% increase in '23:

MEG EPS, 1st H.’23 :   8.8 B: P0.28: rose +31% (’22: 6.7B)

MEG EPS, 2nd H.’23 :  8.2 B: P0.26: rose +21% (’22: 6.8B)

MEG, MReit etc: MEG (1.98), 16.5% MReit (12.00): is 6.06x MEG at 12/06/23

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MEG (1.99), 16.3% MReit (12.20): is 6.13x MEG at 11/09/23

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ELI, MEG, etc ... updated to 12/07/23

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STILL WAITING for a good breakout - Watch TLT/ Bonds!

MEG (2.00 -0.03) / TLT (92.62 -0.37, -0.40%) = 2.16% at 12.05- No Breakout!

11.17: (2.07 +0.04) / TLT (89.62 +1.10, +1.24%) = 2.31% at 11.17.23,

MReit P12.16 +0.10. was P12.34 Thu. 11/17th

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11/17: (2.07 +0.04) / TLT (89.62 +1.10, +1.24%) = 2.31% at 11.17.23

Mreit's apparent 0.20 drop on Friday, was due to a Div. paymentuKIuIhx.gif

Day : MEG, vol.M/ Mreit: Open, High, Low, Vol.M

THU: 2.03: 23.43/ 12.34: 12,40, 12.42,12.20, 0.75

FRI  : 2.07:  21.99/  12.14: 12.20, 12.50, 11.54,  1.15

exDiv: 0.246

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  • 3 weeks later...

 

updated MEG : 2.03 /SHNG (3.77, 53.8%, -1.74)  ROCK (1.41): -0.62; M/TLT (96.29) 2.11%

12.05.23: MEG: 2.00, SHNG (3.65, 54.8%, -1.65)  ROCK (1.41): -0.59; M/TLT (92.62) 2.16%

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STILL WAITING for a good breakout - Watching TLT/ Bonds rise!

MEG (2.00 -0.03) / TLT (92.62 -0.37, -0.40%) = 2.16% at 12.05- No Breakout!, was 2.31%

MReit P12.16 +0.10. was P12.34 Thu. 11/17th

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ELI still in correction mode, at 0.123,  range:  0.094 to 0.214qqsPfjq.gif

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"Something's gonna give here"  (I said, and it did.)

One of these, or several will soon follow TLT / Bonds higher, if TLT keeps rising.

1.5.24 :  ROCK (1.41, 1.46%) vs. TLT (96.29) Areit(34.00), Mreit(12.72), RCR(5.02, 39.5% mr-)

12.7.23: ROCK (1.38, 1.40%) vs. TLT (95.32) Areit(30.65), Mreit(12.00), RCR(4.79, 39.9% mr-)

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MREIT (12.00) / TLT (94.61) = r-12.68%; w/AGI (P9.65)

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w/AGI (P9.65): Feb.2022:

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ELI, MEG, etc ... updated to 12/12/23

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==

 

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C08488: Megaworld press release - 1
 

"MEGAWORLD, SUNTRUST TO DEVELOP NEW TOWNSHIP IN PUERTO PRINCESA, PALAWAN"

Megaworld, the country's pioneer developer of integrated urban townships, together with its wholly-owned subsidiary Suntrust Properties, Inc., will develop a 6-hectare property into a 'lifestyle estate' in Puerto Princesa City, Palawan. Located along the Puerto Princesa South Road in Palawan's capital city and overlooking the Puerto Princesa Bay.

BAYTOWN PALAWAN will be Megaworld's 31st township development in the country. It will host residential condominium projects, hotels, as well as commercial retail developments. "Finally, we are building our signature concept of a 'lifestyle estate' in this Palawan capital city where the residential components of the township perfectly blend with the commercial hub, and of course, the hotel developments within the mix as well. Our themed residential condominium clusters will complement the city's relaxing natural environment," says Harrison Paltongan, president, Suntrust Properties, Inc. "We are bringing the vibrant concept of our very own Forbes Town BGC to Puerto Princesa.

We are excited on how Baytown will be able to transform the cityscape of Puerto Princesa," says Javier Romeo Abustan, vice president of sales and marketing, Megaworld Palawan. Most of the residential condominium clusters inside BAYTOWN PALAWAN will be developed by Suntrust Properties. Megaworld will also be developing an upscale and exclusive residential community within the lifestyle estate. The company is slated to start land development by next year. It is allocating P7 billion to develop the lifestyle estate in the next 5 years. BAYTOWN PALAWAN is Megaworld's second mixed-use development project in the Province of Palawan. On the other hand, this is Suntrust's first development in the province as part of its expansion across the country.

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  • 2 weeks later...

UPDATING TABLE > Sep'23 and Updated at Jan.19, 2024

Stock : Last: Bk.V.: %BV: PER: E.Yld : D.Yld : Div.%: LastD: ex-Dv
OLD Sep’23:
MEG. : 2.01 : 6.64: 30.3% 4.06: 24.6% 3.06% 12.4% .0614 : Oct’22
SHNG: 3.61 : 8.43: 42.8% 4.00: 25.0% 8.02% 32.1%: .1344 : 09.07
CPG. : .340 : 1.85: 18.4%: 5.45: 18.3% 3.56%: 19.5%: .0061 : 09.28
ROCK: 1.50 : 4.16: 36.1%: 3.59:  27.9% 5.01%: 18.0%: .0752 : 08.17
VLL.  :  1.60 : 9.07: 17.6%: 2.62: 38.2% 1.83%: 4.79% .0292: Oct’22
FLI.   :  .650 : 3.69: 17.6%: 5.13: 19.5%  5.45% 27.0%. .0360: 05.09
ALCO: .495 : 1.90 : 26.1%: 4.56: 21.9% 2.42%: 11.1%. .0120:  07.12
==  Average of 7 : 27.0% 4.20=23.8% 4.19% 17.6% =====
ALHI:   5..98 : 8.83: 67.7%: 12.5: 8.00% 0.50% 6.25% .030 : 05.29

LOW PER developers, In rising order of PE Ratios, at 1.19.24:

Stock : Last: Bk.V.: %BV: PER: E.Yld : D.Yld: DEPd: LastD: ex-Dv<
NEW Jan'24
VLL   :  1.77 : 9.07: 19.5%: 3.02: 33.1%  3.50%: 10.6% .0620 : 10.13
SHNG: 3.90: 8.43: 46.3% 3.05: 32.8% 7.42% 22.6% .1344 : 09.07
ROCK: 1.43 : 4.16: 34.4%: 3.10: 32.3% 5.26%: 16.3%: .0752 : 08.17
ALCO: .420 : 1.90: 22.1%: 3.41: 29.3% 2.86%: 9.76%: .0120:  07.12
MEG. : 1.99 : 6.64: 30.0% 3.63: 27.5%: 3.32%: 12.1%: .0660 : 10.26
CPG. : .280 : 1.85: 15.1%:  3.98: 25.1%: 4.33%: 17.2%: .0061 : 09.28
FLI.   :  .670 : 3.69: 18.2%: 4.88: 20.5% 5.37% 26.2%: .0360: 05.09
==  Average of 7 : 26.5% 3.58=27.9% 4.58% 16.4% >@01.19.24<
==  Prev.Ave of 7: 27.0%  4.20=23.8% 4.19% 17.6% > @Sep’23<
CLI   :  2.64:  3.90: 67.7%: 2.72: 36.8%  6.82% 18.5%: .1800:  04.13
DD   :   7.80: 19.15: 40.7%: 3.66: 27.3%  3.36% 12.3%: .2624: 06.05
CDC  : .710:  1.94:  36.6%: 4.09 24.4%  4.05% 16.6%: .0295: 06.27
LAND: .770:  1.83:  42.1%: 5.65: 17.7%: 11.29% 63.8%: .0913: 07.04
====  Aver. of  4 : 46.8% 4.03=24.8% 6.38% 25.7% =====
====  Aver. of 11 : 33.9% 3.74=26.7% 5.23% 20.5% =====

Higher PERs
RLC  : 15.86: 25.6: 62.0%: 6.62: 15.1%: 3.28% 21.7%: 0.520: 05.26
ALHI  : 6.04: 8.83: 68.4%: 12.4:  8.06% 0.47% 5.83% .0300: 05.29
ALI    : 32.35: 17.3:  187.%: 20.4: 4.90% 1.15%: 23.5%  .2231:  11.10
SMPH 32.75: 12.6:  260%: 24.7: 4.04% 0.72%: 17.8%: .2370: 07.04
====  Aver. of  4 :  145.% 16.1=6.23% 1.41% 22.6% =====

====  Aver. of 15 : 63.4% 7.02=14.2% 4.21% 29.6% =====

No Divs
ELI  :   0.125: 1.91: 6.54%: 2.30=43.5%  0.00% 00.0%:   Nil  :
GERI:  0.84: 2.90: 29.0%:  5.36=18.7%  0.00% 00.0%:   Nil  :
SLI  :    3.41: 2.78: 122.% : 7.60=13.2%  0.00% 00.0%:   Nil  :
====  Aver. of  3 : 52.5% 5.09=19.7% 0.00% 00.0% =====

MEG affil.+VLL (1.77, 89%), ELI (.125, 24.9%), GERI (0.84, 42.2%) /MEG (1.99)

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LOW PER developers, In rising order of PE Ratios, at 1.19.24:

Stock : Last: Bk.V.: %BV: PER: E.Yld : D.Yld: DEPd: LastD: ex-Dv<
NEW Jan'24
VLL   :  1.77 : 9.07: 19.5%: 3.02: 33.1%  3.50%: 10.6% .0620 : 10.13
SHNG: 3.90: 8.43: 46.3% 3.05: 32.8% 7.42% 22.6% .1344 : 09.07
ROCK: 1.43 : 4.16: 34.4%: 3.10: 32.3% 5.26%: 16.3%: .0752 : 08.17
ALCO: .420 : 1.90: 22.1%: 3.41: 29.3% 2.86%: 9.76%: .0120:  07.12
MEG. : 1.99 : 6.64: 30.0% 3.63: 27.5%: 3.32%: 12.1%: .0660 : 10.26
CPG. : .280 : 1.85: 15.1%:  3.98: 25.1%: 4.33%: 17.2%: .0061 : 09.28
FLI.   :  .670 : 3.69: 18.2%: 4.88: 20.5% 5.37% 26.2%: .0360: 05.09
==  
Average of 7 : 26.5% 3.58=27.9% 4.58% 16.4% >@01.19.24<
==  
Prev.Ave of 7: 27.0%  4.20=23.8% 4.19% 17.6% > @Sep’23<
CLI   :  2.64:  3.90: 67.7%: 2.72: 36.8%  6.82% 18.5%: .1800:  04.13
DD   :   7.80: 19.15: 40.7%: 3.66: 27.3%  3.36% 12.3%: .2624: 06.05
CDC  : .710:  1.94:  36.6%: 4.09 24.4%  4.05% 16.6%: .0295: 06.27
LAND: .770:  1.83:  42.1%: 5.65: 17.7%: 11.29% 63.8%: .0913: 07.04
====  
Aver. of  4 : 46.8% 4.03=24.8% 6.38% 25.7% =====
====  Aver. of 11 : 33.9% 3.74=26.7% 5.23% 20.5% =====

Higher PERs
RLC  : 15.86: 25.6: 62.0%: 6.62: 15.1%: 3.28% 21.7%: 0.520: 05.26
ALHI  : 6.04: 8.83: 68.4%: 12.4:  8.06% 0.47% 5.83% .0300: 05.29
ALI    : 32.35: 17.3:  187.%: 20.4: 4.90% 1.15%: 23.5%  .2231:  11.10
SMPH 32.75: 12.6:  260%: 24.7: 4.04% 0.72%: 17.8%: .2370: 07.04
====  Aver. of  4 :  145.% 16.1=6.23% 1.41% 22.6% =====

====  Aver. of 15 : 63.4% 7.02=14.2% 4.21% 29.6% =====

No Divs
ELI  :   0.125: 1.91: 6.54%: 2.30=43.5%  0.00% 00.0%:   Nil  :
GERI:  0.84: 2.90: 29.0%:  5.36=18.7%  0.00% 00.0%:   Nil  :
SLI  :    3.41: 2.78: 122.% : 7.60=13.2%  0.00% 00.0%:   Nil  :
====  Aver. of  3 : 52.5% 5.09=19.7% 0.00% 00.0% =====

 

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  • 3 weeks later...

AGI / Alliance Global - Last: 10.86 -0.53, -5.07%, range: 9.54-14.28;  BV:P28.3

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Compare:

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==== :   AGI  , Bk.V. :  JFC , Ratio:  MCD, Ratio: MEG, Ratio. A-shs: A,MCp, M,MCp. %

MEG, about 31.5B sh.OS

Ye’19:  11.66: 18.26: 216.0, 18.5x  198.0, 17.0x   4.01, 34.3%: 9.82B: 105.B, 125.B, 119%

Ye’20: 10.60: 18.88: 195.2, 18.4x 214.6, 20.2x  4.08, 38.5%: 9.71B:  95.1B, 127.B, 134%

Ye’21: 11.80:  22.15: 216.4, 18.3x 268.1,  22.7x  3.15, 20.0%: 9.47B: 106.B, 98.2B, 93%

Ye’22: 11.90: 25.24: 230.0, 19.3x 292.0, 24.5x 2.00, 16.8%: 9.14B:  107.B, 62.4B, 58%

Ye’23: 11.28: 28.27: 251.4, 22.3x 296.5, 26.3x  1.97,  17.5%: 9.00B: 102.B, 62.1B, 61%

02.19: 10.86: 28.27: 259.0, 23.8x 292.0, 26.9x 1.96, 18.0%: 8.98B: 97.5B. 61.7B, 63%

====

AGI owns 69.7% of MEG (61.7B) x70%= 43.2B, is 44% of AGI’s MktCap

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