Megaworld and AGI (parent) thread

[webmaster]

Update: TIME is Ripe for the Breakouts? 2.00, $100, 7,000... All at Once, maybe

At 1.94, MEG seems to be "Following TLT out of the cellar"... As US economic data gets weaker

MEG (1.94)-Feb'24:/TLT ($99.57)= 1.95%, MReit (13.28, 6.85x), AGI (8.95, 4.61x), Psei (6,936)

Food & RR's vs. MEG (1.92) / AGI (9.00)= 21.3%; AllDy (.153), JFC (260), Maxs (2.96) 

2021: '21-w/AGI: (8.88)

'21-w/AGI: (8.88)

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MEG-jfc: 1.79 /AGI-9.68 =18.5%, MAX: 3.07, 32.0%, AllDy: 0.127, 1.31%

AGI / P9.71 vs.MEG (1.73, 17.8%): MReit (13.1, 135%); JFC (P220, 22.7x) at 4.18.24

2/19: /10.86, (1.96, 18.0%) MReit (13.5, 124%); JFC (P259, 23.8x)

AGI has 69.7% of MEG, which has about 31.5B sh.OS : 

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

[webmaster]

MEG :   (1.92) vs.MReit (12.94,14.8%) /TLT(97.75=1.96%); BV: P7.65, 6/’24, 25% @ 8.18.24     
2.11.24: (1.96) vs.MReit (13.52,14.5%) /TLT(92.76=2.11%); BV: P7.21, 9/'23, 27%

ELI,       0.131, /MEG (1.92)= 6.82%;  BV: P1.96, 6/’24, 6.68% at 8.18.24:    
3.3.24 : 0.130, /MEG (1.96)= 6.63%; BV: P1.91, Ye'22, 6.81% at 3.03.24

AGI / P8.88 vs.MEG (1.92, 21.6%): MReit (12.9, 146%); JFC (P254, 28.6x) at 8.18.24 :    
4/18: /P9.71, (1.73, 17.8%)  MReit (13.1, 135%); JFC (P220, 22.7x) :    
2/19: /10.86, (1.96, 18.0%) MReit (13.5, 124%); JFC (P259, 23.8x)

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[webmaster]

"MEGAWORLD HITS RECORD FINANCIAL PERFORMANCE IN 2023, INCOME UP 26% TO P19.4B"

Strong growth across core businesses fuels the Company's banner year Megaworld Corporation, the country's premier township developer, achieved a landmark milestone in its financial performance for the year 2023 as its full-year net income surged by 26% to P19.4-billion.

Its consolidated revenues, on the other hand, rose by 17% to P69.7- billion. Net income attributable to the parent company's shareholders also jumped by 29% to P17.3 billion from last year's P13.5-billion. The remarkable performance is underpinned by the company's double-digit growth across all core businesses.

"2023 marked a pivotal moment for Megaworld as our financial milestones showcased our strategic agility and innovations in our product offerings. This proves our ability to adapt and thrive in changing times to reach new heights," says Kevin L. Tan, chief executive officer of Alliance Global Group, the parent company of Megaworld.

Real estate sales grew by 16% to a record-breaking level of P42.7- billion, buoyed by strong bookings. Reservation sales reached P139- billion, up 17% year-on-year, surpassing the P130-billion target set by the Company early last year. Last year, Megaworld continued to expand its township offerings, ensuring long-term revenue generation. During the year, the company launched Baytown Palawan in Puerto Princesa City, overlooking the refreshing views of Puerto Princesa Bay. The six- hectare development marks the 31st township of the Company and is set to bring the vibrant concept of Megaworld's iconic Forbes Town development in Bonifacio Global City (BGC) to Puerto Princesa.

Megaworld launched new projects worth P72.6-billion in 2023, 61% more than last year's P45-billion and higher than the Company's P60- billion target. These include Positano Mactan at The Mactan Newtown in Cebu worth P2.2-billion and Paragua Sands Hotel at Paragua Coastown in San Vicente, Palawan worth P4.2-billion, among others.

2 / 

Leasing revenues, on the other hand, also reached new record levels in 2023 as total revenues from Megaworld Lifestyle Malls and Megaworld Premier Offices climbed to P17.9-billion, up 14% year-on- year. The increase was bannered by the 54% jump in mall revenues to P5.3-billion, fueled by the recovery in retail operations and tenant sales. Office revenues, on the other hand, grew by a healthy 3% to P12.6 -billion as the country's office industry faced headwinds during the year. Megaworld Hotels & Resorts continued its leap forward with an outstanding resurgence in 2023, with revenues rising by 46% to P3.8 -billion. This significant growth highlights the sector's strong recovery post-pandemic and underscores Megaworld Hotels & Resorts' effective strategies in hospitality. The company's well-positioned hotel offerings successfully captured the increased local travel and MICE activities, improving overall occupancy and room rates, especially in Belmont Hotel Manila, Savoy Hotel Manila, and Twin Lakes Hotel in Tagaytay. "Looking ahead, we are committed to continuing the momentum, focusing on sustainable and quality growth while expanding strategically to add more value for our Company and stakeholders," adds Tan.

3 / 31 TOWNSHIPS & Communities LISTED

To date, Megaworld has 31 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, Taguig City; Lucky Chinatown in Binondo, Manila (3 hectares); The Mactan Newtown in Lapu-Lapu City, Cebu (30 hectares); Iloilo Business Park in Mandurriao, Iloilo City (72 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Boracay Newcoast in Boracay Island (150 hectares); Twin Lakes in Laurel, Batangas near Tagaytay (1,300 hectares); ArcoVia City in Pasig City (12.3 hectares); Southwoods City in the boundaries of Biñan, Laguna and Carmona, Cavite (561 hectares); Davao Park District in Lanang, Davao City (11 hectares); Alabang West in Las Piñas City (62 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); Suntrust Ecotown in Tanza, Cavite (350 hectares); Maple Grove in General Trias, Cavite (140 hectares); The Hamptons Caliraya in Lumban-Cavinti, Laguna (300 hectares); The Upper East (34 hectares) in Bacolod City; Northill Gateway (50 hectares) in the boundaries of Bacolod City and Talisay City in Negros Occidental; Capital Town Pampanga beside the Pampanga Provincial Capitol in the City of San Fernando (35.6- hectares); Westside City in the Entertainment City in Parañaque City (31 hectares); Empire East Highland City in Cainta, Rizal (24 hectares); Arden Botanical Estate in the boundaries of Trece Martires and Tanza, Cavite (251 hectares); Paragua Coastown in San Vicente, Palawan (462 hectares); Northwin Global City in Marilao and Bocaue, Bulacan (85 hectares); Winford Resort Estate in Manila City (3 hectares); Sherwood Hills in Trece Martires, Cavite (340 hectares), and Baytown Palawan in Puerto Princesa, Palawan (6 hectares).

[webmaster]

MEG Per Share, '21-22 & 2023 estimates

=======: 2021 :  2022 : 2023 :  chg.   
Revenue : 46.4B:  55.1B: 69.7B: +17%   
Income   :  ??? B:   15.4B: 19.4B +26%   
Earnings : 13.43b 13.46b 17.3B +29%   
Shs. O/S : 31.86b 31.46b 31.18b   
Earns/sh :  0.42 :   0.43 : 0.555e +29%   
Divs. /sh : .0425:  .0615 : .083e  +35%   
B.V.  /sh. :   6.24 :   6.64 :  7.11e:   
Dv/Earns : 10.1%:  14.3%:  15%e   
Ret.EPS  : +.378 :  +.378: +.47E :   
Chg. BV    +.430 : +.300: +.47E :   
======

YE’sh.Pr :    3.21  :   2.00 :   1.97 :  P1.93 @ 3.07.23   
Yield      :  1.32%: 3.08%:  4.21%:  4.30%   
ShPr/BV :  51.4%:  30.1%:  27.7%:  27.3%

[webmaster]

(GERI) is the leading developer of master-planned integrated tourism estates in the Philippines, with a current landbank of 3,100 hectares in major tourist areas ...

GERI: Last: 0.65; R: ( 0.60 to 0.95 ) PE: 3.80, BV: 3.79, 17.2%, 6/’24 at 8.22.24   
      3.15.24: 0.75;  R: ( 0.74 to 0.95 ) PE: 4.78, BV: 2.90, 25.9% ye'22

C07896: Global-Estate Resorts press release - 11/08/2023

"GERI'S CORE BUSINESSES CONTINUE TO GROW IN FIRST 9 MOS OF 2023"

Megaworld subsidiary Global-Estate Resorts, Inc. (GERI) reported solid performances of its core businesses during the first nine months of the year, highlighted by its strong real estate sales, hotel and leasing operations during the period.

Consolidated revenues grew by a strong 23% to P6.0-billion from P4.8-billion in the same period last year. Net income remained at P1.5-billion considering more vertical projects were sold this year compared to mostly horizontal projects last year. GERI's real estate business continue to lead the company's growth and accounts for the lion's share of its total revenues.

Real estate sales grew by 22% to P4.7-billion from last year's P3.9-billion, driven by bookings from its various projects in Boracay Newcoast, Southwoods City in Laguna, and Twin Lakes in Laurel, Batangas. Reservation sales, on the other hand, increased by 15% to P15.6- billion during the first nine months of the year. Projects in Boracay Newcoast, Eastland Heights in Antipolo, Rizal, and Twin Lakes contributed 79% of GERI's total reservation sales.

Hotel operations, which comprise hospitality properties in key tourism areas of Boracay and Tagaytay, grew by 73% to P441-million from P255-million during the three quarters of the year due to higher occupancy of and revenue per available room compared to year-ago levels because of the continued rise in local tourism and MICE activities. Leasing revenues from its office and mall properties, on the other hand, grew by 29% to P409-million from P317-million last year. The contribution of retail spaces continues to be the key driver of growth, as commercial rental income accounts for majority of the total leasing revenues for the period. This was driven by improving tenant sales brought about by the increase in foot traffic in the company's commercial developments, particularly in Southwoods City, Twin Lakes, and Alabang West.

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80.4%? stake

 

(GERI) was established; and, in 2013, AGI subsidiary Megaworld Corporation acquired an ownership interest in the company. Aligned with the consolidation of all of AGI's property development businesses, Megaworld acquired AGI's stakes in GERI by 2014, officially making the company a subsidiary of Megaworld.

[webmaster]

MEG-BV: P1.92 / P7.20E= 26.7%

MEG ... Last: 1.92 +0.01, LOD: 1.91

MREIT... All: 6mo: Last: 13.40 -0.10, LOD: 12.80

MREIT (13.00) vs. TLT (92.66) = xx%

[webmaster]

"BURGERS" concept. Compare MAXS (chick) & PIZZA (shakeys)

AGI (9.82) vs.JFC (264): =3.72%, MCD (279), MAXS (3.45), PIZZA (10.02)

%BV: a-25.45, 39%, j-55.61, 475%, m-(6.51), neg.; mx-4.97, 69%, pz-4.18, 240%

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[webmaster]

Andrew Tan raises P500 million through MREIT share sale

BILYONARYO.COM  /  April 19, 2024

Property giant Megaworld, led by bilyonaryo Andrew Tan, raised P500 million from the sale of its shares in real estate investment unit MREIT.

In a stock exchange filing, Megaworld said it sold 40.65 million shares of MREIT for P12.30 per share, (= P 500M) representing a slight discount compared to the previous day’s closing price.

Following the transaction, Megaworld’s ownership in MREIT decreased to 55.13%, while public ownership increased to 44.87%. BDO Securities facilitated the transaction.

Megaworld will settle the proceeds on April 22, and submit a reinvestment plan detailing how they will utilize the funds.

[webmaster]

WHO BOUGHT?

Doubling down: SSS drops P500 million to beef up share in Kevin Tan’s Megaworld REIT

BILYONARYO.COM  / April 19, 2024

xx

The Social Security System has more than doubled its shareholdings in MREIT, Inc., the real estate investment trust company of bilyonaryo Kevin Tan’s Megaworld (MEG).

A source said SSS was the buyer in the block sale involving 40.65 million MREIT shares at P12.30 each on April 18.

The sale will increase SSS’ MREIT stake to 69.816 million shares or 2.5 percent. Another pension fund, the Government Service Service Insurance System, has a 9.8 percent interest in MREIT.

Tan said the P500 million proceeds from the sale will be used to enhance the development pipeline of MEG which will maintain a majority stake in MREITat 54.2 percent.

This investment underscores the confidence in MREIT’s potential as an attractive and valuable long-term investment opportunity,” said the MREIT president and CEO in a statement.

MEG sold the shares to increase MREIT’s public float to 44.4 percent and to further headroom for an oncoming property-for-share swap.

Last year, MREIT inked a memorandum of understanding (MOU) with MEG for the acquisition of seven grade A office assets with a combined Gross Leasable Area (GLA) of 150,500 square meters. This deal will increase MREIT’s portfolio by nearly half to 475,500 sqm,.

“We remain on course to achieve a total GLA of 500,000 sqm by the conclusion of 2024. This underscores our unwavering commitment to continuously bolstering shareholder value and nurturing MREIT’s expansion,” said the heir apparent of ultra bilyonaryo Andrew Tan.

> https://bilyonaryo.com/2024/04/19/doubling-down-sss-drops-p500-million-to-beef-up-share-in-kevin-tans-megaworld-reit/business/

[webmaster]

AGI: >2000; '20: 10d: 9.69 / B:28.27 =34.3%, PER: 5.115, EPS: 1.89, Div: 0.150, Yield: 1.55%

AGI: >2000;

==

[webmaster]

AGI to-MEG: AGI (9.69) /MEG (1.80)= 5.38x; AGI-to-JFC (232)= 4.18%. MReit: 13.06, 135%, at 4.24

3.17.24: AGI (9.80) / MEG (1.92)= 5.10x; AGI-to-JFC (264)= 3.71%. MReit: 13.50, 138%

[webmaster]

GERI: 0.83

MEG : 1.80

ELI : 0.16

 

GERI : Hidden Value? (pg.33, 2023 Annual Report)

Valuation  :  YE’2022 : YE’2023:    
Appraised  : 30,414M : 31,698M:    
Cash Flow  :   9,936M : 15,338M:    
Disc. Rate  :  ( 8.61%) :  ( 7.80%) :    
=“Surplus” : 20,478M: 16,360M :    
/ 10.99Bn sh      1.86   :      1.49  :    
+BookValue:     3.48   :      3.64  :    
BV+Surplus:     5.34  :       5.13  :    
Yr.E -Prices:      0.93   :      0.95  :   P0.83    
BV+Surplus :    17.4% :    18.5% :   16.2%

Outstanding debts (loans) 9,494M x8%= P759M / Rent: 552M = 137.5%

(EXCERPT, From Report):

Based on management’s estimate, the fair value of building and improvements amounted to P15,338.6 million and P9,935.8 million as determined by calculating the present value of the cash inflows anticipated until the end of the life of the investment properties using a discount rate of 7.80% and 8.61% as at December 31, 2023 and 2022, respectively. On the other hand, the fair value of land and land development and improvements amounted to P31,697.9 million and P30,413.5 million as determined through appraisals by independent valuation specialists using market-based valuation approach where prices of comparable properties are adequate for specific market factors such as location and condition of the property as at December 31, 2023 and 2022.

RENTALS

Rental revenues recognized in 2023, 2022 and 2021 amounted to P551.6 million, P456.0 million and P408.9 million, respectively, and are presented as Rental Income account under Revenues and Income section of the consolidated statements of comprehensive income [see Notes 19.1 and 25.2(a)]. Depreciation charges substantially represent the direct costs in leasing these properties.

[webmaster]

Bad investment: Owners of Andrew Tan’s Megaworld, Empire East properties bare construction defects, unjust terms

BILYONARYO.COM  October 24, 2022

Hundreds of Megaworld and Empire East property owners have signed an online petition demanding action from bilyonaryo Andrew Tan for construction defects and unjust payment terms that have made them regret making the investment.

A Facebook group called “Megaworld Pissed Buyers” started a petition on Change.org detailing the litany of problems in Megaworld and Empire East properties. These include leaking ceilings and balconies, long delay in turnover of units, and gaps in documentation and financing.

> https://bilyonaryo.com/2022/10/24/bad-investment-owners-of-andrew-tans-megaworld-empire-east-properties-bare-construction-defects-unjust-terms/business/

[webmaster]

AGI (P8.95) / MCD ($258) =3.47%, JFC (P229.8, 89.1%) MEG (1.90)

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[webmaster]

AGI may be putting in an important low, last: P8.70 / MCD: $261 =3.33% / JFC: P230 =3.78%

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[webmaster]

AGI-MEG : 8.60 / 1.79 = 4.80x, Mreit: 12.78 = 7.14x, and seven months cycle

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AGI : P8.62

AGI (P8.72) / MCD ($250) =3.49% / JFC (P226) = 3.86%; / MEG (1.77) =4.93x

MEG : P1.79

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[webmaster]

Megaworld, and MReit can be lifted by RISING TLT BONDS/ ie falling interest rates

MEG (1.85 +0.03) / TLT ($92.56, +0.76) =2.00%, /MReit (13.00, +0.12) =14.2%

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[webmaster]

AGI may soon follow MCD, JFC higher, breaking out of the basement

          AGI (9.12 +0.32) / MCD ($268) =3.40%, / JFC (231) = 3.95%

07.02.24: AGI (P8.72) / MCD ($250) =3.49% / JFC (226) = 3.86%; / MEG (1.77) =4.93x

12.29.23: AGI (P8.72) / MCD ($250) =3.49% / JFC (226) = 3.86%; / MEG (1.77) =4.93x

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[webmaster]

AGI / Alliance Global: P 8.93

[webmaster]

TIME is Ripe for the Breakouts? 2.00, $100, 7,000... All at Once, maybe

MEG (1.92) / TLT (98.73) = 1.94% Psei (6,962):  2021: 2023: Apr'24:

2021: '21-w/AGI: (8.88)

'21-w/AGI: (8.88)

AGI / P8.88 vs.MEG (1.92, 21.6%): MReit (12.9, 146%); JFC (P254, 28.6x) at 8.18.24

4/18: /P9.71, (1.73, 17.8%)  MReit (13.1, 135%); JFC (P220, 22.7x)

2/19: /10.86, (1.96, 18.0%) MReit (13.5, 124%); JFC (P259, 23.8x)

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[webmaster]

MEGaworld Complex ... 2022: 2023: 2024:

MEG (1.93) / TLT (97.97)= 1.97%; MReit (13.08, 13.4%), AGI (8.94, 9.13%)

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[webmaster]

At 1.94, MEG seems to be "Following TLT out of the cellar"... As US economic data gets weaker

MEG (1.94)-Feb'24:/TLT ($99.57)= 1.95%, MReit (13.28, 6.85x), AGI (8.95, 4.61x), Psei (6,936)

AGI (8.95) /JFC (255) =3.51%*, and lagging,  With MRSGI (1.22), MM (0.72) , *4.49% at YE'23: 11.28/251

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[webmaster]

MEG Complex Moving!  MEG now P2.01, +0.05

/ MEG (2.01): AGI ( 9.28, 4.62x), MReit (13.60, 6.77x) / TLT ($99.59): 2.02%

[webmaster]

Finally moving... PSEI (xx / xx, yrL= +x%),

MReit (x), MEG: (x), VLL (x), AGI (x)

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[webmaster]

MEG : 2.18 (R: 1.72 to 2.20 )

AGI  : 2.17 (R: xx )

 xx