Property-based stocks: SHNG, POPI, LAND etc

[drbubb]

Property-based stocks: SHNG, POPI, LAND, LR etc

SHANG Properties, is the majority owner of Exchange Tower on Ayala Avenue

POISED?  Shang could be set for a breakout above P2.60 resistance.    Jan 2023 Update

SHNG / Shang Properties. 3yr: 1yr: 10d / Last: 2.58  PER: 4.45. Yield: 6.40% / NAV: 7.83, -67% disc.

SHNG.ph / Shang Properties ... All : 5-yr : 2-yr : 6-mo / 10d -  OLD CHART

Last: P 3.25 : PER: 4.50 / EPS: 0.722 : yield: 7.72%= 0.251P (34.8& payout) / NAV: 0.00 at -00% disc.

Trades like a quasi-bond now - due to the strong (80%?) control position held by Kuok Group & its Philippine partners.

There are rumors that Kuok Group is looking to sell its stake

Now has a dividend yield above the 10-year PH govt yield (about 6%)

[drbubb]

TechZone owner, LR, is still on the slide ... towards P 3 peso perhaps //. UPDATED

LR.ph / Lesuire & Resorts World . update: 5yr: 2yr: 6mo/ 10d - P1.40: PER: N/A/ EPS: N/A : yield: 0.00%; yrL: 1.21

OLD: P 4.09 : PER: 16.58 / EPS: 0.247 : yield: 3.42% .. 6.03.2018

In hindsight, the recent high above P 7.00 (7.49) was a great selling opportunity.

If the dividend stays at the current level (P4.09 x 3.42% = P0.14), then at P3, the yield would be 4.67%

[drbubb]

POPI is owner of the Tutaban Mall, at the hub of the PNR

The stock already had two big moves -as AyalaLand bough majority control.

This is a strategic asset that may be the home of some exciting future developments

POPI.ph / Prime Orion PH Inc ... All : 5-yr : 2-yr : 6-mo / 10d -

Last: P 2.96 : PER: -n/a / EPS: 0.??? : yield: 0.00%= 0.000P (??? payout) / NAV: 0.00 at -00% disc

[drbubb]

SHANG STATS - (Dec. 2017 post on Stock Chat thread):

Shang Properties - the stock is at a possible "pinchpoint" - big move ahead?

PH:SHNG ... all-data : 5-yrs : 2-yrs : 6-mos : 10d / Last: P3.13

Looks poised for breakout above about P3.25, to P4.00, or higher

OR:

A fall below support just over P3.00 to possible support near P2.50-2.70.

We should know in the next few weeks which way the break is.

The dividend is a healthy 4.47% (Php 14?), and with an "earnings yield" of xx.xx% (that's the inverse of the 4.73 PE), it should be sustainable if earnings remain stable.

=====

Top Shareholders
34.6% : Travel Aim Investment BV : 1,648.9M shs
30.8% : Ideal Sites and Properties : 1,465.1M
21.3% : PCD Nominee Corp. -------- : 1,011.6M
04.0% : SM Development Corp. --- : 0,189.6M
===
90.7%  : Top 4 shareholders :
Shs OS: 4.76 Bn at 9/30/2017 x P3.13 = P14.9Bn / 50 = US$298 Million
/ Projects / --------- : St.: Units :
Enterprise Center : Two Towers : P 1.092bn rental income in 2016
Shang Grand Twr :
St Francis Shang. :
One Shangrila Pl.  : 64 : 1,242 sold out of?
Shang Salcedo Pl : 67 : 0,749 :
The Rise Makati-- : 59 : 3,044 :
HorizonHm@Fort : Lux.    98 :
======

Year- : Revs. : E.P.Sh : Divs : %Erns /shsOS/ LTD.OS: ShEqty: NW/sh: YrEnd %-NW
2009 : 4.030B:
2010 : 2.798B: 0.---
2011 : 3.589B: 0.222: 0.???: 00.0% /4.?? B/ 9.743B:
2012r: 5.406B: 0.346: 0.082: 23.7% /4.76 B/ 9.474B: 20.22B: P4.252: 3.040: 71.5%
2013 : 6.908B: 0.422: 0.110: 26.0% /4.76 B/ 10.24B: 21.73B: P4.564: 3.270: 71.6%
2014 : 7.612B: 0.574: 0.130: 22.6% /4.764B/ 20.70B: 23.8?B: P5.002: 3.300: 66.0%
2015 : 8.283B: 0.598: 0.155: 25.9% /4.764B/ 19.60B: 25.93B: P5.446: 3.130: 57.5%
2016 : 11.27B: 0.610: 0.165: 27.0% /4.764B/ 19.47B: 27.92B: P5.862: 3.250: 55.4%
Year- : Revs. : E.P.Sh : Divs : %Erns /shsOS/ LTD.OS: ShEqty: NW/sh: YrEnd %-NW
======

Shang website: http://www.shangproperties.com/

[drbubb]

Visiting "The City" (two quoted Cityland companies)

I haven't looked at the charts for the two Cityland quoted co's here yet

Company/Symbol: 12/31/17 : 06/30/18 : ---range--- : xPrice : -MktCap. / USD@53
Cityland ------ CDC- : 3,938 Mn : 3,938 Mn : 0.85-1.58 : P 0.97 : P 3,820M = $72.1M
City&Land - LAND : 1,299 Mn : 1,299 Mn : 0.52-1.38 : P 0.94 : P 1,221M = $23.0M
Total Value-----------> ---------------------------------------------------------------> P 5,041M = $95.1M

Company/Symbol   : 6/30/18 : xPrice : MktCap. / USD@53 : %-C.I. : P-Value
City&Land - LAND : 1,299 Mn : P 0.94 : P1,221M = $23.0M : 29.54% P0.36Bn
Indirect LAND shs: ----------------------------> P1,221M = $95.1M : 25.35% P0.31Bn
Direct&Indirect, LAND shs> -----------------------------------------------> 54.89% P0.67Bn

RECENT developments

DEVOPMENTS

HLURB LTS#

COMPLETION

101 Xavierville	033370	02/2024
One Taft Residences	031621	09/2022
Pines Peak Tower II	031542	03/2021
North Residences	029311	09/2018
Makati Executive Tower III	23631	06/2010
Makati Executive Tower IV	26332	06/2013

CI Group’s share of LAND: 49.73% +29.54% +0.87% +0.52%= 80.66%

> source: about Cityland

CDC / Cityland Development Corp ... all-data :

LAND / City and Land Developers . . .all-data :

CDC vs LAND ... all-data : fr.1/2016 : Seems to LEAD the PSEI !

[drbubb]

CityLand's LAND versus SHNG

Company/Symbol : -----range----- : xPrice : Div.P  : Yield%: PEratio: Earns: DvCov :
ShangProp- SHNG: P3.01-P3.59 : P 3.20 : 0.251 : 7.84% : 4.429 : 0.723 : r2.88
City&Land - LAND : P0.52-P1.38 : P 0.94 : 0.028 : 2.98% : 8.289 : 0.113 : r4.05
Cityland ----- CDC - : P0.85-P1.58 : P 0.97 : 0.034 : 3.53% : 6.994 : 0.139 : r4.08
Megaworld- MEG- : P4.21-P5.85 : P 4.64 : 0.062 : 1.34% : 10.97 : 0.423 : r6.82
AyalaLand -  ALI -  : 36.05- 47.50 :  44.00 : 0.000 : N/a-% : 22.92 : 1.920 : r-n/a

SHNG vs. LAND ... all-data : fr. 1/2016 :

LAND vs. PSEI, and HK-2823 / China stocks ... all-data : fr. 1/2005 : 1/2012 :

more lines

[drbubb]

Financial Adviser: 5 Underrated Dividend-Paying Stocks that you Can ...

 

https://www.entrepreneur.com.ph/.../financial-adviser-5-underrated-dividend-paying-s...

1.  

 

[drbubb]

Falling Libor rates "saved" Philippine Property stocks

: Update : SMPH: P39.00 / ALI: P44.35 / MEG: P5.00 / DLBR: 18.80

SMPH: P39.00

Foreign investors looking to invest in the Philippines will be very aware of Libor rates.

And there will be a correlation between US Libor and interest rate pressures in PHL.

[drbubb]

THE BIG BOYS in PH Property

SMPH ... update / Last: P 38.35

Trouble if Rates Rise - Note DLBR - inverse of Libor ... MEG-etc / update : DLBR at $19.365

Rates are near their lows, but could rise soon

From a Viber chat, comments from a poster there...

I met management from SM, ALI and MEG:

- none sees any significant slowdown. Rather a moderation in pricing. ALI says they mainly passing inflation on construction costs 6-7% and BGC / Makati they were able to price a bit higher.
- MEG clearly upbeat, exceeded target for pre-sale last year and had a strong start to the year. Most of the pre-sale increase is pricing however. Their Bay towers went up massively in value for example. One thing they said is that there is a 40% ownership limit for foreigners but they have sometimes the same license for 4 towers so the 40% must be respected on average for the towers but they may exceed it on a single tower.. seems to be a loophole.
- SM and MEG concerned of having too much POGOs as tenant, they re afraid of a shift in politics after duterte time in office. So continue to prefer BPOs.
- SM reclamation project will go through. Very confident.. what we read in the newspaper lately seems more noise.
- nobody is really keen on Sponsoring REITS.. don’t really need the funding and no clear proposal on paper. Especially that not subject to transfer tax etc. issue also about who will monitor how the proceeds will be invested.

[drbubb]

SM - the Main BELLWETHER - is testing the BOTTOM of its channel

If/ when it breaks uptrend, that me mean a Bear market is underway

SMPH ... update / Last: P34.65 - 0.35, -1.00%

[drbubb]

(( Updatiing... ))

CityLand's LAND versus SHNG, etc

Company/Symbol : -----range----- : xPrice : Div.P  : Yield%: PEratio: Earns: DvCov :
ShangProp- SHNG: P2.95-P3.47 : P 3.27 : 0.176 : 5.37% : 5.279 : 0.619 : r3.52
City&Land - LAND : P0.71-P1.05 : P 0.73 : 0.040 : 5.44% : 7.344 : 0.099 : r2.49
Cityland ----- CDC - : P0.74-P1.05 : P 0.87 : 0.043 : 4.93% : 5.657 : 0.154 : r3.58
Megaworld- MEG- : P4.18-P6.54 : P 4.80 : 0.075 : 1.56% : 9.395 : 0.511 : r6.81
AyalaLand -  ALI -  : 38.00- 53.85 :  49.00 : 0.000 : N/a-% : 23.46 : 2.089 : r-n/a
AllianceGlo. AGI -  : 10.18- 16.50 :  11.64 : 0.100 : 0.86% : 7,493 : 1.553 : r-15.5
Belle Corp.-  BEL- : P1.99- P2.74 :  P2.00 : 0.120 : 6.00% : 7.516 : 0.266 : r-2.22
===

SHNG vs. LAND ... all-data : fr. 1/2014: 1/2016:

LAND alone ... update

LAND & CDC ... fr. 2015 :

[drbubb]

BEL.ph / Belle Corp. ... all-data :

x

Pacific Online drags down Belle Corp's earnings in first half of 2019

The slight increase in earnings of City of Dreams Manila was not enough to buffer Pacific Online's 49% revenue drop caused by competition with small town lottery

MANILA, Philippines – The net income of Sy-led Belle Corporation for the first half of 2019 dropped by 11% year-on-year to P1.73 billion, dragged down by the poor performance of a subsidiary which rents online betting equipment.

In a disclosure on Friday, July 26, Belle Corporation said its operating performance was affected by the Pacific Online System Corporation's 49% year-on-year drop in revenues, leading to a 7% year-on-year decline to P4.2 billion for the parent firm.

Pacific Online rents equipment to the Philippine Charity Sweepstakes Office, for PSCO's lottery and Keno operations. (READ: FAST FACTS: SM Investments Corporation)

"This was due largely to competition from the small town lottery," the company said in its regulatory filing.

"Pacific Online is working closely with the PCSO and its network of agents to boost the attractiveness of the pari-mutuel games it offers, and is working to implement cost efficiency measures across its operations," it added.

Pacific Online is under Premium Leisure Corporation (PLC), which owns 50.1% of the subsidiary. The City of Dreams Manila, which is also under PLC, saw a 9% increase in gaming earnings to P1.88 billion from P1.73 billion in the same period last year.

Revenues from real estate operations saw the least growth at 4% year-on-year to P1.75 billion, where P1.33 billion of the total revenues came from land leases. The remaining P420 million came from property sales and management activities at the Tagaytay Highlands complex. – Rappler.com

> https://www.rappler.com/business/236370-belle-corporation-earnings-report-january-june-2019

===

Looking back at Q1

“Although Belle continued to experience growth at City of Dreams Manila, its overall operating performance was affected by weaker results at Pacific Online Systems Corporation (Pacific Online), which leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for their lottery and keno operations,” the company said in a filing with the Philippine Stock Exchange (PSE).

To be specific, Belle’s gaming-focused subsidiary, Premium Leisure Corp. (PLC), registered an increase of 9 percent in its share in the gaming earnings of City of Dreams Manila, to P725 million for the first quarter of 2019 from P664 million in the comparable period in 2018.

This, however, was dragged by the performance of its subsidiary, Pacific Online, which posted a 48 percent decrease in revenues, from P560 million in the first quarter of 2018 to P294 million for the first quarter of 2019.

[drbubb]

====
Sym.: Company- : Last-: BkVal: PER : EPS : Yield : Div.: sh.OS: MkCap: Debt.= EntVal: Ebitda: EV/ebi:
ALI    : Ayalaland : 48.50: 13.46: 23.0 : 2.12 : 1.04% 0.52: 14.7B: 719.8B: 217.4= 000.0B: 00.0M: r00.0 :
Smph: SM Group :
MEG  : Megaworld 00.00: 00.00: 00.0 : 0.00 : 0.00% 0.00: 0.00B: 000.0B: 000.0= 000.0B: 00.0M: r00.0 :
AGI    : Alli.Global : 00.00: 00.00: 00.0 : 0.00 : 0.00% 0.00: 0.00B: 000.0B: 000.0= 000.0B: 00.0M: r00.0 :
BEL    : BelleCorp :
SHNG: Shang Cp.: 00.00: 00.00: 00.0 : 0.00 : 0.00% 0.00: 0.00B: 000.0B: 000.0= 000.0B: 00.0M: r00.0 :
LAND : Cityland.  :
CDC   : CityDevl.  :
ATN.  :
TBGI  : TransPacif:
RCI.   : Roxas& Co:
=====

[drbubb]

ROLLOVER ? There was a 157 point, +1.94% jump in PSEI on Tuesday on Inflation News.

Does that rise change the Bearish picture? No!  Not for me

Rollover?  I am sticking to my guns.  Despite the rally yesterday.  Watch AGI & MEG as bellwethers. They remain weak

MEG / Megaworld... vs.AGI, PSEI ... update : 10d / Wed: MEG: 4.93 -0.40%, PSEI: 8,119 -1.18%, AGI: 11.72: -0.17%

If you read charts they way I do, we may soon find out how effective AGI & MEG are as bellwethers. 

I think they are signalling buyer resistance, and weakness in the all important property sector (for PH).

In US: The impeachment thing is a hoax, to try and give the Dems something to run on in 2020. 

It will soon be steamrolled by IG reports on Dem misbehavior. 

The Deep State may use a recession and money tightness to try to undermine Trump's presidency, when the impeachment madness fades

IN EDIT: Midday Wed:

Speaking of spreading “cracks” - see this today/wed.Noon ?:
ALI:        Ayalaland: 47.65    -1.35, -2.76%
SMPH:  SM Group: 39.60    -1.00, - 2.46%
vs.:
PSEI:     PS Index : 8105 - 111.89, - 1.36%

ALI -etc. 10d chart

Ayala Land income hits P23B in Jan-Sept – The Manila Times

Home Business Corporate News Ayala Land income hits P23B in Jan-Sept ... Revenues from commercial leasing increased by 16 percent to P27.6 billion, while those from shopping centers rose by ... Today's Front Page November 06, 2019.

[drbubb]

ALI is the BEST ? Maybe not in stock performance

Ayala Land named best developer in Euromoney, Asiamoney ...

Oct 2, 2019 - Ayala Land, Inc. (ALI) has once again been named the Philippines' best developer at Euromoney's Real Estate Survey 2019.

For those who think that Ayalaland is the most successful PH property stock, take a look at THIS chart

RLC / Robinsons Land -vs: ALI & SMPH ... All-data : 10yr: 5yr: 2yr: 1yr fr.11.08.18/ RRLC: 26.70, ALI: 47.00, SMPH: 40.00

fr.11.08.18: fr.: Nov2018w/MEG : 6mo: 10d/ RLC: 26.70, ALI: 47.00, SMPH: 40.00, MEG: 4.90 - r/a= 56.8%

John Gokongwei, the founder of RLC has just passed away this weekend,

> Filipino tycoon John Gokongwei, Jr.: From riches to rags to riches/ more

So i took a look at RLC since it started trading (see above) and was surprised to find that RLC outperformed ALI, though not SMPH, since its listing back in 1995, 25 years ago.

[drbubb]

BIG TEST?  Coming for Major PH Property shares

Ayalalnd at P 42 ... ALI: update / Last: P 44.00

Megaworld at P4.40 ... MEG: update / Last: P 4.56

Together ... update : w/ dmc :

==

Both PSEI and China Shares (China A50 Index, traded in HK)... May be ROLLING OVER together

PSEI has been Leading the China index over the past 2-3 years, sometimes Months in advance

HK:2823 (China A50 shares) vs. PSEI ... update : fr. 11.23.16 / Last: $14.84 / 7,825 : Ratio 0.19%

==

[drbubb]

On 1/13/2019 at 11:51 AM, drbubb said:

Falling Libor rates "saved" Philippine Property stocks

: Update : SMPH: P39.00 / ALI: P44.35 / MEG: P5.00 / DLBR: 18.80

Key Support levels are now falling

ALI smashed thru support at P42-43 ... update / Last: P 41.25

[drbubb]

PROPERTY Developers in a Downtrend : 2 of 4 Are !

PH-Prop. Developers ... update /

[drbubb]

UPDATE on Bellwether Property stocks - to 2/24/2020

MEG / Megaworld ... all-Data: 10yr: 5yr: 2yr: 1yr: 10d / P3.67 -0.13, -3.42%. PER: 7.06 (E-Yld: 14.16%)  Yield: 2.04% (14%)

The main thing to watch may be... What happens next.  For me, this looks like a Big Red flag coming this week.

If expected MEG support at P3.5 gets broken, then a fast drop to P3.0 may follow, as support for PSEI at 7,000 also
gets broken also.  Property stocks often give us an early warning on physical Property prices, so the Property Bull
market is now at risk, as weaker demand from the Corona Virus meet the reality of Overvalued property prices?

Here are some other bellwethers to watch:

Three Key Property stocks: MEG, ALI, SMPH & MBT ... all-Data: 10yr: 5yr: 2yr: 1yr: 10d / Last: xx

==

[drbubb]

MEG's Bad news is OUT... stock up 0.12 to 3.52, from 3.25 (ie HALF the 6.50 peak)

P 5 Billion buyback announced

> https://www.bworldonline.com/pogo-crackdown-virus-weigh-on-megaworld-stock/

“Being the largest office leasing company in the Philippines [with almost two million square meters (sq.m.) of leasable area)], investors fear that Megaworld’s earnings and occupancy figures may take a hit from the lesser influx of POGO firms and employees due to the coronavirus outbreak and current crackdown of the Philippine and Chinese government on the POGO industry…,” Mandarin Securities Corp. Research Analyst Zoren Philip A. Musngi said in an e-mail.

According to him, Megaworld’s fundamentals “are currently tilting to the bearish/negative side” because most of their businesses — which include residential, office and mall spaces — will likely be hit by the COVID-19 fears and POGO industry crackdown. 

[drbubb]

Shang near 3.00 again

SHNG ... from 2015: 2yr: 1yr: / Low of Day: 3.02, Last: 3.07; Yield: 5.72%, PE Ratio: 3.973

==

The dividend is a healthy 5.72% (Php 0.176, up form 0.14). PE of 3.973 gives EPS of P0.773 & an "earnings yield" of 25.2%

With a low PE & growing Book Value, the dividend should be sustainable, and could be increased if earnings remain stable.

=====

90.7%  : Top 4 shareholders :
Shs OS: 4.76 Bn at 9/30/2017 x P3.13 = P14.9Bn / 50 = US$298 Million
/ Projects / --------- : St.: Units :
Enterprise Center : Two Towers : P 1.092bn rental income in 2016
Shang Grand Twr :
St Francis Shang. :
One Shangrila Pl.  : 64 : 1,242 sold out of?
Shang Salcedo Pl : 67 : 0,749 :
The Rise Makati-- : 59 : 3,044 :
HorizonHm@Fort : Lux.    98 :
======

Strong & Stronger Balance sheet

Year- : Revs. : E.P.Sh : Divs : %Erns /shsOS/ LTD.OS: ShEqty: NW/sh: YrEnd %-NW
2011 : 3.589B: 0.222: 0.??? : 00.0% /4.?? B/ 9.743B:
2012r: 5.406B: 0.346: 0.082: 23.7% /4.76 B/ 9.474B: 20.22B: P4.252: 3.040: 71.5%
2013 : 6.908B: 0.422: 0.110: 26.0% /4.76 B/ 10.24B: 21.73B: P4.564: 3.270: 71.6%
2014 : 7.612B: 0.574: 0.130: 22.6% /4.764B/ 20.70B: 23.8?B: P5.002: 3.300: 66.0%
2015 : 8.283B: 0.598: 0.155: 25.9% /4.764B/ 19.60B: 25.93B: P5.446: 3.130: 57.5%
2016 : 11.27B: 0.610: 0.165: 27.0% /4.764B/ 19.05B: 27.92B: P5.862: 3.250: 55.4%
2017 : 14.85B: 0.703: 0.165: 26.2%/ 4.764B/ 15.84B: 30.47B: P6.398: 3.130: 48.9%
2018 : 12.65B: 0.633: 0.196: 36.8%/ 4.764B/ 12.83B: 39.07B: P6.884: 3.120: 45.3%
Year- : Revs. : E.P.Sh : Divs : %Erns /shsOS/ LTD.OS: ShEqty: NW/sh: YrEnd %-NW
======

Shang website: http://www.shangproperties.com/

[drbubb]

UPDATE

PH:SHNG ... all-data : 5yr : 2yr : 6mo : 10d / Last: P2.77 - div: 0.1125  (apr) + 0.07 (sep) = 0.1825 =  6.59%

[drbubb]

SHNG SUMMARY:

Shang's Balance Sheet & Income is getting stronger, making the dividend "safer"

SHNG
====. YrEnd: BkVal: Pr/BkV: NetD: Equity ND/Eq Op.CF: YrsD: Earn; D-apr, Sep.= Divs: P-Out.; Yield
’20-E : P3.20 : P7,5E: 42.7%: 0.00B; 0.00B: 10%E: 0.00B 1.00y: P0.7E: .1125+.07E 0.183: 26.1% 5.72%
’19-E : P3.00 : P7.0E: 43.9%: 0.00B; 0.00B: 10%E: 0.00B 1.00y: P0.7E: .1055+.07= 0.176: 25.1% 5.87%
2018 : P3.12 : P6.88: 45.3%: 3.55B: 32.8B: 11.6%: 2.84B 1.25y: P0.63: .1255+.07= 0.196: 31.1% 6.28%
2017 : P3.13 : P6.40: 48.9%: 3.33B: 30.5B: 10.9%: 7.27B 0.45y: P0.70: .0950+.07= 0.165: 23.6% 5.27%
2016 : P3.27 : P5.86: 55.8%: 8.79B: 27.9B: 31.4%: 4.30B 2,04y: P0.61: .0950+.07= 0.165: 27.0% 5.06%
2015 : P3.13 : P5.44: 57.5%: 8.42B: 25.9B: 32,4%: 4.91B 1.71y: P0.60: .0850+.07= 0.155: 25.8% 4.95%
2014 : P3.30 : P5.00: 66.0%: 9.24B: 23.8B: 38.7%: 604M 15.3y: P0.57: .065+ .07= 0.135: 23.7% 4.09%
=====

+ During most of this period , Shang stock stayed in the range of 3.00 to 3.50
+ Book Value rose by 37.6% from P5.00 at Yr.End 2014, to P6.88, & is likely above P7.00 now
+ The price at 4/14 of P2.68 is only 35.7% of estimated 2020 Yr.End BV of P7.50
+ Dividends rose in the same period by 35.5% to and expected P0.1825 in calendar 2020
+ The Yield is now above 6% and is “safer” because Net Debts have shrunk by 62% from 9.24B to only 3.55B
+ Net Debt at year-end 2018 was only 11.6% of equity, and just 1.25 “years” of Operating Cash Flow

 

[drbubb]

Property giant Ayala Land Inc. has slashed its capital spending budget this year to P70 billion from P110 billion, shelving new projects, investments and landbanking deals to ensure ample liquidity during the COVID-19 pandemic.

ALI also agreed to waive about P2.6 billion worth of rent from shopping mall tenants during the 1.5-month enhanced community quarantine (ECQ) of Luzon and other key cities. Its malls have been shut down since mid-March to comply with the ECQ, except for supermarkets, pharmacies and clinics.

During the company’s stockholders meeting on Wednesday, however, ALI president Bernard Vicente Dy expressed confidence that the company would weather the COVID-19 pandemic. He added that the group was now preparing to restart businesses post-ECQ.

More than 90 percent of ALI’s offices in its portfolio remain operational, as these cater to ECQ-exempt business process outsourcing (BPO) sector, while nine out of 11 hotels maintain limited operations to serve BPO employees to date, Dy reported. On the other hand, all of ALI’s resorts in El Nido, Palawan have suspended operations.

Since many of ALI’s revenue-generating businesses have been significantly affected by the ECQ, Dy said this would gnaw on the performance of the company this 2020, with some likely spillover effect in 2021.

Apart from the waiver of shopping mall rent, ALI has also earmarked P600 million to assist no-work-no-pay workers in its eco-system.

“We have also decided not to launch any new project this year. We believe that we have sufficient projects in our development pipeline to sell once the situation normalizes given that we have launched P159 billion worth of projects just last year,” ALI chief financial officer Augusto Bengzon said.

>  https://business.inquirer.net/295333/ayala-land-cuts-capital-outlays-by-p30b-waives-p2-6b-mall-rent?fbclid=IwAR1PFBIcal8R6a7SofHVDpNZk3RFmoAjz7Sf05qvBWN6Ms8tUL3Ve-XDf3s

[drbubb]

Rising Valuation Gap? 

SHNG ... 3yr: 1yr: 10d/ Last: 2.71

SHNG Book Value rises again: +0.47, +6.8%,

as the share price eases in 2020

Per Share - : 7/07: Ye'19 Ye'18: Ye'17: Ye'16 Ye'15:
Price, Yr.End : 2.71 : 3.20 : 3.12 : 3.13 : 0.89 : 0.85 :
Book Value   : 7.5E : 7.35 : 6.88 : 6.40 : 5.86 : 5.44 :

Price/BV ----- : .361 : .435 : .453 : .489 : .000 : .000 :
Cash ----------- :  0.60: 0.55 : 0.51 : 1.06 : 0.89 : 0.85 :
Borrowings-- : 1.26 : 1.24 : 1.26 : 1.75 : 2.74 : 2.62 per sh*
Cash Flow --  : .80E : 0.88 : 0.85 : 0.89 : 0.71 : 0.60 :
Price to CF--- : 3.39 : 3.65 : 3.67 : 3.51 : 4.58 : 5.19 :
Earnings  ----- : .60E : 0.64 : 0.63 : 0.70 : 0.61 : 0.60 :
PE Ratio------- : ------- : 4.99 : 4.93 : 4.46 : 5.36 : 5.23 :
Dividends----- : .18E : 0.18 : 0.20 : 0.17 : 0.17 : .155 :
Yield %--------- : 6.64 : 5.62 : 6.41 : 5.43 : 5.20 : 4.95 %
=========
Shares O/S : 4,764M

BV now: probably 7.50.  at 2.71, that;s just 36% of BV

Div Yield is 6.6%.