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Property-based stocks: SHNG, POPI, LAND etc

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

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

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

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

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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%)

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

LR.ph / Lesuire & Resorts World ... update : 5-yr : 2-yr : 6-mo / 10d - Last: P 4.09 : PER: 16.58 / EPS: 0.247 : yield: 3.42%

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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%

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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

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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

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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/

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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

conglomerate_map.jpg

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 :

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

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

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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 :

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

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more lines

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Falling Libor rates "saved" Philippine Property stocks

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

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SMPH: P39.00

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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.

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THE BIG BOYS in PH Property

SMPH ... update / Last: P 38.35

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

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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.

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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%

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(( 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:

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LAND alone ... update

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LAND & CDC ... fr. 2015 :

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

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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.

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