Buy Or Sell Opportunity • Apr 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ₱19.00. The fair value is estimated to be ₱24.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 7.0% in the next 2 years. Declared Dividend • Apr 30
Dividend reduced to ₱0.42 Dividend of ₱0.42 is 13% lower than last year. Ex-date: 12th May 2026 Payment date: 27th May 2026 Dividend yield will be 2.2%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 8.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 8.9% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: ₱0.41 (vs ₱0.40 in 1Q 2025) First quarter 2026 results: EPS: ₱0.41 (up from ₱0.40 in 1Q 2025). Revenue: ₱33.3b (up 1.5% from 1Q 2025). Net income: ₱11.7b (flat on 1Q 2025). Profit margin: 35% (in line with 1Q 2025). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Apr 29
SM Prime Holdings, Inc. announces Annual dividend, payable on May 27, 2026 SM Prime Holdings, Inc. announced Annual dividend of PHP 0.4200 per share payable on May 27, 2026, ex-date on May 12, 2026 and record date on May 13, 2026. Reported Earnings • Feb 28
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: ₱1.69 (up from ₱1.58 in FY 2024). Revenue: ₱141.1b (flat on FY 2024). Net income: ₱48.8b (up 7.0% from FY 2024). Profit margin: 35% (up from 33% in FY 2024). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Feb 16
SM Prime Holdings, Inc., Annual General Meeting, Apr 28, 2026 SM Prime Holdings, Inc., Annual General Meeting, Apr 28, 2026, at 14:30 W. Australia Standard Time. Location: saffron grand ballroom, lanson place mall of asia manila, block 12, palm coast avenue cor., seaside boulevard,moa complex, pasay Philippines Buy Or Sell Opportunity • Feb 11
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ₱21.85. The fair value is estimated to be ₱18.00, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 9.8% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₱22.50, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 5x in the Real Estate industry in Philippines. Total loss to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₱16.68 per share. Buy Or Sell Opportunity • Nov 17
Now 29% overvalued Over the last 90 days, the stock has fallen 13% to ₱20.45. The fair value is estimated to be ₱15.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 8.0% in the next 2 years. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ₱0.44 (vs ₱0.41 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.44 (up from ₱0.41 in 3Q 2024). Revenue: ₱35.4b (flat on 3Q 2024). Net income: ₱12.8b (up 8.2% from 3Q 2024). Profit margin: 36% (up from 34% in 3Q 2024). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Oct 07
Now 21% overvalued Over the last 90 days, the stock has fallen 7.3% to ₱22.80. The fair value is estimated to be ₱18.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 9.1% in the next 2 years. Buy Or Sell Opportunity • Aug 27
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 4.6% to ₱23.95. The fair value is estimated to be ₱19.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 9.8% in 2 years. Earnings are forecast to grow by 8.9% in the next 2 years. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: ₱0.44 (vs ₱0.40 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.44 (up from ₱0.40 in 2Q 2024). Revenue: ₱35.3b (up 3.8% from 2Q 2024). Net income: ₱12.8b (up 10% from 2Q 2024). Profit margin: 36% (up from 34% in 2Q 2024). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • May 06
First quarter 2025 earnings released: EPS: ₱0.40 (vs ₱0.36 in 1Q 2024) First quarter 2025 results: EPS: ₱0.40 (up from ₱0.36 in 1Q 2024). Revenue: ₱32.8b (up 6.7% from 1Q 2024). Net income: ₱11.7b (up 11% from 1Q 2024). Profit margin: 36% (up from 34% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Declared Dividend • May 01
Dividend increased to ₱0.48 Dividend of ₱0.48 is 39% higher than last year. Ex-date: 13th May 2025 Payment date: 28th May 2025 Dividend yield will be 2.0%, which is higher than the industry average of 1.4%. Payout Ratios Payout ratio: 23%. Cash payout ratio: 15%. Reported Earnings • Mar 04
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₱1.58 (up from ₱1.39 in FY 2023). Revenue: ₱140.4b (up 9.6% from FY 2023). Net income: ₱45.6b (up 14% from FY 2023). Profit margin: 33% (up from 31% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 2.0%. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jan 17
President & Executive Director recently bought ₱7.2m worth of stock On the 14th of January, Jeffrey Lim bought around 300k shares on-market at roughly ₱23.96 per share. This transaction increased Jeffrey's direct individual holding by 6x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jeffrey's only on-market trade for the last 12 months. Recent Insider Transactions • Dec 21
Non-Executive Director recently bought ₱4.9m worth of stock On the 18th of December, Hans Sy bought around 190k shares on-market at roughly ₱25.61 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱6.0m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₱0.41 (vs ₱0.37 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.41 (up from ₱0.37 in 3Q 2023). Revenue: ₱35.1b (up 7.1% from 3Q 2023). Net income: ₱11.8b (up 11% from 3Q 2023). Profit margin: 34% (up from 33% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₱0.40 (vs ₱0.35 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.40 (up from ₱0.35 in 2Q 2023). Revenue: ₱34.0b (up 8.8% from 2Q 2023). Net income: ₱11.6b (up 16% from 2Q 2023). Profit margin: 34% (up from 32% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Recent Insider Transactions • May 23
Non-Executive Director recently bought ₱1.1m worth of stock On the 17th of May, Hans Sy bought around 41k shares on-market at roughly ₱27.89 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱1.5b more in shares than they bought in the last 12 months. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: ₱0.36 (vs ₱0.33 in 1Q 2023) First quarter 2024 results: EPS: ₱0.36 (up from ₱0.33 in 1Q 2023). Revenue: ₱30.7b (up 7.3% from 1Q 2023). Net income: ₱10.5b (up 11% from 1Q 2023). Profit margin: 34% (up from 33% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 25
Dividend increased to ₱0.35 Dividend of ₱0.35 is 46% higher than last year. Ex-date: 7th May 2024 Payment date: 22nd May 2024 Dividend yield will be 1.2%, which is lower than the industry average of 1.4%. Payout Ratios Payout ratio: 18%. Cash payout ratio: 11%. Announcement • Apr 23
SM Prime Holdings, Inc. Approves Regular Cash Dividend, Payable on May 22, 2024 SM Prime Holdings, Inc. (Corporation) at its meeting held on April 23, 2024 approved the declaration of a regular cash dividend of PHP 0.346 per share amounting to PHP 10 billion to all stockholders of record as of May 8, 2024 and payable on May 22, 2024. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ₱1.39 (vs ₱1.04 in FY 2022) Full year 2023 results: EPS: ₱1.39 (up from ₱1.04 in FY 2022). Revenue: ₱128.1b (up 21% from FY 2022). Net income: ₱40.0b (up 33% from FY 2022). Profit margin: 31% (up from 28% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Feb 19
SM Prime Holdings, Inc., Annual General Meeting, Apr 23, 2024 SM Prime Holdings, Inc., Annual General Meeting, Apr 23, 2024, at 14:30 Singapore Standard Time. Location: Forbes Ballroom 1 and 2, Conrad Manila Seaside Blvd. corner Coral Way, Mall of Asia Complex, Pasay City Pasay City Philippines Agenda: To consider the proposed amendments to the Articles of Incorporation of the Corporation will be presented to the shareholders for approval during the 2024 ASM; and to consider other matters if any. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ₱0.37 (vs ₱0.27 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.37 (up from ₱0.27 in 3Q 2022). Revenue: ₱32.7b (up 20% from 3Q 2022). Net income: ₱10.7b (up 35% from 3Q 2022). Profit margin: 33% (up from 29% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Oct 15
Non-Executive Chairman of the Board recently sold ₱366m worth of stock On the 11th of October, Henry Sy sold around 12m shares on-market at roughly ₱31.15 per share. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Henry has been a net seller over the last 12 months, reducing personal holdings by ₱2.5b. Recent Insider Transactions • Aug 31
Insider recently bought ₱8.8m worth of stock On the 25th of August, Glenn Ang bought around 296k shares on-market at roughly ₱29.60 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱2.9b more in shares than they bought in the last 12 months. Recent Insider Transactions • Aug 25
Insider recently bought ₱18m worth of stock On the 18th of August, Glenn Ang bought around 600k shares on-market at roughly ₱30.01 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱2.9b more in shares than they bought in the last 12 months. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ₱0.35 (vs ₱0.23 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.35 (up from ₱0.23 in 2Q 2022). Revenue: ₱31.2b (up 39% from 2Q 2022). Net income: ₱10.0b (up 50% from 2Q 2022). Profit margin: 32% (up from 30% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Aug 04
President of SM Investments Corporation recently sold ₱350m worth of stock On the 27th of July, Harley Sy sold around 10m shares on-market at roughly ₱33.50 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱363m. Insiders have been net sellers, collectively disposing of ₱2.9b more than they bought in the last 12 months. Recent Insider Transactions • Jul 18
Non-Executive Chairman of the Board recently sold ₱356m worth of stock On the 12th of July, Henry Sy sold around 11m shares on-market at roughly ₱32.55 per share. This transaction amounted to 93% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₱363m. Henry has been a net seller over the last 12 months, reducing personal holdings by ₱2.6b. Recent Insider Transactions • Jul 06
Non-Executive Chairman of the Board recently sold ₱363m worth of stock On the 29th of June, Henry Sy sold around 11m shares on-market at roughly ₱33.90 per share. This transaction amounted to 3.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Henry has been a net seller over the last 12 months, reducing personal holdings by ₱2.2b. Recent Insider Transactions • Jun 21
Non-Executive Chairman of the Board recently sold ₱28m worth of stock On the 15th of June, Henry Sy sold around 856k shares on-market at roughly ₱32.25 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₱346m. Henry has been a net seller over the last 12 months, reducing personal holdings by ₱1.8b. Reported Earnings • May 11
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: ₱0.33 (up from ₱0.26 in 1Q 2022). Revenue: ₱28.7b (up 20% from 1Q 2022). Net income: ₱9.44b (up 27% from 1Q 2022). Profit margin: 33% (up from 31% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) also surpassed analyst estimates by 5.5%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Apr 28
Upcoming dividend of ₱0.24 per share at 0.7% yield Eligible shareholders must have bought the stock before 05 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 9.9% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Filipino dividend payers (5.6%). Lower than average of industry peers (1.2%). Recent Insider Transactions • Apr 02
Non-Executive Chairman of the Board recently sold ₱346m worth of stock On the 28th of March, Henry Sy sold around 10m shares on-market at roughly ₱33.95 per share. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₱352m. Henry has been a net seller over the last 12 months, reducing personal holdings by ₱1.8b. Recent Insider Transactions • Mar 15
Non-Executive Chairman of the Board recently sold ₱352m worth of stock On the 10th of March, Henry Sy sold around 10m shares on-market at roughly ₱34.50 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Henry has been a net seller over the last 12 months, reducing personal holdings by ₱1.5b. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: ₱1.04 (vs ₱0.76 in FY 2021) Full year 2022 results: EPS: ₱1.04 (up from ₱0.76 in FY 2021). Revenue: ₱105.8b (up 28% from FY 2021). Net income: ₱30.1b (up 38% from FY 2021). Profit margin: 28% (up from 27% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Feb 20
SM Prime Holdings, Inc., Annual General Meeting, Apr 25, 2023 SM Prime Holdings, Inc., Annual General Meeting, Apr 25, 2023, at 14:30 Singapore Standard Time. Location: Forbes Ballroom 1 and 2, Conrad Manila Seaside Blvd. corner Coral Way, Mall of Asia Complex Pasay City Philippines Recent Insider Transactions • Jan 24
Non-Executive Chairman of the Board recently sold ₱347m worth of stock On the 17th of January, Henry Sy sold around 9m shares on-market at roughly ₱37.75 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₱368m. Henry has been a net seller over the last 12 months, reducing personal holdings by ₱2.1b. Recent Insider Transactions • Dec 16
Non-Executive Chairman of the Board recently sold ₱368m worth of stock On the 9th of December, Henry Sy sold around 11m shares on-market at roughly ₱34.75 per share. This transaction amounted to 2.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₱399m. Henry has been a net seller over the last 12 months, reducing personal holdings by ₱2.3b. Announcement • Nov 16
SM Prime to Open Newest Mall in the North SM Prime Holdings, Inc. (SM Prime) is scheduled to open SM City Tuguegarao on November 18, 2022. This new mall is set to further highlight shopping, dining, and entertainment activities in the capital of Cagayan Province as it will provide more than 62,000 square meters (sqm) of gross floor area (GFA). SM City Tuguegarao will open with 85% of space lease awarded featuring two levels of mixed-use commercial space incorporating local and international shopping and dining destinations led by SM Group's brands such as The SM Store, SM Supermarket, Ace Hardware, Pet Express, Sports Central, Our Home, SM Appliance Center, Watsons, Surplus, Miniso, Crocs, Levi's and BDO. SM City Tuguegarao, which is located at the bustling Bagay Road, Barangay Caritan Norte, Tuguegarao City, will have five SM Cinemas, FoodCourt, Wellness Zone, Cyberzone, almost 2,000 carpark slots and transport bays that will add convenience and ease of access. This new mall will also feature Valley Park, which will provide a lush al fresco venue for shoppers and guests to enjoy and unwind. SM City Tuguegarao is SM Prime's 82nd mall in the Philippines. Once opened, the Company will have 58 malls in the provincial areas of the country and 24 malls in Metro Manila. SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Vice Chairman & Lead Director Amando Tetangco was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: ₱0.27 (vs ₱0.14 in 3Q 2021) Third quarter 2022 results: EPS: ₱0.27 (up from ₱0.14 in 3Q 2021). Revenue: ₱27.3b (up 74% from 3Q 2021). Net income: ₱7.90b (up 99% from 3Q 2021). Profit margin: 29% (up from 25% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Real Estate industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Nov 07
SM Prime Holdings, Inc. Appoints Glenn D. Ang as President of SM Smart City Infrastructure and Development Corporation SM Prime Holdings, Inc. announced that at its meeting held on 7 November 2022, the Board of Directors of the company approved the appointment of Mr. Glenn D. Ang as the President of SM Smart City Infrastructure and Development Corporation. Effective date of appointment is November 7, 2022. Mr. Ang previously held the position of Senior Vice President for Operations of SM Supermalls where he joined the company since 1992. He is a Certified Public Accountant and holds a Bachelor’s degree in Accounting from San Beda University. He received his Post Graduate Certificate in Management Development program from the Asian Institute of Management. Mr. Ang worked with SGV & Co. prior to joining the company. Announcement • Oct 27
SM Prime Holdings, Inc Continues to Expand its Mall Footprint in the Bicol Region with the Opening of Sm City Sorsogon SM Prime Holdings, Inc. continued to expand its mall footprint in the Bicol Region with the opening of SM City Sorsogon, this October 28. This new mall, which is located at the heart of Sorsogon City in the Sorsogon Province, spans 40,000 square meters (sqm) of gross floor area (GFA) providing two levels of shopping, dining, and entertainment destinations that will further boost the city and province's socioeconomic, cultural and leisure activities. SM City Sorsogon is located along Maharlika Highway, Balogo, East District, Sorsogon City, Sorsogon. This mall will open with 85% of leased-space awarded and boasts of modern in-mall features and a market-driven tenant mix. From sought-after international brands to well-loved local shops, SM City Sorsogon's opening will be led by The SM Store, SM Supermarket, Watsons, Miniso, Surplus Shop, Ace Hardware, Sports Central, SM Appliance, BDO, Levi's, and Crocs. SM City Sorsogon will house three SM Cinemas, FoodCourt, Cyberzone, wellness and services hubs, amusement, leisure and hobbies shops, as well as parking space with more than 700 slots and a public transport terminal to provide additional convenience. SM City Sorsogon is SM Prime's 81st mall in the Philippines. The Company has now 57 malls in the provincial areas of the country and 24 malls in Metro Manila. Recent Insider Transactions • Oct 21
Non-Executive Chairman of the Board recently sold ₱399m worth of stock On the 14th of October, Henry Sy sold around 13m shares on-market at roughly ₱31.75 per share. This transaction amounted to 3.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Henry has been a net seller over the last 12 months, reducing personal holdings by ₱3.9b. Recent Insider Transactions • Aug 31
President of Malls recently bought ₱495k worth of stock On the 22nd of August, Steven Tan bought around 14k shares on-market at roughly ₱36.70 per share. This transaction increased Steven's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱3.5b more in shares than they bought in the last 12 months. Reported Earnings • Aug 06
Second quarter 2022 earnings released: EPS: ₱0.23 (vs ₱0.18 in 2Q 2021) Second quarter 2022 results: EPS: ₱0.23 (up from ₱0.18 in 2Q 2021). Revenue: ₱22.5b (up 11% from 2Q 2021). Net income: ₱6.69b (up 30% from 2Q 2021). Profit margin: 30% (up from 26% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 38%, compared to a 30% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Recent Insider Transactions • Jul 19
VP & Head of Commercial recently bought ₱116k worth of stock On the 15th of July, Antonio-Felix Ortiga bought around 3k shares on-market at roughly ₱36.35 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱3.5b more in shares than they bought in the last 12 months. Reported Earnings • May 13
First quarter 2022 earnings: EPS in line with expectations, revenues disappoint First quarter 2022 results: EPS: ₱0.26 (up from ₱0.22 in 1Q 2021). Revenue: ₱23.9b (up 15% from 1Q 2021). Net income: ₱7.42b (up 14% from 1Q 2021). Profit margin: 31% (in line with 1Q 2021). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 39%, compared to a 30% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 28
Upcoming dividend of ₱0.097 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 24 May 2022. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of Filipino dividend payers (4.6%). Lower than average of industry peers (0.8%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Vice Chairman & Lead Director Amando Tetangco was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 26
SM Prime Holdings, Inc. Approves Cash Dividend, Payable on May 24, 2022 At the regular meeting of the board of directors of SM Prime Holdings, Inc. held on April 25, 2022, the Board approved the declaration of a regular cash dividend of PHP 0.097 per share amounting to PHP 2.801 billion to all stockholders of record as of May 11, 2022 and payable on May 24, 2022. Recent Insider Transactions • Mar 12
Non-Executive Chairman of the Board recently sold ₱507m worth of stock On the 9th of March, Henry Sy sold around 13m shares on-market at roughly ₱37.85 per share. This was the largest sale by an insider in the last 3 months. Henry has been a seller over the last 12 months, reducing personal holdings by ₱9.2b. Reported Earnings • Mar 03
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: ₱0.76 (up from ₱0.62 in FY 2020). Revenue: ₱82.3b (flat on FY 2020). Net income: ₱21.8b (up 21% from FY 2020). Profit margin: 27% (up from 22% in FY 2020). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 43%, compared to a 26% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Feb 22
SM Prime Holdings, Inc., Annual General Meeting, Apr 25, 2022 SM Prime Holdings, Inc., Annual General Meeting, Apr 25, 2022, at 14:30 Singapore Standard Time. Location: Forbes Ballroom 1 and 2, Conrad Manila, Seaside Blvd. corner Coral Way, Mall of Asia Complex Pasay City Philippines Agenda: To discuss the certification of Notice and Quorum; to approve the Minutes of the Annual Meeting of Stockholders held on April 20, 2021; to approve the Annual Report for 2021; to discuss the General Ratification of Acts of the Board of Directors, Board Committees and Management; to Elect the Directors for 2022-2023; to Appoint the External Auditor; and to discuss other Matters. Recent Insider Transactions • Feb 17
Non-Executive Chairman of the Board recently sold ₱490m worth of stock On the 11th of February, Henry Sy sold around 13m shares on-market at roughly ₱36.85 per share. In the last 3 months, they made an even bigger sale worth ₱491m. Henry has been a seller over the last 12 months, reducing personal holdings by ₱8.6b. Recent Insider Transactions • Jan 04
Non-Executive Chairman of the Board recently sold ₱490m worth of stock On the 28th of December, Henry Sy sold around 14m shares on-market at roughly ₱34.50 per share. In the last 3 months, they made an even bigger sale worth ₱497m. Henry has been a seller over the last 12 months, reducing personal holdings by ₱8.2b. Recent Insider Transactions • Dec 22
Non-Executive Chairman of the Board recently sold ₱490m worth of stock On the 16th of December, Henry Sy sold around 14m shares on-market at roughly ₱34.30 per share. In the last 3 months, they made an even bigger sale worth ₱497m. Henry has been a seller over the last 12 months, reducing personal holdings by ₱7.7b. Recent Insider Transactions • Dec 11
Non-Executive Chairman of the Board recently sold ₱491m worth of stock On the 3rd of December, Henry Sy sold around 14m shares on-market at roughly ₱35.35 per share. In the last 3 months, they made an even bigger sale worth ₱497m. Henry has been a seller over the last 12 months, reducing personal holdings by ₱7.2b. Recent Insider Transactions • Nov 20
Non-Executive Chairman of the Board recently sold ₱495m worth of stock On the 16th of November, Henry Sy sold around 14m shares on-market at roughly ₱35.85 per share. In the last 3 months, they made an even bigger sale worth ₱497m. Henry has been a seller over the last 12 months, reducing personal holdings by ₱6.7b. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ₱0.14 (vs ₱0.14 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₱15.7b (down 7.4% from 3Q 2020). Net income: ₱3.98b (up 1.1% from 3Q 2020). Profit margin: 25% (up from 23% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS ₱0.18 (vs ₱0.073 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₱20.3b (up 13% from 2Q 2020). Net income: ₱5.17b (up 145% from 2Q 2020). Profit margin: 26% (up from 12% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 07
Consensus revenue estimates increase to ₱115.7b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from ₱92.7b to ₱115.7b. EPS estimate increased from ₱0.87 to ₱1.16 per share. Net income forecast to grow 114% next year vs 60% growth forecast for Real Estate industry in Philippines. Consensus price target broadly unchanged at ₱37.85. Share price rose 3.8% to ₱32.65 over the past week. Recent Insider Transactions • Jul 15
Non-Executive Chairman of the Board recently sold ₱712m worth of stock On the 9th of July, Henry Sy sold around 20m shares on-market at roughly ₱35.60 per share. In the last 3 months, they made an even bigger sale worth ₱1.5b. Henry has been a seller over the last 12 months, reducing personal holdings by ₱5.7b. Recent Insider Transactions • Jul 03
Non-Executive Chairman of the Board recently sold ₱746m worth of stock On the 28th of June, Henry Sy sold around 20m shares on-market at roughly ₱37.30 per share. In the last 3 months, they made an even bigger sale worth ₱1.5b. Henry has been a seller over the last 12 months, reducing personal holdings by ₱4.2b. Recent Insider Transactions • Jun 27
Non-Executive Chairman of the Board recently bought ₱728m worth of stock On the 21st of June, Henry Sy bought around 20m shares on-market at roughly ₱36.40 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Henry has been a net seller over the last 12 months, reducing personal holdings by ₱3.5b. Recent Insider Transactions • Jun 23
Non-Executive Chairman of the Board recently sold ₱754m worth of stock On the 16th of June, Henry Sy sold around 20m shares on-market at roughly ₱37.70 per share. In the last 3 months, they made an even bigger sale worth ₱1.5b. Henry has been a seller over the last 12 months, reducing personal holdings by ₱4.2b. Recent Insider Transactions • Jun 11
Non-Executive Chairman of the Board recently sold ₱1.5b worth of stock On the 4th of June, Henry Sy sold around 40m shares on-market at roughly ₱36.82 per share. This was the largest sale by an insider in the last 3 months. Henry has been a seller over the last 12 months, reducing personal holdings by ₱3.5b. Recent Insider Transactions • Jun 01
Non-Executive Chairman of the Board recently sold ₱656m worth of stock On the 25th of May, Henry Sy sold around 20m shares on-market at roughly ₱32.80 per share. In the last 3 months, they made an even bigger sale worth ₱1.3b. Henry has been a seller over the last 12 months, reducing personal holdings by ₱2.0b. Recent Insider Transactions • May 19
Non-Executive Chairman of the Board recently sold ₱1.3b worth of stock On the 14th of May, Henry Sy sold around 40m shares on-market at roughly ₱33.15 per share. This was the largest sale by an insider in the last 3 months. Henry has been a seller over the last 12 months, reducing personal holdings by ₱1.3b. Major Estimate Revision • May 15
Consensus EPS estimates fall to ₱0.83 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ₱104.4b to ₱103.0b. EPS estimate also fell from ₱0.99 to ₱0.83. Net income forecast to grow 73% next year vs 55% growth forecast for Real Estate industry in Philippines. Consensus price target broadly unchanged at ₱38.16. Share price fell 2.4% to ₱33.00 over the past week. Reported Earnings • May 07
First quarter 2021 earnings released: EPS ₱0.22 (vs ₱0.29 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₱20.8b (down 19% from 1Q 2020). Net income: ₱6.48b (down 22% from 1Q 2020). Profit margin: 31% (down from 32% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Executive Departure • Apr 24
Independent Director has left the company On the 20th of April, Joselito Sibayan's tenure as Independent Director ended after 10.1 years in the role. As of December 2020, Joselito personally held only 1.38k shares (₱53k worth at the time). A total of 3 executives have left over the last 12 months. Executive Departure • Apr 24
Independent Director has left the company On the 20th of April, Gregorio Kilayko's tenure as Independent Director ended after 13.1 years in the role. As of December 2020, Gregorio personally held 202.58k shares (₱7.8m worth at the time). A total of 3 executives have left over the last 12 months. Executive Departure • Apr 24
Independent Vice-Chairman of the Board & Lead Independent Director Jose Cuisia has left the company On the 20th of April, Jose Cuisia's tenure as Independent Vice-Chairman of the Board & Lead Independent Director ended after 4.2 years in the role. As of December 2020, Jose personally held 497.66k shares (₱19m worth at the time). A total of 3 executives have left over the last 12 months. Major Estimate Revision • Mar 20
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from ₱0.76 to ₱0.98. Revenue forecast steady at ₱107.9b. Net income forecast to grow 57% next year vs 20% growth forecast for Real Estate industry in Philippines. Consensus price target of ₱39.03 unchanged from last update. Share price fell 5.9% to ₱34.25 over the past week. Major Estimate Revision • Mar 07
Analysts update estimates The 2021 consensus earning per share (EPS) estimate was lowered from ₱1.03 to ₱0.76. Revenue estimate was approximately flat at ₱108.1b. Net income is expected to grow by 22% next year compared to 20% growth forecast for the Real Estate industry in Philippines. The consensus price target of ₱39.03 was unchanged from the last update. Share price is up 2.4% to ₱37.00 over the past week. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue and earnings miss expectations Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 32%, compared to a 21% growth forecast for the Real Estate industry in Philippines. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS ₱0.62 (vs ₱1.32 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₱81.9b (down 31% from FY 2019). Net income: ₱18.0b (down 53% from FY 2019). Profit margin: 22% (down from 32% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has remained flat. Is New 90 Day High Low • Feb 25
New 90-day low: ₱35.00 The company is down 3.0% from its price of ₱36.00 on 27 November 2020. The Filipino market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱2.65 per share. Announcement • Feb 16
SM Prime Holdings, Inc., Annual General Meeting, Apr 20, 2021 SM Prime Holdings, Inc., Annual General Meeting, Apr 20, 2021, at 14:30 China Standard Time. Is New 90 Day High Low • Jan 08
New 90-day high: ₱40.40 The company is up 39% from its price of ₱29.10 on 09 October 2020. The Filipino market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱2.76 per share. Recent Insider Transactions • Nov 18
Insider recently sold ₱3.9m worth of stock On the 11th of November, Jose Mari Banzon sold around 102k shares on-market at roughly ₱38.01 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₱9.5m more than they sold in the last 12 months. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 16% share price gain to ₱38.30, the stock is trading at a trailing P/E ratio of 44.5x, up from the previous P/E ratio of 38.3x. This compares to an average P/E of 7x in the Real Estate industry in Philippines. Total returns to shareholders over the past three years are 9.1%. Is New 90 Day High Low • Nov 09
New 90-day high: ₱35.85 The company is up 19% from its price of ₱30.25 on 11 August 2020. The Filipino market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱2.89 per share. Analyst Estimate Surprise Post Earnings • Nov 04
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.4%. Earnings per share (EPS) also missed analyst estimates by 48%. Over the next year, revenue is forecast to grow 12% compared to a 3.4% decline forecast for the Real Estate industry in Philippines. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS ₱0.14 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₱17.0b (down 39% from 3Q 2019). Net income: ₱3.94b (down 53% from 3Q 2019). Profit margin: 23% (down from 30% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 22
New 90-day high: ₱32.45 The company is up 6.0% from its price of ₱30.50 on 24 July 2020. The Filipino market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱2.40 per share. 
