OTCPK:SPHX.F

Stock Analysis Report

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Executive Summary

SM Prime Holdings, Inc., together with its subsidiaries, develops, conducts, operates, and maintains shopping center spaces in the Philippines, China, and Southeast Asia.


Snowflake Analysis

Solid track record with mediocre balance sheet.


Similar Companies

Share Price & News

How has SM Prime Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SPHX.F's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

0%

SPHX.F

2.9%

US Real Estate

2.4%

US Market


1 Year Return

n/a

SPHX.F

-15.7%

US Real Estate

9.2%

US Market

Return vs Industry: Insufficient data to determine how SPHX.F performed against the US Real Estate industry.

Return vs Market: Insufficient data to determine how SPHX.F performed against the US Market.


Shareholder returns

SPHX.FIndustryMarket
7 Day0%2.9%2.4%
30 Day0%14.2%10.2%
90 Dayn/a-23.0%3.4%
1 Yearn/a-15.2%-15.7%11.6%9.2%
3 Yearn/a-15.8%-17.7%33.7%24.9%
5 Yearn/a-23.1%-25.4%59.7%41.8%

Price Volatility Vs. Market

How volatile is SM Prime Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is SM Prime Holdings undervalued compared to its fair value and its price relative to the market?

24.06x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: SPHX.F ($0.52) is trading above our estimate of fair value ($0.11)

Significantly Below Fair Value: SPHX.F is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: SPHX.F is poor value based on its PE Ratio (24.1x) compared to the Real Estate industry average (14.8x).

PE vs Market: SPHX.F is poor value based on its PE Ratio (24.1x) compared to the US market (15.7x).


Price to Earnings Growth Ratio

PEG Ratio: SPHX.F is poor value based on its PEG Ratio (3.9x)


Price to Book Ratio

PB vs Industry: SPHX.F is overvalued based on its PB Ratio (3x) compared to the US Real Estate industry average (1.1x).


Next Steps

Future Growth

How is SM Prime Holdings forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

6.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SPHX.F's forecast earnings growth (6.2% per year) is above the savings rate (2.2%).

Earnings vs Market: SPHX.F's earnings (6.2% per year) are forecast to grow slower than the US market (22% per year).

High Growth Earnings: SPHX.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: SPHX.F's revenue (7.5% per year) is forecast to grow slower than the US market (8.8% per year).

High Growth Revenue: SPHX.F's revenue (7.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SPHX.F's Return on Equity is forecast to be low in 3 years time (12.4%).


Next Steps

Past Performance

How has SM Prime Holdings performed over the past 5 years?

9.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SPHX.F has high quality earnings.

Growing Profit Margin: SPHX.F's current net profit margins (32.2%) are higher than last year (30.9%).


Past Earnings Growth Analysis

Earnings Trend: SPHX.F's earnings have grown by 9.5% per year over the past 5 years.

Accelerating Growth: SPHX.F's earnings growth over the past year (18.4%) exceeds its 5-year average (9.5% per year).

Earnings vs Industry: SPHX.F earnings growth over the past year (18.4%) exceeded the Real Estate industry -6.4%.


Return on Equity

High ROE: SPHX.F's Return on Equity (12.8%) is considered low.


Next Steps

Financial Health

How is SM Prime Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: SPHX.F's short term assets (PHP152.3B) exceed its short term liabilities (PHP95.3B).

Long Term Liabilities: SPHX.F's short term assets (PHP152.3B) do not cover its long term liabilities (PHP269.5B).


Debt to Equity History and Analysis

Debt Level: SPHX.F's debt to equity ratio (78.7%) is considered high.

Reducing Debt: SPHX.F's debt to equity ratio has increased from 63.9% to 78.7% over the past 5 years.

Debt Coverage: SPHX.F's debt is well covered by operating cash flow (21.7%).

Interest Coverage: SPHX.F's interest payments on its debt are well covered by EBIT (7.7x coverage).


Balance Sheet


Next Steps

Dividend

What is SM Prime Holdings's current dividend yield, its reliability and sustainability?

1.10%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: SPHX.F's dividend (1.1%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.69%).

High Dividend: SPHX.F's dividend (1.1%) is low compared to the top 25% of dividend payers in the US market (4.55%).


Stability and Growth of Payments

Stable Dividend: SPHX.F's dividend payments have been volatile in the past 10 years.

Growing Dividend: SPHX.F's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (26.5%), SPHX.F's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SPHX.F's dividends in 3 years are forecast to be well covered by earnings (34.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.2yrs

Average management tenure


CEO

Jeffrey Lim (57yo)

3.67yrs

Tenure

Mr. Jeffrey C. Lim has been President of SM Prime Holdings Inc. since October 1, 2016. Mr. Lim has served as the President of SM Development Corporation until February 2020. He served as Executive Vice Pre ...


Leadership Team

NamePositionTenureCompensationOwnership
Jeffrey Lim
President & Executive Director3.67yrsno data0.00017% PHP30.9k
Nai Peng Ong
CFO, Compliance Officer & Alternate Corporate Information Officer6.17yrsno datano data
Teresa Cecilia Reyes
VP of Financeno datano data0.00035% PHP63.7k
Alexander D. Pomento
Vice President of Investor Relationsno datano datano data
Christopher Bautista
Chief Audit Executive & VP of Internal Auditno datano data0.00013% PHP23.6k
Jose Mari Banzon
President of Residential - Primaryno datano datano data
Shirley Ong
Executive Vice President of Residential - Leisure7.42yrsno datano data
Luisa Angeles
Executive Vice President of Hotels & Convention Centersno datano datano data
Russel Sy
Vice President & Head of Commercialno datano datano data
Marvin Perrin Pe
Chief Risk Officer and VP of Enterprise Risk Management & Corporate Governanceno datano datano data

6.2yrs

Average Tenure

57yo

Average Age

Experienced Management: SPHX.F's management team is seasoned and experienced (6.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Jeffrey Lim
President & Executive Director3.67yrsno data0.00017% PHP30.9k
Jose Cuisia
Independent Vice-Chairman of the Board & Lead Independent Director26.42yrsno data0.0017% PHP312.9k
Herbert Sy
Non-Executive Director26.17yrsno data2.29% PHP416.3m
Hans Sy
Non-Executive Director26.17yrsno data2.34% PHP425.6m
Elizabeth Sy
Adviser to the Board8.17yrsno data2.29% PHP416.5m
Teresita Sy-Coson
Adviser to the Board12.08yrsno data2.29% PHP416.5m
Gregorio Kilayko
Independent Director12.17yrsno data0.00070% PHP127.3k
Joselito Sibayan
Independent Director9.17yrsno datano data
Henry Sy
Non-Executive Chairman of the Board6.17yrsno data2.38% PHP433.7m
Jorge Mendiola
Non-Executive Director7.5yrsno data0.0024% PHP442.0k

10.6yrs

Average Tenure

63yo

Average Age

Experienced Board: SPHX.F's board of directors are seasoned and experienced ( 10.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: SPHX.F insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

SM Prime Holdings, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: SM Prime Holdings, Inc.
  • Ticker: SPHX.F
  • Exchange: OTCPK
  • Founded: 1994
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: ₱916.916b
  • Listing Market Cap: ₱18.189b
  • Shares outstanding: 28.88b
  • Website: https://www.smprime.com

Number of Employees


Location

  • SM Prime Holdings, Inc.
  • Mall of Asia Arena Annex Building
  • 10th Floor
  • Pasay City
  • 1300
  • Philippines

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SPHX.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDJul 1994
SMPHPSE (Philippines Stock Exchange)YesCommon SharesPHPHPJul 1994

Biography

SM Prime Holdings, Inc., together with its subsidiaries, develops, conducts, operates, and maintains shopping center spaces in the Philippines, China, and Southeast Asia. The company operates through four segments: Mall, Residential, Commercial, and Hotels and Convention Centers. It leases mall and food court; and sells cinema tickets, as well as offers amusement services, including bowling and ice skating. The company is also involved in the development and sale of residential properties, such as houses and leisure homes; development and leasing of office buildings, as well as the operation and management of office buildings and other land holdings; and development and management of various hotel and convention center properties. As of December 31, 2019, it had 8 hotels with 1,961 rooms located in Tagaytay City, Iloilo, Pampanga, Cebu City, Davao City, Hamilo Coast, Quezon City, and Pasay City, as well as 4 convention centers and 3 trade halls with 37,357 square meters of leasable space; and 74 malls in the Philippines and 7 malls in China. The company was founded in 1994 and is based in Pasay City, the Philippines. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/02 11:24
End of Day Share Price2020/04/13 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.