PDF Report issued on the 11/17/2024

SM Investments Corporation Company Profile

PSE / SM / PHY806761029

Business Summary Financials

SM Investments Corporation is engaged in retail, banking and property businesses. Its
2024 * 2025 *
segments include Property, Retail, Banking and Portfolio Investments. The Property segment
engages in mall, residential and commercial development and hotel and convention center Net sales 623B 661B
operations, where its mall division develops, conducts, operates and maintains the business of
modern commercial shopping centers and all related businesses and residential and Net income 82.19B 89.01B
commercial divisions engage in the development and transformation of residential, commercial,
and others. The Retail Segment engages in the retail/wholesale trading of merchandise, such Net Debt 413B 409B
as dry goods, wearing apparel, food, and other merchandise. The Banking segment includes
its equity in net earnings in BDO Unibank, Inc. and China Banking Corporation. The Portfolio * Estimated data
Investments segment includes 2GO Group, Inc., Philippine Geothermal Production Company,
Neo subsidiaries and associates, Atlas Consolidated Mining and Development Corporation, Sector
among others.
Consumer Non-Cyclicals

Valuation Food & Drug Retailing

Capitalization 1,069B P/E ratio 2024 * 13x P/E ratio 2025 * 12x Food & Drug Retailing

Enterprise value 1,482B EV / Sales 2024 * 2.38x EV / Sales 2025 * 2.24x Food Retail & Distribution

Free-Float 44.67% Yield 2024 * 1.02% Yield 2025 * 1.08% Supermarkets & Convenience Stores
* Estimated data
Income Statement Evolution
Sales per Business

19

20

21

22

23

24

25

26
PHP in Million 2022 Weight 2023 Weight Delta

20

20

20

20

20

20

20

20
800,000 14.00%
Retail 377,328 79.2 % 413,996 67.2 % +9.72%
12.00%
Property 99,017 20.8 % 119,004 19.3 % +20.18% 600,000

Million PHP
10.00%
Portfolio Investments - - 41,828 6.8 % -
400,000
Banking - - 39,268 6.4 % - 8.00%
200,000
Other - - 2,156 0.3 % - 6.00%

0 4.00%
Sales per region
Sales Net income Net Margin
PHP in Million 2022 Weight 2023 Weight Delta
©marketscreener.com - S&P Global Market Intelligence
Philippines 553,771 100.0 % 616,252 100.0 % +11.28%
Managers
Share class Managers Title
Vote Quantity Free-Float Company-owned shares Total Float Frederic DyBuncio Chief Executive Officer
Stock A 1 1,226,114,578 547,702,133 ( 44.67 %) 4,091,220 ( 0.3337 %) 44.67 % Jose Sio Director of Finance/CFO

Wellington Palmero Compliance Officer

Upcoming events
2025-02-25 Wilson Go Chief Tech/Sci/R&D Officer
Q4 2024 Earnings Release (Projected)
Erwin Pato Treasurer
2025-05-06 Q1 2025 Earnings Release (Projected)

Past Events Members of the board

Members of the board Title
2024-11-13 01:00 am Q3 2024 Earnings Call
Harley Sy Director/Board Member
2024-11-12 11:06 pm Q3 2024 Earnings Release
Jose Sio Director of Finance/CFO

Henry Sy Director/Board Member

Teresita Sy-Coson Director/Board Member

Frederic DyBuncio Chief Executive Officer

Shareholders
Name Equities %

Hans Sy 104,915,706 8.585%

Herbert Sy 99,093,995 8.109%

Harley Sy 92,985,298 7.609%

Teresita Sy-Coson 85,947,685 7.033%

Elizabeth Sy 77,159,344 6.314%

Disclaimer: SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 1 / 6
 PDF Report issued on the 11/17/2024

SM Investments Corporation Financials and Forecast

PSE / SM / PHY806761029

Income Statement Evolution Financial Ratios

2019 2020 2021 2022 2023 2024 2025 2026 Size 2024* 2025*
800,000 22.00%
Capitalization (PHP) 1,069B -
700,000 20.00%
Enterprise Value (EV) (PHP) 1,482B 1,478B
18.00%
600,000 Valuation 2024* 2025*
16.00% P/E ratio 13,0x 12,0x
500,000
Million PHP

14.00% Capitalization / Revenue 1,72x 1,62x

400,000
EV / Revenue 2,38x 2,24x
12.00%
300,000 EV / EBITDA 8,22x 7,66x
10.00%
Yield 1,02% 1,08%
200,000
8.00% Price to Book 1,72x 1,53x

100,000 6.00% Profitability 2024* 2025*

0 4.00% Operating Margin

Sales Operating profit Net income Net Margin Operating Margin
Net margin
©marketscreener.com - S&P Global Market Intelligence
ROA (Net income/ Total Assets) 5,01% 5,01%
Fiscal Period: December 2021 2022 2023 2024 2025 2026
ROE (net income / shareholders'
13.86228 13.54303
Net sales 1 401 289 517 945 571 307 623 295 661 147 715 722 equity)

Change - - - - - - Rate of Dividend - -

EBITDA 1 96 962 141 200 166 900 180 242 193 055 207 955 * Estimated data

Change - - - - - - Price Earning Ratio

EBIT 1 76 266 81 742 97 223 104 921 115 148 123 515

2019

2020

2021

2022

2023

2024

2025

2026
Change - - - - - -
60x
Interest Paid 1 -16 559 - -20 036 -21 919 -24 222 -27 128

Earnings before Tax (EBT) 1 61 471 99 140 122 817 131 609 142 654 153 594 50x

Change - - - - - -
40x
Net income 1 38 500 61 654 76 989 82 194 89 012 94 592
P/E ratio

Change - - - - - - 30x Average 5 years: 28.6x

Announcement Date 03/01/22 03/01/23 02/29/24 - - -

20x
1PHP in Million Estimates
10x
Balance Sheet Analysis
0x
©marketscreener.com - S&P Global Market Intelligence
2019 2020 2021 2022 2023 2024 2025 2026
1,000,000 5.00x
Annual profits - Rate of surprise
21

22

23

24

25

26

750,000
20

20

20

20

20

20
Leverage (Debt/Ebitda)

90.0
4.00x

500,000 80.0
-0.4%
70.0
Million PHP

250,000 3.00x 60.0 +14.7%

50.0
PHP

0 40.0 +11.6%
2.00x 30.0
-250,000 20.0

10.0
-500,000 1.00x
0.00
Sales Finance - Debt Free Cash Flow (FCF) EBITDA Leverage EPS Actual EPS Estimate
©marketscreener.com - S&P Global Market Intelligence ©marketscreener.com - S&P Global Market Intelligence

Disclaimer: SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 2 / 6
 PDF Report issued on the 11/17/2024

SM Investments Corporation Analysts' Consensus

PSE / SM / PHY806761029

Evolution of the average Target Price Consensus

20

21

22

23

24
20

21

22

23

24
20

21

22

23

24
0

4
Sell Buy
l2

l2

l2

l2

l2
r

r
ct

ct

ct

ct

ct
n

n
p

p
Ju

Ju

Ju

Ju

Ju
Ja

Ja

Ja

Ja

Ja
O

O
A

A
1200
Mean consensus BUY

Number of Analysts 8
1100

Last Close Price 875.00 PHP

1000
Average target price 1,122.00 PHP

Spread / Average Target +28.23%

PHP
900

High Price Target 1,290.00 PHP

800
Spread / Highest target +47.43%

Low Price Target 930.00 PHP

700
Spread / Lowest Target +6.29%

600
Average target price Price
Consensus detail
©marketscreener.com - S&P Global Market Intelligence

BUY 5
Target Price consensus evolution
OUTPERFORM 1
20

21

22

23

24
0

4
l2

l2

l2

l2

l2
n

n
Ju

Ju

Ju

Ju

Ju
Ja

Ja

Ja

Ja

Ja

HOLD 2

UNDERPERFORM 0
1250
Target price (PHP)

1122.00
SELL 0

1000 Without OPINION 0

©marketscreener.com - S&P Global Market Intelligence

Consensus revision (last 18 months)

May 24
Aug 23

Aug 24
Nov 23

Nov 24
Mar 24
Sep 23

Sep 24
Dec 23

Feb 24

Apr 24
Oct 23

Oct 24
Jun 23

Jun 24
Jan 24
Jul 23

Jul 24
Number of
Estimates

10

12

0 10
Number of Analysts

Number of upgrading estimates Number of unchanged estimates Number of downgrading estimates

Average target price 8
©marketscreener.com - S&P Global Market Intelligence
6
Revenue Revisions & EPS Revisions
4

0
Buy Outperform
Hold Underperform
Sell
©marketscreener.com - S&P Global Market Intelligence

Disclaimer: SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 3 / 6
 PDF Report issued on the 11/17/2024

SM Investments Corporation Sector and Competitors

PSE / SM / PHY806761029

Sector Comparison

Sector: Food Retail & Distribution Ratings

1st Jan Investor ESG
Capi.
change Rating Refinitiv

+0.34%
SM INVESTMENTS CORPORATION 18.2B B
+31.13%
SEVEN & I HOLDINGS CO., LTD. 40.99B A
-16.84%
FOMENTO ECONÓMICO MEXICANO, 29.94B
S.A.B. DE C.V. A-
-6.34%
AVENUE SUPERMARTS LIMITED 29.47B C

COLES GROUP LIMITED +10.49% 15.36B B

+46.10%
CASEY'S GENERAL STORES, INC. 14.9B B-

ICA GRUPPEN -.--% 11.82B - -

-22.87%
JERÓNIMO MARTINS, SGPS, S.A. 11.78B B-

CARREFOUR -10.47% 10.37B B+

DINO POLSKA S.A. -15.52% 9.32B C

SHOPRITE HOLDINGS LTD +9.63% 9B B

KESKO OYJ +7.36% 8.06B A-

-1.71%
PT SUMBER ALFARIA TRIJAYA TBK 7.53B C+

J SAINSBURY PLC -19.17% 7.19B B

+24.57%
GRUPO COMERCIAL CHEDRAUI, S.A.B. DE C.V. 6.03B C+

X5 RETAIL GROUP N.V. -96.98% 5.97B - A-

LULU RETAIL HOLDINGS PLC 0.00% 5.71B - -

Disclaimer: SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 4 / 6
 PDF Report issued on the 11/17/2024

SM Investments Corporation Technical Analysis

PSE / SM / PHY806761029

Daily chart Technical analysis trends

S-Term M-Term L-Term

Trend Bearish Neutral Neutral

Resistance 941.00 1,000.00 996.00

Spread/Res. -7.01% -12.50% -12.15%

Spread/Supp. +8.16% +8.16% +5.36%

Support 809.00 809.00 830.50

Basic data
Number of securities 1 222 023 358

Capitalization (PHP) 1 068 729 105 597

Capitalization (USD) 18 197 250 481

Free-Float 44.67 %

Performance
1 day -0.11%

1 week -4.48%

Current month -7.01%

1 month -9.89%

3 months -5.96%

6 months -0.57%

Current year +0.34%

Weekly chart

Disclaimer: SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 5 / 6
 PDF Report issued on the 11/17/2024

SM Investments Corporation Summary

PSE / SM / PHY806761029

Summary
Investor Rating
-
Trading Rating
Strengths
ESG Refinitiv B
• Before interest, taxes, depreciation and amortization, the company's margins are particularly high.
• Analysts have a positive opinion on this stock. Average consensus recommends overweighting or purchasing the Financials
stock. Sales growth
• The difference between current prices and the average target price is rather important and implies a significant Earnings Growth
appreciation potential for the stock. EBITDA / Sales
• Over the past four months, analysts' average price target has been revised upwards significantly. Profitability
• There is high visibility into the group's activities for the coming years. Outlooks on future revenues from analysts Finances
covering the equity remain similar. Such hardly dispersed estimates support highly predictable sales for the current
and upcoming fiscal years. Valuation
• Historically, the company has been releasing figures that are above expectations. P/E ratio
EV / Sales
Weaknesses Price to Book
• The company is in debt and has limited leeway for investment Price to Free Cash Flow
• The company is highly valued given the cash flows generated by its activity. Yield
• The company is not the most generous with respect to shareholders' compensation.
Momentum
1 year Revenue revision
Ratings chart - Surperformance
4 months Revenue revision
7 days Revenue revision
1 year EPS revision
4 months EPS revision

Consensus
Analyst Opinion
Potential Price Target
4m Target Price Revision
4m Revision of opinion
12m Revision of opinion

Business Predictability
Analyst Coverage
Divergence of Estimates
Divergence of analysts'
opinions
Divergence of Target Price
Earnings quality

Environment
Emissions
Innovation
Use of resources

Social
Social commitment
Human Rights
Product liability
Human Resources

Governance
CSR Strategy
Management
Shareholders

Controversy
Controversy

Disclaimer: SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 6 / 6