SM Prime Holdings, Inc.

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Company Background

SM Prime Holdings used to be the mall development arm of SM Investments, the publicly listed holding company of the Sy family, the Philippines' richest. But in 2013, the Sy family decided to consolidate its property assets under SM Prime. The consolidation process saw the Sy-controlled condominium builder SM Development, leisure property firm Highlands Prime and privately held SM Land being folded into SM Prime.

The restructuring made SM Prime the Philippines' biggest real estate company and one of the largest in the region in terms of market capitalization.

With its enlarged scale, SM Prime in early 2014 launched a five-year plan that calls for spending 400 billion pesos to almost double its real estate projects and sales by 2019. The plan includes expanding the company's shopping centers in the Philippines, from 48 at the end of 2013, to 74. This is on top of operations in China, where the company has five malls.

SM Prime is managed by Hans Sy, a son of Henry Sy, SM Group founder and the Philippines' richest man.

Business Summary

SM Prime Holdings, Inc. develops, conducts, operates and maintains modern commercial shopping centers. It operates through the following segments: Malls, Residential, Commercial & Hotel and Convention centers. The Mall segment develops, conducts, operates and maintains the business of modern commercial shopping centers and all businesses related thereto such as the conduct, operation and maintenance of shopping center spaces for rent, amusement centers, or cinema theaters within the compound of the shopping centers. The Residential and Commercial segments are involved in the development and transformation of major residential, commercial, entertainment and tourism districts through sustained capital investments in buildings and infrastructure. The Hotels and Convention centers segment engages in and carry on the business of hotel and convention centers and operates and maintains any and all services and facilities incident thereto. The company was founded on January 6, 1994 and is headquartered in Pasay, Philippines.

Financial Highlights

Dec 2019	PHP	USD
Revenue	118,311.49M	2,284.87M
Gross Profit	83,643.62M	1,615.35M
Operating income	47,542.55M	918.15M
Income before tax	49,161.99M	949.43M
Net income	38,085.60M	735.52M
EBITDA	67,517.40M	1,303.91M
Diluted EPS	1.31	0.02
Dividends Per Share	--	--
Total Assets	667,279.67M	13,175.62M
Total liabilities	364,763.40M	7,202.35M
Total equity	300,916.17M	5,941.67M
Operating cash flow	45,068.75M	870.38M
	Currency in PHP	Currency in USD

Historical Data

PHP | USD

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	72,679.89M	80,931.16M	90,921.85M	104,080.56M	118,311.49M
Gross Profit	51,076.43M	57,432.63M	64,210.03M	73,826.30M	83,643.62M
Operating income	29,140.76M	31,557.13M	34,771.82M	40,416.81M	47,542.55M
Income before tax	34,367.93M	30,988.67M	35,947.86M	41,966.17M	49,161.99M
Net income	28,302.09M	23,805.71M	27,573.86M	32,172.88M	38,085.60M
EBITDA	39,574.38M	44,194.33M	49,587.96M	57,982.65M	67,517.40M
Diluted EPS	0.98	0.82	0.95	1.11	1.31
Dividends Per Share	0.23	0.26	0.35	0.35	--
Total Assets	433,828.43M	465,560.13M	538,417.59M	604,134.31M	667,279.67M
Total liabilities	217,985.59M	230,196.58M	275,543.68M	325,056.35M	364,763.40M
Total equity	212,488.82M	231,481.03M	258,957.22M	275,302.99M	300,916.17M
Operating cash flow	29,978.30M	34,514.53M	31,355.49M	40,765.68M	45,068.75M

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	1,596.20M	1,704.26M	1,803.48M	1,975.60M	2,284.87M
Gross Profit	1,121.74M	1,209.42M	1,273.63M	1,401.33M	1,615.35M
Operating income	639.99M	664.53M	689.71M	767.17M	918.15M
Income before tax	754.79M	652.56M	713.04M	796.58M	949.43M
Net income	621.57M	501.30M	546.94M	610.69M	735.52M
EBITDA	869.13M	930.65M	983.60M	1,100.59M	1,303.91M
Diluted EPS	0.02	0.01	0.01	0.02	0.02
Dividends Per Share	0.00	0.00	0.00	0.00	--
Total Assets	9,219.60M	9,365.05M	10,785.60M	11,488.71M	13,175.62M
Total liabilities	4,632.57M	4,630.55M	5,519.70M	6,181.54M	7,202.35M
Total equity	4,515.75M	4,656.39M	5,187.44M	5,235.39M	5,941.67M
Operating cash flow	658.38M	726.81M	621.95M	773.79M	870.38M

Valuation Measures

Dec 2019
PER	31.89
ROA	5.99%
ROE	13.21%
Operating margin	40.18%
Profit margin	32.19%

Key executives

President & Executive Director: Jeffrey C. Lim
Chief Finance Officer & Compliance Officer: Nai Peng C. Ong
VP-Finance & Corporate Information Officer: Teresa Cecilia H. Reyes
Assistant Secretary: Arthur A. Sy
Chief Risk Officer: Marvin Perrin L. Pe

Shareholders

SM Investments Corp. (49.7%)
APG Asset Management NV (2.4%)
SY HARLEY TAN (2.3%)
SY HENRY T JR (2.3%)
SY HANS T (2.3%)
SY TERESITA T (2.2%)
SY ELIZABETH T (2.2%)
SY HERBERT T (2.2%)
Estate Of Sy Henry Sr (1.3%)
The Vanguard Group, Inc. (1.3%)

Contact Details

Website:http://www.smprime.com
Address: Mall of Asia Arena, Annex Building, Coral Way Corner J.W. Diokno Blvd, Pasay, 1300, Philippines
Phone: +63.632.8831.1000

Related Companies

SM Lifestyle Entertainment, Inc.
Xiamen SM City Co., Ltd.
SM Supermalls
SM Lifestyle Center
SM City (Chongqing) Co., Ltd.
Chas Realty & Development Corp.
SM Land (China) Ltd.
Sm Arena Complex Corp.
Tagaytay Resort Development Corp.
Associated Development Corp. (Philippines)
Costa Del Hamilo, Inc.
Premier Southern Corp.
Premier Central, Inc.
Consolidated Prime Development Corp.
First Asia Realty Development Corp.
Affluent Capital Enterprises
Mega Make Enterprises Ltd.
Prime Metroestate, Inc.
SM Development Corporation
Highlands Prime Inc.

Competitors

Megaworld Corp.
Robinsons Land Corp.
Ayala Corp.
Shang Properties, Inc.
8990 Holdings, Inc.
Sta. Lucia Land, Inc.
Alliance Global Group Inc.
JG Summit Holdings Inc.
Empire East Land Holdings Inc.
Filinvest Land Incorporated
Rockwell Land Corp.
Global-Estate Resorts, Inc.
D.M. Wenceslao & Associates, Inc.
Cosco Capital, Inc.
AllHome Corp.

Last Updated on 4 Jun, 2020