{"id":321165,"date":"2023-01-29T18:18:04","date_gmt":"2023-01-29T10:18:04","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=321165"},"modified":"2023-01-29T18:24:32","modified_gmt":"2023-01-29T10:24:32","slug":"stock-in-focus-gt-capital-holdings-inc-gtcap-29-jan-2023-by-rcbc-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-gt-capital-holdings-inc-gtcap-29-jan-2023-by-rcbc-securities\/","title":{"rendered":"Stock in Focus: GT Capital Holdings, Inc. (GTCAP) &#8211; 29 Jan 2023 by RCBC Securities"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Summary of Broker&#8217;s Recommendation<\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Stock Code<\/strong><\/td><td><strong>GTCAP<\/strong><\/td><\/tr><tr><td><strong>Company Name<\/strong><\/td><td>GT Capital Holdings, Inc.<\/td><\/tr><tr><td><strong>Broker<\/strong><\/td><td>RCBC Securities<\/td><\/tr><tr><td><strong>Opinion Issued on<\/strong><\/td><td>29 Jan 2023<\/td><\/tr><tr><td><strong>Recommendation<\/strong><\/td><td>Buy<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>PHP 626.60<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>We have a <strong>Buy<\/strong> recommendation and <strong>Target Price of P 626.60<\/strong> based on sum-of-the-parts (SOTP) valuation. We arrived at an SOTP value of P 513.60 and applied a 22% premium to reflect the stock\u2019s historical 5-yr average premium to its SOTP.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Analysis and Opinion<\/h2>\n\n\n\n<p>Metrobank (MBT) contributed 47% to GTCAP\u2019s 9-month (9M) 2022 net income (P 8.7 billion, +45% year-on-year).&nbsp; We expect MBT to continue benefiting from rising interest rates since the second quarter (2Q) 2022, which has helped lift the bank\u2019s NIM.<\/p>\n\n\n\n<p>Toyota Motors Philippines Co. (TMP) contributed 13% to GTCAP\u2019s net income in the 9M2022 (P 2.3 billion, +1.5% year-on-year). TMC\u2019s 9M2022 vehicle sales already breached pre-pandemic levels at 124,884 units vs. 114,177 units. Metro Pacific Investments (MPI), 15.6% owned by GTCAP, contributed 12% to GTCAP\u2019s 9M2022 earnings (P 2.2 billion, +25% year-on-year). MPI is benefiting from the economic reopening with the increase in energy sales and traffic volume.&nbsp;<\/p>\n\n\n\n<p>Federal Land added 23% to GTCAP\u2019s 9M2022 net income (P 4.2 billion, +365% year-on-year). The property unit saw a 74% jump in reservation sales during the period.&nbsp;<\/p>\n\n\n\n<p>GTCAP\u2019s insurance business, AXA Philippines, contributed 3% (P 0.5 billion, -18% year-on-year) in 9M2022.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Check how many brokers recommend this stock<\/h2>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-pinoyinvestor wp-block-embed-pinoyinvestor\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"GTLKxXRZs8\"><a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-rankings-all-stocks\/\">All Stock Rankings<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;All Stock Rankings&#8221; &#8212; PinoyInvestor\" src=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-rankings-all-stocks\/embed\/#?secret=tkGcnE8jpp#?secret=GTLKxXRZs8\" data-secret=\"GTLKxXRZs8\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:16px\"><em><em>This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about <a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/our-partner-brokers\/\">our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our recommendation and 1-year Target Price for this stock is<\/p>\n","protected":false},"author":1685,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-321165","post","type-post","status-publish","format-standard","hentry","category-stocks-in-focus","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/321165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/1685"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=321165"}],"version-history":[{"count":2,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/321165\/revisions"}],"predecessor-version":[{"id":321171,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/321165\/revisions\/321171"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=321165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=321165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=321165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}