{"id":322887,"date":"2023-04-28T03:12:19","date_gmt":"2023-04-27T19:12:19","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=322887"},"modified":"2023-04-28T03:12:20","modified_gmt":"2023-04-27T19:12:20","slug":"stock-in-focus-robinsons-land-corp-rlc-28-apr-2023-by-rcbc-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-robinsons-land-corp-rlc-28-apr-2023-by-rcbc-securities\/","title":{"rendered":"Stock in Focus: Robinsons Land Corp. (RLC) – 28 Apr 2023 by RCBC Securities"},"content":{"rendered":"\n

Summary of Broker’s Recommendation<\/h2>\n\n\n\n
Stock Code<\/strong><\/td>RLC<\/td><\/tr>
Company Name<\/strong><\/td>Robinsons Land Corp.<\/td><\/tr>
Broker<\/strong><\/td>RCBC Securities<\/td><\/tr>
Opinion Issued on<\/strong><\/td>28 Apr 2023<\/td><\/tr>
Recommendation<\/strong><\/td>Buy<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 19.10<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

We reiterate our investment case that RLC would sustain its growth momentum (notwithstanding the absence of Chengdu earnings) and deliver net income above pre-COVID levels in 2023. We reiterate our BUY rating on RLC.<\/p>\n\n\n\n

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Analysis and Opinion<\/h2>\n\n\n\n

1Q 2023 net income beat RSEC and consensus estimates<\/strong><\/p>\n\n\n\n

Robinsons Land Corp. (RLC) booked 1Q23 net income of Php2.7bn (+90% y\/y), ahead of RSEC and consensus estimates. RLC\u2019s earnings beat was largely due to better than-expected mall revenues.<\/p>\n\n\n\n

Mall revenues climbed 46% to Php3.9bn, while mall EBITDA jumped 53% to Php2.3bn, underpinned by improved mall operations, alongside higher rental rates. Office revenues inched 4% higher to Php1.9bn, while office EBITDA rose 3% to Php1.6bn, due to steady office occupancy. Residential revenues jumped 68% to Php2.4bn, while residential EBITDA soared 84% to Php812mn, driven by improved revenue bookings. Hotel revenues recovered 162% to Php879mn and ended 70% above pre-pandemic levels. Hotel EBITDA surged 330% to Php167mn. <\/p>\n\n\n\n

Mall revenues grew q\/q despite seasonality; EBITDA margin improved<\/strong><\/p>\n\n\n\n

1Q23 mall revenues came in better than expected, growing by 5% q\/q, 46% y\/y, and ended 12% higher than 4Q19 levels; this was notwithstanding that 4Q is typically the strongest quarter due to the holiday spending. Notably, mall EBITDA margin improved 3.2ppts y\/y and 8.6ppts q\/q to 58.6%. This annual improvement in EBITDA margin may be attributed to the removal of rent concessions as the company only charged full rental rates beginning 3Q22.<\/p>\n\n\n\n

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Check how many brokers recommend this stock<\/h2>\n\n\n\n
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All Stock Rankings<\/a><\/blockquote>