{"id":325221,"date":"2023-10-05T01:39:54","date_gmt":"2023-10-04T17:39:54","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=325221"},"modified":"2023-10-05T01:39:55","modified_gmt":"2023-10-04T17:39:55","slug":"stock-in-focus-megaworld-corp-meg-5-oct-2023-by-rcbc-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-megaworld-corp-meg-5-oct-2023-by-rcbc-securities\/","title":{"rendered":"Stock in Focus: Megaworld Corp. (MEG) &#8211; 5 Oct 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>MEG<\/td><\/tr><tr><td><strong>Company Name<\/strong><\/td><td>Megaworld Corp.<\/td><\/tr><tr><td><strong>Broker<\/strong><\/td><td>RCBC Securities<\/td><\/tr><tr><td><strong>Opinion Issued on<\/strong><\/td><td>5 Oct 2023<\/td><\/tr><tr><td><strong>Recommendation<\/strong><\/td><td>Buy<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>PHP 2.60<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Despite its strong performance, MEG continues to trade at ~80% discount to NAV. It is also trading at a PE of just 3.9x. MEG is way undervalued, in our view. We reiterate our BUY rating.<\/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<h3 class=\"wp-block-heading\">Recent project launches<\/h3>\n\n\n\n<p>MEG has launched three residential condominiums since August 2023, which are expected to generate a total of Php36 billion in sales. The largest of those projects is the 54-storey Uptown Modern, which will be completed by 2032 and can generate total sales of Php29 billion. It is MEG\u2019s largest single residential tower in Uptown Bonifacio, in terms of unit count. The other two projects are scheduled for completion by 2028-2029. <\/p>\n\n\n\n<p>These latest three projects may result in approximately Php4 billion booked sales per year for the next five years, equivalent to at least 10% of our annual real estate sales revenue forecasts for 2023-2025. Note that MEG already launched Php28.2 billion worth of projects in 1H 2023, in line with its full-year 2023 Php60 billion target.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Earnings recap<\/h3>\n\n\n\n<p>MEG\u2019s revenues from real estate sales reached Php19.1 billion (up 12%) in 1H 2023, well on track to hit our full-year 2023 forecast of Php40.5 billion. Its net income in the same period was up 34% y\/y to Php7.9 billion.<\/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=\"bTA3qdN9KS\"><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=EIVcN09fYD#?secret=bTA3qdN9KS\" data-secret=\"bTA3qdN9KS\" 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-325221","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\/325221","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=325221"}],"version-history":[{"count":2,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/325221\/revisions"}],"predecessor-version":[{"id":325223,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/325221\/revisions\/325223"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=325221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=325221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=325221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}