{"id":325928,"date":"2023-11-23T13:48:23","date_gmt":"2023-11-23T05:48:23","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=325928"},"modified":"2023-12-03T00:24:37","modified_gmt":"2023-12-02T16:24:37","slug":"stock-in-focus-sm-prime-holdings-smph-3-dec-2023-by-ap-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-sm-prime-holdings-smph-3-dec-2023-by-ap-securities\/","title":{"rendered":"Stock in Focus: SM Prime Holdings (SMPH) &#8211; 3 Dec 2023 by AP 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\"><table><tbody><tr><td><strong>Stock Code<\/strong><\/td><td>SMPH<\/td><\/tr><tr><td><strong>Company Name<\/strong><\/td><td>SM Prime Holdings<\/td><\/tr><tr><td><strong>Broker<\/strong><\/td><td>AP Securities<\/td><\/tr><tr><td><strong>Opinion Issued on<\/strong><\/td><td>3 Dec 2023<\/td><\/tr><tr><td><strong>Recommendation<\/strong><\/td><td>Buy<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>PHP 40.06<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>We reiterate our BUY call as this development solidifies our valuation estimates for SMPH and would eventually be revenue-accretive in the future. Upside to our Target Price of P40.06 remains substantial at 23.3% from recent close of 32.50.<\/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\">The Presidential green light<\/h3>\n\n\n\n<p>Two reclamation projects under the Pasay Eco-City Coastal Development recently acquired the go-signal from President Marcos to continue, namely Pasay 265 and Pasay 360, following a three-month review period of their compliance with DENR, PRA, and LGU regulations. SMPH price dropped 14.6% in the weeks following the announcement of the suspension on August 10. We see this progression as something that greatly benefits SMPH as the Pasay 360 reclamation project, in which SMPH has a 49% share, was included in the suspension exclusion.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">One less uncertainty<\/h3>\n\n\n\n<p>We highlighted the freeze on the reclamation project as the largest risk for SMPH as it contributes a sizeable portion to our RNAV model (23.7%). To the point where removing it from our valuation model would place SMPH at overvalued levels. Although we have mentioned management\u2019s optimism on eventually getting the notice to proceed, the clearance to resume essentially removes our uncertainty towards this portion of the model.<\/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=\"9vM49MFTEM\"><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=31YuctB0Ro#?secret=9vM49MFTEM\" data-secret=\"9vM49MFTEM\" 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 Target Price and recommendation for this stock is<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-325928","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\/325928","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\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=325928"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/325928\/revisions"}],"predecessor-version":[{"id":325930,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/325928\/revisions\/325930"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=325928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=325928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=325928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}