{"id":326126,"date":"2023-12-15T12:31:16","date_gmt":"2023-12-15T04:31:16","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=326126"},"modified":"2023-12-15T12:31:20","modified_gmt":"2023-12-15T04:31:20","slug":"stock-in-focus-filinvest-land-inc-fli-15-dec-2023-by-rcbc-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-filinvest-land-inc-fli-15-dec-2023-by-rcbc-securities\/","title":{"rendered":"Stock in Focus: Filinvest Land Inc. (FLI) – 15 Dec 2023 by RCBC Securities"},"content":{"rendered":"\n

Summary of Broker’s Recommendation<\/h2>\n\n\n\n
Stock Code<\/strong><\/td>FLI<\/td><\/tr>
Company Name<\/strong><\/td>Filinvest Land Inc.<\/td><\/tr>
Broker<\/strong><\/td>RCBC Securities<\/td><\/tr>
Opinion Issued on<\/strong><\/td>15 Dec 2023<\/td><\/tr>
Recommendation<\/strong><\/td>Hold<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 0.58<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
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We set our target price for FLI at Php0.58 based on our sum-of-the-parts (SOTP) net asset value (NAV) estimate of Php2.33\/share, discounted by 75%. The bulk (41%) of our gross asset value estimate comes from its 1,871-hectare land bank. About 16% comes from the office segment, 10% from property development, 9% from Filinvest REIT (FILRT), and 9% from malls. We maintain our HOLD rating.<\/p>\n\n\n\n

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

Residential segment to boost NAV moving forward<\/h3>\n\n\n\n

We are counting on the residential segment to boost NAV moving forward. FLI is expanding its residential presence in new territories Sta. Maria Bulacan, GenSan and Bataan. In 9-month (9M) 2023, residential take-up increased by 10% year-on-year (y\/y) to Php15.24 billion, while launches reached Php6.6 billion.<\/p>\n\n\n\n

Growing industrial presence<\/h3>\n\n\n\n

Another source of potential long-term growth is its new 25-hectare Filinvest Innovation Park-Ciudad de Calamba in Calamba City, Laguna, which is under development. This is a big move for FLI as it strengthens its industrial presence and firms up its foothold in the Southern Tagalog region.<\/p>\n\n\n\n

Office remains pressured<\/h3>\n\n\n\n

The office segment of FLI had a low occupancy of 62% as of the end of September 2023. While this may improve to 67% soon with signed contracts, we are cautious about further improvement.<\/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>