{"id":327829,"date":"2024-05-09T17:27:12","date_gmt":"2024-05-09T09:27:12","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=327829"},"modified":"2024-08-27T00:26:50","modified_gmt":"2024-08-26T16:26:50","slug":"stock-in-focus-robinsons-land-corp-rlc-9-may-2024-by-ap-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-robinsons-land-corp-rlc-9-may-2024-by-ap-securities\/","title":{"rendered":"Stock in Focus: Robinsons Land Corp. (RLC) – 9 May 2024 by AP 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>AP Securities<\/td><\/tr>
Opinion Issued on<\/strong><\/td>9 May 2024<\/td><\/tr>
Recommendation<\/strong><\/td>Buy<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 23.37<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
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We remain a BUY for RLC with a consensus Target Price of P23.37, as inflation eventually dies down alongside forward-looking confidence on rate cuts and given RLC\u2019s outperformance alongside sustained growth for both their Malls and Hotels segment. <\/p>\n\n\n\n

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

An outperformer<\/h3>\n\n\n\n

RLC managed to post earnings that outperformed estimates by 11.3% despite excluding their one-time gain on the reclassification of its GoTyme investment. 1Q 2024 saw double digit percentage growth on both a QoQ (+30.6%) and YoY (+53.0%) basis, attributable to solid growth performance across all their business units. We note that alongside this growth, RLC\u2019s board declared cash divs of P0.65\/share, the largest in the company\u2019s history. This translates to a yield of 4.3% based on LTP of P15.20.<\/p>\n\n\n\n

Malls and hotels drive expected growth<\/h3>\n\n\n\n

The current trend for property companies\u2019 Mall and Hotels segments to push growth was seen once more in RLC\u2019s 1Q24 results, with Mall revenues jumping 14% YoY and Hotels up 54% YoY. We note that RLC\u2019s mall occupancy remain high at 93% signifying the continuing pickup of consumer demand. Alongside this, RLC plans to launch 2 malls, the Pagadian and Opus this year which will add 67k sqm to their Mall GLA. Hotels will see substantial growth for 2024 as well with the launch of their NUSTAR hotel, adding 223 rooms.<\/p>\n\n\n\n

No launches dragged pre-sales<\/h3>\n\n\n\n

Albeit RLC\u2019s resi revenues rose 13% YoY, net sales take-up dropped a staggering 88%. This, however, is not due to a rise in cancellations but because the company did not have any launches in Q1, with the earliest launch being in April. Alongside this is the change in reservation fees from the previous range of P25-50K to the current P50-80K.<\/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>