{"id":328972,"date":"2024-08-14T16:51:47","date_gmt":"2024-08-14T08:51:47","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=328972"},"modified":"2024-08-14T16:51:49","modified_gmt":"2024-08-14T08:51:49","slug":"stock-in-focus-filinvest-land-inc-fli-15-aug-2024-by-regina-capital-development-corp","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-filinvest-land-inc-fli-15-aug-2024-by-regina-capital-development-corp\/","title":{"rendered":"Stock in Focus: Filinvest Land Inc. (FLI) – 15 Aug 2024 by Regina Capital Development Corp."},"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>Regina Capital Development Corp.<\/td><\/tr>
Opinion Issued on<\/strong><\/td>15 Aug 2024<\/td><\/tr>
Recommendation<\/strong><\/td>Hold<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 0.69<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
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We are changing our rating of FLI to HOLD with a Target Price of P0.69\/share as our price target will only provide a minimal upside with FLI\u2019s prevailing market price.<\/p>\n\n\n\n

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

Earnings recap<\/h3>\n\n\n\n

Filinvest Land, Inc (FLI) pulled off a +8% year-on-year (y\/y) boost in its 2Q 2024 net income, raking in P699 million. This upswing came from a double-digit surge in revenues, which clocked in at P6 billion. Their net income hit our forecast, showing they’re on track for the year. EBIT shot up +25% y\/y to P3 billion, with healthy operating margins at 51% and net profit margin (NPM) at 14%.<\/p>\n\n\n\n

During the first half of the year, real estate sales surged, driven by high demand and the completion of mid-income condo projects like Panglao Oasis, Alta Spatial, Marina Spatial, and Veranda Resort Condo. Looking at its revenue mix, their mid-segment led sales with P6 billion, followed by low affordable (P849 million), high-end and others (P568 million), and socialized (P400 million). This 2024, FLI is ramping up for an active year with plans to expand into Visayas and Mindanao, focusing on emerging cities like Negros Oriental, Negros Occidental, and Southern Cotabato to tap into new growth and rising demand.<\/p>\n\n\n\n

Impact of POGO ban<\/h3>\n\n\n\n

In President Bongbong Marcos’ SONA, he announced a full-on ban on POGOs. FLI only has a 4% exposure to POGOs so the exodus won\u2019t be a major hit to their topline. However, Colliers is expecting that the vacancy rate in Metro Manila could spike to 22.2% by the end of 2024 because of the POGO ban.<\/p>\n\n\n\n

While FLI\u2019s minimal exposure to POGOs gives it some cover, the overall rise in vacancy rates and a potential cooling off in office demand across Metro Manila could still have a slight impact on the company.<\/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>