{"id":330605,"date":"2024-11-25T16:13:48","date_gmt":"2024-11-25T08:13:48","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=330605"},"modified":"2024-11-25T16:13:51","modified_gmt":"2024-11-25T08:13:51","slug":"stock-in-focus-dm-wenceslao-associates-dmw-25-nov-2024-by-regina-capital-development-corp","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-dm-wenceslao-associates-dmw-25-nov-2024-by-regina-capital-development-corp\/","title":{"rendered":"Stock in Focus: DM Wenceslao &amp; Associates (DMW) &#8211; 25 Nov 2024 by Regina Capital Development Corp."},"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>DMW<\/td><\/tr><tr><td><strong>Company Name<\/strong><\/td><td>DM Wenceslao &amp; Associates, Inc.<\/td><\/tr><tr><td><strong>Broker<\/strong><\/td><td>Regina Capital Development Corp.<\/td><\/tr><tr><td><strong>Opinion Issued on<\/strong><\/td><td>25 Nov 2024<\/td><\/tr><tr><td><strong>Recommendation<\/strong><\/td><td>Buy<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>PHP 8.21<\/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>Overall, while there was an observed decline in condo sales and construction contracts, this may be partially offset by further pipeline developments, continued leasing strategies, and additional passenger volume and higher foot traffic brought about by the recent operations of the LRT 1 Cavite Extension Phase 1. Considering the aforementioned factors, we are reinforcing our BUY recommendation on DMW with our Target Price of P8.21 apiece.<\/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<p>DM Wenceslao &amp; Associates, Inc. (DMW)&#8217;s 3rd quarter (3Q) 2024 Net Income (NI) climbed by +33% year-on-year (y\/y) to P464.7 million, bringing its 9M 2024 NI to P1.4 billion (+8% y\/y). This growth was primarily driven by strengthened leasing operations, additional demand from logistics and traditional occupiers, and higher occupancy and tenant sales of retail and F&amp;B segments in Parqal.<\/p>\n\n\n\n<p>Total consolidated revenues rose by +16.65% y\/y in 3Q 2024 to P897.7 million due to higher rental revenues (climbing by +29.6% y\/y to P857 million in 3Q 2024), yet the firm\u2019s 9M 2024 revenues declined by -3.4% y\/y to P2.72 billion, due to a significant decline in condominium unit sales, amounting to P274 million (-66.8% y\/y), due to the slower completion rates of Midpark, alongside lower number of units that were qualified for revenue recognition. <\/p>\n\n\n\n<p>Total construction contracts also declined in 3Q 2024 to P1.1 million, due to lower construction activities rendered. Construction progress could also be weighed upon by the proposed 10-20% tariff implementation of the upcoming US administration, as costs of raw materials and construction equipment could increase.<\/p>\n\n\n\n<p>DMW has several projects lined up for the following years, consisting of properties in commercial leasing, residential, and healthcare. For 2025, they have Aseana Plaza Phase 1 (~60k sqm GLA) and Workpads (200-unit co-living development) set to begin construction, while One Parq Suites (~30k sqm of residential saleable floor area) is set to be launched. Meanwhile, Aseana Plaza Phase 2 (an office development consisting of ~70k sqm GLA) and St. Luke\u2019s Medical Arts Building have no tentative launch dates as of yet.<\/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=\"KETkl9Q03U\"><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; visibility: hidden;\" title=\"&#8220;All Stock Rankings&#8221; &#8212; PinoyInvestor\" src=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-rankings-all-stocks\/embed\/#?secret=d781T1INlA#?secret=KETkl9Q03U\" data-secret=\"KETkl9Q03U\" 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":12,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-330605","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\/330605","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\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=330605"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330605\/revisions"}],"predecessor-version":[{"id":330607,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330605\/revisions\/330607"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=330605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=330605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=330605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}