{"id":333210,"date":"2025-07-17T01:21:04","date_gmt":"2025-07-16T17:21:04","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=333210"},"modified":"2025-07-17T01:21:17","modified_gmt":"2025-07-16T17:21:17","slug":"stock-in-focus-sm-prime-holdings-smph-17-july-2025-by-rcbc-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-sm-prime-holdings-smph-17-july-2025-by-rcbc-securities\/","title":{"rendered":"Stock in Focus: SM Prime Holdings (SMPH) – 17 July 2025 by RCBC Securities"},"content":{"rendered":"\n

Summary of Broker’s Recommendation<\/h2>\n\n\n\n
Stock Code<\/strong><\/td>SMPH<\/td><\/tr>
Company Name<\/strong><\/td>SM Prime Holdings<\/td><\/tr>
Broker<\/strong><\/td>RCBC Securities<\/td><\/tr>
Opinion Issued on<\/strong><\/td>17 July 2025<\/td><\/tr>
Recommendation<\/strong><\/td>Buy<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 37.00<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
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In perspective, SMPH\u2019s office segment contributed only about 6% to total revenues in 1Q 2025. It also accounts for just 5% of our gross asset value estimate, indicating a massive growth potential. We believe SMPH can execute its strategies successfully. Reiterate BUY with a Target Price of PHP 37.00 per share.<\/p>\n\n\n\n

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

In the 1st quarter (1Q) 2025, SM Prime Holdings, Inc. (SMPH) recorded a net income of Php11.65 billion, 11% up year-on-year (y\/y). Revenues grew by 7% to Php32.8 billion, mainly attributed to higher rental income and real estate sales. Malls and residential accounted for 58% and 30% of total revenues, respectively. Residential reservation sales dropped by 57% y\/y in 1Q 2025, another sharp fall following the 46% y\/y decline in 2024. With a quarter-om-quarter improvement of 36%, we believe it is on its way to recovery. Year-tom date, SMPH’s share price is down 0.4%, performing in line with the PSEi (relative performance, +0.6%).<\/p>\n\n\n\n

SMPH is expanding its regional office presence with the launch of \u201cThe Core Tower Three\u201d, located within the SM City Sta. Rosa complex in Calabarzon, South Luzon. It is the 15th office development of SMPH outside Metro Manila, featuring three towers worth Php1.6 billion, offering more than 27,000 sqm of gross leasable area (GLA) designed to meet the growing demand for future-ready office spaces of business process outsourcing (BPO), technology, and professional firms. The project helps bring the total office GLA of SMPH to more than one million sqm.<\/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>