Philippine Stock Market Research

January 22, 2017

Robinsons Land Corp.’s (RLC) Strengths and Future Prospects

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RLC is the second biggest mall operator in the Philippines behind SMPH.  It is also likened as a mini-ALI with similar businesses in real estate development, office space leasing and hotels.

RLC is a good asset play with a huge discount to its NAV.  However, earnings valuations have to catch up.  Its current share price is just equivalent to its earnings valuations and provides minimal upside.

RLC though has an expansion program in all businesses that can prop up earnings in the medium term.  It remains stable with mall space leasing income at almost 60% of earnings.  With this, RLC can weather a storm.

Weighing down RLC are US President Trump’s protectionist policies and rising interest rates.  These are the same concerns other property stocks have, but RLC’s share price has remained unperturbed until now.

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