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SM Investments Corporation
- Sector: Banking and Real EstateRetail
- Sub Sector: Diversified Conglomerate
- Country: Philippines
- Bond: SMPM 5.375 29
- Indicative Yield-to-Maturity (YTM): 5.469%
Detailed Information
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Business Description
AS OF 13 Jan 2025- SM Investments is a leading Philippine conglomerate that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that can capture high growth opportunities in the emerging Philippine economy.
- It has a stake of about 77.3% in SM Retail, 45.3% in BDO Unibank, 49.7% in SM Prime Holdings, and 22.5% in Chinabank. SM is considered the market leader in Philippine retailing given that it has the largest footprint of 3.3 million square meters (sq m) of gross selling area. BDO and Chinabank are considered the top 1 and 5 biggest banks, respectively, in terms of total assets.
Our View
AS OF 21 Jan 2025We continue to be optimistic about the growth of SM Investments Corporation (SMIC) given its net income growth of 9% YoY at Q3 2024. Its exposure to different industries offers extensive synergies and allows the company to maintain a dominant market share in the retail and banking sector. Credit quality remains strong given its net debt-to-equity ratio of 53.84% (Q3 2024).
Recommendation Reviewed:
Recommendation Changed:
Recommended Issuers
Who We Recommend
Development Bank of the Philippines
Bond:
DEVPHI 2.375 31
Oman
Bond:
Oman 28
Credit Rating:
BB+
Republic of the Philippines
Bond:
ROP 1.648 31 5.276%ROP 4.375 30 5.158%ROP 4.625 28 5.061%
Credit Rating:
-/BBB/-
