Highlights from the WSJ article:
“MANILA—China’s sputtering economy has spooked some foreign investors into fleeing, but not the Philippines’ richest man, Henry Sy: He’s ramping up plans to build more malls in the country of his birth.
SM is a minnow compared with some of its Chinese competitors. Its 2014 group sales were $7.7 billion, a fraction of the $39.1 billion posted by China’s property and retail giant, Dalian Wanda Co.
The expansion is a homecoming of sorts for the SM patriarch, who in the 1930s left Fujian for Manila to join his father, who already had a business in the city.
There is still room for expansion in the Philippines, but with a population of about 100 million it is a far smaller market than China’s 1.3 billion people.”
SM Investments by the Wall Street Journal.
Market cap as of 11/29/2015: 678.58 Billion PHP
9-year average annual revenue: 198 Billion PHP
9-year average annual profit: 21 Billion PHP
9-year average annual free cash flow: 16.5 Billion PHP
9-year average net margin: 11%
9-year average d/e ratio: 1
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