Gt Capital Holdings, Inc. · PSE:GTCAP
Gt Capital — Q1 2023 Earnings Presentation
44 slides from Gt Capital's earnings presentation, May 16, 2023
Slide 1: First Quarter 2023 Financial and Operating Results Briefing
First Quarter 2023 Financial and Operating Results Briefing via Zoom Tuesday, 16 May 2023 2:30PM For more information, Visit gtcapital.com.ph/investor-relations or contact IR@gtcapital.com.ph
Slide 2: Macroeconomic Indicators
First Quarter 2023 Macroeconomic Indicators
Slide 3: Macroeconomic Indicators: Growth exceeds consensus estimates
Macroeconomic Indicators Growth exceeds consensus estimates GDP GDP Quarterly (%YoY) 2023 growth estimates tempered 12.0 FY2023 Est. 6.4% 1Q 2023 5.6 5.5 6.0 6.4 7.8 8.2 7.5 7.6 7.1 6.4 Bloomberg Consensus 5.6% vs. 6.2% Bloomberg MBT Research 6% to 7% Consensus Pre-Pandemic Years 6.9 7.6% FY 2022 FM
Slide 4: Macroeconomic Indicators: PHL economy continues to recover
Macroeconomic Indicators PHL economy continues to recover OFW USD B %YoY 5.8% 5.7% Remittances 3.1% 10.3% 4.4% 3.2% 2.3% 3.4% 3.1% 3.6% 3.0% 3.5% 3.5% 2.4% 3.0% (In USD B) 3.2 2.9 3.5 3.1 3.0 2.9 8.5 9.1 9.2 8.7 9.4 9.6 8.9 USD8.9B 8.2 8.4 Mar 2023, +3.0%YoY Oct-22 Nov-22 Dec-22 Jan-23 Feb 23 Mar-23
Slide 5: Macroeconomic Indicators: Philippine Peso stabilizing against the US Dollar
Macroeconomic Indicators Philippine Peso stabilizing against the US Dollar USD-PHP USDPHP Fed Funds Rate BSP Key Policy Rate Rate 7.00 Peak Oct 13, 2022 BSP Monetary Board 60 PHP 59.00/USD Meeting on May 18 (Consensus: Pause) 6.25 PHP/USD -9% 58 6.00 01-Jan to 31-Dec 2022 56 5.25 • -16% steepest 5.0
Slide 6: Macroeconomic Indicators: Headwinds amidst the recovery
Macroeconomic Indicators Headwinds amidst the recovery Inflation PH Inflation US Inflation Inflation expected to ease Institution FY23 Est. 7.9% 8.6% 9.1% 8.7% BSP 6.0% 8.5% 8.5% Apr YTD 2023 Average 8.3% 8.3%8.2% 8.6% Bloomberg Consensus 5.8% 7.9% 8.1% 7.7% Peaked in 7.5% 7.6% Elevated due to: 7.7%
Slide 7: Consolidated Financial Highlights
Consolidated Financial Highlights
Slide 8: GT Capital Financial Highlights 1Q 2023
GT Capital Financial Highlights 1Q 2023 Core Php6.56 Billion +65% Php4.00 Billion Net Income 1Q 2023 YoY 1Q 2022 Consolidated Php6.64 Billion1 +52% Php4.36 Billion2 Net Income 1Q 2023 YoY 1Q 2022 1. Includes Php115M pro-rata share in MPIC’s nonrecurring gain, offset by Php45M effect of business comb
Slide 9: Record High First Quarter Earnings in 2023
Record High First Quarter Earnings in 2023 Core Net 2019 2020 2021 2022 2023 Income 1Q 2023 15.8 15.9 12.0 11.0 11.3 8.1 6.56 +65% 7.4 7.1 5.8 8.1 4.0 3.5 2.8 3.2 3.7 3.4 vs. 1Q 2022 3M 6M 9M FY 3M 6M 9M FY 3M 6M 9M FY 3M 6M 9M FY 3M Consolidated 2019 2020 2021 2022 2023 Net Income 1Q 2023 20.3 18.4
Slide 10: GT Capital Financial Highlights 1Q 2023
GT Capital Financial Highlights 1Q 2023 Revenues Revenues Gross Premium Share in Operating Core Income Revenues P33.0B +11% P2.6B -10% P6.3B -23% P5.6B +30% P53.7B +28% Net Income Net Income Net Income Core Net Income Net Income P10.5B* +31% P286M -8% P708M +66% P4.3B +38% P4.5B* +118% • Gross loans
Slide 11: GT Capital 1Q 2023 Net Income Contribution per Sector
GT Capital 1Q 2023 Net Income Contribution per Sector Others Property Others Property 4% 6% 4% 4% Infra Infra 10% 10% Auto Auto 22% 31% Banking Banking 54% 53% 1Q 2022 1Q 2023 Banking + Auto = 76% Banking + Auto = 84% ©2023 GT Capital Investor Relations 14
Slide 12: Operating Company Highlights
Operating Company Highlights
Slide 13: Financial Highlights
Financial Highlights
Slide 14: Metrobank Financial Highlights 1Q 2023
Metrobank Financial Highlights 1Q 2023 MBT Gross Loan Growth vs. PH GDP Growth Loan Growth Drivers: MBT Gross Loans (%YoY) PH GDP (%YoY) • Improved mobility 12% 14% 12% • Revenge spending 12% 8% 9% 7% 8% 6% • Higher funding 7% 8% 5% 8% 6% requirements and -4% increase in working -1% capital -1% -3%
Slide 15: Summary of Key Messages
Summary of Key Messages • Metrobank posted record earnings of Php10.5B +31% in 1Q 2023 due to: • Net interest income at Php24.9B +29% (75% of Operating Income) • Loan growth of +12% (2x GDP growth) to Php1.4T (corp +13%, consumer +12%) • Credit Card Receivables +28% to Php120B • NIM expansion to 3.9
Slide 16: Industry Highlights
Industry Highlights
Slide 17: Residential Supply and Demand 1Q 2023
Residential Supply and Demand 1Q 2023 Metro Manila Residential Condominium Supply and Demand Residential Demand Mix High End Luxury (over Php12M) Launches (Supply) Pre-sales (Demand) Upscale (Php7-12M) 60,000 Middle Income (Php2.3-7M) 54K Lower Middle (Php1.4-2.3M) 53K 50,000 Pre-selling levels exce
Slide 18: Office Supply and Demand 1Q2023
Office Supply and Demand 1Q2023 Metro Manila Office Supply, Demand, Vacancy Rate Office Demand Mix Office Supply (Incremental) Office Take-up (Incremental) Vacancy Rate (Cumulative) BPO POGO Traditional 15.6% 17.9% 18.0% 3.0% 6.0% 5.3% 4.9% 1.2 1.1 1.1 1.0 264k 41% 0.98 1.0 0.9 0.9 0.91 55% sqm 1Q20
Slide 19: Financial Highlights
FEDERAL LAND GT Capital Holdings . . ~ . ~ - GT CAPITAL HOLDINGS INCORPORATED
Slide 20: Federal Land Financial Highlights 1Q 2023
Federal Land Financial Highlights 1Q 2023 Monthly Reservation Sales (Php M) Reservation Sales Mix High End Luxury (over Php12M) 6 launches in 2019 2023 2022 2019 (4 in 4Q19) Upscale (Php7-12M) GMO2 3,380 Middle Income (Php2.3-7M) Launch (Mar 2023) 3,067 5% 6% 2,384 2,501 2,544 2,438 1Q 2,205 2,225 2
Slide 21: The Seasons Residences
AWARDED Best Condo Development The Seasons Residences in the Philippines Tower 1: 96% Haru inventory take up Tower 2: 89% Natsu inventory take up Tower 3: 85% Aki inventory take up Tower 4: 2Q 2023 Fuyu Launch ©2023 GT Capital Investor Relations 24
Slide 22: Federal Land Project Launches
Federal Land Project Launches March 2023 April 2023 The Grand Midori Ortigas Tower 2 Quantum Residences Tower 3 Ortigas Center, Pasig Taft Avenue, Pasay ©2023 GT Capital Investor Relations 25
Slide 23: Summary of Key Messages
Summary of Key Messages • Resiliency of Luxury and High-end segments of property market • Reservation sales grew significantly by +49% to Php6.2B driven by joint venture projects in BGC, namely The Seasons Residences and Grand Hyatt Residences • Rental Income +6% to Php337M attributed to growth in r
Slide 24: Financial Highlights
Financial Highlights
Slide 25: AXA Financial Highlights 1Q 2023
AXA Financial Highlights 1Q 2023 Life APE Product Mix (In %) Key Messages UL 74% UL 64% Life 1% 1% 11% RP-UL • Premium margins grew +23% to Php1.9B on lower 25% P&H policy benefits and higher surrender charges and 49% 53% recoveries 35% SP-UL 25% Others • APE up +48% Q-o-Q to Php1.0B due to increase
Slide 26: Financial Highlights
METRO PACIFIC Ms INVESTMENTS Financial p Highlights GT CAPITAL HOLDINGS INCORPORATED
Slide 27: MPIC Financial Highlights 1Q 2023
MPIC Financial Highlights 1Q 2023 Key Messages • MPIC: Core Income increased by +38% to Php4.3 billion driven by large contributions Meralco Metro Pacific Tollways from power and water Energy Sales PH Average Daily Traffic 11,287 GWh +2% • Meralco: +40% increase in Core Income 1.2B +42% arising from
Slide 28: Infrastructure Outlook
Infrastructure Outlook Two tollway interchanges in GT Cavite land bank Estimated Project Completion Dates Map of GT Capital’s Cavite Estate 1. CAVITEX – CALAX Link (2024) 2. CAVITEX – C5 South Link (2024) LANCASTER INTERCHANGE 3. Cavite – Laguna Expressway (2024) 4. NLEX – SLEX Connector Road (2023)
Slide 29: CALAX Interchange Construction Ongoing
CALAX Interchange Construction Ongoing LANCASTER INTERCHANGE ©2023 GT Capital Investor Relations 32
Slide 30: CALAX Alignment to Riverpark South Ongoing
CALAX Alignment to Riverpark South Ongoing ©2023 GT Capital Investor Relations 33
Slide 31: Financial Highlights
Financial Highlights é GT CAPITAL HOLDINGS INCORPORATED
Slide 32: Key Highlights – 1Q 2023
Key Highlights – 1Q 2023 Revenues TMP Exceeding 2019 Pre-Covid Unit Sales Levels P53.7B +28% Industry Monthly Retail Vehicle Sales (In ‘000 Units) 1Q 2023 Retail Vehicle Sales 2023 2022 2021 2019 Net Income 36.0 95,270 Units 28.9 30.3 P4.5B +118% in 1Q 2023 98% Wholesale Volume +26.7%YoY of 1Q 2019
Slide 33: Toyota Retail Sales Highlights 1Q 2023
Toyota Retail Sales Highlights 1Q 2023 TMP Top Selling Passenger Cars (Ranked by units) Segment 55% 55% 60% 92% Share 1Q 2023 Vios Wigo Corolla Altis Camry 1Q 2023 Toyota Market Share Unit Sales 8,419 3,391 314 48 2020 1Q 2023 2019 2021 2022 1Q23 %YoY +11% +7% +241% -58% No.1 Overall Sales 40% 41% 4
Slide 34: Sales Growth Supplemented by TFSPH
Sales Growth Supplemented by TFSPH TFS Quarterly Applications Loan Book +11% Penetration rate 29% 56,382 59,372 56,732 57,385 57,382 54,771 52,958 51,790 49,067 49,298 49,251 45,786 43,976 41,909 40,499 38,144 32,164 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q2
Slide 35: Toyota CKD Model Performance 1Q 2023
Toyota CKD Model Performance 1Q 2023 Toyota CKD Models CKD/CBU Mix 1Q 2023 +11% CKD CBU CBU Stable production capacity CKD in Toyota Sta. Rosa YoY Sales Growth Assembly Plant 28% 55% 15,555 51,904 72% Subcompact PC units to assemble units assembled Segment Share 1Q 2023 FY2023 Plan 1Q 2023 1Q 2023 +
Slide 36: Toyota and Lexus HEV sales
Toyota and Lexus HEV sales Toyota HEV Sales as % of Total Sales Lexus HEV Sales as % of Total Sales 1.0% 61% 0.6% 0.5% 0.8% 35% 0.3% 15% 10% 14% Toyota HEV Unit Sales Lexus HEV Unit Sales +158% +264% +169% +147% 1,830 306 +75% +222% -20% 164 709 92 89 287 365 48 84 2019 2020 2021 2022 1Q 2023 2019 2
Slide 37: Introducing the all-new Lexus RZ 450e
Introducing the all-new Lexus RZ 450e Lexus launched its first BATTERY ELECTRIC VEHICLE in the Philippines in May 2023 in line with the Toyota Global Electrification Strategy ©2023 GT Capital Investor Relations 41
Slide 38: Summary of Key Messages
Summary of Key Messages • TMP reported strong results in 1Q 2023 • Total sales of 45,205 units +21% and on track to exceed record 2017 sales level of 183,908 units • Retained its market leadership with 47.4% share • Supported by increased auto loans from TFS • Growing production in Toyota Sta. Rosa
Slide 39: Moving Forward
GROWTH Forward i ing Mov
Slide 40: GT Capital shifts to Integrated Reporting <IR>
GT Capital shifts to Integrated Reporting <IR> Integrated Sustainability Report 2021 The GT Capital 2022 Integrated Report is available for download by scanning the QR code below: The Global Reporting Initiative (GRI) framework focuses on traditional Integrated Reporting <IR> provides more comprehen
Slide 41: ESG Ratings - GT performance over time
ESG Ratings - GT performance over time GT improved its scores in Sustainalytics and MSCI in Q1 2023 ESG RATERS RATING SCALE 2023 2022 2021 2020 2019 2018 No 13.9 14.2 14.7 15 15.1 data 43 43 37 37 22 10 A BBB BB BB B B Leadership – Company has implemented best practices in addressing climate change.
Slide 42: FNG Projects to Launch in 2H 2023
FNG Projects to Launch in 2H 2023 Residential Mixed Use Residential Mixed Use Mandaluyong Pasay Horizontal Lots Riverpark North, Gen. Trias ©2023 GT Capital Investor Relations 47
Slide 43: Our Key Messages
Our Key Messages • Macroeconomic indicators improving in 2023 versus the previous year • Stable interest rates and FX will improve margins for Operating Companies • Sustained growth recovery momentum of our businesses carried over from the previous year with core earnings growth of +65% • Both Metro
Slide 44: Thank You!
Thank You! First Quarter 2023 Financial and Operating Results Briefing via Zoom Tuesday, 16 May 2023 2:30PM For more information, Visit gtcapital.com.ph/investor-relations or contact IR@gtcapital.com.ph