Gt Capital Holdings, Inc. · PSE:GTCAP
Gt Capital — Q1 2022 Earnings Presentation
42 slides from Gt Capital's earnings presentation, May 17, 2022
Slide 1: First Quarter 2022 Financial and Operating Results Briefing
First Quarter 2022 Financial and Operating Results Briefing via Zoom Tuesday, 17 May 2022 2:30PM For more information, Visit gtcapital.com.ph/investor-relations or contact IR@gtcapital.com.ph
Slide 2: Macroeconomic Overview
First Quarter 2022 Macroeconomic Overview
Slide 3: Philippine COVID-19 Updates 2022
Philippine COVID-19 Updates 2022 Daily COVID-19 Cases (7-day average) as of May 14, 2022 • Daily new cases down to 174 as of May 14 vs. A3 A2 A1 Jan 14: 37,103 peak of 37,103 in Jan. 14 Omicron Surge • Quarantine restrictions eased: o Jan. 3 to 31: Alert Level 3 o Feb. 1 to 28: NCR Alert Level 2 174
Slide 4: Macroeconomic Overview: PHL economy on the road to recovery
Macroeconomic Overview PHL economy on the road to recovery GDP GDP Quarterly (%YoY) GDP expected to match 2019 levels 12.0 6.9 7.8 8.3 FY22 Est. New Prev. 8.3% Q1 2022 5.6 5.5 6.0 6.4 Consensus 6.7% 6.8% vs. 6.7% consensus MBT Research 6.8% 6.8% 5.6% FY 2021 -0.7 -3.9 6.0% to 6.0% to FMIC-UA&P -8.3
Slide 5: Macroeconomic Overview: remittances and FDI
Macroeconomic Overview PHL economy on the road to recovery OFW USD B %YoY OFW remittance expected to maintain growth in FY 2022 Remittances 4.4% 1.3% -9.8% 4.2% 0.8% 3.1% 10.3% 3.2% 2.3% (In USD B) FY22 Est. USD %YoY 8.7 8.9 8.5 9.1 9.2 8.7 USD8.7B 8.2 7.4 8.2 Q1 2022, +2.3%YoY BSP 36.3B +4% USD34.9
Slide 6: Macroeconomic Overview: Inflation
Macroeconomic Overview Inflation PH Inflation US Inflation 8.5% 8.3% CPI expected to remain elevated Peaked in 2018 after rice 7.5% 7.9% FY22 Est. New Prev. tariffication 3.7% 5.2% 5.4% 5.4% 5.4% 5.3% 5.4% 6.2% 6.8% 7.0% 4.9% BSP 4.3% 3.7% 4M 2022 Average 3.7% 4.2% 4.1% 4.2% Consensus 3.7% 3.5% 2.9%
Slide 7: Macroeconomic Overview: USD/PHP and USD/JPY
Macroeconomic Overview USD/PHP PHP52.49 -2.9% YTD -9.6% 1-Year Bloomberg end-2022 Consensus: Php52.4 MBT Research 2022F: Php53.4 USD/JPY JPY128.84 -12.0% YTD -18.0% 1-Year Bloomberg end-2022 Consensus: JPY128 Source: PSA, BSP, MBT Research, FMIC, UA&P, NEDA, DBCC, Bloomberg. 7
Slide 8: Consolidated Financial Highlights
Consolidated Financial Highlights
Slide 9: GT Capital Financial Highlights Q1 2022
GT Capital Financial Highlights Q1 2022 Core Php4.0 Billion +18% Consolidated Php4.4 Billion1 +7% Net Income Php3.4 Billion Q1 2021 YoY Net Income Php4.1 Billion Q1 2021 2 YoY Share in Operating Revenues Revenues Gross Premium Core Income Revenues P27.6B +2% P2.8B +17% P8.2B -34% P4.3B +14% P42.1B +
Slide 10: Q1 2022 Above Pre-COVID Levels
Q1 2022 Above Pre-COVID Levels Core Net 2019 (Banner Year) 2020 2021 2022 Income 15.8 Q1 2022 12.4 11.0 +18% 3.4 7.4 7.4 3.4 5.8 8.1 4.0 vs. Q1 2019 2.8 3.2 3.7 +18% vs. Q1 2021 3M 6M 9M FY 3M 6M 9M FY 3M 6M 9M FY 3M Consolidated 2019 (Banner Year) 2020 2021 2022 Net Income Q1 2022 20.3 15.3 +29% 11
Slide 11: GT Capital Net Income Contribution
GT Capital Net Income Contribution AXA TFSPH GTCAM AXA TFSPH GTCAM -0.6% 0.5% 2.0% 1.6% 0.8% 1.5% TMP MPIC TMP MPIC 18.6% 16.9% 19.1% 20.6% FLI FLI 5.6% 6.0% MBT MBT 52.9% 53.6% MBT + TMP = 71.5 % MBT + TMP = 72.7% Q1 2021 Q1 2022 11
Slide 12: Component Company Highlights
Component Company Highlights
Slide 13: Financial Highlights
Financial Highlights
Slide 14: Metrobank Summary of Key Messages
Summary of Key Messages • Metrobank posted earnings of Php8.0B +3% in Q1 2022 due to: o Loan growth of +5% to Php1.3T (corporate +10%, credit card +8%) o Net interest income at Php19.3B +1% (70% of Operating Income) o Modest rise in non-interest income to Php8.3B +5% o Cost-to-Income Ratio improved
Slide 15: Industry Highlights
Industry Highlights
Slide 16: Residential Supply and Demand Q1 2022
Residential Supply and Demand Q1 2022 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 4% 42K43K 42K 40,000 38
Slide 17: Office Supply and Demand Q1 2022
Office Supply and Demand Q1 2022 Metro Manila Office Supply, Demand, Vacancy Rate Office Demand Mix BPO Others Office Supply (Incremental) Office Take-up (Incremental) Vacancy Rate (Cumulative) 15.6% 17.9% 19.0% 6.0% 5.3% 4.9% 31% 3.0% 0.15M 1.2 1.1 1.1 sqm 1.0 Q1 2022 1.0 0.9 0.9 69% 0.8 0.8 GLA in
Slide 18: Financial Highlights
Financial Highlights
Slide 19: Federal Land Financial Highlights Q1 2022
Federal Land Financial Highlights Q1 2022 Monthly Reservation Sales (Php M) Reservation Sales Mix 2019 2021 2022 3,380 Luxury High Mid 3,067 +51% QoQ 2,501 14% 2,384 P4.2 B Aki 2,215 2,495 20% Q1 2022 66% Launch 1,992 1,871 1,506 1,905 1,426 1,363 1,183 Omicron 1,053 1,177 1,240 surge 988 1,037 959
Slide 20: Project Launches
Project Launches February 2022: Upcoming launches in 2022: 3 Aki 1 Natsu BGC BGC Tower 2 4 Fuyu 2 Haru Tower 3 MARIKINA TAFT AVENUE Aki Tower (Tower 3) GRAND CENTRAL PARK, BGC
Slide 21: Federal Land Summary of Key Messages
Summary of Key Messages • Sustained POC growth and improved collections boosted total revenue to Php2.8B +17% • Reservation sales improved to Php4.2B +15% YoY, +51% QoQ • Strength in luxury and high-end segments maintained • Launched the Aki Tower of The Seasons Residences in February • Expected to
Slide 22: Financial Highlights
Financial Highlights
Slide 23: Insurance Industry Ranking FY 2021
Insurance Industry Ranking FY 2021 Life Insurance Market Share (As % of Premium Income) 15% 13% 12% 10% 6% 6% 6% 6% 5% 5% General Insurance Market Share (As a % of Net Premiums Written) 8% 8% 8% 6% 5% 5% 4% 4% 3% 3% Malayan Pacific Cross Prudential Pioneer AXA BPI/MS Mercantile Commonwealth Standard
Slide 24: AXA Financial Highlights Q1 2022
AXA Financial Highlights Q1 2022 Life APE Product Mix (In %) Key Messages Life 1% 1% RP-UL • APE declined -35% due to Alert Level 3 in 38% 41% 25% January and lower investor confidence 49% P&H SP-UL • SP-UL APE -58% (market volatility) 25% • RP APE -21% (limited Banca) 20% Others • Higher AUM Php139
Slide 25: Financial Highlights
METRO PACIFIC Ms INVESTMENTS Financial p Highlights GT CAPITAL HOLDINGS INCORPORATED
Slide 26: MPIC Financial Highlights Q1 2022
MPIC Financial Highlights Q1 2022 Meralco Metro Pacific Tollways Key Messages Energy Sales PH Average Daily Traffic • MPIC: Q1 2022 Core Income increased by 23% 11,069 GWh +6% 524k +7% driven by improved traffic and higher electricity Core Income Core Income volume sold. P5.6B +10% P1.3B +59% • Mera
Slide 27: Financial Highlights
Financial Highlights é GT CAPITAL HOLDINGS INCORPORATED
Slide 28: Key Highlights – Q1 2022
Key Highlights – Q1 2022 Revenues Wholesale Volume Market Share +24% 39,685 +18% 49.5% P42.1B units Net Income Retail Sales Volume P2.1B +5% 37,230 All-Time High units +12% (vs 44.4% in Q1 2021) No.1 PC Sales No.1 No.1 +22% excl. TSR gain CV Sales Overall Sales Four Model Launches HEV February Febru
Slide 29: Automotive Industry Highlights Q1 2022
Automotive Industry Highlights Q1 2022 Industry Monthly Retail Vehicle Sales (In ‘000 Units) FY 2021 3M 2022 Retail Vehicle Sales 2022 2021 2019 75,194 Units 29.8 Q1 2022 24.5 68% 78% 20.9 of FY 2019 of 3M 2019 2021: SG + ECQ +0.8%YoY Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec vs. 74,585 Q1 202
Slide 30: Toyota remains dominant: Overall Market Share
Toyota remains dominant Overall Market Share as of Q1 2022 49.5% in Q1 2022 Q1 2022 Q1 2021 44.4% No.1 No.1 No.1 Passenger Commercial Overall Car Sales Vehicle Sales Sales 14.1% 7.8% 6.2% 6.1% 5.3% 5.2% 3.4% 1.5% 0.4% 0.2% 0.2% 0.1% Mitsubishi Nissan Nissan Ford Suzuki Isuzu Isuzu Honda Honda Others
Slide 31: Toyota remains dominant
Toyota remains dominant Year-on-Year Change in Units Market Share Q1 2022 Q1 2021 Mazda GM Suzuki Mitsubishi 49.5% -178 -166 -139 -1,361 44.4% Units Units Units Units +4,135 Mitsubishi 14.1% Units 16.1% Nissan 7.8% Isuzu 7.0% Total +996 Units 6.2% Ford -6,083 7.0% Units Nissan Suzuki 6.1% +688 Units
Slide 32: Toyota Retail Sales Highlights Q1 2022
Toyota Retail Sales Highlights Q1 2022 Automotive Industry PC vs. CV mix (% of total Industry Retail Unit Sales) 70% 68% 69% 76% CV PC 30% 32% 31% 24% Toyota Market Share FY 2019 FY 2020 FY 2021 Q1 2022 2019 2020 2021 Q122 No.1 TMP Top Selling Commercial Vehicles (Ranked by units) Overall 39% 39% 46
Slide 33: Raize performance vs. competitor models
Raize performance vs. competitor models Segment before Raize Raize ranked No. 1 on second month (2022 monthly sales) TOYOTA RAIZE SUZUKI JIMNY 2,477 Total KIA STONIC HYUNDAI VENUE 1,326 1,562 1,400 4,089 = Units 212 66 FY 2021 SUZUKI JIMNY KIA STONIC HYUNDAI Jan Feb Mar VENUE Total Segment 468 1,648
Slide 34: Automotive Sector Summary of Key Messages
Automotive Sector Summary of Key Messages • Despite Alert Level 3 in January, strong results in Q1 2022 • Outperformed the auto market in Q1 2022 with sales of 37,230 units +12.5% (vs +0.8% industry) and all-time high market share of 49.5% • Launched four models in 2022 • Economic reopening, higher
Slide 35: Moving Forward
Y Strength in ya Adaptability GT CAPITAL HOLOINGS INCORPORATED Moving Forward hg =" |
Slide 36: GT Capital 2021 Annual Report and Integrated Sustainability Report
GT Capital 2021 Annual Report and Integrated Sustainability Report 36
Slide 37: GT Capital 10th PSE Listing Anniversary
GT Capital 10th PSE Listing Anniversary • In 2012, GT Capital’s primary objective was to become the investment holding vehicle of the diversified businesses within the Group • After achieving this, GT Capital has grown to become one of the leading conglomerates in the country • Moving forward, we in
Slide 38: Book Value per Share – Peer Conglomerates
Book Value per Share – Peer Conglomerates Book Value per Share (in Php) GT Capital’s book value per 950 896 share grew from Php308 846 819 in 2012 to Php896 in 850 752 777 2021, 13% per annum – 750 652 highest among its peer 650 conglomerates. 550 517 455 450 405 350 308 250 150 50 -50 2012 2013 201
Slide 39: GT Capital Appoints New Chairman
GT Capital Appoints New Chairman Mr. Francisco C. Sebastian • 25 years with the GT Capital Group • Vice Chairman of Metrobank • Director of Metro Pacific • Director of Federal Land • Former Co-Vice Chairman of GT Capital • Former Chairman of First Metro Investment Corporation • Seasoned Investment B
Slide 40: GT Capital Group Above Pre-COVID
GT Capital Group Above Pre-COVID Conso NI (Php B) Core NI (Php B) Revenues (Php B) Net Income (Php B) Revenues (Php B) Net Income (Php B) 4.4 27.6 42.1 3.4 33.8 2.1 4.0 24.6 8.0 3.4 6.8 1.8 1Q19 1Q22 1Q19 1Q22 1Q19 1Q22 1Q19 1Q22 1Q19 1Q22 1Q19 1Q22 129% 118% 112% 118% 125% 117% of Pre-COVID of Pre-
Slide 41: Our Key Messages
Our Key Messages • Group-wide solid performance, with core earnings growth of 18% in Q1 2022, ahead of pre-Covid levels • On track to exceed pre-Covid NIAT levels • Given the return to normalcy: • +8.3% GDP growth in the first quarter • Resumption of motorization • Extension of Alert Level 1 until e
Slide 42: Thank You!
Thank You! First Quarter 2022 Financial and Operating Results Briefing via Zoom Tuesday, 17 May 2022 2:30PM For more information, Visit gtcapital.com.ph/investor-relations or contact IR@gtcapital.com.ph