Gt Capital Holdings, Inc. · PSE:GTCAP
Gt Capital — H1 2024 Earnings Presentation
49 slides from Gt Capital's earnings presentation, Aug 15, 2024
Slide 1: First Half 2024 Financial and Operating Results Briefing
Built on Trust and Partnerships First Half 2024 Financial and Operating Results Briefing Thursday, 15 August 2024 2:30 PM For more information, Visit gtcapital.com.ph/investor-relations or contact IR@gtcapital.com.ph
Slide 2: Macroeconomic Highlights
Built on Trust and Partnerships Macroeconomic Highlights GTCAP First Half 2024 Financial and Operating Results Briefing
Slide 3: Macroeconomic Indicators
Macroeconomic Indicators GDP GDP Quarterly (%YoY) 6.3% 2Q 2024 5.6 5.5 6.0 6.4 12.0 7.8 8.2 7.5 7.6 7.1 6.4 5.5 5.8 6.3 In line with Bloomberg 4.3 6.0 Consensus 2Q 2024 Pre-Pandemic Years 6.9 5.6% FY 2023 4.3% 2Q 2023 -0.7 -3.9 • Consumption +4.6% -8.3 • Government Exp +10.7% -11.6 • Investment +11.
Slide 4: Macroeconomic Indicators
Macroeconomic Indicators 2023 Regional GDP Growth Rates (%) 11% 14.7% 31.2% 7.30 7.20 of GDP of GDP of GDP FY23 7.10 6.90 6.70 6.40 6.20 6.10 5.30 4.88 4.87 4.59 4.58 PH GDP: 5.5 5.20 4.70 4.30 3.50 Central West. Ilocos CAR Davao Eastern Cagayan Central North CALA- NCR Caraga MIMA- Zamb. Bicol BARMM
Slide 5: Macroeconomic Indicators
Macroeconomic Indicators OFW USD B %YoY Other Macroeconomic Indicators Remittances 2.3% 3.4% 3.1% 3.6% 3.4% 2.6% 3.4% 2.8% 3.4% 3.0% (In USD B) FDI 8.7 8.4 9.4 9.6 8.9 8.7 9.7 10.0 9.2 USD4.02B net inflows USD14.89B 5.7 As of May 2024+15.8%YoY Jan-May 2024, +3.0%YoY GIR 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23
Slide 6: Macroeconomic Indicators
Macroeconomic Indicators Inflation PH Inflation US Inflation Inflation expected to ease Institution FY24 Est. 4.4% July 2024 BSP 3.7% - 4.5% 8.7% • Rice inflation 21% Bloomberg 3.5% 3.7% 8.0% 8.6% • Impact on lower income segment Consensus Average for Jan-Jul 2024 Peaked in 2018 after 7.6% • May slo
Slide 7: Macroeconomic Indicators
Macroeconomic Indicators BSP Policy Rate USDPHP Fed Funds Rate BSP Rate unchanged 7.00 Peak Oct 13, 2022 BSP Off-Cycle Rate Hike +25 bps 60 Jan-July 2024 Oct. 27, 2023 6.50 PHP 59.00/USD 6.25 6.50% 6.00 100bps 58 5.50 5.50 5.25 5.00 USD/PHP 5.00 56 4.50 -2.31% Key Policy Rate (%) 4.25 (01-Jan to 7-A
Slide 8: Consolidated Financial Highlights
Built on Trust and Partnerships Consolidated Financial Highlights GTCAP First Half 2024 Financial and Operating Results Briefing
Slide 9: GT Capital Financial Highlights 1H 2024
GT Capital Financial Highlights 1H 2024 Excluding lot sales and CARS Program Incentives: Core Net Php13.85 Billion Php13.19 Billion Income 1H 2024 +5% +5% 1H 2023 Consolidated Net Php13.78 Billion Php13.16 Billion Income 1H 2024 +5% +5% 1H 2023 Including lot sales and CARS Program Incentives: Php13.
Slide 10: GT Capital Financial Highlights 1H 2024
GT Capital Financial Highlights 1H 2024 1H2023 Non-Recurring Income GT: Php 2.61 Billion Lot Sales to 34% of NIAT from lot FNG sales in May 2023 Fed Land: Php 0.59 Billion Php 1.26 Billion TMP CARS Php 221 Million incentives approved as Incentives of March 2023; Php 433 Million x 51% unutilized by T
Slide 11: Operating Company Highlights
Built on Trust and Partnerships Operating Company Highlights GTCAP First Half 2024 Financial and Operating Results Briefing
Slide 12: GT Capital Financial Highlights 1H 2024
GT Capital Financial Highlights 1H 2024 Revenues Revenues Gross Premium Share in Opr. Core Inc. Revenues Php70.0B +7% Php6.9B -30% Php14.6B +13% Php14.8B +20% Php113.9B +7% Net income Net Income Net Income Core Net Income Net Income Php23.6B* +13% Php775M -46% Php1.5B +15% Php12.5B* +27% Php7.5B -6%
Slide 13: GT Capital Net Income Contribution per Sector 1H 2024
GT Capital Net Income Contribution per Sector 1H 2024 Others Property Others Property 5% 9%* 4% 5% Infra Infra 11% 12% Auto Auto 24% 27% Banking Banking 48% 54% 1H 2023 1H 2024 Banking + Auto = 75% Banking + Auto = 78% *Includes Php3.9 billion lot sale in 2Q 2023 for Fed Land 13
Slide 14: Operating Company Highlights
Built on Trust and Partnerships Operating Company Highlights GTCAP First Half 2024 Financial and Operating Results Briefing
Slide 15: Metrobank Financial Highlights
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Slide 16: Metrobank Financial Highlights 1H 2024
Metrobank Financial Highlights 1H 2024 MBT Gross Loan Growth vs. PH GDP Growth PHP 1.65T MBT Gross Loans (%YoY) PH GDP (%YoY) 12% 14% 12% 15% 12% 8% 9% 7% 9% 12% 6% 8% 8% 6% 7% 8% 6% 6% 7% 5% 8% 4% 6% 6% -4% -1% -3% -1% -4% -10% -8% -11% -17% -12% -13% -17% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q
Slide 17: Summary of Key Results
Summary of Key Results • Record earnings of Php23.6B +13% in 1H 2024 on top of 2023 high base. • Loan growth of +15% to Php1.65T • Expansion of consumer segment +14%, driven by credit cards +21% and auto +17% • Net Interest Income of Php29.3B +14% (84% NII of Operating Income) • Cost-to-Income Ratio
Slide 18: Industry Highlights
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Slide 19: Residential Supply and Demand 1H 2024
Residential Supply and Demand 1H 2024 Incremental Metro Manila Residential Condominium Supply and Residential Demand Mix Demand High End Luxury (over Php12M) 1H Launches (Supply) 2H Launches (Supply) 1H Pre-sales (Demand) 2H Pre-Sales (Demand) 60,000 Upscale (Php7-12M) Middle Income (Php2.3-7M) 50,0
Slide 20: South of Metro Manila Townships
South of Metro Manila Townships “Infrastructure Driven Growth“ - LCP Riverpark South Arterial Road MCX SLEX CALAX CALAX Silang Interchange Source: Leechiu Property Consultants 20
Slide 21: Office Supply and Demand 1H 2024
Office Supply and Demand 1H 2024 Office Demand Mix Metro Manila Office Supply, Demand, Vacancy Rate BPO POGO Office Supply (Incremental) Office Take-up (Incremental) Vacancy Rate (Cumulative) Traditional Government 9.1% 15.7% 18.8% 19.3% 18.3% 17% 39% 1.2 0.98 1.07 685k 1.0 0.91 sqm 1H24 0.8 0.74 0.
Slide 22: Metro Manila Office Vacancy 1H 2024
Metro Manila Office Vacancy 1H 2024 BAY AREA / PASAY / PARANAQUE QUEZON CITY Office Supply: 2.1M sqm Quezon Office Supply: 1.9M sqm City Vacancy: 307k sqm Vacancy: 408K sqm 21% MAKATI CITY Bay Area 15% Ort+ ORTIGAS / MANDALUYONG / Office Supply: 3.8M sqm 18% SAN JUAN Vacancy: 487k sqm Office Supply:
Slide 23: Federal Land Financial Highlights
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Slide 24: Federal Land Financial Highlights 1H 2024
Federal Land Financial Highlights 1H 2024 Monthly Reservation Sales (Php M) Reservation Sales Mix High End Luxury (over Php12M) 2024 2023 Upscale (Php7-12M) Fuyu Middle/Low Income (<7M) Launch (July 3,820 2023) 11% TGMO2 Launch Quantum3 (Mar 2023) Launch 16% (Apr 2023) 2,671 Php7.3B 2,438 Siena 2 2,
Slide 25: Summary of Key Messages
Summary of Key Messages • Excluding high base effect of lot sales in 2023, real estate sales rose by +32% to Php2.6 billion. • Reservation sales stay above Php1 billion a month despite absence of new launches in the first half. Hartwood Village was launched on July 28, 2024. • Php1.55 billion July 2
Slide 26: 1H 2024 Highlights
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Slide 27: New Unit-Linked Product Offerings
New Unit-Linked Product Offerings AXA Secure Future AXA Asset Master • 7-pay term endowment plan, RP • Single-pay, insurance investment plan • Guaranteed Yearly Payouts of 8% of • For investment diversification, estate plan’s Basic Sum Insured (BSI) starting planning, and business protection year 8
Slide 28: Pay How You Drive Telematics Program
Telematics Program “Pay How You Drive” • 11,258 customers since Telematics Program launch in 2023 • Partnership between AXA Philippines, Toyota Motor Philippines Corporation (TMP) and Aioi Nissay Dowa Insurance • Comprehensive car insurance using telematics technology • Data on driving habits and mi
Slide 29: Automotive Sector Highlights
Automotive Sector Highlights 29
Slide 30: Philippine Automotive Sector
Philippine Automotive Sector Fastest growing in the ASEAN Region Vehicle sales growth in Southeast Asia 1H 2024 FY 2023 29% 22% 10% 7% 11% -4% -2% -9% -9% -19% -24% -25% Philippines Philippines Malaysia Indonesia Singapore Thailand Vietnam Source: ASEAN Automotive Federation 30
Slide 31: Philippine Automotive Sector
Philippine Automotive Sector On track to set new records PH Automotive Industry Retail Vehicle Sales (in 000 units) 473 468 439 402 400 410 361 322 269 280 242 208 183 227 142 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Excise Tax Pandemic Source: TMP, CAMPI 31
Slide 32: Philippine Automotive Sector
Philippine Automotive Sector In line with economic growth Car Sales GDP Per Capita Motorization 4,000 3,755* 500 3,572 3,431 3,414 450 3,500 3,280 3,108 3,131 3,198 400 Retail Vehicle Sales (in 000 units) 3,000 3,050 Per Capita GDP (in USD) 350 2,974 Motorization: 2,500 2,844 2,718 3,000 300 2,589 2
Slide 33: Toyota Financial Highlights
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Slide 34: Key Highlights 1H 2024
Key Highlights 1H 2024 Revenues Industry Monthly Retail Vehicle Sales (In 000 Units) P113.9B +7.0% Retail Vehicle Sales 2022 2023 2024 Net Income 227,225 34.3 38.2 37.7 37.5 40.4 39.1 Units P7.5B -6.1% in 1H 2024 +9.9% YoY Wholesale Volume vs. 206,845 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Slide 35: Toyota Retail Sales Highlights 1H 2024
Toyota Retail Sales Highlights 1H 2024 TMP Top Selling Passenger Cars (Ranked by units) Toyota Market Share Segment 62% 54% 93% 2020 2021 2022 2023 1H2024 Share 1H 2024 No.1 41% 46% 48% 46% 45.9% Vios Wigo Camry Overall Sales 1H 2024 Unit Sales 21,683 8,761 244 No.1 51% 61% 60% 53% 54.6% TMP Top Sel
Slide 36: Electrified Vehicle Market
Electrified Vehicle Market Growing at a fast pace PH Electrified Vehicle Sales (in unit sales) Toyota & Lexus Others 183% YoY EV sales growth 5,110 4,564 4,128 3,120 1,803 1,165 74% 69% 70% 72% 59% 45% 1Q 2Q 3Q 4Q 1Q 2Q 2023 2024
Slide 37: Toyota and Lexus Electrified Sales
Toyota and Lexus Electrified Sales Toyota HEV Sales as % of Total Sales Combined Lexus HEV Sales as % of Total Sales 91% Toyota + Lexus 71% 5.20% 1H 2024: 2.97% 35% 0.05% 0.29% 0.54% 1.05% 6.2% 14% 8% 17% (1H 2023:1.7%) Toyota HEV Unit Sales Lexus HEV Unit Sales +222% +331% +414% 1,315 5,888 5,415 +
Slide 38: Sales Growth Supplemented by TFSPH
Sales Growth Supplemented by TFSPH 1H 2024 TFS Quarterly Applications and Penetration Applications +29% Loan Book +15% Penetration 33% 68,344 59,372 57,385 57,382 60,683 56,382 56,732 56,825 52,958 54,771 53,068 55,041 49,298 49,251 51,790 45,786 38,144 32,164 48% 50% 48% 41% 43% 44% 38% 34% 33% 33%
Slide 39: Toyota CKD Model Performance
Toyota CKD Model Performance Toyota CKD Models CKD/CBU Mix 1H 2024 Higher production CBU CKD in Toyota Sta. Rosa 54% Assembly Plant 30% 31,215 Subcompact PC Segment Share 70% 1H 2024 units assembled 1H 2024 57,820 1H 2024 units to assemble 25% FY2024 Plan VS 28% MPV Segment Share 56,305 72% units as
Slide 40: Lexus Maintains Market Leadership in the Auto Luxury Segment
Lexus maintains Market Leadership in the Auto Luxury segment Overall Market Share (Luxury) as of 1H 2024 51.7% in 1H24 1H2024 1H2023 21.3% 16.3% 8.1% 2.3% 0.3% BMW Mercedes Land Rover Volvo Jaguar 40 Source: Lexus
Slide 41: Summary of Key Messages
Summary of Key Messages • The Philippine automotive market remains strong and motorization is on the rise. • Record first half retail vehicle sales 104,350 units +11.5% vs. industry +9.9% • 45.9% TMP market share • 51.7% Lexus market share • 69.0% Electrified vehicle market share • Electrified vehic
Slide 42: Moving Forward
Built on Trust and Partnerships Moving Forward GTCAP First Quarter 2024 Financial and Operating Results Briefing
Slide 43: Hartwood Village at Meadowcrest
Hartwood Village at Meadowcrest Biñan, Laguna Meadowcrest Township • 48-hectare masterplanned neighborhood township • Residential blocks, retail shops, parklets and biking networks that would offer customers with a distinct lifestyle and business environment Hartwood Village Phase 1 • 11.3-hectare h
Slide 44: Riverpark
SM City General Trias and Uniqlo Riverpark Yume at Adventure Park Riverpark Central Park School Church Uniqlo Logistics Facility SM General Trias Commercial District Commercial District ©2023 GT Capital Investor Relations 44 ©2024 GT Capital Investor Relations
Slide 45: Riverpark: SM City General Trias
SM City General Trias Riverpark • Groundbreaking on June 14, 2024 • Phase 1 GLA of approx. 43k square meters • One of the largest SM provincial malls • Transport terminal integrated within the area ©2023 GT Capital Investor Relations 45
Slide 46: Riverpark: Uniqlo Logistics Facility
Uniqlo Logistics Facility Riverpark • Groundbreaking on June 20, 2024 • GLA of approx. 38k square meters • Integrate technology and sustainable practices • Will impact local economy by providing employment opportunities ©2023 GT Capital Investor Relations 46
Slide 47: Reintroducing the iconic Toyota Tamaraw
Reintroducing the iconic Toyota Tamaraw Innovative International Multi-purpose Vehicle (IMV) Zero or ‘Next Generation Tamaraw’ • 3rd CKD model to be locally produced at TMP’s manufacturing plant in Santa Rosa City, Laguna by 4Q 2024 Tamaraw Utility Van LWB Tamaraw Dropside Hi Tamaraw Aluminum Van Ta
Slide 48: Our Key Messages
Our Key Messages • The Group reported a consolidated net income of Php 13.78 billion the first half 2024. • Metrobank's record net income of Php 23.6 billion +13% • Metro Pacific’s record core net income of Php 12.5B +27% • TMP's record first half retail vehicle sales of 104,350 units +11% • Impleme
Slide 49: Thank You!
Built on Trust and Partnerships Thank You! GTCAP First Half 2024 Financial and Operating Results Briefing Thursday, 15 August 2024 2:30 PM For more information, Visit gtcapital.com.ph/investor-relations or contact IR@gtcapital.com.ph