Gt Capital Holdings, Inc. · PSE:GTCAP
Gt Capital — 9M 2022 Earnings Presentation
35 slides from Gt Capital's earnings presentation, Nov 14, 2022
Slide 1: Nine Months 2022 Financial and Operating Results Briefing
Nine Months 2022 Financial and Operating Results Briefing via Zoom Monday, 14 November 2022 2:30PM For more information, Visit gtcapital.com.ph/investor-relations or contact IR@gtcapital.com.ph 1
Slide 2: Macroeconomic Overview
Nine Months 2022 Macroeconomic Overview
Slide 3: Macroeconomic Overview: PHL economy continues to recover
Macroeconomic Overview PHL economy continues to recover GDP GDP Quarterly (%YoY) GDP expected to match 2019 levels 12.0 FY22 Est. New Prev. 7.6% 3Q 2022 5.6 5.5 6.0 6.4 7.8 8.2 7.5 7.6 Bloomberg 6.7% 6.8% Consensus vs. 6.2% estimate 6.9 5.6% FY 2021 MBT Research 6.8% 6.8% 6.1% FY 2019 -0.7 -3.9 6.0%
Slide 4: Macroeconomic Overview: remittances and BPO
Macroeconomic Overview PHL economy continues to recover OFW USD B %YoY OFW remittance expected to maintain growth in FY 2022 Remittances 3.1% 10.3% 4.4% 3.2% 2.3% 3.4% 4.4% (In USD B) 9.1 9.2 FY22 Est. USD %YoY 8.5 8.2 8.7 8.4 USD23.4B 6.3 8M 2022, +3.0%YoY BSP 36.3B +4% USD34.9B FY 2021, +5.1%YoY C
Slide 5: Macroeconomic Overview: Headwinds amidst the recovery
Macroeconomic Overview Headwinds amidst the recovery Inflation PH Inflation 4Q 2022 PH Inflation Forecast US Inflation 4Q 2022 US Inflation Forecast CPI expected to remain elevated FY22 Est. New Prev. BSP 5.4% 5.0% 5.4% 9.1% Bloomberg 10M 2022 Average 8.5% 8.6% 8.5% Consensus 5.4% 4.6% 8.3% 8.2% 7.5
Slide 6: Headwinds amidst the recovery: interest rates and USD-PHP
5.00% 4.00% Rate YTD 2022 -15% Fed Funds Rate: +375 bps YTD +300 bps YTD BSP Key Policy Rate: USD-PHP Effective November 17 Key Policy Rate (%) 0.00 1.00 2.00 3.00 4.00 5.00 6.00 Jan 01, 2014 Mar 12, 2014 May 21, 2014 3.50 0.25 Jul 30, 2014 Oct 08, 2014 Headwinds amidst the recovery Dec 17, 2014 Feb
Slide 7: Consolidated Financial Highlights
Consolidated Financial Highlights
Slide 8: GT Capital Financial Highlights 9M 2022
GT Capital Financial Highlights 9M 2022 Core Php11.3 Billion +41% Consolidated Php15.0 Billion1 +72% Net Income Php8.1 Billion 2021 YoY Net Income Php8.7 Billion 2021 YoY 1. Includes P3.8B FLI’s gain on investment in FNG JV Share in Operating Revenues Revenues Gross Premium Core Income Revenues P82.
Slide 9: Exceeding Previous Year's Performance
Exceeding Previous Year’s Performance Core Net 2020 2021 2022 Income 9M 2022 9Months 2022 > FY 2021 11.0 11.3 7.4 8.1 8.1 5.8 +41% 2.8 3.2 3.7 3.4 4.0 vs. 9M 2021 3M 6M 9M FY 3M 6M 9M FY 3M 6M 9M Consolidated 2020 2021 2022 Net Income 9M 2022 9Months 2022 > FY 2021 15.0 8.7 11.0 8.3 +72% 2.5 2.7 3.2
Slide 10: GT Capital Income Contribution
GT Capital Income Contribution 18,430 Figures in Php M, except percentages 962 5% 2,182 12% Others 11,918 4,209 23%* Infra 709 6% 1,979 17% Property 8% 2,371 13% 904 Auto 2,336 20% 47% Banking 50% 8,706 5,990 9M 2021 9M 2022 Banking + Auto = 70 % Banking + Auto = 60% *Includes Gain on investment in
Slide 11: Component Company Highlights
Component Company Highlights
Slide 12: Financial Highlights
Financial Highlights
Slide 13: Summary of Key Messages
Summary of Key Messages • Loan growth at +12% equal to 1.57x GDP, improving margins (3.7% NIM), healthy fee income (+12%), and stable operating costs (54.5% CIR) • Net Interest Income at 74% of OI, up from 72% YoY • Digital metrics continuously growing (1.4 million users; 86% active rate) • Lower pr
Slide 14: Industry Highlights
Industry Highlights
Slide 15: Residential Supply and Demand 9M 2022
Residential Supply and Demand 9M 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 2% 42K43K 42K 23% 40,00
Slide 16: Office Supply and Demand 9M 2022
Office Supply and Demand 9M 2022 Metro Manila Office Supply, Demand, Vacancy Rate Office Demand Mix BPO POGO Others Office Supply (Incremental) Office Take-up (Incremental) Vacancy Rate (Cumulative) 15.6% 17.9% 18.0% 3.0% 6.0% 5.3% 4.9% 40% 0.69M 1.2 1.1 1.1 sqm 1.0 9M 2022 57% 1.0 0.9 0.9 0.91 0.8
Slide 17: Financial Highlights
(\FEDERAL LAND Capital Holdings hs ‘ > > > a > > GT CAPITAL HOLDINGS INCORPORATED
Slide 18: Federal Land Financial Highlights 9M 2022
Federal Land Financial Highlights 9M 2022 Monthly Reservation Sales (Php M) Reservation Sales Mix High End Luxury (over Php12M) 6 launches in 2019 2022 2021 2019 Upscale (Php7-12M) (4 in 4Q19) Middle Income (Php2.3-7M) 3,380 Lower Middle Income (Php1.4-2.3M) Aki 3,067 11% 2% Launch 2,384 2,501 2,495
Slide 19: Summary of Key Messages
Summary of Key Messages • Reservation sales grew by +73% to Php13.7B • Driven by JV projects in BGC • Equitized earnings from joint ventures of Php 849M +732% • Improved collections boosted total revenue to Php12.4B +62% • Net Income improved by +365% to Php4.2B from gain on FNG investment • MITSUKO
Slide 20: Financial Highlights
Financial Highlights
Slide 21: AXA Financial Highlights 9M 2022
AXA Financial Highlights 9M 2022 Life APE Product Mix (In %) Key Messages UL 76% UL 71% Life 1% 1% RP-UL • Volatility in capital markets impaired unit- 34% 21% 42% P&H linked sales 50% SP-UL 28% • Reinstatement of surrendered policies 23% Others partially offset losses 9M 2021: Php4.7B 9M 2022: Php3
Slide 22: Financial Highlights
METRO PACIFIC es INVESTMENTS Financial Highlights | GT CAPITAL HOLDINGS INCORPORATED 22
Slide 23: MPIC Financial Highlights 9M 2022
MPIC Financial Highlights 9M 2022 Key Messages • MPIC: 9M 2022 Core Income increased by 25% to Php11.8 billion driven by improved traffic Meralco Metro Pacific Tollways and power consumption Energy Sales PH Average Daily Traffic • Meralco: Increase in Core Income was driven by 36,553 GWh +6% 563k +2
Slide 24: Financial Highlights
Financial Highlights a, GT CAPITAL HOLDINGS INCORPORATED
Slide 25: Key Highlights – 9M 2022
Key Highlights – 9M 2022 Revenues Outpacing the Auto Industry P133.4B +41% Industry Monthly Retail Vehicle Sales (In ‘000 Units) 9M 2022 Retail Vehicle Sales 2022 2021 2019 Net Income 32.0 245,656 29.8 29.6 P4.4B 83% 28.8 28.1 unch* Units in 9M 2022 26.6 *Excl. TSR Sale in 2021, Net Income +7% 24.5
Slide 26: Toyota remains dominant
Toyota remains dominant Overall Market Share as of 9M 2022 50.8% in 9M 2022 9M 2022 9M 2021 45.8% No.1 No.1 No.1 Passenger Commercial Overall Car Sales Vehicle Sales Sales 14.6% 6.6% 6.5% 5.9% 5.0% 4.2% 3.3% 1.5% 0.5% 0.5% 0.4% 0.2% Mitsubishi Ford Nissan Suzuki Isuzu Honda Others Kia Mazda Hyundai
Slide 27: Toyota CKD Model Performance 9M 2022
Toyota CKD Model Performance 9M 2022 Toyota CKD Models CKD/CBU Mix 9M 2022 -2% Stable production capacity in Toyota Sta. Rosa CKD CBU CBU CKD YoY Sales Decline Assembly Plant 28% 65% 35,902 48,904 72% Subcompact PC units to assemble units assembled Segment Share 9M 2022 FY2022 Plan 9M 2022 9M 2022 -
Slide 28: TMP and LMI Hybrid Models
TMP and LMI Hybrid Models Hybrid 23% of total 9M22 vs. 14% FY21 IS 300h 58% 9M22 vs. 52% FY21 RAV4 2.5L HEV CVT CAMRY 2.5V HEV RX 450h 99% 9M22 (launched Feb) 100% 9M22 vs. 94% Dec. ’21 20% 9M22 vs. 29% FY21 NX 300h COROLLA ALTIS 1.8 V CVT COROLLA CROSS HV 69% 9M22 8% 9M22 vs. 9% FY21 45% 9M22 vs. 4
Slide 29: Automotive Sector Summary of Key Messages
Automotive Sector Summary of Key Messages • TMP outperformed the auto market with sales of 124,884 units +35.3% (vs +21.9% industry) • Retained its market leadership with 50.8% share • TMP implemented price increases and reduced sales promotion expenses to preserve margins • Despite supply disruptio
Slide 30: Moving Forward
GT Strength in 44 Adaptability GT CAPITAL HOLOINGS INCORZORATED Moving Forward
Slide 31: MITSUKOSHI BGC Launch
MITSUKOSHI BGC Launch MITSUKOSHI BGC Facade Food Hall and Interior Soft Launch on November 18, 2022 ©2022 GT Capital Investor Relations 31
Slide 32: Developments on track for launch
Developments on track for launch CALAX Riverpark North Lancaster Interchange and Lancaster Riverpark GT Interchange along Interchange CALAX to open in 2023 • Area size: 100 hectares (42 hectares to be developed by SM Group) • Uses: Mall, school, residences Riverpark South Daang • Launch: 1Q 2024 Har
Slide 33: Federal Land NRE Global
Federal Land NRE Global 66% Php32B (property and cash) • Strategic partnership with NRE over next 2 years Php16B cash • Largest real estate developer in Japan in over next 2 years 34% terms of condo unit turnover in 2021 • Fifth largest in consolidated sales • NRE’s largest investment outside Japan
Slide 34: Our Key Messages
Our Key Messages • Strong performance in January to September 2022 with core earnings growth of 41% despite the economic headwinds. • On track to realizing the value of our investments in the property segment as the third growth engine. • Pipeline projects on track to be launched • Harvesting gains
Slide 35: Thank You!
Thank You! Nine Months 2022 Financial and Operating Results Briefing via Zoom Monday, 14 November 2022 2:30PM For more information, Visit gtcapital.com.ph/investor-relations or contact IR@gtcapital.com.ph 35