Gt Capital Holdings, Inc. · PSE:GTCAP
Gt Capital — Q1 2021 Earnings Presentation
36 slides from Gt Capital's earnings presentation, May 20, 2021
Slide 1: First Quarter 2021 Financial and Operating Results Briefing
First Quarter 2021 Financial and Operating Results Briefing Thursday, 20 May 2021 2:30PM For more information, Visit gtcapital.com.ph/investor-relations or contact IR@gtcapital.com.ph
Slide 2: Briefing Panelists
Briefing Panelists Mr. Carmelo Maria Mr. Vince S. Socco Mr. Francisco H. Mr. Jose B. Crisol, Jr. Suarez, Jr. Senior Vice President Luza Bautista Chairman GT Capital Auto Dealership Chief Finance Officer Head of Investor Relations, President Holdings Executive Vice President Strategic Planning, and C
Slide 3: Mr. Carmelo Maria Luza Bautista, President
Mr. Carmelo Maria Luza Bautista President GT Capital Holdings, Inc. 3
Slide 4: Macroeconomic Overview
First Quarter 2021 Macroeconomic Overview 4
Slide 5: Macroeconomic Overview: GDP and Inflation
Macroeconomic Overview GDP GDP (Quarterly %YoY) GDP expected to rebound in 2H21 Fifth consecutive 5.6 5.5 6.0 6.4 FY21 Est. New Prev. quarterly decline Pace of decline easing Consensus 5.5%1 6.3% -4.2% Q1 2021 -0.7 MBT Research 5.5% 6.4% -4.2 FMIC-UA&P 3.8% 4.0% vs. -8.3 DBCC2 6.0% to 7.0% -11.5 -3.
Slide 6: Macroeconomic Overview: Policy Rate and Remittances
Macroeconomic Overview BSP Policy Rate BSP Policy Rate 10Yr BVAL BSP expected to maintain May 12, 2021 Meeting 7.06% accommodative monetary policy Policy Rate 2.00% 5.17% New Prev. Overnight Reverse 4.42% 4.80% 4.46% 4.41% FY21 Est. Repurchase Rate 3.81% 4.07% Unchanged 4.75% Consensus 2.0% 2.0% 4.5
Slide 7: 2021 Quarantine Status and Vaccine Arrivals
2021 Quarantine Status and Vaccine Arrivals Surge MECQ G Quarantine Status GCQ ECQ Enhanced Modified Enhanced C To be determined General Community Community (NCR+) Quarantine Quarantine Community Quarantine Q Vaccine Doses in PH 7.8 Available 9.2 13.5 20 20 20 20 20 3.3 Administered (55% first dose)
Slide 8: Consolidated Financial Highlights
Consolidated Financial Highlights 8
Slide 9: GT Capital Financial Highlights Q1 2021
GT Capital Financial Highlights Q1 2021 Consolidated Php4.1 Billion1 60% Core Php3.4 Billion 19% Net Income Php2.5 Billion Q1 2020 2 YoY Net Income Php2.8 Billion Q1 2020 YoY Revenues Gross Premium Reported N.I. Operating Income Revenues P2.4B -26% P12.5B +32% P7.0B +272% P12.3B -2% P33.9B +18% Net
Slide 10: GT Capital Net Income Contribution
GT Capital Net Income Contribution TFSPH TMBC AXA TFSPH AXA GTCAD GTCAD 0.9% 0.2% 1.5% -0.6% TMBC 2.5% -0.1% 0.4% 0.5% MPIC TMP TMP MPIC 7.6% 18.6% FLI 19.2% 20.6% 9.9% FLI 6.0% MBT MBT 59.3% 52.9% MBT + TMP = 78.5 % MBT + TMP = 71.5% Q1 2020 Q1 2021 10
Slide 11: Component Company Highlights
Component Company Highlights 11
Slide 12: Property Industry Highlights
Property Industry Highlights 12
Slide 13: Residential Supply and Demand Q1 2021
Residential Supply and Demand Q1 2021 Metro Manila Residential Condominium Supply and Demand Residential Demand Mix High End Luxury Upscale Launches (Supply) Pre-sales (Demand) Middle Income Lower Middle 60,000 1% 53K 54K 50,000 33% 42K 43K 42K 11k units 52% Q1 2021 40,000 33K 33K 34K 32K 31K 15% Un
Slide 14: Office Supply and Demand Q1 2021
Office Supply and Demand Q1 2021 Metro Manila Office Supply, Demand, Vacancy Rate Office Demand Mix Office Supply (Incremental) Office Take-up (Incremental) Vacancy Rate (Cumulative) BPO Non-BPO E-Commerce 10.6% 10.9% 17% 30% 6.0% 6.0% 5.3% 4.9% 0.11M 1.4 3.0% sqm 1.2 1.1 1.1 Q1 2021 1.0 GLA in Mn S
Slide 15: Financial Highlights
GT Capital Holdings Financial Highlights Gi GT CAPITAL HOLDINGS INCORPORATED 15
Slide 16: Federal Land Financial Highlights Q1 2021
Federal Land Financial Highlights Q1 2021 Monthly Reservation Sales (Php M) Contractor Manpower Deployment (% of Pre-Quarantine) 2020 2021 2020 2021 3,687 2,394 73% 75% 80% 72% 75% 1,825 62% 59% 1,3161,404 1,094 39% 34% 43% 41% 772 645 700 915 1,073 918 242 279 423 4% 5% Jan Feb Mar Apr May Jun Jul
Slide 17: Summary of Key Messages
Summary of Key Messages • Negative numbers due to peak Q1 2020 pre-pandemic results, vs. Q4 2020 +20% • Stable demand for Federal Land’s key segments (middle income, upscale, and high-end) • Monthly reservation sales affected by no new project launches • Monthly collections still above Php1 Billion.
Slide 18: Financial Highlights
Financial Highlights 18
Slide 19: AXA Financial Highlights Q1 2021
AXA Financial Highlights Q1 2021 Life APE Product Mix (In %) Key Messages Life 1% 1% RP-UL 23% • Healthy performance in Life Insurance. APE +14% P&H 50% 38% 41% • Single Premium Unit Linked (SP-UL) APE +86%, SP-UL contribution to APE to 38% in 1Q21 from 23% in 26% Others 20% 1Q20 Clients bargain h
Slide 20: Financial Highlights
Financial Highlights 20 20
Slide 21: MPIC Financial Highlights Q1 2021
MPIC Financial Highlights Q1 2021 Meralco GBPC Key Messages Energy Sales Energy Sales • Decline in Core Income driven by 10,473 GWh -4% 1,226 GWh -1% economic contraction and business cycle Core Income Core Income seasonality P5.1B -11% P0.5B +19% • Q1 2021 negative growth numbers due Metro Pacific
Slide 22: Banking Industry Highlights
Banking Industry Highlights 22
Slide 23: Peer Banks Highlights Q1 2021
Peer Banks Highlights Q1 2021 Restructured Loans - RL (Php Billion) Provisions (Php Billion) 65.7 +30% -13% -50% 3.6 2.9 2.5 17.5 5.4 BDO BPI MBT BPI BDO MBT RL Ratio Est. Credit to Gross 2.9% 1.2% 0.5% Costs 51 106 76 Loans (in bps) NPL Ratio (%) NPL Coverage (%) +1.5% +0.9% +51% +14% -47% 2.81% 2.
Slide 24: Peer Banks Highlights Q1 2021
Peer Banks Highlights Q1 2021 CASA (Php Billion) Net Interest Margin – NIM (%) +11% -0.3% -0.5% -0.3% +12% +16% 2,178 4.1% 3.5% 3.3% 1,380 1,307 BDO BPI MBT BDO MBT BPI CAR and CET1 Ratio (%) Net Income (Php Billion) CAR CET1 +19% +27% 19.9% 19.0% 17.6%16.7% -22% Min. CET1 14.7%13.6% 10.4 7.8 11.0%
Slide 25: Summary of Key Messages
Summary of Key Messages • Metrobank expects modest loan recovery in 2H 2021 in line with GDP rebound, tempered by challenges related to persistence of pandemic • Strong CET1 ratio of 19% puts Metrobank in a position to take advantage of market opportunities • NPL ratio stable at 2.4%, providing flex
Slide 26: Automotive Industry Highlights
Automotive Industry Highlights 26 26
Slide 27: Automotive Industry Highlights Q1 2021
Automotive Industry Highlights Q1 2021 Industry Monthly Retail Vehicle Sales (In Units) Market Share Retail Vehicle Sales 2021 2020 2021 2020 27,863 74,585 Units 24,809 21,913 Toyota 44.4% Q1 2021 36.3% +5.5%YoY Mitsubishi 16.1% vs. 70,730 Q1 2020 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 17.5
Slide 28: Toyota Retail Sales Highlights Q1 2021
Toyota Retail Sales Highlights Q1 2021 TMP Sales in Metro Manila vs. Outside Metro Manila (% of total) Metro Manila Outside Metro Manila 67% 63% 63% 65% 60% 58% 58% 60% 53% 51% 46% 48% 40% 42% 42% 40% 33% 36% 37% 35% Toyota Market Share 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q2021 1Q21 2020 2
Slide 29: Toyota Retail Sales Highlights Q1 2021
Toyota Retail Sales Highlights Q1 2021 Virtual Model Launches in 1Q2021 Adequate Production Capacity 23% Feb 60,000+ units Capacity at MPV Sta. Rosa plant Segment 57.8% Share Utilization Rate in Q1 2021 FY 2020 78.0% 53% March Annualized Utilization Rate based on Q1 2021 CKD WSV Small Car Segment 74
Slide 30: Automotive Industry Highlights Q1 2021
Automotive Industry Highlights Q1 2021 TFS Quarterly Applications TFS 2020 Product Launches Applications 56,382 59,372 56,732 49,067 56,732 40,499 43,976 41,909 38,144 32,164 Q1 2021 +49%YoY 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 vs. 38,144 Q1 2020 Bookings TFS penetration of Toyota vehicles 1
Slide 31: Automotive Sector Summary of Key Messages
Automotive Sector Summary of Key Messages • Despite the reimposition of ECQ and the uncertain impact of the safeguard duties on sales of imported vehicles, TMP delivered strong results in the first quarter of 2021 • Toyota outperformed the auto market in Q1 2021 with sales of 33,095 units and market
Slide 32: Moving Forward
= GT CAPITAL Moving Forward GT CAPITAL HOLDINGS INCORPORATED
Slide 33: Setting the Stage: Group Vaccination Plan
Setting the Stage Group Vaccination Plan We pre-ordered That will cover of all regular and agency GTCAP 455,000 100% Group Employees (including total doses all 71 Toyota dealerships) • Uploading Master List to pre-registration apps MedPass (ActiveOne) and Safify (MDH) • Scheduling in place, dependin
Slide 34: Consensus GDP and seasonality support sustained momentum in 2H 2021
Consensus GDP and seasonality levels of business volumes support view of sustained momentum in 2H 2021 Bloomberg Consensus 2021 GDP Loan Growth Seasonality - 2011 to 2020 Retail Unit Sales Seasonality - 2009 to 2020 (by Quarter) (Quarters as a % of Full Year Loan Value) (Quarters as a % of Full Year
Slide 35: Our Key Messages
Our Key Messages • Solid performance of Metrobank and strong rebound in the auto business led to significant earnings growth for GT Capital in Q1 2021 • We are confident in our Group’s capability to position in this pandemic • Notwithstanding the recent surge in Covid-19 cases and the reimposition o
Slide 36: Thank You!
First Quarter 2021 Financial and Operating Results Briefing Thank You! For more information, Visit gtcapital.com.ph/investor-relations or contact IR@gtcapital.com.ph