Gt Capital Holdings, Inc. · PSE:GTCAP
Gt Capital — H1 2023 Earnings Presentation
47 slides from Gt Capital's earnings presentation, Aug 15, 2023
Slide 1: First Half 2023 Financial and Operating Results Briefing
First Half 2023 Financial and Operating Results Briefing via Zoom Tuesday, 15 August 2023 2:30PM For more information, Visit gtcapital.com.ph/investor-relations or contact IR@gtcapital.com.ph
Slide 2: Macroeconomic Indicators
First Half 2023 Macroeconomic Indicators
Slide 3: Macroeconomic Indicators: GDP
Macroeconomic Indicators GDP GDP Quarterly (%YoY) 2023 growth estimates tempered FY2023 Est. 12.0 4.3% 2Q 2023 7.8 8.2 7.5 7.6 7.1 6.4 5.6 5.5 6.0 6.4 4.3 Bloomberg Consensus 5.6% vs. 6.0% Bloomberg Consensus 2Q2023 Pre-Pandemic Years 6.9 MBT Research 6% to 7% 7.6% FY 2022 -0.7 -3.9 FMIC-UA&P 6% 6.1
Slide 4: Macroeconomic Indicators: Remittances, GDP per capita, Debt
Macroeconomic Indicators OFW USD B %YoY Remittances 3.1% 10.3% 4.4% 3.2% 2.3% 3.4% 3.1% 3.6% 3.0% 3.4% 5.7% 3.5% 2.4% 3.0% 3.9% 2.8% (In USD B) 3.5 3.1 2.9 3.0 2.8 2.8 8.5 9.1 9.2 8.7 9.4 9.6 8.9 USD14.5B 8.2 8.4 As of May 2023, +3.4%YoY 5.6 Dec 22 Jan 23 Feb 23 Mar 23 Apr 23 May 23 2023 OFW Remitta
Slide 5: Macroeconomic Indicators: USD-PHP and Policy Rates
Macroeconomic Indicators USD-PHP USDPHP Fed Funds Rate BSP Key Policy Rate Rate 7.00 Peak Oct 13, 2022 60 PHP 59.00/USD 6.25 PHP/USD -2% 58 6.00 01-Jan to 14-Aug 2023 5.50 56 5.25 5.00 PHP/USD -9% 5.00 54 01-Jan to 31-Dec 2022 4.25 4.00 Aug. 14, 2023 Key Policy Rate (%) 52 4.00 3.75 PHP 56.78/USD US
Slide 6: Macroeconomic Indicators: Inflation
Macroeconomic Indicators Inflation PH Inflation US Inflation Inflation expected to ease Institution FY23 Est. 6.8% 8.6% 9.1% 8.7% BSP 6.0% 8.5% 8.5% Jul 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% Downtrend driven by slow 7.7% 8.0% MBT Research 5.8
Slide 7: Consolidated Financial Highlights
Consolidated Financial Highlights
Slide 8: GT Capital Financial Highlights 1H 2023
GT Capital Financial Highlights 1H 2023 Core Php16.61 Billion +106% Php8.05 Billion Net Income 1H 2023 YoY 1H 2022 Consolidated Php16.58 Billion1 +100% Php8.30 Billion2 Net Income 1H 2023 YoY 1H 2022 Core Net Income (without lot sales): Php13.4B +67% 1. Includes P54M pro-rata share in MPIC’s nonrecu
Slide 9: Record High First Half Earnings in 2023
Record High First Half Earnings in 2023 Core Net 2019 2020 2021 2022 2023 Income 1H 2023 15.8 15.9 16.61 12.0 11.0 11.3 7.1 8.1 +106% 7.4 5.8 8.1 6.56 3.5 2.8 3.2 3.7 3.4 4.0 vs. 1H 2022 3M 6M 9M FY 3M 6M 9M FY 3M 6M 9M FY 3M 6M 9M FY 3M 6M Consolidated 2019 2020 2021 2022 2023 Net Income 20.3 1H 20
Slide 10: GT Capital Financial Highlights 1H 2023
GT Capital Financial Highlights 1H 2023 Revenues Revenues Gross Premium Share in Operating Core Income Revenues P65.5B +19% P11.8B +77% P12.9B -14% P12.4B +27% P106.4B +25% Net Income Net Income Net Income Core Net Income Net Income P20.9B* +34% P1.46B* +101% P1.3B +18% P9.9B +33% P8.0B* +147% • Con
Slide 11: GT Capital 1H 2023 Net Income Contribution per Sector
GT Capital 1H 2023 Net Income Contribution per Sector Others Property Others Property 4% 6% 5% 9% Infra Infra Auto 11% 10% 22% Auto 27% Banking Banking 54% 49% 1H 2022 1H 2023 Banking + Auto = 76% Banking + Auto = 76% ©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 1H 2023
Metrobank Financial Highlights 1H 2023 MBT Gross Loan Growth vs. PH GDP Growth Loan Growth Drivers: MBT Gross Loans (%YoY) PH GDP (%YoY) • Higher funding 14% 12% 12% 8% 9% 12% 8% 7% 6% 9% requirements and 7% 8% 5% 8% 4% increase in working 6% -4% capital • Corp. & Mid-Mkt +9% -1% -3% -1% -4% • Credi
Slide 15: Summary of Key Results
Summary of Key Results • Six-months record earnings of Php20.9B +34% in 1H 2023 due to: • Loan growth of +9% (2x GDP growth) to Php1.4T • Focus on consumer segment, consumer loans +14%, driven by credit cards +28% and auto +18% • NIM expansion to 3.9% from 3.4% • Cost-to-Income Ratio improved to 51.
Slide 16: Industry Highlights
Industry Highlights
Slide 17: Residential Supply and Demand 1H2023
Residential Supply and Demand 1H2023 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 excee
Slide 18: Office Supply and Demand 1H2023
Office Supply and Demand 1H2023 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% 17.0% 3.0% 6.0% 5.3% 4.9% 1.2 1.1 1.1 1.0 41% 554k 43% 1.0 0.98 sqm 0.9 0.9 0.91 1H20
Slide 19: Financial Highlights (Federal Land)
(\FEDERAL LAND Capital Holdings hs ‘ > > > a > > GT CAPITAL HOLDINGS INCORPORATED
Slide 20: Federal Land Financial Highlights 1H 2023
Federal Land Financial Highlights 1H 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) TGMO2 Launch Quantum3 3,380 Middle / Low Mid Income (Php<7M) Launch Siena 2 (Mar 2023) (Apr 2023) Launch Fu
Slide 21: Federal Land Project Launches 2023
Federal Land Project Launches 2023 June 2023 July 2023 The Seasons Residences Siena Tower - Tower 2 Santo Niño, Marikina Fuyu Tower BGC, Taguig ©2023 GT Capital Investor Relations 24
Slide 22: Grand Hyatt Manila Residences
Grand Hyatt Manila Residences 99% sold 97% sold as of July 2023 ©2023 GT Capital Investor Relations 25
Slide 23: The Seasons Residences
AWARDED Best Condo Development The Seasons Residences in the Philippines 98% sold Tower 1: Haru Tower 2: Natsu 91% sold 91% sold Tower 3: Aki Tower 4: Fuyu 34% sold as of July 2023 ©2023 GT Capital Investor Relations 26
Slide 24: MITSUKOSHI BGC Grand Opening
MITSUKOSHI BGC Grand Opening held on July 21, 2023 ©2023 GT Capital Investor Relations 27
Slide 25: Summary of Key Messages
Summary of Key Messages • Six-months record earnings of Php1.46B +101% in 1H 2023 • Includes gain on land sale of Php589M (+20% NIAT growth excluding land sale) • Resiliency of Luxury and High-end segments of property market • Reservation sales grew by +16% to Php9.8B driven by joint venture project
Slide 26: Financial Highlights
Financial Highlights
Slide 27: AXA Financial Highlights 1H 2023
AXA Financial Highlights 1H 2023 Life APE Product Mix (In %) Key Messages UL 74% UL 65% Life 1% 1% 22% RP-UL 16% • APE down -13% to Php1.9B due to delayed 49% P&H release of SP-Endowment product, low single 52% 25% 34% SP-UL premium sales Others • P&H accounting for 34% of product mix up from 25% th
Slide 28: Financial Highlights (MPIC)
METRO PACIFIC es INVESTMENTS Financial Highlights | GT CAPITAL HOLDINGS INCORPORATED
Slide 29: MPIC Financial Highlights 1H 2023
MPIC Financial Highlights 1H 2023 Key Messages • MPIC: Core Income increased by +33% to Php9.9 billion driven by large contributions Meralco Metro Pacific Tollways from power and water Energy Sales Average Daily Traffic • Meralco: +47% increase in Core Income 24,792 GWh +3% 1.2M +36% arising from hi
Slide 30: CALAX Interchange Construction Ongoing
CALAX Interchange Construction Ongoing LANCASTER INTERCHANGE CALAX Residential Lots Lancaster Interchange Daang Hari Ext. SM Mall ©2023 GT Capital Investor Relations 33
Slide 31: Financial Highlights
Financial Highlights a, GT CAPITAL HOLDINGS INCORPORATED
Slide 32: Key Highlights – 1H 2023
Key Highlights – 1H 2023 Revenues TMP and Industry Exceeding 2019 Pre-Covid Unit Sales Levels P106.4B +25% Industry Monthly Retail Vehicle Sales (In ‘000 Units) 1H 2023 Retail Vehicle Sales 2023 2022 2021 2019 Net Income 36.0 26.6 28.8 197,018 Units 28.9 30.3 29.3 P8.0B +147% in 1H 2023 +1% Wholesal
Slide 33: Toyota Retail Sales Highlights 1H 2023
Toyota Retail Sales Highlights 1H 2023 TMP Top Selling Passenger Cars (Ranked by units) Segment 56% 51% 61% 97% Share 1H 2023 Vios Wigo Corolla Altis Camry 1H 2023 Toyota Market Share Unit Sales 17,989 5,999 597 332 2020 1H 2023 2019 2021 2022 1H23 %YoY +17% -9% +71% +81% (run out) No.1 Overall Sale
Slide 34: Sales Growth Supplemented by TFSPH
Sales Growth Supplemented by TFSPH 1H2023 TFS Quarterly Applications and Penetration Applications +8% Loan Book +11% Penetration 30% 56,382 59,372 56,732 57,385 57,382 52,958 51,790 54,771 53,068 49,067 49,298 49,251 45,786 43,976 41,909 40,499 38,144 32,164 48% 50% 47% 43% 44% 41% 38% 34% 33% 30% 2
Slide 35: Toyota CKD Model Performance 1H 2023
Toyota CKD Model Performance 1H 2023 Toyota CKD Models CKD/CBU Mix 1H 2023 +17% CKD CBU CBU Higher production CKD in Toyota Sta. Rosa YoY Sales Growth Assembly Plant 28% 56% 29,827 54,411 72% Subcompact PC units to assemble units assembled Segment Share 1H 2023 FY2023 Plan 1H 2023 1H 2023 +33.4% +9.
Slide 36: Toyota New Model Launches 2023
Toyota New Model Launches 2023 ZENIX YARIS CROSS (HEV and Gas) (HEV and Gas) JUNE AUGUST WIGO JULY Source: TMP ©2023 GT Capital Investor Relations 40
Slide 37: Toyota and Lexus Widest electrified vehicle lineup in the country
Toyota and Lexus Widest electrified vehicle lineup in the country YARIS CROSS ZENIX RX NX COROLLA CROSS RAV4 UX IS RZ 450e First BEV CAMRY COROLLA ALTIS LS ES Sources: TMP, Lexus ©2023 GT Capital Investor Relations 41
Slide 38: Toyota and Lexus Electrified Sales
Toyota and Lexus Electrified Sales Toyota HEV Sales as % of Total Sales Lexus HEV Sales as % of Total Sales 1.05% 1.13% 60% 0.29% 0.54% 35% 0.05% 14% 8% 17% Toyota HEV Unit Sales Lexus HEV Unit Sales +158% +413% +23% +224% +140% 1,829 539 +231% 1,054 +135% 305 708 89 295 92 94 40 2019 2020 2021 2022
Slide 39: Lexus Overtakes BMW as Market Leader in Auto Luxury
Lexus Overtakes BMW as Market Leader in the Auto Luxury segment Overall Market Share (Luxury) as of 1H 2023 40.1% in 1H 2023 1H 2023 1H 2022 38.5% 29.1% 24.9% 22.2% 21.8% 8.9% 5.8% 3.9% 4.8% BMW Mercedes-Benz Land Rover Others Source: Lexus ©2023 GT Capital Investor Relations 43
Slide 40: Summary of Key Messages
Summary of Key Messages • Six-months record earnings of Php8.0B +147% in 1H 2023 • Total sales of 93,575 units +17% and on track to exceed record 2017 sales level of 183,908 units • Retained its market leadership with 47.5% share • Supported by increased auto loans from TFS and other banks • Profit
Slide 41: Moving Forward
GROWTH Forward ing Mov
Slide 42: MPI Tender Offer
MPI Tender Offer • On August 8, 2023, Metro Pacific shareholders voted to permit a voluntary delisting of MPI Shares • GT Capital, First Pacific, Mitsui, and MIG Holdings, offered a best and final price of Php5.20 per share • Tender Offer Price: • 37% premium over the one-year Volume Weighted Averag
Slide 43: TMP celebrates its 35th Anniversary
TMP celebrates its 35th Anniversary on August 3, 2023 Over 2 Million More than 1 Million locally manufactured vehicles vehicles sold since 1988 “We dedicate this celebration to the generations of Filipino Toyota customers who have embraced the Toyota brand and Providing livelihood to close Educating
Slide 44: Developments for the New Era
Developments for the New Era Creating dynamic communities for generations to enjoy Laguna Cebu Cavite Mandaluyong City Pasay City Marikina City Grand Central Park, BGC Riverpark, General Trias, Cavite Bonifacio Global City Met Park, Pasay City Marikina Mandaluyong Cebu Disclaimer: Materials are for
Slide 45: Riverpark: Next Gen City of the South
Riverpark: Next Gen City of the South • A multi-use and self- Riverpark North sufficient community within a 600-hectare township located in General Trias, Cavite • Riverpark’s launch will Commercial Mixed-use mark Federal Land Residential Lots Communities’ first Riverpark South major development in
Slide 46: Our Key Messages
Our Key Messages • The Group is positioned for further growth. Record high earnings +106% in 1H2023 across core businesses Metrobank, Federal Land, and Toyota • Diversifying our offerings in the property sector from stand-alone vertical residential units to estate development (horizontal development
Slide 47: Thank You!
Thank You! First Half 2023 Financial and Operating Results Briefing via Zoom Tuesday, 15 August 2023 2:30PM For more information, Visit gtcapital.com.ph/investor-relations or contact IR@gtcapital.com.ph