Robinsons Land Corporation: Investment portfolio drives growth; development recovers off low base

研报英文原文证据摘录

Robinsons Land Corporation: Investment portfolio drives growth; development recovers off low base

Accessible version

Robinsons Land Corporation

Investment portfolio drives growth;

development recovers off low base

Reiterate Rating: BUY | PO: 22.00 PHP | Price: 17.88 PHP

1Q26 profits +2%, slightly ahead of our revised forecast 11 May 2026

Robinsons Land Corporation (RLC) reported 1Q26 profit of Php3.5bn (2% YoY), on 11% Equity

revenue growth to Php12.3bn. This is ahead of our expectations. The growth was driven

by the investment portfolio (malls +7% YoY, offices +8% YoY, and hotels +14% YoY)

Key Changeswhich accounted for 75% of revenues. The residential segment supported with a 27%

YoY jump in residential revenues to Php2.9bn. This comes off a low base and accelerated (PHP) Previous Current

project construction progress. Un-booked revenue stands at Php45.3bn, or 3 years’ Price Obj. 23.00 22.00

worth of revenues and could drive a rebound in residential revenues. 2026E EPS 2.96 2.88

2027E EPS 2.98 3.08

Leasing portfolio sustains momentum 2028E EPS NA 3.30

Leasing revenues grew 8% YoY with mall revenues +7% YoY due to higher tenant sales 2026E EBITDA (m) 29,883.3 28,420.1

and occupancy of 94% (1Q25: 93%). Malls accounted for 41% of total revenues. 2027E EBITDA (m) 30,581.5 29,087.0

Meanwhile, office revenues posted 8% YoY growth underpinned by demand from BPOs 2028E EBITDA (m) NA 30,765.7

with 86% occupancy rate. Hotels supported +14% YoY on higher average daily rates

across the portfolio. The leasing segment accounted for 75% of total revenues. CAPEX Russ Toribio ^^

spent in 1Q26 was Php3.2bn, 72% of which was on the leasing portfolio. ResearchPhilippineAnalystEquity Partners

+63 2 8640 6700

russ.toribio@pep.com.phReiterate Buy with a revised PO of Php22