Ayala Corporation: Key subs to continue driving growth, emerging BUs support

研报英文原文证据摘录

Ayala Corporation: Key subs to continue driving growth, emerging BUs support

iQprofile SM Ayala Corporation

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(PHP Millions) Industrials/Multi-Industry

Sales 325,744 336,886 351,850 373,684 388,975

Gross Profit 87,238 94,230 88,602 95,043 99,157

Sell General & Admin Expense (51,270) (48,919) (49,088) (49,267) (49,391) Company Description Operating Profit 35,968 45,311 39,514 45,776 49,766

Net Interest & Other Income (8,426) 6,531 (8,899) (11,017) (12,657) Ayala Corporation has major interests in the largest

Associates 44,308 46,750 53,180 56,109 59,750 Philippine real estate developer (Ayala Land), the third-

Pretax Income 71,850 98,592 83,795 90,868 96,858 largest bank (Bank of the Philippine Islands), and the

Tax (expense) / Benefit (10,388) (11,723) (10,587) (11,042) (11,732) second-largest telecommunications provider (Globe

Net Income (Adjusted) 40,233 59,048 51,863 57,723 61,695

Telecom). An emergent energy platform (AC Energy) has

Average Fully Diluted Shares Outstanding 622 623 623 623 623

become its fourth pillar. Ayala Corp is also involved in

Key Cash Flow Statement Data

electronics manufacturing, automotive distribution,

Net Income 42,026 61,427 54,242 60,103 64,075

infrastructure, and education. Healthcare and logistics are Depreciation & Amortization 17,192 17,943 20,000 20,000 19,999

Change in Working Capital (6,224) (180) 12,979 (5,494) (6,111) part of its development platform.

Deferred Taxation Charge NA NA NA NA NA

Other Adjustments, Net (45,626) (59,531) (18,973) (18,739) (20,374)

Cash Flow from Operations 7,369 19,660 68,249 55,870 57,589 Investment Rationale

Capital Expenditure (81,426) (38,064) (89,599) (39,714) (39,825) We rate Ayala Corp as Buy.