What does the company do?
Philippine property developer with a focus on the province of Cebu in the Philippines.
Why do we like the investment?
Attractive assets with a core investment portfolio generating decent rental income. Control is in the hands of the highly respected Ayala family who run the Philippines’ most respected property group and a number of other leading businesses . Our knowledge of the family’s business ethics gave us strong confidence to invest in the early days and continues to give us confidence that management can deliver on their target to double rental income post 2020. The stock is cheap given lack of coverage from sell-side analysts, making this all the more attractive as an investment proposition; aside from the positive backdrop of a fast-growing economy and increasing focus on regional development by the central government.
In which year did we first invest?
Where is their head office?
Cebu City, Philippines