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MarketScreener Homepage  >  Equities  >  PHILIPPINE STOCK EXCHANGE, INC.  >  Megaworld Corp    MEG   PHY594811127

MEGAWORLD CORP

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Megaworld : eyes 771K-sqm of retail space by end-2019

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02/12/2019 | 01:49pm EST

Feb. 13--MEGAWORLD Corp. is expanding its retail portfolio in a bid to hit its target of 771,000 square meters (sqm) of footprint by yearend.

In a regulatory filing on Tuesday, the Andrew Tan-led property developer said it would open 11 commercial properties across its townships that would cover about 54,000 sqm of gross floor area (GFA).

The retail spaces would open in the Iloilo Business Park in Iloilo City's Mandurriao district; Alabang West along Daang Hari in Las Piñas City; McKinley Hill and Uptown

Bonifacio in Taguig City; Arcovia City in Pasig City; Boracay Newcoast on Boracay Island, Aklan province; and Davao Park District in Lanang, Davao City.

Bulk of the GFA would be in Uptown Bonifacio, as it is set to open a new retail row at Uptown Mall and Uptown Parade.

Megaworld would also launch a retail development in Arcovia City and Alabang West.

"Every mall that we build has curated spaces that evoke the character of the township where it is located," Megaworld Chief Strategy Officer Kevin Tan said.

"We want to create commercial properties that are not just for shopping and dining, but those that help drive tourism," he added.

In the second half of 2018, Megaworld opened its P2.2-billion Festive Walk Mall in the Iloilo Business Park, which offers 90,000 sqm of retail spaces; and community malls Village Square in Muntinlupa City's Alabang district and Three Central and San Lorenzo Place in Makati City, which collectively offer 26,500 sqm of retail spaces.

Last month Megaworld announced that it would spend P65 billion this year, the bulk of which would be used to fund construction projects and the rest to buy land and invest in properties.

Shares of Megaworld dropped by 3 centavos or 0.57 percent to close at P5.20 each on Tuesday.

___

(c)2019 The Manila Times (Manila, Philippines)

Visit The Manila Times (Manila, Philippines) at www.manilatimes.net

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

Stocks mentioned in the article
ChangeLast1st jan.
ALLIANCE GLOBAL GROUP, INC. End-of-day quote.
MEGAWORLD CORP End-of-day quote.
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Financials (PHP)
Sales 2018 49 364 M
EBIT 2018 20 711 M
Net income 2018 14 658 M
Debt 2018 65 781 M
Yield 2018 1,17%
P/E ratio 2018 11,71
P/E ratio 2019 10,39
EV / Sales 2018 4,81x
EV / Sales 2019 4,39x
Capitalization 172 B
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 5,77  PHP
Spread / Average Target 8,5%
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Managers
NameTitle
Chong Buan Lim Tan Chairman, President & Chief Executive Officer
Lourdes T. Gutierrez-Alfonso Chief Operating Officer
Giovanni C. Ng Finance Director & Senior Vice President
Francisco C. Canuto SVP, Treasurer, Compliance & Information Officer
Roberto S. Guevara Independent Director
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