AYAAF - Ayala Land: Residential Segment Continues To Be A Drag
Elevator Pitch
Philippines-listed property developer Ayala Land, Inc. (OTCPK:AYAAF) (OTC:AYAAY) [ALI:PM] is the largest residential property developer in the Philippines, and it generated approximately 71.4%, 23.1% and 5.5% of its 1H2019 real estate revenue from property development, commercial leasing and services (including construction, property management and other services), respectively. Specifically, residential property development revenue (part of the property development segment) of PHP67.9 billion in 9M2019 accounted for 56.4% of the company's total real estate revenue.
Ayala Land trades at 17.0 times consensus forward FY2020 P/E which represents a significant discount to