Elevator Pitch
Philippines-listed property developer Megaworld Corporation (MGAWY) (MGAWF) [MEG:PM] has declined by close to 30% in the past three months due to concerns over office demand and dilution from new equity issuance for the purpose of redeeming its perpetual securities.
Megaworld's Share Price In The Past Three Months
Source: Gurufocus
Megaworld currently trades at consensus forward FY2019 P/E of 8.2 times which represents a significant discount to its historical five-year forward P/E of approximately 11 times. I think that Megaworld's share price decline over the past three months and its