Elevator Pitch
Philippines-listed multi-format retailer Robinsons Retail Holdings (RRETY) [RRHI:PM] currently trades at 22.5 times consensus forward FY2020 P/E, representing a slight discount to its historical five-year average forward P/E of approximately 25 times. The stock also offers a consensus forward FY2020 dividend yield of 0.9%.
I assign a "Neutral" rating to Robinsons Retail. While I like the stock as a medium to long-term beneficiary of industry consolidation and increased modern retail penetration in the Philippines, the company's organic growth could remain weak in the near term due to lackluster same store sales