notes: SMPH/SM PRIME HOLDINGS, INC. (10 MAY 2018)

COL FINANCIAL EARNINGS ANALYSIS (09 MAY 2018)

"Reiterate BUY with fair value estimate of Php37.90. We are maintaining our BUY rating on SMPH with a fair value estimate of Php37.90. We like SMPH for its strong earnings track record that is driven by growth in all its business segments. We are also optimistic on the value-accretion potential of the Paranaque and Pasay reclamation projects. There are already factored into our fair value estimate of Php37.90. Downside risk to our fair value estimate is if the reclamation projects do not push through. "