Manuel Paolo Villar has kept Profitable Growth at a stable ranking of #4 for the company. Vista Land & Lifescapes Incorporated is a Philippine-based home builder and property developer. With more than 300,000 homes built and a land bank of over 2,400 hectares, 76% of which is in Mega Manila. Learn more at: http://becomeabetterinvestor.net/blog/family-run-philippine-home-builder-remains-consistent/

1. Presented by: Dr. Andrew Stotz, CFA
Vista Land & Lifescapes
Incorporated

2. 222 September 2016
 VLL has five big home brands:
 The brand Communities Philippines sells low-cost/affordable residential properties
outside Mega Manila at prices from US$20K-$80K. This brand accounted for 45% of revenue
in 2015. Camella caters to the low-cost segment in Mega Manila, with prices from US$20K-
$80K and accounted for 25% of 2015 revenue
 VLL has three brands in the mid to luxury segments. CrownAsia homes for the middle-
income segment in Mega Manila are priced from US$80K-$200K. Brittany offers luxury
houses in master-planned communities for the high-end segment in Mega Manila at prices
of US$200K and greater. Vista Residences provides residential/commercial condominium
units at prices from US$40K-$360K
 By the end of 2015 VLL acquired an 88% stake in Starmalls Inc. (STR PM), a company
focused on retail real estate such as shopping malls for the Filipino mass market that carries
its own name—Starmall. Starmalls has shown to be an important growth driver for VLL as its
revenue and net income grew by more than 70% in 1H16
60
80
100
120
140
2
4
6
8
10
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
VLL PM (LHS)
Price relative to local index
(PHP) (%)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
Revenue breakdown, by brand 2015
Vista Land & Lifescapes Incorporated (VLL PM)
Stock information:
Name: Vista Land &
Lifescapes, Inc.
Ticker: VLL PM
Price (PHP): 5.25
Mcap: US$1,413m
3MADTO: US$1m
Beta: 0.9x
Sector: Financials
Industry: Real Estate
Major shareholders:
65% Villar Manuel Family
6% Starmalls, Inc.
29% Free float
Background: Vista Land & Lifescapes Incorporated is a Philippine-
based homebuilder and property developer with more than 300,000
homes built and a land bank of over 2,400 hectares, 76% of which is
in Mega Manila area. It operates in 36 provinces across the country.
Affordable residential properties account for 70% of revenue.
Comm. Philippines 45% Camella 25% Vista Residences 12% Starmall 9% CrownAsia 5% Brittany 4%

3. 322 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Background: Vista Land & Lifescapes Incorporated is a
Philippine-based homebuilder and property developer
with more than 300,000 homes built
and a land bank of over 2,400 hectares, 76% of which is in
Mega Manila area.
It operates in 36 provinces across the country.
Affordable residential properties account for 70% of
revenue.
Vista Land & Lifescapes Incorporated (VLL PM)

4. 422 September 2016
60
80
100
120
140
2
4
6
8
10
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
VLL PM (LHS)
Price relative to local index
(PHP) (%)Stock information:
Name: Vista Land &
Lifescapes, Inc.
Ticker: VLL PM
Price (PHP): 5.25
Mcap: US$1,413m
3MADTO: US$1m
Beta: 0.9x
Sector: Financials
Industry: Real Estate
Major shareholders:
65% Villar Manuel Family
6% Starmalls, Inc.
29% Free float
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Vista Land & Lifescapes Incorporated (VLL PM)

5. 522 September 2016
 VLL has five big home brands:
 The brand Communities Philippines sells low-cost/affordable residential properties
outside Mega Manila at prices from US$20K-$80K. This brand accounted for 45% of revenue
in 2015. Camella caters to the low-cost segment in Mega Manila, with prices from US$20K-
$80K and accounted for 25% of 2015 revenue
 VLL has three brands in the mid to luxury segments. CrownAsia homes for the middle-
income segment in Mega Manila are priced from US$80K-$200K. Brittany offers luxury
houses in master-planned communities for the high-end segment in Mega Manila at prices
of US$200K and greater. Vista Residences provides residential/commercial condominium
units at prices from US$40K-$360K
 By the end of 2015 VLL acquired an 88% stake in Starmalls Inc. (STR PM), a company
focused on retail real estate such as shopping malls for the Filipino mass market that carries
its own name—Starmall. Starmalls has shown to be an important growth driver for VLL as its
revenue and net income grew by more than 70% in 1H16
60
80
100
120
140
2
4
6
8
10
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
VLL PM (LHS)
Price relative to local index
(PHP) (%)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
Revenue breakdown, by brand 2015
Vista Land & Lifescapes Incorporated (VLL PM)
Stock information:
Name: Vista Land &
Lifescapes, Inc.
Ticker: VLL PM
Price (PHP): 5.25
Mcap: US$1,413m
3MADTO: US$1m
Beta: 0.9x
Sector: Financials
Industry: Real Estate
Major shareholders:
65% Villar Manuel Family
6% Starmalls, Inc.
29% Free float
Background: Vista Land & Lifescapes Incorporated is a Philippine-
based homebuilder and property developer with more than 300,000
homes built and a land bank of over 2,400 hectares, 76% of which is
in Mega Manila area. It operates in 36 provinces across the country.
Affordable residential properties account for 70% of revenue.
Comm. Philippines 45% Camella 25% Vista Residences 12% Starmall 9% CrownAsia 5% Brittany 4%

6. 622 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 VLL has five big home brands:
Vista Land & Lifescapes Incorporated (VLL PM)

7. 722 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 The brand Communities Philippines sells low-
cost/affordable residential properties outside
Mega Manila at prices from US$20,000-$80,000.
This brand accounted for 45% of revenue in 2015
Vista Land & Lifescapes Incorporated (VLL PM)

8. 822 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 Camella caters to the low-cost segment in Mega
Manila, with prices from US$20,000-$80,000 and
accounted for 25% of 2015 revenue
Vista Land & Lifescapes Incorporated (VLL PM)

9. 922 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 VLL has three brands in the mid to luxury
segments
 CrownAsia homes for the middle-income
segment in Mega Manila are priced from
US$80,000-$200,000
Vista Land & Lifescapes Incorporated (VLL PM)

10. 1022 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 Brittany offers luxury houses in master-planned
communities for the high-end segment in Mega
Manila at prices of US$200,000 and greater
 Vista Residences provides
residential/commercial condominium units at
prices from US$40,000-$360,000
Vista Land & Lifescapes Incorporated (VLL PM)

11. 1122 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 By the end of 2015 VLL acquired an 88% stake in
Starmalls Inc. (STR PM),
 a company focused on retail real estate such as
shopping malls for the Filipino mass market that
carries its own name—Starmall
 Starmalls has shown to be an important growth
driver for VLL as its revenue and net income grew
by more than 70% in 1H16
Vista Land & Lifescapes Incorporated (VLL PM)

12. 1222 September 2016
 VLL has five big home brands:
 The brand Communities Philippines sells low-cost/affordable residential properties
outside Mega Manila at prices from US$20K-$80K. This brand accounted for 45% of revenue
in 2015. Camella caters to the low-cost segment in Mega Manila, with prices from US$20K-
$80K and accounted for 25% of 2015 revenue
 VLL has three brands in the mid to luxury segments. CrownAsia homes for the middle-
income segment in Mega Manila are priced from US$80K-$200K. Brittany offers luxury
houses in master-planned communities for the high-end segment in Mega Manila at prices
of US$200K and greater. Vista Residences provides residential/commercial condominium
units at prices from US$40K-$360K
 By the end of 2015 VLL acquired an 88% stake in Starmalls Inc. (STR PM), a company
focused on retail real estate such as shopping malls for the Filipino mass market that carries
its own name—Starmall. Starmalls has shown to be an important growth driver for VLL as its
revenue and net income grew by more than 70% in 1H16
60
80
100
120
140
2
4
6
8
10
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
VLL PM (LHS)
Price relative to local index
(PHP) (%)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
Revenue breakdown, by brand 2015
Vista Land & Lifescapes Incorporated (VLL PM)
Stock information:
Name: Vista Land &
Lifescapes, Inc.
Ticker: VLL PM
Price (PHP): 5.25
Mcap: US$1,413m
3MADTO: US$1m
Beta: 0.9x
Sector: Financials
Industry: Real Estate
Major shareholders:
65% Villar Manuel Family
6% Starmalls, Inc.
29% Free float
Background: Vista Land & Lifescapes Incorporated is a Philippine-
based homebuilder and property developer with more than 300,000
homes built and a land bank of over 2,400 hectares, 76% of which is
in Mega Manila area. It operates in 36 provinces across the country.
Affordable residential properties account for 70% of revenue.
Comm. Philippines 45% Camella 25% Vista Residences 12% Starmall 9% CrownAsia 5% Brittany 4%

13. 1322 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Revenue breakdown, by brand 2015
Communities Philippines 45% Camella 25% Vista Residences 12%
Starmall 9% CrownAsia 5% Brittany 4%

15. 1522 September 2016
VLL: Leadership
Sources: A. Stotz Investment Research, company data, FactSet
ChairmanPresident&CEO
2012 2013 2014 2015 Past 12 months
Manuel Villar Jr
1973 – Present
Manuel Paolo Villar
July 2011 – Present

16. 1622 September 2016
'12 '13 '14 '15 PTM
4 4 4 4 4
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
3 3 3 4 4 5 5 7 4 7
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
5 5 5 6 6 4 4 4 4 3 4 4 5 5 6 5 7 4 4 3
Benchmarked against 350 medium Real Estate companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitable Growth has
been stable at #4
VLL ranks better than 210
of 350 medium Real Estate
VLL: A. Stotz Profitable Growth
CEO, 2011 – Present
Manuel Paolo Villar

17. 1722 September 2016
'12 '13 '14 '15 PTM
4 4 4 4 4
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
3 3 3 4 4 5 5 7 4 7
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
5 5 5 6 6 4 4 4 4 3 4 4 5 5 6 5 7 4 4 3
Benchmarked against 350 medium Real Estate companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitable Growth has
been stable at #4
VLL ranks better than 210
of 350 medium Real Estate
Profitability has been #4
since 2015, Growth fell to
#7 in the past 12 months
VLL: A. Stotz Profitable Growth
CEO, 2011 – Present
Manuel Paolo Villar

18. 1822 September 2016
'12 '13 '14 '15 PTM
4 4 4 4 4
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
3 3 3 4 4 5 5 7 4 7
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
5 5 5 6 6 4 4 4 4 3 4 4 5 5 6 5 7 4 4 3
Benchmarked against 350 medium Real Estate companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitable Growth has
been stable at #4
VLL ranks better than 210
of 350 medium Real Estate
Profitability has been #4
since 2015, Growth fell to
#7 in the past 12 months
Profit margin is the
strength on the
Profitability side
Sales have fallen, while
Margin change has
improved
VLL: A. Stotz Profitable Growth
CEO, 2011 – Present
Manuel Paolo Villar

19. 1922 September 2016
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for a company in YOUR portfolio?
 Leave a comment below with company name
and country of listing…and I’ll post it if I have it