The Philippine economy grew at 3.7% last year, slower than other ASEAN countries but still managing growth despite global economic challenges. Strong consumer spending and growth in the services sector compensated for sluggish government infrastructure spending and declines in fishing. Inflation contracted to 2.7% while lending rates are at their lowest. Most institutions forecast 3.5-4.0% growth for the Philippines this year, supported by rising OFW remittances which exceeded $20 billion in 2011.
- CSU is the largest independent processor of electronic payments in Brazil and has experienced rapid growth.
- The opening of Brazil's acquirer industry in 2010 created an opportunity for CSU to offer processing services to acquirers.
- CSU's contact center was restructured and is well positioned for profitable growth, while its operational platform supports its long term strategy.
The document is a presentation by CSU about its business and the Brazilian payment processing industry. It provides the following key points:
1) CSU is the largest independent payment processor in Brazil and has experienced rapid growth in processing credit and debit card transactions.
2) The Brazilian card market has grown significantly in recent years and is expected to continue growing due to increasing card penetration and usage.
3) CSU provides a full suite of processing services to issuers and is well positioned to expand into acquirer processing following regulatory changes opening up that market.
4) CSU has multiple revenue streams, high client loyalty, and economies of scale that support its profitable business model. The presentation outlines CSU's
JBS reported its first quarter 2009 results. Net revenue increased 58.2% year-over-year to R$9.27 billion. Consolidated EBITDA grew 20.4% to R$211.5 million. Key highlights included sustained margins in the US beef business, improved performance in Brazil, and consolidation of a global production and distribution platform. Management remains focused on reducing debt and capturing synergies across the business.
The document summarizes the 2009 financial results of an unnamed bank. Key points include:
1) Net income for 2009 was RUB 1.2 billion, down 61.2% from 2008, as the bank took conservative measures during the economic crisis to prepare for potential recovery.
2) The bank maintained strong capital and liquidity positions despite challenges like downward pressure on interest margins and subdued loan demand.
3) Efficiency improved over 2009, with cost to income ratio down 4 percentage points and personnel expenses down 17.2% from 2008.
This document provides a summary of Profarma's 4Q10 and 2010 earnings release. Some key highlights include:
- A 3.7 day reduction in cash cycle compared to 2009, resulting in lower working capital of R$22.9 million
- Positive operating cash flow for the third consecutive year of R$44.4 million
- A 3.0% increase in consolidated gross revenues to R$3.1 billion in 2010
- Net debt decreased to R$108.7 million in December 2010
- The company reported a 3.7 day reduction in its cash cycle compared to 2009, lowering costs by R$22.9 million. Operating cash flow was positive for the third straight year at R$44.4 million.
- Gross revenues increased 3.0% to R$3.1 billion in 2010, with strong 37.8% growth in health and beauty products. Sales through electronic orders reached a record 65.3% of total sales.
- Net debt declined R$9.4 million to R$108.7 million in 2010 due to positive operating cash generation of R$44.4 million.
Pakistan's economy faces challenges from recent floods and inflation. Growth was only 2.4% in FY2011 due to energy shortages and security issues. The services sector contributed most to growth while manufacturing declined. Investment has fallen significantly as a percentage of GDP in recent years. The fiscal deficit widened to 6.3% of GDP in FY2010 due to higher spending and weaker revenues. Inflation averaged 14.1% in FY2011 while the current account deficit improved due to higher exports and remittances. Foreign direct investment continues to decline.
1) The document discusses CSX Corporation's presentation at the Citi 23rd Annual Transportation Conference in November 2008.
2) It notes that while CSX's financial momentum remains strong, the overall economic environment is weakening, particularly in housing, automotive, and industrial sectors.
3) However, CSX believes the fundamentals of its business strategy ("Rail Renaissance") remain intact and it can maintain its focus on shareholder value through balanced capital deployment and priorities like productivity, growth, and price increases above inflation long-term.
- CSU is the largest independent processor of electronic payments in Brazil and has experienced rapid growth.
- The opening of Brazil's acquirer industry in 2010 created an opportunity for CSU to offer processing services to acquirers.
- CSU's contact center was restructured and is well positioned for profitable growth, while its operational platform supports its long term strategy.
The document is a presentation by CSU about its business and the Brazilian payment processing industry. It provides the following key points:
1) CSU is the largest independent payment processor in Brazil and has experienced rapid growth in processing credit and debit card transactions.
2) The Brazilian card market has grown significantly in recent years and is expected to continue growing due to increasing card penetration and usage.
3) CSU provides a full suite of processing services to issuers and is well positioned to expand into acquirer processing following regulatory changes opening up that market.
4) CSU has multiple revenue streams, high client loyalty, and economies of scale that support its profitable business model. The presentation outlines CSU's
JBS reported its first quarter 2009 results. Net revenue increased 58.2% year-over-year to R$9.27 billion. Consolidated EBITDA grew 20.4% to R$211.5 million. Key highlights included sustained margins in the US beef business, improved performance in Brazil, and consolidation of a global production and distribution platform. Management remains focused on reducing debt and capturing synergies across the business.
The document summarizes the 2009 financial results of an unnamed bank. Key points include:
1) Net income for 2009 was RUB 1.2 billion, down 61.2% from 2008, as the bank took conservative measures during the economic crisis to prepare for potential recovery.
2) The bank maintained strong capital and liquidity positions despite challenges like downward pressure on interest margins and subdued loan demand.
3) Efficiency improved over 2009, with cost to income ratio down 4 percentage points and personnel expenses down 17.2% from 2008.
This document provides a summary of Profarma's 4Q10 and 2010 earnings release. Some key highlights include:
- A 3.7 day reduction in cash cycle compared to 2009, resulting in lower working capital of R$22.9 million
- Positive operating cash flow for the third consecutive year of R$44.4 million
- A 3.0% increase in consolidated gross revenues to R$3.1 billion in 2010
- Net debt decreased to R$108.7 million in December 2010
- The company reported a 3.7 day reduction in its cash cycle compared to 2009, lowering costs by R$22.9 million. Operating cash flow was positive for the third straight year at R$44.4 million.
- Gross revenues increased 3.0% to R$3.1 billion in 2010, with strong 37.8% growth in health and beauty products. Sales through electronic orders reached a record 65.3% of total sales.
- Net debt declined R$9.4 million to R$108.7 million in 2010 due to positive operating cash generation of R$44.4 million.
Pakistan's economy faces challenges from recent floods and inflation. Growth was only 2.4% in FY2011 due to energy shortages and security issues. The services sector contributed most to growth while manufacturing declined. Investment has fallen significantly as a percentage of GDP in recent years. The fiscal deficit widened to 6.3% of GDP in FY2010 due to higher spending and weaker revenues. Inflation averaged 14.1% in FY2011 while the current account deficit improved due to higher exports and remittances. Foreign direct investment continues to decline.
1) The document discusses CSX Corporation's presentation at the Citi 23rd Annual Transportation Conference in November 2008.
2) It notes that while CSX's financial momentum remains strong, the overall economic environment is weakening, particularly in housing, automotive, and industrial sectors.
3) However, CSX believes the fundamentals of its business strategy ("Rail Renaissance") remain intact and it can maintain its focus on shareholder value through balanced capital deployment and priorities like productivity, growth, and price increases above inflation long-term.
The Korea Fund underperformed the MSCI Korea benchmark in the second quarter of 2012, with the MSCI Korea dropping sharply by 8.6% in USD terms. Foreign investors sold a net $5 trillion worth of Korean equities, though the Korean won depreciated only moderately against the USD. During the quarter, the Fund outperformed its benchmark by 42 basis points due to strong stock picks in consumer discretionary, while IT and materials detracted. Quality stocks outperformed in the volatile market conditions, with low debt, low volatility stocks performing well.
This document summarizes an academic research paper on determining future key items for trade agreements (FTAs) between Indonesia and partner countries. The research assesses Indonesia's priority economic sectors and foreign direct investment (FDI) impacts to identify opportunities. It reviews Indonesia's economic statistics and sectoral contributions to GDP. Interviews and previous FTA assessments inform the analysis to provide recommendations on negotiation items that support Indonesia's economic development goals through trade agreements.
Hyundai Commercial presented its 2012 financial results showing:
1) Operating income slightly decreased from the previous year due to increases in other operating expenses from government regulations.
2) While ordinary income decreased due to one-time factors, the company's fundamentals remained solid with a high return on assets of 3.01%.
3) The company maintained disciplined asset diversification across its financial businesses and stable capital levels above regulatory requirements.
This document discusses the challenges and opportunities facing middle-income countries as global wealth shifts. It notes that while shifting wealth has created opportunities through reduced poverty and new development resources, middle-income countries face challenges around productivity growth, social cohesion, environmental sustainability, and maintaining fiscal revenue levels. Specific challenges discussed include the risk of falling into a "middle income trap" with slowing growth, rising inequality and labor disputes, high youth unemployment in Africa, and tax revenues generally being lower in Latin American countries compared to OECD nations.
Government revises its 2009 real GDP growth forecast. The Prime
Minister (PM) announced yesterday that the official real GDP growth
forecast for this year is now between -4% and -5% from +1% to -1%
announced by Bank Negara Malaysia (BNM) in Mar 09. This is due to
the impact of the global recession on external demand which also
weakened domestic demand, especially private investment (1Q09: -
26% YoY), including FDI (1Q09: -50% YoY). However, apart from
mentioning a 25% drop in exports, no detailed breakdown of the
revised forecast was provided.
2005 - 5th Us Analyst And Investor Meeting FinancialsEmbraer RI
This presentation provides financial results and performance summaries for Embraer from 1998-2004. It includes forward-looking statements about future events and circumstances. The document discusses net revenues, gross margin, income from operations, net income, balance sheet items including suppliers, inventories, receivables, cash position, and indebtedness. It also summarizes return on assets, return on equity, investments in property, plant and equipment and research and development, contributions from risk-sharing partners, and future investment forecasts. Contact information is provided for investor relations.
Economic Outlook and International Markets (Miami, November 2012)Nar Res
The document provides an economic outlook and analysis of international markets from Lawrence Yun, Chief Economist at the National Association of Realtors. It includes the following key points:
1) Existing home sales in the US are recovering, with the best year in 5 years, though investors currently make up a larger share of the market than owner-occupants.
2) Housing demand is rising in Miami, though with fewer homes for sale, while home prices are increasing substantially in Miami and Phoenix.
3) The visible housing inventory in the US is at an 8-year low while new construction is at a 50-year low, indicating a shortage.
4) Most Miami realtors have worked
This document discusses India's policy on foreign direct investment (FDI). It outlines the philosophy behind attracting long-term foreign capital to supplement domestic investment efforts. FDI is recognized as a key driver of economic growth. Large scale economic reforms have created an attractive investment destination in India. The document provides statistics on global and regional FDI trends. It highlights sectors targeted for FDI inflows and incentives provided. Key economic indicators of India that make it an ideal investment destination are also noted.
- Revenue for CMC was up 20% year-over-year for the quarter at Rs. 240.84 crore compared to Rs. 201.35 crore in the same quarter last year.
- EBITDA was Rs. 17.14 crore for the quarter, up 103% year-over-year. However, the quarter was impacted by a Rs. 12.58 crore provision for a contract under dispute.
- Profit before tax was Rs. 15.38 crore for the quarter, up 9% year-over-year.
2007 - 7th Analysts And Investors Meeting Results & PerformanceEmbraer RI
Embraer held its 7th annual analysts and investors meeting in New York in April 2007 to discuss results and performance. Antonio Luiz Pizarro Manso, Executive Vice President and CFO, presented information on Embraer's financial results for 2006, including record net revenue, income from operations, net income, and order backlog. Projections were also provided for deliveries, research and development spending, and property, plant and equipment investments through 2008.
WEG reported its Q2 2010 results with the following highlights:
- Gross operating revenue increased 8.5% year-over-year to R$1.227 billion. Domestic revenue grew 3.7% while external markets grew 20%.
- Net income decreased 2.5% to R$116.1 million and EBITDA declined 4.3% to R$174 million.
- The company expanded internationally through additional investments in Mexico and South Africa and acquiring a company in Brazil.
- Management believes growth opportunities remain in energy efficiency and renewable energy areas.
The document summarizes the financial results of a company for fiscal year 2011. Some key points:
- Net income for 2011 was RUB 1,594 million, an increase of 2.7 times over the previous year. Total assets grew 10.7% to RUB 183,888 million.
- The corporate and retail loan portfolios increased 14.6% and 46.7% respectively. Client funds grew 11.4% and the loan to deposit ratio improved.
- Net interest margin was 4.3% for 2011, a 64 basis point increase over 2010. Net fees grew 55.5% while cost of risk remained at 1.8%.
- Return on equity for 2011
The document summarizes Israel's economic highlights for the second quarter of 2011. It provides key economic indicators such as GDP, exports, imports, unemployment rates, inflation rates, and compares Israel's economic growth to other advanced economies. GDP grew by 4.7% in the first quarter of 2011, exports made up 44.6% of GDP, and unemployment was at 6%.
Piaggio Group reported first quarter 2012 financial results. While net sales were down slightly due to declines in commercial vehicles in India, earnings improved due to efficiency gains. EBIT grew 7.3% due to higher gross margins and lower operating expenses. Net income increased 7.9% versus Q1 2011. Net debt increased mainly due to seasonal working capital needs and higher capital expenditures to support growth in emerging markets. Piaggio expects actions taken in the second half of 2012 to support sales growth and further profitability improvements.
This document summarizes Gafisa's second quarter 2008 results. Some key highlights include:
1) Launches increased 102% and pre-sales increased 62% compared to the second quarter of 2007. Net operating revenues rose 63%.
2) EBITDA reached R$74 million, a 106% increase, and net income increased 67% compared to the second quarter of 2007.
3) Gafisa has expanded its operations to 20 Brazilian states with 143 developments nationwide, diversifying its product offerings and presence in new markets.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
The Philippine real estate market report for Q1 2011 provides the following information:
1) The Philippine economy is projected to grow between 7-8% in 2011 despite global uncertainties. Inflation accelerated to 4.3% in March.
2) Office rents in Makati CBD climbed 1.2-2.4% while vacancy rates decreased to 3.8% due to strong demand from BPO firms.
3) The residential segment saw surging demand for smaller units which drove down occupancies to 9% in Makati and Bonifacio Global City.
Profarma's market share reached a record high of 12.8% in 4Q07, up from 9.6% in 2006. Consolidated gross revenue grew 40.1% compared to 4Q06, reaching R$740.4 million. Adjusted EBITDA was R$26.2 million, a 35.3% increase over 4Q06. New regions showed strong growth, with revenues of R$75 million, up 34.6% over 3Q07. The company reduced errors per million units shipped by 34.5% between 3Q07 and 4Q07.
Profarma's market share reached a record high of 12.8% in 4Q07, up from 9.6% in 2006. Consolidated gross revenue grew 40.1% compared to 4Q06, reaching R$740.4 million. Adjusted EBITDA was R$26.2 million, a 35.3% increase over 4Q06. New regions showed strong growth, with revenues of R$75 million, up 34.6% over 3Q07. The company's cash cycle improved to 64.3 days.
The document provides an economic outlook for India for 2010-11 and 2011-12. It projects that the Indian economy will grow at 8.5% in 2010-11 and 9% in 2011-12, driven by growth in agriculture, industry, and services. Inflation is projected to be 6.5% by March 2011 due to an expected normal monsoon and a rising domestic savings and investment rate. The current account deficit is estimated to remain around 3% of GDP.
The Korea Fund underperformed the MSCI Korea benchmark in the second quarter of 2012, with the MSCI Korea dropping sharply by 8.6% in USD terms. Foreign investors sold a net $5 trillion worth of Korean equities, though the Korean won depreciated only moderately against the USD. During the quarter, the Fund outperformed its benchmark by 42 basis points due to strong stock picks in consumer discretionary, while IT and materials detracted. Quality stocks outperformed in the volatile market conditions, with low debt, low volatility stocks performing well.
This document summarizes an academic research paper on determining future key items for trade agreements (FTAs) between Indonesia and partner countries. The research assesses Indonesia's priority economic sectors and foreign direct investment (FDI) impacts to identify opportunities. It reviews Indonesia's economic statistics and sectoral contributions to GDP. Interviews and previous FTA assessments inform the analysis to provide recommendations on negotiation items that support Indonesia's economic development goals through trade agreements.
Hyundai Commercial presented its 2012 financial results showing:
1) Operating income slightly decreased from the previous year due to increases in other operating expenses from government regulations.
2) While ordinary income decreased due to one-time factors, the company's fundamentals remained solid with a high return on assets of 3.01%.
3) The company maintained disciplined asset diversification across its financial businesses and stable capital levels above regulatory requirements.
This document discusses the challenges and opportunities facing middle-income countries as global wealth shifts. It notes that while shifting wealth has created opportunities through reduced poverty and new development resources, middle-income countries face challenges around productivity growth, social cohesion, environmental sustainability, and maintaining fiscal revenue levels. Specific challenges discussed include the risk of falling into a "middle income trap" with slowing growth, rising inequality and labor disputes, high youth unemployment in Africa, and tax revenues generally being lower in Latin American countries compared to OECD nations.
Government revises its 2009 real GDP growth forecast. The Prime
Minister (PM) announced yesterday that the official real GDP growth
forecast for this year is now between -4% and -5% from +1% to -1%
announced by Bank Negara Malaysia (BNM) in Mar 09. This is due to
the impact of the global recession on external demand which also
weakened domestic demand, especially private investment (1Q09: -
26% YoY), including FDI (1Q09: -50% YoY). However, apart from
mentioning a 25% drop in exports, no detailed breakdown of the
revised forecast was provided.
2005 - 5th Us Analyst And Investor Meeting FinancialsEmbraer RI
This presentation provides financial results and performance summaries for Embraer from 1998-2004. It includes forward-looking statements about future events and circumstances. The document discusses net revenues, gross margin, income from operations, net income, balance sheet items including suppliers, inventories, receivables, cash position, and indebtedness. It also summarizes return on assets, return on equity, investments in property, plant and equipment and research and development, contributions from risk-sharing partners, and future investment forecasts. Contact information is provided for investor relations.
Economic Outlook and International Markets (Miami, November 2012)Nar Res
The document provides an economic outlook and analysis of international markets from Lawrence Yun, Chief Economist at the National Association of Realtors. It includes the following key points:
1) Existing home sales in the US are recovering, with the best year in 5 years, though investors currently make up a larger share of the market than owner-occupants.
2) Housing demand is rising in Miami, though with fewer homes for sale, while home prices are increasing substantially in Miami and Phoenix.
3) The visible housing inventory in the US is at an 8-year low while new construction is at a 50-year low, indicating a shortage.
4) Most Miami realtors have worked
This document discusses India's policy on foreign direct investment (FDI). It outlines the philosophy behind attracting long-term foreign capital to supplement domestic investment efforts. FDI is recognized as a key driver of economic growth. Large scale economic reforms have created an attractive investment destination in India. The document provides statistics on global and regional FDI trends. It highlights sectors targeted for FDI inflows and incentives provided. Key economic indicators of India that make it an ideal investment destination are also noted.
- Revenue for CMC was up 20% year-over-year for the quarter at Rs. 240.84 crore compared to Rs. 201.35 crore in the same quarter last year.
- EBITDA was Rs. 17.14 crore for the quarter, up 103% year-over-year. However, the quarter was impacted by a Rs. 12.58 crore provision for a contract under dispute.
- Profit before tax was Rs. 15.38 crore for the quarter, up 9% year-over-year.
2007 - 7th Analysts And Investors Meeting Results & PerformanceEmbraer RI
Embraer held its 7th annual analysts and investors meeting in New York in April 2007 to discuss results and performance. Antonio Luiz Pizarro Manso, Executive Vice President and CFO, presented information on Embraer's financial results for 2006, including record net revenue, income from operations, net income, and order backlog. Projections were also provided for deliveries, research and development spending, and property, plant and equipment investments through 2008.
WEG reported its Q2 2010 results with the following highlights:
- Gross operating revenue increased 8.5% year-over-year to R$1.227 billion. Domestic revenue grew 3.7% while external markets grew 20%.
- Net income decreased 2.5% to R$116.1 million and EBITDA declined 4.3% to R$174 million.
- The company expanded internationally through additional investments in Mexico and South Africa and acquiring a company in Brazil.
- Management believes growth opportunities remain in energy efficiency and renewable energy areas.
The document summarizes the financial results of a company for fiscal year 2011. Some key points:
- Net income for 2011 was RUB 1,594 million, an increase of 2.7 times over the previous year. Total assets grew 10.7% to RUB 183,888 million.
- The corporate and retail loan portfolios increased 14.6% and 46.7% respectively. Client funds grew 11.4% and the loan to deposit ratio improved.
- Net interest margin was 4.3% for 2011, a 64 basis point increase over 2010. Net fees grew 55.5% while cost of risk remained at 1.8%.
- Return on equity for 2011
The document summarizes Israel's economic highlights for the second quarter of 2011. It provides key economic indicators such as GDP, exports, imports, unemployment rates, inflation rates, and compares Israel's economic growth to other advanced economies. GDP grew by 4.7% in the first quarter of 2011, exports made up 44.6% of GDP, and unemployment was at 6%.
Piaggio Group reported first quarter 2012 financial results. While net sales were down slightly due to declines in commercial vehicles in India, earnings improved due to efficiency gains. EBIT grew 7.3% due to higher gross margins and lower operating expenses. Net income increased 7.9% versus Q1 2011. Net debt increased mainly due to seasonal working capital needs and higher capital expenditures to support growth in emerging markets. Piaggio expects actions taken in the second half of 2012 to support sales growth and further profitability improvements.
This document summarizes Gafisa's second quarter 2008 results. Some key highlights include:
1) Launches increased 102% and pre-sales increased 62% compared to the second quarter of 2007. Net operating revenues rose 63%.
2) EBITDA reached R$74 million, a 106% increase, and net income increased 67% compared to the second quarter of 2007.
3) Gafisa has expanded its operations to 20 Brazilian states with 143 developments nationwide, diversifying its product offerings and presence in new markets.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
The Philippine real estate market report for Q1 2011 provides the following information:
1) The Philippine economy is projected to grow between 7-8% in 2011 despite global uncertainties. Inflation accelerated to 4.3% in March.
2) Office rents in Makati CBD climbed 1.2-2.4% while vacancy rates decreased to 3.8% due to strong demand from BPO firms.
3) The residential segment saw surging demand for smaller units which drove down occupancies to 9% in Makati and Bonifacio Global City.
Profarma's market share reached a record high of 12.8% in 4Q07, up from 9.6% in 2006. Consolidated gross revenue grew 40.1% compared to 4Q06, reaching R$740.4 million. Adjusted EBITDA was R$26.2 million, a 35.3% increase over 4Q06. New regions showed strong growth, with revenues of R$75 million, up 34.6% over 3Q07. The company reduced errors per million units shipped by 34.5% between 3Q07 and 4Q07.
Profarma's market share reached a record high of 12.8% in 4Q07, up from 9.6% in 2006. Consolidated gross revenue grew 40.1% compared to 4Q06, reaching R$740.4 million. Adjusted EBITDA was R$26.2 million, a 35.3% increase over 4Q06. New regions showed strong growth, with revenues of R$75 million, up 34.6% over 3Q07. The company's cash cycle improved to 64.3 days.
The document provides an economic outlook for India for 2010-11 and 2011-12. It projects that the Indian economy will grow at 8.5% in 2010-11 and 9% in 2011-12, driven by growth in agriculture, industry, and services. Inflation is projected to be 6.5% by March 2011 due to an expected normal monsoon and a rising domestic savings and investment rate. The current account deficit is estimated to remain around 3% of GDP.
This document provides a preview of key expectations for the upcoming Indian budget. It outlines several sectors and stocks that are expected to benefit, including oil and gas stocks which may see the biggest positive impact from government policies. Specific stock picks highlighted for tactical gains over the next 8-10 months are J***D*** and H**M**, which are expected to benefit from upcoming elections and an economic recovery.
This document provides an economic highlights presentation from the 1st quarter of 2012 from the State of Israel Ministry of Finance International Affairs Department. It includes 3 sentences summarizing key information:
The presentation provides economic indicators for Israel such as GDP, exports, unemployment, inflation rates, credit ratings and balances like the budget deficit, public debt levels, and current account surplus. International comparisons to other countries and Israel's position in the OECD are also examined. Contact information is provided to learn more about Israel's economy, trade agreements, and other economic figures.
Banco Sabadell reported results for fiscal year 2010. Net interest income declined 8.8% due to a higher cost of funding, though capital ratios improved. Commercial activity generated an important GAP and liquidity remained comfortable without reliance on ECB funding. Loan growth continued alongside sustained increases in customers and deposits. Cost management was good and Banco Guipuzcoano was efficiently integrated.
Banco Indusval reported financial results for 2Q10 and 1H10. Credit portfolio growth was moderate at 2.5% in the quarter, and default rates fell due to economic recovery. Net profit was R$8.3 million in 2Q10, up 13.7% from last quarter. Management comments indicated initiatives to improve products and services should have medium-term benefits, while credit to mid-sized companies grew and default rates declined.
- The company reported a 13.3% growth in consolidated gross revenue in 2008 compared to the previous year, reaching R$2.9 billion, with significant growth in the vaccine and hospital segments.
- Operating expenses decreased 5% in 2008 compared to the previous year, reaching 7.6% of net revenue.
- The company reduced average accounts receivable terms for the fourth quarter in a row, decreasing working capital by R$50 million for the year.
Piaggio Group reported full year 2011 financial results, with key highlights including:
- Net sales increased 2.1% to €1.516 billion, driven by growth in emerging markets like Asia Pacific and India.
- EBITDA grew 1.7% to €200.6 million despite €17 million in restructuring costs and negative FX impact of €13 million.
- Net income increased 9.8% to €47 million due to improved EBITDA and lower tax rate, which offset higher depreciation.
- Net financial position was reduced by €14 million to €335.9 million through healthy cash flow and working capital control.
The Korea Fund underperformed its benchmark, the MSCI Korea Index, in the fourth quarter of 2012 by 39 basis points. Within sectors, stock picks in consumer discretionary hurt performance while selections in industrials and an underweight in financials helped. Growth stocks strongly outperformed value stocks last quarter, contrasting the third quarter. The Fund initiated positions in selected IT and consumer names and exited a credit card company due to regulatory changes.
1) The document discusses a presentation given at Citi's 23rd Annual Transportation Conference in November 2008.
2) It provides an overview of CSX's current financial performance and outlook, noting that while volume has declined, pricing momentum and productivity initiatives have helped sustain earnings growth.
3) It acknowledges economic headwinds but expresses confidence that CSX's diverse business portfolio and focus on operational excellence will allow it to continue generating strong free cash flow through the downturn.
São Paulo, May 11, 2010 – Banco Indusval S.A., financial institution with activities focused on middle market enterprises lending, operating in the Brazilian market for over 40 years, listed at the Stock, Commodities and Futures Exchange - BM&FBOVESPA under tickers IDVL3 and IDVL4, announces its financial results for the first quarter 2010 (1Q10).
2008 Shanghai Compensation and Benefits Studydacare
The document summarizes findings from Hewitt Associates' 2008 Shanghai City Compensation & Benefits Study. It provides an overview of economic trends in China and Shanghai, noting that while growth has slowed, it remains at a brisk pace. It then analyzes compensation trends in Shanghai, finding that salaries increased substantially in 2008, with average increases of 10.6% for manufacturing and 10.2% for non-manufacturing companies. The document also reviews companies' targets for revenue growth and headcount increases in Shanghai in 2009 despite the economic slowdown. It concludes by examining implications for businesses and human resources professionals in managing costs and investments in human capital.
São Paulo, February 23, 2011 – Banco Indusval S.A., financial institution with activities primarily focused on corporate lending, operating in the Brazilian market for over 40 years, listed at the Stock, Commodities and Futures Exchange - BM&FBOVESPA under tickers IDVL3 and IDVL4, announces its financial results for the forth quarter 2010 (4Q10) and fiscal year 2010 (2010).
Profarma's market share reached a record 12.0% in 3Q07, with gross revenues growing 31.9% to R$698.2 million compared to 3Q06. Net earnings increased 94.9% to R$8.2 million due to strong sales growth across branded, generic, and OTC products. Adjusted EBITDA was R$21.6 million for 3Q07, a 12.9% increase over 3Q06, demonstrating improved profitability.
Why is Revit MEP Outsourcing considered an as good option for construction pr...MarsBIM1
Outsourcing MEP modeling services require effective collaboration and coordination amongst multiple engineering trades. The engineers and the designers often change the details of the MEP projects, but the work of Revit MEP drafting services is having the master plan and model of the complete project. To have proper coordination and installation, there is a need to execute the project effectively. Hence, the work of Revit family creation facilitates the MEP engineers.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Signature Global TITANIUM SPR | 3.5 & 4.5BHK High rise Apartments in Gurgaonglobalsignature2022
Signature Global TITANIUM SPR launched a high rise apartments in Gurgaon . In this project Signature Global offers 3.5 & 4.5 BHK high rise Apartment at sector 71 Gurgaon SPR Road. Signature Global Titanium SPR is IGBC Gold certified, a testament to our commitment to sustainability.
Living in an UBER World - June '24 Sales MeetingTom Blefko
June 2024 Lancaster County Sales Meeting for Berkshire Hathaway HomeServices Homesale Realty covering the following topics: 1. VA Suspends Buyer Agent Payment Plan (article), 2. Frequently Used Terms in title, 3. Zillow Showcase Overview, 4. QuickBuy commission promotion, 5. Documenting Cooperative Compensation, 6. NAR's Code of Ethics - Mass Media Solicitations, 7. Is it really cheaper to rent? 8. Do's and Don't's when Terminating the Agreement of Sale, 9. Living in an UBER World
Listing Turkey - Piyalepasa Istanbul CatalogListing Turkey
We are working around the clock to transform a long-time dream into reality. As a result, Piyalepasa Istanbul will be the largest privately developed urban regeneration project in Turkey.
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The good old days of the Piyalepasa neighborhood are being brought back to life with Piyalepasa Istanbul houses, residences, offices, hotels and a pedestrianized shopping avenue.
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36,778 sq. ft. building; Zoning: SE (Suburban Employment): The (SE) District allows numerous commercial site uses; Passenger elevator; Private and common restrooms; Fully sprinkled; Data center with a grounded floor and a specialized HVAC system; 60 KVA back-up generator; Building/pylon signage; Potential to purchase adjacent parcels; Sale Price: $4,413,360
Anilesh Ahuja Pioneering a Paradigm Shift in Real Estate Success.pptxneilahuja668
Anilesh Ahuja journey is a testament to the power of vision, resilience, and unwavering determination. As a visionary leader, he continues to inspire and empower others to dream big and challenge the status quo. His legacy extends far beyond the realm of real estate, leaving an indelible mark on the industry and the world at large.
Andhra Pradesh, known for its strategic location on the southeastern coast of India, has emerged as a key player in India’s industrial landscape. Over the decades, the state has witnessed significant growth across various sectors,
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Real estatemarketreport 1q12
1. Q1 2012 | the knowledge
research & forecast report
pHILIPPINE PROPERTY MARKET
Executive Summary
Economy
While the average GDP growth across the ASEAN countries slowed to 4,8% from 6.9%, the
Philippine economy manageably grew at 3.7% last year. Despite the fact that government spending
on infrastructure was belatedly pushed last year, and while fishing production and exports have
consistently declined, the resilient performance in the services sector, and the strong consumer
spending, compensated for last year’s sluggish growth. Outlook by most multilateral institution on
the Philippine economy is to grow 3.5% to 4.0% this year.
Office
Office space options are currently narrow across Metro Manila mainly due to the strong demand
coming from the O&O industry. At present, IT-related and BPO firms, with immediate, sizeable
requirements, have alternatively resorted to plug & play options either for normal operations or
as an incubation space. In 1Q 2012, the vacancy rate in the Makati CBD grew slightly by 0.3% to
4.43%, yet remained within the sub-4% level over the last two quarters. The increase in vacancy
is mainly attributed to Grade B offices which grew by around 1.02% to 4.83% breaching the 3%
level of last year.
residential
market indicators In Metro Manila, supply remains considerably high across condominiums with some 33,000 units
completed and over 50,000 units launched last year. Completion grew by over 48% annually
OFFICE while some 40,000 units more are expected towards the end of 2013. Premium vacancy rate
in Makati consistently evened out at the sub-6% level since the second quarter of last year.
RESIDENTIAL Meanwhile, three-bedroom rental rates went up in the first quarter by over 4% to an average of
P660 per sq m.
rETAIL
retail
At present, there is about 5.2 million sq m of leasable retail space, 2.11% higher than in the fourth
quarter of last year. Vacancy rates, in both super-regional and regional malls across Metro Manila
slightly increased by .07% yet occupancy rates remain at the 99% level. In an aim to further
increase foot traffic and slacken competition, major mall developers are currently turning away
from the traditional mall configuration, and are presently geared towards improving the shopping
experience through the integration of new technologies, attractions and natural parks.
www.colliers.com
2. PHILIPPINES | 1Q 2012 | THE KNOWLEDGE
ECONOMIC INDICATORS
2005 2006 2007 2008 2009 2010 2011
Gross National Product 3.5 4.8 6.1 6.0 6.5 8.4 2.60
Gross Domestic Product 4.8 5.2 6.6 4.2 1.1 7.6 3.70
Personal Consumption Expenditure 4.4 4.2 4.6 3.7 2.3 3.4 6.10
Government Expenditure 2.1 10.6 6.9 0.3 10.9 4.0 -0.70
Capital Formation 2.96% -15.12% -0.47% 23.36% -8.68% 31.61% 11.10%
Exports 5.0 12.6 6.7 -2.7 -7.8 21.0 -3.80
Imports 3.3 3.5 1.7 1.6 -8.1 22.5 1.90
Agriculture 2.2 3.6 4.7 3.2 -0.7 -0.2 2.60
Industry 4.2 4.6 5.8 4.8 -1.9 11.6 1.90
Services 5.8 6.0 7.6 4.0 3.4 7.2 5.00
Average Inflation (Full Year %) 7.6 6.2 2.8 9.3 3.2 6.65 4.80
Budget Deficit (Billion Pesos) 146.8 62.2 12.4 68.1 298.5 314.4 197.7
P: US$ (Average) % 55.0 51.3 46.1 44.7 47.6 45.10 43.31
Average 91-Day T-Bill Rates % 6.4% 5.3% 3.4% 5.2% 4.0% 3.70% 1.37
* At constant prices (based on 2000 level)
ECONOMY
While the average GDP growth across the ASEAN countries slowed to 4,8% from 6.9%, the Philippine economy manageably grew at 3.7% last
year. Though at a meagre growth rate, the country was able to withstand the weak global demand derived from external economic tribulations.
Despite the fact that government spending on infrastructure was belatedly pushed last year, and while fishing production and exports have
consistently declined, the resilient performance in the services sector, and the strong consumer spending, compensated for last year’s sluggish
growth. Specifically, services under the Real Estate sub-sector grew annually by 17.0%, while Renting and Other Business Activities increased
by 9.6%. Last year, the services sector contributed more than 40% of the country’s gross national income which reached over P7.7 trillion
(+2.6%). Meanwhile, consumer spending increased by 6.1% in 4Q 2011. OFW remittances which posted over US$20.1 billion are expected to
continually bolster consumption. The same increased over a billion in the last two years. Furthermore, inflation rate further contracted to 2.7%
pushing lending rates at its lowest regime from 5%-8%. Outlook by most multilateral institution on the Philippine economy is to grow 3.5% to
4.0% this year.
OFW Remittances
25,000
20,000
In Million US Dollars
15,000
10,000
5,000
-
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
1Q 2Q 3Q 4Q
Source: Bangko Sentral ng Pilipinas
* As of January 2012
p. 2 | Colliers International
3. PHILIPPINES | 1Q 2012 | THE KNOWLEDGE
LAND VALUES
As of 1Q 2012, implied land values in the Makati CBD appreciated by 2.26% to an average of P284,130 per sq m. This is expected to increase
by 6% in the next twelve months and may reach P300,000 per sq m, higher than its historic peak in early 2009. In Ortigas Center, land values
grew by 1.5% to P130,783 per sq m and are expected to grow by 4% by the end of the first quarter next year. The highest growth was registered
in Fort Bonfiacio at 28% year-on-year (YoY) driven by the continuous interest in developable land and properties. Currently, it is pegged at
P189,000 per sq m and is projected to grow by 17% over the next twelve months.
Makati CBD, Ortigas & Fort Bonifacio Average Land Values
500,000
400,000
pesos per square meter
300,000
200,000
100,000
-
1Q97
1Q98
1Q99
1Q00
1Q01
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
1Q11
1Q12F
1Q13F
Makati CBD Ortigas Ctr BGC
Source: Colliers International Philippines Research
COMPARATIVE LAND VALUES
PESO / SQ M 1Q 12 4Q 11 % CHANGE (QoQ) 1Q 13F % CHANGE (YoY)
MAKATI CBD 271,501 - 296,759 266,177 - 289,521 2.26 290,218-315,800 6.64
ORTIGAS CENTER 97,952 - 163,614 96,504 - 161,196 1.50 101,870-170,519 4.00
BGC 154,500 - 225,145 150,000 - 220,730 2.40 191,215-253,200 17.00
Source: Colliers International Philippines Research
LICENSES TO SELL
Overall residential licenses issued by the HLURB contracted for the third consecutive year. Last year, about 164,487 licenses were registered,
13% lower than in 2010. The socialised and economic housing segments consistently dropped by 32 and 30% to 35,682 and 45,207 units,
respectively. On a lesser magnitude, issuances on mid-income housing numbered 32,300 units, slightly down by -0.7%.
Meanwhile, across the high-rise residential sector, licences continually increased to about 51,298 units, a growth of over 30% compared to
2010. While developers continue to favour high-density projects, the presence of Grade B condominiums continues to augment the number
of issued licenses. In 2011, over 50,000 units were launched in Metro Manila. This gives a major indication that licenses in this segment may
continue to rise over the remainder of the year. As of February of this year, some of the projects which recently obtained licenses are The
Chelsea Residences (704 units) in Alabang, Sorrento Oasis (690 units) in Pasig, 8 Adriatico (922 units) and One Archers Place (655 units)
in Manila.
p. 3 | Colliers International
4. PHILIPPINES | 1Q 2012 | THE KNOWLEDGE
HLURB LICENCES TO SELL
UNITS JAN - DEC JAN - DEC % CHANGE YOY
2011 2010
Socialised Housing 35,682 52,602 -32.2
Low-Cost Housing 45,207 64,537 -30.0
Mid-Income Housing 32,300 32,541 -0.7
High-Rise Residential 51,298 38,936 31.7
Commercial Condominium 786 2,622 -70.0
Farm Lot 444 225 97.3
Memorial Park 136,174 116,645 16.7
Industrial Subdivision 30 35 -14.3
Commercial Subdivision 495 374 32.4
Total (Philippines) 304,427 310,527 -2.0
Source: Housing and Land Use Regulatory Board
HLURB Licenses
160,000 140,000
140,000 120,000
120,000
100,000
100,000
units
80,000
units
80,000
60,000
60,000
40,000
40,000
20,000 20,000
- -
1Q99
4Q99
3Q00
2Q01
1Q02
4Q02
3Q03
2Q04
1Q05
4Q05
3Q06
2Q07
1Q08
4Q08
3Q09
2Q10
1Q11
4Q11
Quarterly Approvals Moving 12-Month Average (RHS)
Source: Housing and Land Use Regulatory Board
OFFICE SECTOR
Supply
Office space options are currently narrow across Metro Manila mainly due to the strong demand coming from the O&O industry. Consequently,
developers continue to catch up by bringing in roughly over 1.2 million sq m of new office space in the span of two years. At present, IT-related
and BPO firms, with immediate, sizeable requirements, have alternatively resorted to plug & play options either for normal operations or as an
incubation space. Furthermore, based on inquiries recently received by Colliers, several interests in areas outside Metro Manila consistently
surface. These particularly include Cebu, Davao and Ilo-ilo which subsequently are key expansion sites among major developers.
Meanwhile in the Makati CBD, supply remains limited. Delayed for completion by over a quarter, Zuelling Building (57,000 sq m), the only office
due for delivery in the Makati CBD this year, is set to be operational in the next couple of months. Alphaland Makati Tower (38,400 sq m), and
the Glorietta 1 and 2 BPO buildings (27,800 sq m each) are the only new office spaces to become available in 2013. Furthermore, all over Metro
Manila, supply stock in net usable space increased marginally in 1Q 2012 to 5.8 million sq m. This includes Science Hub 2 (19,000 sq m) in
McKinley Hill and the SM Megamall Car Park Extension (13,000 sq m) in Mandaluyong. Techno Plaza Two (35,800 sq m) and A Place, previously
named One Coral Way, (7,500 sq m), are expected to be available in the early part of the second quarter.
p. 4 | Colliers International
5. PHILIPPINES | 1Q 2012 | OFFICE
Makati CBD vs. Metro Manila Office Stock
Makati Vs, Metro Manila Stock
8,000,000
7,000,000 600,000
600,000
7,000,000
6,000,000 500,000
500,000
6,000,000
5,000,000
400,000
400,000
5,000,000
in sq.m.
in sq.m.
4,000,000
in sq.m.
in sq.m.
4,000,000 300,000
300,000
3,000,000
3,000,000
200,000
200,000
2,000,000
2,000,000
1,000,000 100,000
100,000
1,000,000
-
- 0 0
2011F
2012F
2013F
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012F
2013F
Metro Manila Stock Makati CBD YoY Change (RHS)
Metro Manila Stock Makati CBD YoY Change (RHS)
Source: Colliers International Philippines Research
OFFICE SECTOR
Demand
In 1Q 2012, the vacancy rate in the Makati CBD grew slightly by 0.3% to 4.43%, yet remained within the sub-4% level over the last two quarters.
The increase is mainly attributed to Grade B offices which grew by around 1.02% to 4.83% ̶ breaching the 3% level of last year. On the other
hand, vacancies contracted across the Premium and Grade A segments, down by 2.14% and 0.52% to 3.38% and 3.63%, respectively. Take-up
rates are expected to drop this year by 26% to 27,800 sq m, mainly attributed to the limited office space and a negligible increase in supply.
Makati CBD Office Supply and Demand
270,000 20%
220,000
15%
170,000
10%
in sq.m.
120,000
70,000
5%
20,000
0%
(30,000)
(80,000) -5%
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012F
2013F
New Supply During Year Take-Up During Year Vacancy at Year End (RHS)
Source: Colliers International Philippines Research
p. 5 | Colliers International
6. PHILIPPINES | 1Q 2012 | OFFICE
MAKATI CBD COMPARATIVE OFFICE VACANCY RATES (%)
1Q 12 4Q 11 1Q 2013F
PREMIUM 3.38 5.52
GRADE A 3.63 4.15
GRADE B & BELOW 4.83 3.81
ALL GRADES 4.42 4.08 4.00
Source: Colliers International Philippines Research
FORECAST OFFICE NEW SUPPLY
LOCATION End-2010 2011 2012 2013 2014
MAKATI CBD 2,699,696 - 80,353 101,719 -
ORTIGAS 1,126,018 19,332 - 87,110 -
FORT BONIFACIO 485,693 106,579 200,349 219,091 137,214
EASTWOOD 252,979 39,840 35,765 - -
ALABANG 234,305 31,247 - 33,560 -
OTHER LOCATIONS* 685,362 81,007 203,282 76,163 178,052
TOTAL 5,484,053 278,005 519,749 517,643 -
Source: Colliers International Philippines Research
*Manila, Pasay, Mandaluyong, and Quezon City
Rents
Premium rental rates in the Makati CBD consistently increased quarter-on-quarter (QoQ) by 2.8% to about P875 per sq m on average. This is
projected to grow by 6% over the next twelve months and will exceed the P900 per sq m level last seen in early 2007. Meanwhile, both Grade
A and B rents grew marginally by 0.22 and 0.42% to P698 per sq m and P483 per sq m, respectively. Running at an average of P720 per sq
m, Grade A rental rates in Bonifacio Global City have continuously surpassed that of Makati since 2Q 2011. While most firms remain wedded to
Makati mainly due to familiarity and brand, Grade A rents are expected to grow by 7.5% in 1Q 2013 and will eventually level off to that of BGC at
P750 per sq m.
COMPARATIVE OFFICE RENTAL RATES (PESO / SQM / MONTH)
MAKATI CBD (BASED ON NET USEABLE AREA)
1Q 12 4Q 11 % CHANGE (QOQ) 1Q13F % CHANGE (YOY)
PREMIUM 825 - 922 788 - 912 2.8 860 - 990 5.9
GRADE A 500 - 895 497 - 895 0.2 575 - 925 7.5
GRADE B 455 - 510 451 - 510 0.4 480 - 545 2.1
Source: Colliers International Philippines Research
p. 6 | Colliers International
7. PHILIPPINES | 1Q 2012 | OFFICE
NOTABLE LEASING DEALS
Building Area Size (sq m)
Net Lima Taguig 8,364.00
Science Hub Tower 2 Taguig 4,250.00
Insular Life Corporate Center Alabang 3,200.00
Source: Colliers International Philippines Research
Makati CBD Office Capital Values
Capital Values
150,000
In 1Q 2013, premium building capital values
continually went up to their current P114,840 130,000
per sq m (+5.54%). As the completion of 110,000
in peso per sq.m.
Zuellig Tower approaches, average values are
expected to grow around 7.0%, the highest 90,000
quarterly increase that could transpire in the
70,000
business district. To a much lesser degree,
capital values on the Grade A and B segments 50,000
grew by 1.52 and 1.35% to P82,680 and
30,000
P55,745 per sq m, respectively. Both
3Q12F
1Q13F
1Q00
3Q00
1Q01
3Q01
1Q02
3Q02
1Q03
3Q03
1Q04
3Q04
1Q05
3Q05
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11
1Q12
segments are expected to grow modestly by
3% to 5% in the next twelve months Premium Grade A Grade B/B-
Source: Colliers International Philippines Research
COMPARATIVE OFFICE CAPITAL VALUES (PESOS / SQM)
MAKATI CBD (BASED ON NET USEABLE AREA)
1Q 12 4Q 11 % CHANGE (QOQ) 1Q 13F % CHANGE (YOY)
PREMIUM 104,569 - 125,113 100,443 - 117,190 5.5 119,886 - 131,188 9.3
GRADE A 70,091 - 95,267 69,933 - 92,950 1.5 72,697 - 100,846 5.0
GRADE B 48,060 - 63,430 47,000 - 63,000 1.4 49,200 - 65,910 3.3
Source: Colliers International Philippines Research
p. 7 | Colliers International
8. PHILIPPINES | 1Q 2012 | RESIDENTIAL
RESIDENTIAL SECTOR
Supply
In Metro Manila, supply remains considerably high across condominiums with some 33,000 units completed and over 50,000 units launched last
year. Completion grew by over 48% annually while some 40,000 units more are expected towards the end of 2013. Contrary to over a decade
ago, the low lending rates, easy access to credit and affordable payment schemes, made intrinsic components for high-take up rates mainly in
the smaller-unit segment. Moreover, supply has largely been augmented by the strong presence of high density projects across the metro area,
where the primary inventory mix favours studio and one-bedroom units.
In the Makati CBD, the gap between the small unit sizes (studio and one-bedroom) and the large unit sizes (two-bedroom and above) started to
widen in 2002 and is expected to grow continuously over the next three years. With the 15,500-unit stock at present, the majority or roughly
60% belongs to the 30 to 60 sq m range as against 40% in the 70 to 230 sq m range. Consequently, stock is still expected to grow annually by
15% in the span of two years driven by projects in the Grade A and B sectors. Meanwhile, some of the condominiums that have started turning
over are Eton Residences Greenbelt (302 units), Eton Parkview Greenbelt (236 units), and One Pacific Place (240 units).
Makati CBD Residential Stock
20,000 25%
18,000
20%
16,000
14,000
15%
12,000
in units
10,000 10%
8,000
5%
6,000
4,000
0%
2,000
- -5%
1Q00
3Q00
1Q01
3Q01
1Q02
3Q02
1Q03
3Q03
1Q04
3Q04
1Q05
3Q05
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11
1Q12
3Q12F
1Q13F
Residential Stock YoY Change (RHS)
Source: Colliers International Philippines Research
FORECAST
RESIDENTIAL NEW SUPPLY
LOCATION (cumulative) 2010 2011 2012 2013 2014 TOTAL
MAKATI CBD 13,076 1,659 2,204 2,105 473 19,517
ROCKWELL 2,382 1,336 - - 441 4,159
FORT BONIFACIO 10,709 1,365 4,819 1,684 1276 19,853
ORTIGAS 7,481 2,389 672 262 792 11,596
EASTWOOD 5,735 - 558 977 278 7,548
TOTAL 39,383 6,749 8,253 5,028 3,260 62,673
Source: Colliers International Philippines Research
Demand
In Makati, landed property remains the preferred lease option in the expatriate market. However, due to the narrow options across exclusive
villages, demand alternatively settles on premium condominiums. Despite this, the lack of larger units has consistently evened out premium
vacancies at the sub-6% level since the second quarter of last year. On the other hand, vacancy across other grades continues to increase by
slightly over 2% quarterly and is currently at 12.4%. Specifically, Grade A vacancy rose by 2% to 10.44% in 1Q 2012. Meanwhile, at 14.62%,
vacancy in Grade B condominiums remains the highest across all segments.
p. 8 | Colliers International
9. PHILIPPINES | 1Q 2012 | RESIDENTIAL
Makati CBD Residential Vacancy
18%
18%
16%
16%
14%
14%
12%
12%
10%
10%
8%
8%
6%
6%
4%
4%
2%
2%
1Q98
3Q98
1Q99
3Q99
1Q00
3Q00
1Q01
3Q01
1Q02
3Q02
1Q03
3Q03
1Q04
3Q04
1Q05
3Q05
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11
1Q12
3Q12F
1Q98
4Q98
3Q99
2Q00
1Q01
4Q01
3Q02
2Q03
1Q04
4Q04
3Q05
2Q06
1Q07
4Q07
3Q08
2Q09
1Q10
4Q10
3Q11
2Q12F
Source: Colliers International Philippines Research
MAKATI CBD
COMPARATIVE RESIDENTIAL VACANCY RATES (%)
1Q 12 4Q 11 1Q 13F
LUXURY 6.0 6.2
OTHERS 12.4 10.9
ALL GRADES 11.7 10.5 11.0
Source: Colliers International Philippines Research
Rents
Luxury three-bedroom rental rates in both the Makati CBD and Bonfiacio Global City went up in the first quarter by over 4% to an average of
P660 per sq m and P685 per sq m, respectively. The gap between the rental rates of the two districts is expected to narrow over the next twelve
months as the completion of Raffles Residences in Makati may cause upward pressure on the average premium rates. In particular, this brings
a projected annual growth of over 8%, higher than the 6% in Bonfiacio Global City; this will level out at the P710 to P715 per sq m range. In
Rockwell Center, rates grew modestly at 1.30% to an average of P780 per sq m and will breach the P800 per sq m mark by the end of this year.
Makati CBD, Rockwell, Bonifacio Global City
Prime 3BR Units Residential Rents
900
900
800
800
700
in peso per sq.m. per month
700
in peso per sq.m. per month
600
600
500
500
400
400
300
300
200200
100100
- -
1Q01
3Q01
1Q02
3Q02
1Q03
3Q03
1Q04
3Q04
1Q05
3Q05
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11
1Q12F
3Q12F
1Q01
3Q01
1Q02
3Q02
1Q03
3Q03
1Q04
3Q04
1Q05
3Q05
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11
1Q12
3Q12F
1Q13F
Makati CBD
Makati CBD Rockwell
Rockwell Bonifacio Global City
Bonifacio Global City
Source: Colliers International Philippines Research
p. 9 | Colliers International
10. PHILIPPINES | 1Q 2012 | RESIDENTIAL
METRO MANILA RESIDENTIAL CONDOMINIUM
COMPARATIVE LUXURY 3BR RENTAL RATES
1Q 12 4Q 11 % CHANGE (QOQ) 1Q 13F % CHANGE (YOY)
MAKATI CBD 455 - 860 415 - 840 4.78 502 - 919 8.06
ROCKWELL 665 - 890 660 - 875 1.30 696 - 936 4.97
BONIFACIO GLOBAL CITY 555 - 812 543 - 768 4.27 577 - 877 6.33
Source: Colliers International Philippines Research
COMPARATIVE RESIDENTIAL LEASE RATES
THREE-BEDROOM PREMIUM, SEMI-FURNISHED
MINIMUM AVERAGE MAXIMUM
Apartment Ridge / Roxas Triangle
Rental Range * 90,000 145,000 250,000
Average Size ** 210 280 330
Salcedo Village
Rental Range 60,000 93,000 135,000
Average Size 170 190 330
Legaspi Village
Rental Range 65,000 190,000 250,000
Average Size 120 210 280
Rockwell
Rental Range 150,000 200,000 300,000
Average Size 200 260 330
Fort Bonifacio
Rental Range 60,000 150,000 280,000
Average Size 130 200 300
* in pesos per month Source: Colliers International Philippines Research
** in square meters
Capital Values
Average capital values for a premium three-bedroom unit in the Makati CBD surpassed that of Bonifacio Global City over the last two quarters.
The prior’s capital values reached P114,000 per sq m last quarter or an annual growth of 10%, higher than the 8% growth with the latter’s
P112,900 per sq m. On a quarterly basis, the Makati CBD capital values increased by 4.8% and will eventually exceed the P120,000 per sq m
level by 1Q 2013. Meanwhile, in Rockwell Center, the completion of one Rockwell East pushed capital values to rise by 5.2% to an average of
P140,000 per sq m. Despite the dearth in supply, outlook on secondary prices is expected to grow by 9.9% in the next twelve months.
p. 10 | Colliers International
11. PHILIPPINES | 1Q 2012 | RESIDENTIAL | HOTEL & LEISURE
Makati CBD Residential Capital Values
140,000
120,000
130,000
110,000
120,000
in peso per sq.m.
in peso per sq.m.
100,000
110,000
100,000
90,000
90,000
80,000
80,000
70,000
70,000
60,000
60,000
1Q01
3Q01
1Q02
3Q02
1Q03
3Q03
1Q04
3Q04
1Q05
3Q05
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11
1Q12
3Q12F
1Q01
3Q01
1Q02
3Q02
1Q03
3Q03
1Q04
3Q04
1Q05
3Q05
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11F
1Q12F
Makati CBD Rockwell Bonifacio Global City
Makati CBD Rockwell Bonifacio Global City
Source: Colliers International Philippines Research
METRO MANILA RESIDENTIAL CONDOMINIUM
COMPARATIVE LUXURY 3BR CAPITAL VALUES (PESOS / SQ M)
1Q 12 4Q 11 % CHANGE (QOQ) 1Q 13F % CHANGE (YOY)
MAKATI CBD 78,000 - 150,121 74,230 - 144,200 4.8 89,454 - 157,301 8.2
ROCKWELL 98,421 - 140,551 94,069 - 133,041 5.2 103,122 - 159,493 9.9
BONIFACIO GLOBAL CITY 90,658 - 135,125 89,212 - 127,533 4.2 92,208 - 146,815 5.9
Source: Colliers International Philippines Research
RETAIL
Supply
Over the last six months, Metro Manila retail stock improved, brought about by the newly completed retail developments. At present, there is
about 5.2 million sq m of leasable retail space, 2.11% higher than in the fourth quarter of last year. Supply mainly increased across super-regional
malls by 3.67% or an additional leasable space of over 100,000 sq m driven by the completion of Lucky China Town Mall in Binondo Manila.
Meanwhile, some other developments which were completed over the last two quarters include BHS Central East Block in Fort Bonfacio which
covers 10,000 sq m and Two Shopping Center in Pasay which covers 50,000 sq m.
In an aim to further increase foot traffic and slacken competition, major mall developers are currently turning away from the traditional mall
configuration, and are presently geared towards improving the shopping experience through the integration of new technologies, attractions and
natural parks. The introduction of 3D devices in cinemas and the inclusion of pocket gardens and theme parks evidently became a major trend
especially across major entertainment districts.
These are most likely to increase as retail developers plan major facelifts and continuous retrofitting over the long haul. Filinvest’s Festival Mall
is expected to undergo a revamp which includes a new wing of about 50% of its leasable area. Besides the new open spaces, the mall will utilise
its existing creek as a major waterway attraction. At a separate location, the company’s seafront SRP in Cebu will similarly use its beachside
ambiance as the retail’s water feature. Likewise, SM Baguio is also set for an upgrade. Apart from an additional space of some 76,000 sq m, it
is geared to obtain LEED certification followed by its integration of new open-air retail spaces, roof gardens, and landscapes of native plant
materials. Meanwhile, Ayala Land is continually banking on its cultural districts emphasized by its upcoming retail development at the Santa Ana
racetrack property.
Besides the on-site upgrades and improvements, expansion plans remains persistent across geographic reach. Robinsons Land has recently
opened its 30th mall in Calasio, Pangasinan. Besides this, the developer is also set to open Robinsons Place Palawan and Robinsons Magnolia
this year. In Bacolod, SM Prime ramps up its expansion with the SM City Bacolod annex which will offer an additional space of over 80,000 sq
m towards the end of 2014. Beyond regional level, SM Tianjin (530,000 sq m), branded as the world’s largest freestanding shopping centre, is
set to be completed by the end of 2013. Moreover, Ayala Land plans to reopen Glorietta 1 and 2 towards the third or fourth quarter of this year.
After the Abreeza Mall in Davao, the developer is also on track with its Centrio Mall (44,000 sq m), which is set to open by October.
p. 11 | Colliers International