DMCI Holdings Incorporated is a major Philippines-based conglomerate with six business segments. Originally focused on construction, its main profit sources are now power, mining, property development, and infrastructure projects. Mining and power generation account for over 50% of net income. Power generation revenue comes from its ownership of Semirara Mining and Power Corporation and its subsidiary DMCI Power.

1. Presented by: Dr. Andrew Stotz, CFA
DMCI Holdings
Incorporated

2. 220 September 2016
Net income, by business segment 2015
DMCI Holdings Incorporated (DMC PM)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
 DMC has six major business segments, including the mining of coal and nickel, and
property. Although originally a construction group, construction now accounts for a mere
4% of net profits, and is the smallest division
 DMC owns 56% of Semirara Mining and Power Corporation (SCC PM) which accounts for
more than half of DMC’s net income. Power generation revenue comes from both its
ownership in SCC and its fully-owned subsidiary DMCI Power
 The mining division is engaged in the exploration and mining of coal resources in the
Philippines, and the mining of nickel ore and sales of the material from DMC’s existing
domestic stockpiles
 Property development is focused on mid-income residential condos under the brand
name, DMCI Homes
 Its water segment runs the largest private concession in the country, while the
construction division is a general contractor. Its power generation company designs,
constructs, invests in, and operates electric power plants
Stock information:
Name: DMCI Holdings Inc.
Ticker: DCM PM
Price (PHP): 11.6
Mcap: US$3,209m
3MADTO: US$2m
Beta: 0.8x
Sector: Industrials
Industry: Capital Goods
Major shareholders:
52% Dacon Corp.
18% DFC Holdings, Inc.
26% Free float
Background: DMCI Holdings Incorporated is a major Philippines-based
conglomerate. It owns the largest coal mine in the country. Its core
business was construction, but power, mining, property development,
and domestic infrastructure projects have become its main profit
sources.
Mining 23% Construction 4%Property 22%Power 37% Water 14%
80
100
120
140
160
180
5
10
15
20
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
DMC PM (LHS)
Price relative to local index
(PHP) (%)

3. 320 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Background: DMCI Holdings Incorporated is a major
Philippines-based conglomerate.
It owns the largest coal mine in the country.
In the past, its core business was construction,
but power, mining, property development, and domestic
infrastructure projects have recently become its main
profit sources.
DMCI Holdings Incorporated (DMC PM)

4. 420 September 2016
80
100
120
140
160
180
5
10
15
20
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
DMC PM (LHS)
Price relative to local index
(PHP) (%)Stock information:
Name: DMCI Holdings Inc.
Ticker: DCM PM
Price (PHP): 11.6
Mcap: US$3,209m
3MADTO: US$2m
Beta: 0.8x
Sector: Industrials
Industry: Capital Goods
Major shareholders:
52% Dacon Corp.
18% DFC Holdings, Inc.
26% Free float
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
DMCI Holdings Incorporated (DMC PM)

5. 520 September 2016
Net income, by business segment 2015
DMCI Holdings Incorporated (DMC PM)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
 DMC has six major business segments, including the mining of coal and nickel, and
property. Although originally a construction group, construction now accounts for a mere
4% of net profits, and is the smallest division
 DMC owns 56% of Semirara Mining and Power Corporation (SCC PM) which accounts for
more than half of DMC’s net income. Power generation revenue comes from both its
ownership in SCC and its fully-owned subsidiary DMCI Power
 The mining division is engaged in the exploration and mining of coal resources in the
Philippines, and the mining of nickel ore and sales of the material from DMC’s existing
domestic stockpiles
 Property development is focused on mid-income residential condos under the brand
name, DMCI Homes
 Its water segment runs the largest private concession in the country, while the
construction division is a general contractor. Its power generation company designs,
constructs, invests in, and operates electric power plants
Stock information:
Name: DMCI Holdings Inc.
Ticker: DCM PM
Price (PHP): 11.6
Mcap: US$3,209m
3MADTO: US$2m
Beta: 0.8x
Sector: Industrials
Industry: Capital Goods
Major shareholders:
52% Dacon Corp.
18% DFC Holdings, Inc.
26% Free float
Background: DMCI Holdings Incorporated is a major Philippines-based
conglomerate. It owns the largest coal mine in the country. Its core
business was construction, but power, mining, property development,
and domestic infrastructure projects have become its main profit
sources.
Mining 23% Construction 4%Property 22%Power 37% Water 14%
80
100
120
140
160
180
5
10
15
20
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
DMC PM (LHS)
Price relative to local index
(PHP) (%)

6. 620 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 DMC has six major business segments, including
the mining of coal and nickel, and property
 Although originally a construction group,
construction now accounts for a mere 4% of net
profits, and is the smallest division
DMCI Holdings Incorporated (DMC PM)

7. 720 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 DMC owns 56% of Semirara Mining and Power
Corporation (SCC PM) which accounts for more
than half of DMC’s net income
 Power generation revenue comes from both its
ownership in SCC and its fully-owned subsidiary
DMCI Power
DMCI Holdings Incorporated (DMC PM)

8. 820 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 The mining division is engaged in the exploration
and mining of coal resources in the Philippines,
 and the mining of nickel ore and sales of the
material from DMC’s existing domestic stockpiles
DMCI Holdings Incorporated (DMC PM)

9. 920 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 Property development is focused on mid-income
residential condos under the brand name, DMCI
Homes
DMCI Holdings Incorporated (DMC PM)

10. 1020 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 Its water segment runs the largest private
concession in the country, while the construction
division is a general contractor
 Its power generation company designs,
constructs, invests in, and operates electric
power plants
DMCI Holdings Incorporated (DMC PM)

11. 1120 September 2016
Net income, by business segment 2015
DMCI Holdings Incorporated (DMC PM)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
 DMC has six major business segments, including the mining of coal and nickel, and
property. Although originally a construction group, construction now accounts for a mere
4% of net profits, and is the smallest division
 DMC owns 56% of Semirara Mining and Power Corporation (SCC PM) which accounts for
more than half of DMC’s net income. Power generation revenue comes from both its
ownership in SCC and its fully-owned subsidiary DMCI Power
 The mining division is engaged in the exploration and mining of coal resources in the
Philippines, and the mining of nickel ore and sales of the material from DMC’s existing
domestic stockpiles
 Property development is focused on mid-income residential condos under the brand
name, DMCI Homes
 Its water segment runs the largest private concession in the country, while the
construction division is a general contractor. Its power generation company designs,
constructs, invests in, and operates electric power plants
Stock information:
Name: DMCI Holdings Inc.
Ticker: DCM PM
Price (PHP): 11.6
Mcap: US$3,209m
3MADTO: US$2m
Beta: 0.8x
Sector: Industrials
Industry: Capital Goods
Major shareholders:
52% Dacon Corp.
18% DFC Holdings, Inc.
26% Free float
Background: DMCI Holdings Incorporated is a major Philippines-based
conglomerate. It owns the largest coal mine in the country. Its core
business was construction, but power, mining, property development,
and domestic infrastructure projects have become its main profit
sources.
Mining 23% Construction 4%Property 22%Power 37% Water 14%
80
100
120
140
160
180
5
10
15
20
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
DMC PM (LHS)
Price relative to local index
(PHP) (%)

12. 1220 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Net income, by business segment 2015
Mining 23%
Construction 4%Property 22%Power 37%
Water 14%

14. 1420 September 2016
DMC: Leadership
Sources: A. Stotz Investment Research, company data, FactSet
ChairmanPresident
2012 2013 2014 2015 Past 12 months
Isidro Consunji
Nov 2014 – Present
Isidro Consunji
March 1995 – Present
David Consunji
March 1995 – Nov 2014

15. 1520 September 2016
'12 '13 '14 '15 PTM
1 1 2 2 2
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
1 1 2 1 2 6 2 9 4 4
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
9 9 9 9 10 1 1 1 1 1 5 5 7 6 6 8 1 10 1 4
Benchmarked against 1,400 large Industrials companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
CEO, 1995 – Present
Isidro Consunji
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 #2 since ‘14
DMC ranks among the
best 280 large Incustrials
companies globally
DMC: A. Stotz Profitable Growth

16. 1620 September 2016
'12 '13 '14 '15 PTM
1 1 2 2 2
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
1 1 2 1 2 6 2 9 4 4
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
9 9 9 9 10 1 1 1 1 1 5 5 7 6 6 8 1 10 1 4
Benchmarked against 1,400 large Industrials 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 #2 since ‘14
DMC ranks among the
best 280 large Incustrials
companies globally
Profitability fell back to a
strong #2, Growth
remained above average
DMC: A. Stotz Profitable Growth
CEO, 1995 – Present
Isidro Consunji

17. 1720 September 2016
'12 '13 '14 '15 PTM
1 1 2 2 2
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
1 1 2 1 2 6 2 9 4 4
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
9 9 9 9 10 1 1 1 1 1 5 5 7 6 6 8 1 10 1 4
Benchmarked against 1,400 large Industrials 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 #2 since ‘14
DMC ranks among the
best 280 large Incustrials
companies globally
Profitability fell back to a
strong #2, Growth
remained above average
Asset utilization is worst
but Profit margin is best
Margin change worsened
in the past 12 months
DMC: A. Stotz Profitable Growth
CEO, 1995 – Present
Isidro Consunji

18. 1820 September 2016
 Do YOU want to see the Profitable Growth rank
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

19. 1920 September 2016
DMC: A. Stotz Profitable 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.
'12 '13 '14 '15 PTM
1 1 2 2 2
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
1 1 2 1 2 6 2 9 4 4
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
9 9 9 9 10 1 1 1 1 1 5 5 7 6 6 8 1 10 1 4
Benchmarked against 1,400 large Industrials companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
CEO, 1995 – Present
Isidro Consunji