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Investing.com - Jefferies has upgraded SM Investments Corp. (PSE:SM) (OTC:SVTMF) from Hold to Buy while maintaining its price target of PHP1,000.00.
The upgrade follows weakness in the company’s share price, along with adjustments in Jefferies’ estimates and valuation metrics. The firm’s target price represents a 10% discount to its target price-based net asset value.
SM Investments reported its nine-month results with third-quarter profit increasing 5% to P21.8 billion. Jefferies believes these results align with consensus estimates, which project P88.5 billion in profit for fiscal year 2025.
The company’s key listed subsidiaries continued to perform well, according to Jefferies. However, the retail segment and smaller portfolio investments faced challenges during the third quarter.
Jefferies analyst Gio dela Rosa provided the rating change in a research note to investors, referencing additional details on SM Prime and BDO, which are among SM Investments’ major subsidiaries.
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