GTCAP Q1 profit: P12.4-B (up 34% y/y)

GT Capital [GTCAP 548.00 ?4.6%; 249% avgVol] [link] posted a Q1 net income of P12.44 billion (+34% y/y, +36% q/q), with core net income reaching P8.70 billion (+27% y/y), boosted by “exceptional financial and operational performance by our core subsidiaries”. First among those was Metrobank [MBT 77.60 ?0.5%; 65% avgVol], with a net income of P12.3 billion for the quarter, followed by Toyota Motor Philippines Corporation (TMPC) with P6.33 billion (up 57%). GTCAP’s performance this quarter was also helped by the record-setting net income of its private affiliate, Metro Pacific Investments (MPI), at P9.1 billion. 

  MB BOTTOM-LINE:  This is a family conglomerate that is somewhat at a crossroads. One look at the long-term chart will show you that it’s much closer to its COVID-crash levels than it is to the heights of 2018/19, but its interests are well-positioned for middle-class growth (banking, insurance, cars, property), and it’s actively looking to make new investments to grow its portfolio. It’s not just riding its existing portfolio into the ground with a dwindling cast of long-term seat warmers. That said, I’d appreciate the chance to invest in TMPC directly.

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