DOCSLIB.ORG

Vista Land & Lifescapes (VLL

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Vista Land & Lifescapes (VLL Philippines Real Estate 26 October 2017 Vista Land & Lifescapes (VLL PM) Vista Land & Lifescapes Target price: PHP7.10 Share price (26 Oct): PHP5.85 | Up/downside: +21.4% Initiation: a quality home and mall builder Initiating with a Buy (1) rating and 12-month TP of PHP7.10 Micaela Abaquita +63 2 7373021 End-user and provincial focus to benefit from infra and rural growth [email protected] Improving earnings visibility with retail-oriented leasing expansion Investment case: We initiate coverage of Vista Land & Lifescapes (VLL) Share price performance with a Buy (1) rating and 12-month TP of PHP7.10, offering 21% upside (PHP) (%) potential. In our view, the stock is currently undervalued and should trade at 6.5 115 a discount closer to its past-5-year average on the back of: 1) accelerated 6.0 109 pre-sales growth as its active and strategic pursuit of the overseas Filipino 5.6 103 5.1 96 worker (OFW) and local end-user markets bears fruit, and 2) improved 4.6 90 earnings visibility as it grows its predominantly retail recurring income base, Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 following its acquisition of Starmalls Inc in 2015. Vista Land (LHS) Relative to PCOMP Index (RHS) VLL is an end-user-oriented property developer with strong brand 12-month range 4.65-6.40 recognition in the low-cost and affordable horizontal space, via its Camella Market cap (USDbn) 1.45 brand. Consistent with its end-user thrust, it also has the largest provincial 3m avg daily turnover (USDm) 0.49 Shares outstanding (m) 12,839 residential revenue exposure among property names under our coverage. Major shareholder Fine Properties Inc. (51.9%) In 1H17, pre-sales growth accelerated to 12% YoY, from 2% YoY in 2016, driven by a recovery in the demand from OFWs and improved confidence Financial summary (PHP) among locals who were encouraged by the increased visibility of Year to 31 Dec 17E 18E 19E infrastructure developments. As a result, the company hiked its launch Revenue (m) 35,984 41,177 46,554 guidance for 2017 from an initial PHP30bn to as high as PHP50bn. We Operating profit (m) 13,035 15,228 17,586 Net profit (m) 8,918 10,153 11,399 forecast VLL’s residential revenue to rise by a CAGR of 12.4% from 2016- Core EPS (fully-diluted) 0.695 0.791 0.888 19 and account for 81% of real-estate revenue by 2019. EPS change (%) 2.7 13.8 12.3 Daiwa vs Cons. EPS (%) 0.1 0.6 (0.8) PER (x) 8.4 7.4 6.6 VLL is also aggressively expanding its malls business. While older Dividend yield (%) 2.2 2.4 2.8 Starmalls (now under VLL) visibly cater to the mass market, its newer malls DPS 0.126 0.142 0.162 have been upgraded and re-branded to cater to the broader middle market PBR (x) 0.4 0.4 0.3 as well – a development we believe remains underappreciated given the EV/EBITDA (x) 10.9 9.9 9.1 ROE (%) 11.4 11.8 12.0 widespread impression that Starmalls cater only to the low-income market. Source: FactSet, Daiwa forecasts Our “on-the-ground” research gives us conviction that VLL can hit 1.3m sq m of retail GFA by 2018, from 882k sq m in 2016. We expect rental revenue to rise by a 2016-19E CAGR of 25%, and reach 19% of revenue by 2019. Catalysts: We see higher-than-expected remittances growth and the government’s initiatives to accelerate infrastructure and rural development as key catalysts given VLL’s exposure to the OFW and provincial markets. Valuation: Our NAV-based 12-month TP of PHP7.10 for VLL assumes: 1) raw landbank valued at market, 2) residential business valued at NPV of inventory, 3) an 11% cap rate on rental EBITDA, and 4) a 55% NAV discount as we see corporate governance issues related to its Starmalls acquisition offsetting any narrowing of the discount from improved earnings visibility. Risks: Given its exposure to the residential segment and the OFW market, we see a considerable hike in interest rates and a significant slowdown in remittances growth as the key downside risks to our call. See important disclosures, including any required research certifications, beginning on page 22 Vista Land & Lifescapes (VLL PM): 26 October 2017 How do we justify our view? Growth outlook Valuation Earnings revisions Growth outlook VLL: net income We forecast VLL’s net income attributable to equity holders 12 19 20 of the parent to rise by a 2016-19E CAGR of 13%, as we 18 10 14 project revenue to rise by a 14.5% CAGR over the same 13 14 16 12 12 14 period. 8 12 6 10 We see revenue being driven by a 12% 3-year CAGR in 8 4 the residential segment as pre-sales grow steadily on the 6 4 back of healthy end-user demand and continued provincial 2 expansion. Meanwhile, we expect rental revenue to rise by 6.2 7.0 7.9 8.9 10.2 11.4 2 0 0 a faster 25% 3-year CAGR as VLL expands its leasing 2014 2015 2016 2017E 2018E 2019E space from 951k sq m of GFA as of 1H17 to 1.3m sq m of Net income (PHPbn) YoY growth (%) GFA by 2018E. By 2019E, we expect rental revenue to Source: Company, Daiwa forecasts account for 19% of revenue (ex. miscellaneous revenue) Note: Net income attributable to equity holders of the parent from 15% as of 2016. Valuation VLL: historical PER Our PHP7.10 NAV-based target price is based on: 1) its 16 efficient landbank valued at market prices, 2) its residential 14 12 business valued at NPV of inventory, and 3) an 11% cap 10 rate on rental EBITDA. We applied a 55% discount to NAV 8 6 – wider than its 50% past-5-year average discount – as we 4 see recent corporate governance issues related to its 2 Starmalls acquisition weighing on the stock and offsetting 0 any narrowing of the discount by improved earnings 6/26/2014 9/26/2016 9/26/2013 3/26/2014 9/26/2014 3/26/2015 6/26/2015 9/26/2015 3/26/2016 6/26/2016 3/26/2017 6/26/2017 9/26/2017 visibility. 6/26/2013 12/26/2013 12/26/2014 12/26/2015 12/26/2016 -2SD -1SD AVERAGE At our TP, VLL would trade at a 1-year forward PER of +2SD +1SD PE 9.5x, largely in line with its past 5-year average PER of 9x. Source: Bloomberg, Daiwa forecasts Earnings revisions VLL: consensus EPS forecasts The consensus forecasts have been steady recently. The 10 1.2 steep downward revision in 2016 was due to the Starmalls 8 1 acquisition, the structure and valuation of which resulted in 0.8 6 30% EPS dilution. 0.6 4 0.4 Going forward, we expect revisions to be skewed upwards 2 0.2 on the back of the company’s accelerating pre-sales 0 0 growth and its upgraded 2017 launch guidance from PHP30bn to PHP50bn. 7-Apr-15 7-Oct-15 7-Apr-16 7-Oct-16 7-Apr-17 7-Oct-17 7-Jun-17 7-Jun-15 7-Jun-16 7-Feb-16 7-Feb-17 7-Aug-15 7-Dec-16 7-Dec-15 7-Aug-16 7-Aug-17 Price BEst Standard EPS, Adj+ 2018 A BEst Standard EPS, Adj+ 2017* A Source: Bloomberg 2 Vista Land & Lifescapes (VLL PM): 26 October 2017 Financial summary Key assumptions Year to 31 Dec 2012 2013 2014 2015 2016 2017E 2018E 2019E Pre-sales, PHP bn n.a. n.a. 51.7 56.7 57.8 69.3 80.5 85.0 Residential launches, PHP bn n.a. n.a. 26.6 40.4 26.2 49.8 49.8 49.8 Additional retail GLA, '000 sqm n.a. n.a. 31.1 27.8 201.1 132.0 132.0 0.0 Additional office GLA, '000 sqm n.a. n.a. 0.0 9.9 49.8 0.0 0.0 0.0 Profit and loss (PHPm) Year to 31 Dec 2012 2013 2014 2015 2016 2017E 2018E 2019E Residential n.a. n.a. 23,081 25,212 25,668 29,338 32,962 36,496 Rental n.a. n.a. 1,527 2,246 4,375 5,536 6,946 8,622 Other Revenue n.a. n.a. 900 1,231 953 1,109 1,269 1,435 Total Revenue n.a. n.a. 25,508 28,690 30,996 35,984 41,177 46,554 Other income n.a. n.a. 0 0 0 0 0 0 COGS n.a. n.a. (11,032) (12,254) (12,321) (14,132) (15,860) (17,561) SG&A n.a. n.a. (4,371) (4,724) (4,541) (5,255) (5,998) (6,768) Other op.expenses n.a. n.a. (2,084) (2,168) (3,053) (3,561) (4,091) (4,638) Operating profit n.a. n.a. 8,021 9,543 11,080 13,035 15,228 17,586 Net-interest inc./(exp.) n.a. n.a. (964) (1,348) (1,372) (2,028) (2,697) (3,516) Assoc/forex/extraord./others n.a. n.a. (29) (7) (26) 0 0 0 Pre-tax profit n.a. n.a. 7,028 8,188 9,683 11,007 12,531 14,070 Tax n.a.
Load more

Recommended publications
  • Defying Expectations
    DEFYING EXPECTATIONS 2019 ANNUAL REPORT LGF Bldg. B Evia Lifestyle Center, Daang Hari Almanza Dos NCR, Fourth District City Of Las Piñas +632 8880 1100 [email protected] TABLE OF CONTENTS About Us 4 OUR COVER Financial Highlights 6 Chairman's Message 8 President's Report 10 Key Milestones 14 AllHome at a Glance 16 DEFYING EXPECTATIONS Review of Operations 18 Store Format 22 Categories 28 AllHome has thrived on defying expectations. Brands 42 AllHome has and continues to consistently deliver what its customers want; in the way they want it. On the strength of its unique concept—a one-stop-shop, large format home store with a vast and carefully crafted catalog of home-building and Features Corporate Social Responsibility 52 furnishing products—AllHome is able to provide its customers AllHome Stock Market Debut Corporate Governance 54 with a unique and unmatched experiential retail ecosystem. One of the Biggest in Years 44 Board of Directors 58 Management Committee 60 In the short span of seven years, AllHome has rapidly grown its Everyday QuickFix by AllHome– Management Discussion and store network to 45 conveniently located stores nationwide. Bringing Home Improvement Analysis 64 Closer to Home 46 Financial Statements 69 Now a publicly-listed company despite its relative youth, AllHome Mother Knows Best 48 Shareholder Information 148 continues to set new standards in all aspects of its business, Our Employees–Living Our positioning itself as an industry leader and innovator. Corporate Values 50 DEFYING EXPECTATIONS 2 ALLHOME ANNUAL REPORT 2019 DEFYING EXPECTATIONS 3 ALLHOME ANNUAL REPORT 2019 ABOUT US Established in 2013, AllHome is a pioneering home improvement retailer in the Philippines.
    [Show full text]
  • SEC Form 17A – 2019
    June 18, 2020 PHILIPPINE STOCK EXCHANGE 9th Floor, Philippine Stock Exchange Tower 28th Street corner 5th Avenue, BGC Taguig City Attention: Ms. Janet A. Encarnacion Head, Disclosure Department Subject: Vistamalls Inc.: SEC 17A – December 31, 2019 Gentlemen: Please see attached SEC 17A Report. Thank you. Truly Yours, Brian N. Edang Officer-In-Charge COVER SHEET C S 0 0 0 0 3 9 5 8 7 S.E.C. Registration Number V I S T A M A L L S , I N C . ( F O R M E R L Y S T A R M A L L S , I N C . ) (Company’s Full Name) L O W E R G R O U N D F L O O R , B U I L D I N G B , E V I A L I F E S T Y L E C E N T E R , V I S T A C I T Y , D A A N G H A R I , A L M A N Z A I I L A S P I Ñ A S C I T Y (Business Address: No. Street/City/Province) Brian N. Edang 8571-5948 Contact Person Registrant Telephone Number 1 2 3 1 17 -A Month Day FORM TYPE Month Day Calendar Year Annual Meeting Secondary License Type, If Applicable Dept. Requiring this Doc. Amended Articles Number/Section Total Amount of Borrowings Total No. of Domestic Foreign Stockholders ---------------------------------------------------------------------------------------------------------- To be accomplished by SEC Personnel concerned File Number LCU Document I.D. Cashier 0 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-A ANNUAL REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE AND SECTION 141 OF THE CORPORATION CODE OF THE PHILIPPINES 1.
    [Show full text]
  • Sec Form 17-A
    April 15, 2019 PHILIPPINE STOCK EXCHANGE 9th Floor, Philippine Stock Exchange Tower, 28th Street corner 5th Avenue, BGC Taguig City Attention: Janet A. Encarnacion Head, Disclosure Department Subject: Starmalls, Inc.: SEC 17A – December 31, 2018 Gentlemen: Please see attached SEC 17A Report. Thank you. Brian N. Edang Officer-in-Charge COVER SHEET C S 0 0 0 0 3 9 5 8 7 S.E.C. Registration Number S T A R M A L L S , I N C . (Company’s Full Name) L O W E R G R O U N D F L O O R , B U I L D I N G B , E V I A L I F E S T Y L E C E N T E R , V I S T A C I T Y , D A A N G H A R I , A L M A N Z A I I L A S P I Ñ A S C I T Y (Business Address: No. Street/City/Province) Brian N. Edang 571-5948 / 871-4001 Contact Person Registrant Telephone Number 1 2 3 1 17 -A Month Day FORM TYPE Month Day Calendar Year Annual Meeting Secondary License Type, If Applicable Dept. Requiring this Doc. Amended Articles Number/Section Total Amount of Borrowings Total No. of Domestic Foreign Stockholders ---------------------------------------------------------------------------------------------------------- To be accomplished by SEC Personnel concerned File Number LCU Document I.D. Cashier 0 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-A ANNUAL REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE AND SECTION 141 OF THE CORPORATION CODE OF THE PHILIPPINES 1.
    [Show full text]
  • Copy of Store Operations Status (GCQ)
    *Updated as of August 15, 2020 PARTICIPATING BRANCHES ADDRESS STANDARD STORE HOURS (NCR/ANTIPOLO/RIZAL) QUEZON CITY Room 101, J&F Divino Arcade, #961 Aurora Blvd. Cubao Anonas Temporarily Closed Quezon City 2F Chimes Square, #77 Congressional Ave. Extension, Congressional 11am to 6pm Quezon City PVGF010R Manhattan Parkview G/F Araneta Center Cubao Cubao 11am to 10pm Quezon City Kalayaan 132 Kalayaan Ave, Diliman, Quezon City 10am to 6pm (Monday to Friday) 103 Maginhawa St., Teachers Village East, Diliman, Quezon Maginhawa 11am to 8pm (Closed on Monday) City RCS Building #117 3H Matatag Street, Barangay Central, Matatag 10am to 6pm Quezon City, Unit G-1K, 126 Isaura Bldg., General Luis St.,Novaliches Novaliches 10am to 7pm Proper Quezon City P. Tuazon 34-36 Open Kitchen P. Tuazon Blvd. Quezon City Temporarily Closed Project 7 #38 Dangay St., Veterans Village, Quezon City 10am to 9pm Shopwise Maginhawa 2F Klircon Plaza Maginhawa Sikatuna Village QC 10am to 5pm Visayas Avenue 3J Heights Building , 35 Visayas Ave. QC 11am to 7pm CALOOCAN #122B Serrano cor. P. Jacinto Sts., Brgy. 81, Zone 8, Caloocan Caloocan 1pm to 7pm City CITY OF MANILA Intramuros 749 Victoria St., Intramuros, Manila Temporarily Closed UN G/F , Times Plaza, 81 United Nations Ave., Ermita Manila Temporarily Closed LAS PINAS Las Pinas CRC Acade, BF Resort Drive, BF Resort Village, Las Pinas City 10am to 6pm MAKATI Unit LC135, Lower Ground Level, Ayala Malls Circuit Lane, Circuit 11am to 6pm Makati City G/F, SM Cyber Makati Two Building, Jupiter-Zodiac Street Jupiter 9am to 6pm corner Sen. Gil Puyat Ave., Brgy.
    [Show full text]
  • Definitive Information Statement 2020
    COVER SHEET 9 3 2 6 9 - A SEC Registration Number R O B I N S O N S L A N D C O R P O R A T I O N (Company’s Full Name) L E V E L 2 , G A L L E R I A C O R P O R A T E C E N T E R E D S A C O R N E R O R T I G A S A V E N U E , Q U E Z O N C I T Y , M E T R O M A N I L A (Business Address: No. Street City/Town/Province) Atty. Rosalinda F. Rivera 633-7631 to 40 Corporate Secretary (Contact Person) (Company Telephone Number) 1 2 3 1 2 0 - I S Last Wednesday of May Month Day (Form Type) Month Day (Fiscal Year) (Annual Meeting) Definitive Information Statement Issuer of Securities under SEC-BED Order No.125,Series of 1989; SEC-BED Order No.435, Series of 1989; SEC-BED Order No.523,Series of 1993; SEC-BED Order No.524 Series of 1993;SEC-BED Order No. 572, Series of 1995; SEC-BED Order No. 057, Series of 1997; SEC-CFD Order No. 128, Series of 2006; SEC-MSRD Order No 71, Series of 2015 (Secondary License Type, If Applicable) Dept. Requiring this Doc. Amended Articles Number/Section Total Amount of Borrowings Total No. of Stockholders Domestic Foreign To be accomplished by SEC Personnel concerned File Number LCU Document ID Cashier S T A M P S Remarks: Please use BLACK ink for scanning purposes.
    [Show full text]
  • Merchant Address SM Mall SUPERCENTER-LAS PINAS SM Mall SM SOUTHMALL 1 SM Mall SM SOUTHMALL 4 Non SM Mall STARMALL LAS PINAS
    Merchant Address SM Mall SUPERCENTER-LAS PINAS SM Mall SM SOUTHMALL 1 SM Mall SM SOUTHMALL 4 Non SM Mall STARMALL LAS PINAS Non SM Mall PERPETUAL HELP MED CENTER LAS PINAS Community Pharmacy SMB BLDG. LAS PINAS SM Mall AURA PREMIER MALL SM Mall SM LIGHT MALL Non SM Mall THE MEDICAL CITY Community Pharmacy AVIDA CENTERA MANDALUYONG Community Pharmacy SHAW PLAZA MANDALUYONG Non SM Mall VIRRA MALL GREENHILLS Community Pharmacy GSQUARE COMML CENTER WILSON Non SM Mall STARMALL CROSSING Street BONI Street SHAW-KALENTONG Non SM Mall SHAW CENTER MALL Non SM Mall CHERRY SHAW Community Pharmacy SIERRA MADRE MANDALUYONG Non SM Mall O SQUARE 2 Community Pharmacy DEAR JOHN BF SM Mall SM CITY-SUCAT 2 SM Mall SM CITY-SUCAT 3 Non SM Mall WALTERMART SUCAT 1 SM Mall BF PARAÑAQUE MALL Community Pharmacy PALMTREE VILLAS 1 NEWPORT Non SM Mall BERMA MALL PARANAQUE Non SM Mall ROBINSONS MALABON SM Mall SM SUPERCENTER VALENZUELA 2 Non SM Mall VICTORY CENTRAL MALL SM Mall SANGANDAAN MALL Community Pharmacy PUREGOLD MAYPAJO Non SM Mall AYALA CLOVERLEAF Street GUADALUPE Community Pharmacy FRAMAR CENTER KAPASIGAN Non SM Mall AYALA MALLS THE 30TH Non SM Mall ROBINSON'S GALLERIA Non SM Mall AIC BURGUNDY EMPIRE Community Pharmacy RAFFLES CORPORATE CENTER SM Mall SM SUPERCENTER-PASIG 2 Community Pharmacy SILVER CITY FRONTERA PASIG Community Pharmacy KSN BLDG C RAYMUNDO PASIG Community Pharmacy THE PEARL BLDG ORTIGAS Street FORBESWOOD PARKLANE Non SM Mall MARKET! MARKET! Street STAMFORD RESIDENCES Non SM Mall UPTOWN PLACE MALL BGC Non SM Mall VENICE GRAND CANAL Community Pharmacy ECOTOWER 32ND ST BGC Community Pharmacy BONIFACIO TECH CENTER 31ST BGC Community Pharmacy OROFINO BLDG DONA SOLEDAD SM Mall SM CITY-BICUTAN 3 SM Mall SM CITY- BICUTAN Community Pharmacy LEDESMA BLDG.
    [Show full text]
  • Concept Stores
    LIST OF OPPO CONCEPT STORES Concept Store - Vista Mall Taguig (Rulls) Concept Store - Venice Piazza Taguig (Egyp) Concept Store - SM Megamall (BSD) Concept Store - SM Aura (rulls) Concept Store - Market Market taguig (Intogadgets) Concept Store - Alimall Cubao (Infonec) Concept Store - SM Taytay (E-era) Concept Store - SM San Mateo (Guanzon) Concept Store - Shangrila EDSA Shaw (Powertab) Concept Store - Robinsons Forum (Rulls) Concept Store- Mini Robinsons Nova (Rulls) Concept Store - SM Novaliches (Infonec) Concept Store - SM Fairview (Comworks) Concept Store - Cloverleaf Balintawak (E-Era) Concept Store - SM North Edsa (Berlein) Concept Store - SM Sta. Mesa (Strom) Concept Store - SM San Lazaro (E-era) Concept Store - SM Manila (E-era) Concept Store - Onemall Valenzuela (MegaOne) Concept Store - Starmall Alabang (Fonetwist) Concept Store - SM Sucat (E-era) Concept Store - SM Southmall (Comworks) Concept Store - Robinson Place Manila (Blue Lite) Concept Store - Robinsons Roxas (Aerophone) Concept Store - Robinsons Antique (Play Telecom) Concept Store - Mini Marymart Iloilo (Concept Computer) Concept Store - Gaisano Kalibo (Play Telecom) Concept Store - Robinsons Puerto Princesa (Puerto Electronico) Concept Store - CityMall Dumaguete (Galleon Enterprise) Concept Store - SM Sta. Rosa (Presnet) Concept Store - SM Calamba (Presnet) Concept Store - Pacific Mall Lucena (GTC) Concept Store - Waltermart Tanauan (GTC) Concept Store - SM Rosario (Asianic) Concept Store - SM Lipa (GTC) Concept Store - SM Lemery (GTC) Concept Store - Robinsons Lipa
    [Show full text]
  • All Home Branches
    All Home Branches Metro Manila Luzon 1 Vista Mall Taguig 5 Vista Mall Bataan Vista Mall taguig, Levi Mariano Ave., Taguig City Vista Mall Bataan, Roman Highway MONDAY - THURSDAY: 8am – 9pm Balanga City, Bataan FRIDAY - SUNDAY: 8am – 10 pm WEEKDAYS: 8am – 8pm 2 Libis 6 Vista Mall San Fernando, Pampanga E. Rodriguez Jr. Brgy. Bagumbayan, Quezon City Vista Mall Pampanga, Km. 78 Brgy. San Agustin, MONDAY - THURSDAY: 10am – 9pm San Fernando Pampanga FRIDAY - SUNDAY: 10am – 10 pm WEEKLONG: 10am – 9pm 3 Vista Place Quezon City 7 Vista Mall Sta. Rosa Vista Place, Eugenio Lopez Drive, Brgy. South Triangle, Vista Mall Sta. Rosa, Tagaytay Rodad, Sta. Rosa Laguna Quezon City WEEKDAYS: 8am – 9pm WEEKLONG: 10am – 9pm WEEKENDS: 8am – 10 pm 4 Starmall Edsa-Shaw 8 Kawit, Cavite WEEKDAYS: 10am – 9pm Brgy. Magdalo Potol, Centennial Rd., WEEKENDS: 10am – 10 pm Kawit, Cavite WEEKLONG: 8am – 10pm 5 Starmall Alabang 9 Imus, Cavite 3rd Level Starmall Alabang, South Super Highway, Muntinlupa City Emilio Aguinaldo Highway, Imus Cavite WEEKDAYS: 10am – 8pm WEEKDAYS: 8am – 8pm WEEKENDS: 10am – 10 pm WEEKENDS: 8am – 10 pm 6 Star Plaza Agro 10 Vista Mall General Trias, Star Plaza Agro, National Rd., Brgy. Putatan, Muntinlupa City Arnaldo Hiway Sitio Elang, Brgy. San Francisco, WEEKDAYS: 8am – 9pm General Trias, Cavite WEEKENDS: 8am – 10 pm WEEKDAYS: 8am – 9pm WEEKENDS: 8am – 10pm 7 Vista Mall Las Piñas 11 Vista Mall, Tanza Vista Mall Las Pinas, CV Starr Ave., Philam Village, Pamplona Las Pinas Vista Mall Tanza, Brgy. Punta 2 Tanza, WEEKDAYS: 10am – 9pm Trece Road, Tanza Cavite WEEKENDS: 10am – 10 pm WEEKDAYS: 8am – 9pm WEEKENDS: 8am – 10pm 8 Global South 12 Malolos C5 Ext.
    [Show full text]
  • 17 OCTOBER 2020, Saturday
    17 OCTOBER 2020, Saturday Headline STRATEGIC October 17, 2020 COMMUNICATION & Editorial Date INITIATIVES Column SERVICE 1 of 2 Opinion Page Feature Article DENR contest promotes behavior on climate change By Catherine Teves October 16, 2020, 4:36 pm MANILA – The Department of Environment and Natural Resources (DENR) will accept until Nov. 15 this year photo entries for its "Mga Kwentong KLIMA-likasan: A Photoblog Competition" for 15 to 21-year-old Filipinos nationwide. The entries must show individual's and communities' behavior changes that help create a healthy environment and boost the fight against climate change, noted staffer Kathleen Cornejo from DENR's Climate Change Service which is running the competition. "We recognize behavior change's impact on curbing climate change," she said. She said riding bikes instead of cars and composting leaves instead of burning these are some of the behavior changes people can do to contribute towards such goal. The transport sector and burning are among sources of carbon dioxide which is one of the greenhouse gases (GHGs) fueling climate change, DENR noted. GHG emissions accumulate in the atmosphere and trap heat so global temperature rises, changing climate. DENR noted people's collective shift to environment-friendly activities helps mitigate GHG emissions. "Climate change needs behavior change," it said. Earlier, international organization Rare identified 30 behavioral changes or solutions that can mitigate around 20 percent to 37 percent of global GHG emissions during the 2020-2050 period. Aside from biking and composting, Rare said those solutions include reducing food waste, cleaning stoves, inter-cropping or growing trees and annual crops together, taking public transportation, using energy-efficient lighting as well as recycling paper, metal, plastic and glass materials.
    [Show full text]
  • Definitive Information Statement 2021
    COVER SHEET 9 3 2 6 9 - A SEC Registration Number R O B I N S O N S L A N D C O R P O R A T I O N (Company’s Full Name) L E V E L 2 , G A L L E R I A C O R P O R A T E C E N T E R E D S A C O R N E R O R T I G A S A V E N U E , Q U E Z O N C I T Y , M E T R O M A N I L A (Business Address: No. Street City/Town/Province) Atty. Elaine G. Miranda-Araneta 8397-1888 Corporate Secretary (Contact Person) (Company Telephone Number) 1 2 3 1 2 0 - I S Last Wednesday of May Month Day (Form Type) Month Day (Fiscal Year) (Annual Meeting) Definitive Information Statement Issuer of Securities under SEC-BED Order No.125,Series of 1989; SEC-BED Order No.435, Series of 1989; SEC-BED Order No.523,Series of 1993; SEC-BED Order No.524 Series of 1993;SEC-BED Order No. 572, Series of 1995; SEC-BED Order No. 057, Series of 1997; SEC-CFD Order No. 128, Series of 2006; SEC-MSRD Order No 71, Series of 2015 (Secondary License Type, If Applicable) Dept. Requiring this Doc. Amended Articles Number/Section Total Amount of Borrowings Total No. of Stockholders Domestic Foreign To be accomplished by SEC Personnel concerned File Number LCU Document ID Cashier S T A M P S Remarks: Please use BLACK ink for scanning purposes.
    [Show full text]
  • CCP MAJOR ACCOMPLISHMENTS for FY 2019 (January-December 2019)
    CCP MAJOR ACCOMPLISHMENTS FOR FY 2019 (January-December 2019) FESTIVALS (multi-venue, multi-arts) PASINAYA 2019: PALABAS (THE CCP OPEN HOUSE FESTIVAL) No. of Shows: 224 shows No. of performers: 7,691 performers (186 groups, 98 individuals) No. of Audience: 12,131 No. of Viewership:111,706 Description: For its 15th year, the Pasinaya, the biggest multi arts festival in the Philippines, is now three days - one day workshop and two days of performances featuring the participation of thousandsof artists and hundreds of artistic and cultural groups in the Philippines. It offered to the public a unique- “Pay what you can, See all you can” donation scheme the opportunity to enjoy a sneak preview of the CCP Performance Season. Other cultural sites for the events were the Metropolitan Museum of Manila, Museo Marino, National Museum: National Museum of Fine Arts, National Museum of Anthropology and National Musuem of Natural History; Bahay Tsinoy, Fort Santiago, Casa Manila, Museo Pambata, UP Manila Museum of a History of Ideas, FDCP Cinematheque Manila, Museum of Contemporary Art and Design, 1335 Mabini, Avellana Art Gallery, Gallery Duemila, 98B Collaboratory, Mono 8, DestileriaLimtuaco Museum, Calle Wright, NCCA Gallery and De La Salle College of Saint Benilde Center for Campus Art. 30 vans from the Museum Foundation of the Philippines ferried audiences to partner museums for free.More than 7,000 artists from 186 institution-based, community-based and school-based artistic groups participated in the 2019 CCP Pasinaya. PALIHAN (Workshop) No. of shows/activities/events:77 workshops(11 venues) No. of facilitators/mentors/teachers: 96 teachers and mentors, 327 artist-teacher facilitators and performers No.
    [Show full text]
  • Philippinen Eigenversorgung Mit Erneuerbaren Energien Für Industrie Und Gewerbe Zielmarktanalyse 2018 Mit Profilen Der Marktakteure
    Philippinen Eigenversorgung mit erneuerbaren Energien für Industrie und Gewerbe Zielmarktanalyse 2018 mit Profilen der Marktakteure www.german-energy-solutions.de Impressum Herausgeber German-Philippine Chamber of Commerce and Industry, Inc. 8/ F Döhle Haus Manila 30-38 Sen. Gil Puyat Avenue Barangay San Isidro Makati City 1234, Philippines Internet: http://philippinen.ahk.de Email: [email protected] Autor Tobias Petersen, AHK-Philippinen Christian Kutzner, AHK-Philippinen Stand Juni 2018 Disclaimer Das Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung, die nicht ausdrücklich vom Urheberrechtsgesetz zugelassen ist, bedarf der vorherigen Zustimmung des Herausgebers. Sämtliche Inhalte wurden mit größtmöglicher Sorgfalt und nach bestem Wissen erstellt. Der Herausgeber übernimmt keine Gewähr für die Aktualität, Richtigkeit, Vollständigkeit oder Qualität der bereitgestellten Informationen. Für Schäden materieller oder immaterieller Art, die durch die Nutzung oder Nichtnutzung der dargebotenen Informationen unmittelbar oder mittelbar verursacht werden, haftet der Herausgeber nicht, sofern ihm nicht nachweislich vorsätzliches oder grob fahrlässiges Verschulden zur Last gelegt werden kann. II Inhaltsverzeichnis Abkürzungsverzeichnis ....................................................................................................................v Abbildungsverzeichnis ................................................................................................................. viii Tabellenverzeichnis ......................................................................................................................
    [Show full text]