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Manila Bulletin devider Business devider SMIC to raise up to P15 B from bonds

SMIC to raise up to P15 B from bonds

Published Dec 17, 2021 03:25 pm

SM Investments Corporation (SMIC), the holding company of the SM Group of Companies, is planning to raise up to P15 billion from a planned bond issuance.

The conglomerate plans to issue P10 billion in bonds with an oversubscription option of up to P5 billion. The bonds have been assigned the highest issue credit rating of PRS Aaa by Philippine Rating Services Corporation (PhilRatings).

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The rating for SMIC’s outstanding P17.7 billion bonds was likewise maintained at PRS Aaa. PhilRatings assigned a Stable Outlook for the ratings of the proposed and outstanding bonds.

Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong.

A Stable Outlook, on the other hand, indicates that the ratings are likely to be maintained or to remain unchanged in the next 12 months.

“The ratings reflect SMIC’s core businesses with strong market positions; its healthy balance sheet, with ample liquidity and sound capital structure; and expectations that improved profitability will be sustained, in line with the gradual re-opening and recovery of the domestic economy,” PhilRatings said.

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SMIC’s subsidiary SM Retail has continued its nationwide expansion strategy amid the pandemic, focusing on growing its footprint and improving product mix.

In 2020, SM Retail had 3,019 stores in operation, growing from 2,799 stores in 2019. The Retail Group further expanded in 2021 with 3,173 stores in operation, as of end-September 2021.

SMIC’s balance sheet remained strong, supported by healthy liquidity and a sound capital structure. Operating cash remained positive and jumped to P14.2 billion, from P7.3 billion in the first nine months of 2020, in line with the significant improvement in earnings.

The conglomereate ended 2020 with a debt-to-equity (DE) ratio of 0.7 times. DE ratio was kept at below 1.0x for the last five years (2016-2020). DE ratio stood at 0.8x, as of Sept. 30, 2021.

Moving forward, profitability measures will show annual improvement, supported by sustained revenue growth. The expected completion of projects in the property business and the opening of new stores are expected to expand the Group’s portfolio, sustaining growth over the projected period.

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Philippine Rating Services Corporation (PhilRatings) SM Investments Corporation
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