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Vista Land & Lifescapes, Inc.
#1
Business Profile:

Vista Land & Lifescapes, Inc. (Vista Land) was incorporated in Metro Manila, Philippines, on February 28, 2007 as an investment holding company. Vista Land through its subsidiaries harnesses more than 30 years of professional expertise in residential real estate development, and believes it has established a nation-wide presence, superior brand recognition and proven track record. Its projects include master-planned developments and stand-alone residential subdivisions which offer lots and/or housing units to customers in the low-cost, affordable, middle-income and high-end market segments. The Company operates through five distinct business units:

Brittany. Brittany caters to the high-end market segment in Mega Manila, offering luxury houses in master-planned communities, priced at P9.0 million or above.;

Crown Asia. Crown Asia caters to the middle market housing segment in Mega Manila, primarily offering houses priced between P3.5 million and P9 million;

Camella Homes. For over 30 years, Camella Homes has been servicing the low-cost housing segment (houses priced below P1.3 million) and the affordable housing segment (houses priced between P1.3 million and P3.5 million) in the Mega Manila area.; and

Communities Philippines. Communities Philippines offers residential properties outside the Manila area in the low-cost, affordable and middle market segments. The Company believes Communities Philippines has the widest coverage of developments in the regions outside Mega Manila of any homebuilder in the Philippines. Communities Philippines offers housing under the “Camella” and “Crown Asia” brands and utilizes Camella Homes’ and Crown Asia’s expertise and designs to offer houses in regional areas that it believes are on par, in terms of quality, with the developments in the Mega Manila area. These projects were located in key cities and municipalities, covering most of the Philippines’ main urban areas, including Pangasinan, Pampanga, Bulacan, Batangas, Iloilo, Cebu, Leyte, Cagayan de Oro and Davao.

Vista Residences, Inc.Vista Residences, Inc. caters to the development and selling of residential high-rise condominium projects across the Philippines. Vertical home projects involve dealing with longer gestation periods and requirements that are different from those of horizontal homes.

Source: Annual Report 2010
Results of operations covering 1st Quarter of 2011 vs. 1st Quarter of 2010

The Company’s net income increased by 26% from P694 million for the 1st Quarter of 2010 to P873 million for the 1st Quarter of 2011.

For the 1st Quarter of 2011, there were no seasonal aspects that had a material effect on the condition or results of operations of the Company. Neither were there any trends, events or uncertainties that have had or that are reasonably expected to have a material impact on the net sales or revenues or income from continuing operations. The Company is not aware of events that will cause a material change in the relationship between the costs and revenues. There are no significant elements of income or loss that did not arise from the Company’s continuing operations.

Source: Q12011 Financial Report
Vista Land to spend P2.1B on condo project

VILLAR-LED property firm Vista Land and Lifescapes, Inc. will spend P2.1 billion to build a new condominium project targeting students and young professionals in Manila.

This will be the first in a series of projects adjacent to universities, the company said in a statement yesterday.

“The Camella Condo Homes beside De La Salle University in Taft is suitable not just for university students but will also be attractive to single working professionals, overseas workers and young couples because of its affordability and easy payment packages,” Maribeth C. Tolentino, president of the Vista Residences brand, said in the same statement.

http://www.bworld.com.ph/content.php?sec...t&id=32537


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#2
Vista Land to complete condo ahead of schedule

VILLAR-LED developer Vista Land and Lifescapes, Inc. expects to finish the construction of a P1.5-billion condominium ahead of schedule as brisk sales prompted the firm to start construction early.

The 30-storey tower dubbed Salcedo Square will be completed by July 2014, one year earlier than expected, Vista Land’s condominium arm Vista Residences said in a statement late last week.

“We have sold over half of the available units in just over three months,” Vista Residences Chief Operating Officer Maribeth C. Tolentino said in the same statement. Preselling of the condominium project began last February.

http://www.bworld.com.ph/content.php?sec...e&id=32981
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#3
Vista Land to buy back P1.5-B shares

VILLAR-LED property firm Vista Land and Lifescapes, Inc. will buy back P1.5 billion worth of shares in the next two years to shore up stock prices, the company yesterday said.

“The board...authorized a buyback of the shares of stocks of the company over the next 24 months and allocated up to the maximum amount of P1.5 billion for this purpose,” Vista Land said.

Vista Land thinks we are undervalued,” Brian N. Edang, investors relation head of Vista Land, said in a text message to reporters.

http://www.bworld.com.ph/content.php?sec...s&id=33160
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#4
Press Release from VLL:

Vista Land announces PHP1.5 billion share buyback program; believes shares are grossly undervalued

Publicly-listed Vista Land and Lifescapes, Inc., one of the country’s premier property developers and leader in the house and lot market segment, announced that its Board of Directors approved a program to repurchase the company’s shares in the open market. The total budget allocated for the program is PHP1.5 billion pesos and will cover a period of 24 months beginning 15 June 2011.

Manuel Paolo Villar, Chief Financial Officer of Vista Land, stated that: “We believe that our shares have been trading at much less than fair value. Our Board of Directors has considered this carefully and deemed it appropriate to introduce a buyback program given the company’s recent stellar performance and future prospects.”

The company generated record revenues of PHP11.3 billion and exceeded PHP3 billion in earnings for 2010. During the company’s Annual Stockholder’s Meeting held on 15 June 2011, Chief Executive Officer and President Benjamarie Therese Serrano stated that: “There is every indication that 2011 will prove to be a record year for Vista Land in terms of revenues, sales takeup, and net income.” The company recently disclosed that it made PHP3.2 billion in revenues for that first quarter of 2011 and earnings of PHP873 million. “We are on track to meet our internal targets for this year”, added Serrano.

Numerous local and international brokerage houses, including Credit Lyonnais, Deutsche Bank, Credit Suisse, UBS, Citisec Online, and Philippine Equity Partners have analyzed Vista Land’s operating and financial condition and all have issued “Buy” recommendations on VLL.

Vista Land is the holding company of five business units, Brittany, Crown Asia, Camella Homes and Camella Communities and condominium developer Vista Residences. The country’s leader in homebuilding, it is recognized for its themed and master-planned communities that offer quality housing across all market segments.

http://www.pse.com.ph/html/disclosure/pd...64_VLL.pdf
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#5
Buyback of VLL Shares last June 17, 2011:

112,000 shares @ 3.11
500,000 shares @ 3.12

http://www.pse.com.ph/html/disclosure/pd...08_VLL.pdf

Total Amount: 1,908,320.00
Total Treasury shares: 612,000

This will increase more the EPS of VLL the more they buyback the shares in the open market come 2nd Quarterly Reporting which is due on or before August 15, 2011. Consequently, the PE valuation will also increase especially if the Projected Income of VLL will materialize making it more undervalued.

Let me compute if true:

EPS (PSE Site Q12011) = 0.10
EPS Annualized = 0.40

Fundamental Target Price (FTP) for year 2011:

7% = 2.80
10% = 4.00
12% = 4.80
15% = 6.00
20% = 8.00

Let us see price action for the whole year of 2011 if it will reach any of those values and even beyond it.
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#6
Buy Back of Shares today - June 21, 2011 for 350,000 shares @ 3.12.

http://www.pse.com.ph/html/disclosure/pd...45_VLL.pdf
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#7
Those are ballpark estimates Ruach, but I don't deny that I agree with you on the direction. Ever heard that housing is slowing? I need data to confirm this. Can you point me where to look?
The World is a Vampire . . .
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#8
(06-30-2011, 04:53 PM)StockJunkie Wrote: Those are ballpark estimates Ruach, but I don't deny that I agree with you on the direction. Ever heard that housing is slowing? I need data to confirm this. Can you point me where to look?

Sorry but I have no idea. So far, the BOI is giving out incentives for medium to low cost housing and I believe VLL is part of the group of that kind of housing. Whether they receive a BOI incentive is something I am not sure. I just read the press releases of the Company, compare it with their income from last year and if it exceeds last year, a good buy for me.

So far, the property sector reported an increase or exceeded their income from last year based on 1st quarterly reporting and their projection for the year 2011.

Anyway, since VLL has a buyback program, I can buy at this level and sell to them at a higher price since they believe that the market price of their shares are undervalued. Probably true because they as a Company has the first hand information regarding their sales and how to control their costs to meet their projected income.

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#9
Or...

they are planning to borrow more money and use its stock as collateral.
The World is a Vampire . . .
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#10
Ano kaya meron? gumigiling!
The World is a Vampire . . .
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