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MANILA, Philippines – SM Prime Holdings Inc. remains a compelling investment despite investor concerns over its residential and office businesses, with its dominant malls segment and massive Pasay reclamation project expected to underpin long-term growth, according to a report by First Metro Securities and DBS Bank.
The report said the market appeared overly focused on weakness in the residential and office segments while overlooking the strength of the company’s malls business, which continues to generate the bulk of earnings and cash flow.
READ: SM keeps up Pasay reclamation
Analysts noted that malls accounted for 60 percent of revenues and 72 percent of pre-tax income in 2025.
