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01/11 07:59
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents mixed signals. Positive aspects include the acquisition of a new mall, full office occupancy, and a strong dividend yield. However, the net loss, weaker hotel performance, and vague financing plans raise concerns. The Q&A session highlighted uncertainties in financing and future maturities, which could affect investor sentiment. Overall, the company's performance is heavily tied to economic recovery in Argentina, making the outlook uncertain. The lack of clear guidance on financing and the net loss contribute to a neutral sentiment, expecting minimal stock price movement.
Net Loss 41 billion Pesos, primarily due to non-cash effects of the appraisal of investment properties.
Tenant Sales Increase Increased by 21.4% in Q2 2025 compared to the previous quarter, but still 8.5% below the same quarter last year.
Dividends Yield 8% yield paid out during the last quarter.
Occupancy Rate in Office Segment Achieved full occupancy in the premium portfolio.
Hotel Segment Performance Weaker results in both occupancy and revenues compared to the previous year.
New Shopping Mall Acquisition: Completed the acquisition of the 16th mall, Terrazas De Mayo, in greater Buenos Aires.
Shopping Mall Performance: Shopping malls showed a steady recovery in occupancy and tenant sales, increasing by 21.4% in Q2 2025 compared to the previous quarter.
Sales of Ramblas Del Plata: Achieved a major milestone with the sales of the first two plots of the Ramblas Del Plata project.
Office Segment Performance: Achieved full occupancy of the premium office portfolio.
Hotel Segment Performance: Experiencing weaker results in occupancy and revenues compared to the previous year.
Dividend Payment: Paid dividends with a yield of 8% plus shares in treasury.
Net Loss: The company reported a net loss of 41 billion Pesos, primarily due to non-cash effects from the appraisal of investment properties, indicating potential valuation risks.
Hotel Segment Performance: The hotel segment is experiencing weaker results in occupancy and revenues compared to the previous year, suggesting challenges in maintaining profitability in this area.
Shopping Mall Recovery: While shopping malls are showing a recovery in occupancy and tenant sales, they are still 8.5% below the same quarter last year, indicating ongoing competitive pressures and market challenges.
Economic Factors: The company's performance is closely tied to the economic recovery and real wage growth in Argentina, which presents risks if the economic environment does not improve as expected.
Acquisition of Shopping Mall: Completed the acquisition of the 16th mall, Terrazas De Mayo, in greater Buenos Aires.
Occupancy and Sales Recovery: Shopping malls showed a steady recovery in occupancy and tenant sales, with a 21.4% increase in tenant sales in Q2 2025 compared to the previous quarter.
Project Sales: Achieved a major milestone with the sales of the first two plots of the Ramblas Del Plata project.
Dividend Payment: Paid dividends with a yield of 8% plus shares in treasury.
Future Expectations for Shopping Malls: Expect positive performance in the third quarter of 2025, in line with economic recovery and real wage improvements in Argentina.
Net Loss: Reported a net loss of 41 billion Pesos primarily due to non-cash effects of property appraisals.
Hotel Segment Performance: Weaker results in hotel occupancy and revenues compared to the previous year.
Dividend Yield: 8% yield paid during the last quarter.
Share Buyback Program: Shares in treasury were mentioned as part of the dividend payment.
The earnings call presents mixed signals: strong dividend distribution and positive net income contrast with hotel segment weakness and economic volatility. The Q&A reveals management's confidence in cash generation and strategic flexibility, despite some unclear responses. Given these factors, the stock price reaction is likely to remain stable, leading to a neutral rating.
The earnings call summary and Q&A reveal strong financial performance, with record-high EBITDA, stable office rents, and increased shopping mall valuations. The company has a healthy debt structure and plans for future dividends. Despite challenges in the hotel segment, the overall outlook is optimistic, with fast sales in Ramblas and potential new office projects. The Q&A section shows analysts' confidence, despite some uncertainties. The positive momentum, combined with strategic initiatives, suggests a likely stock price increase of 2% to 8% over the next two weeks.
The earnings call reveals strong financial performance with a record high EBITDA, significant net income recovery, and high occupancy rates in malls. Despite challenges in the hotel segment and economic risks in Argentina, the company's conservative debt structure and strategic bond issuance are positive. The Q&A section shows management's optimism for growth and strategic partnerships, although some uncertainty remains regarding CapEx and dividend policies. Overall, the positive financial metrics and strategic outlook outweigh the risks, suggesting a positive stock price movement.
The earnings call presents mixed signals. Positive aspects include the acquisition of a new mall, full office occupancy, and a strong dividend yield. However, the net loss, weaker hotel performance, and vague financing plans raise concerns. The Q&A session highlighted uncertainties in financing and future maturities, which could affect investor sentiment. Overall, the company's performance is heavily tied to economic recovery in Argentina, making the outlook uncertain. The lack of clear guidance on financing and the net loss contribute to a neutral sentiment, expecting minimal stock price movement.
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