SMIC commences P60 billion share buyback program

March 22, 2025 | 12:00am

MANILA, Philippines — SM Investments Corp. (SMIC), the parent company of the SM Group, has commenced with its massive P60-billion share buyback initiative.

SMIC executed on March 19 and March 20 buyback transactions amounting to P48.55 million, a stock exchange filing by the company showed.

The company purchased 60,000 shares at a price ranging from P805.50 to P812.50 per share.

SMIC late last month approved the first buyback program in the company’s history in hopes of beefing up its share price, which the company sees as undervalued.

SMIC’s P60-billion share buyback program, which is regarded as the largest in Philippine corporate history, also reflects the group’s positive outlook on the country’s economic future and signals the company’s belief in its value appreciation.

The program was approved after SMIC shares closed at P780 per share on Feb. 27, 2025, translating to a price-earnings ratio of 11.5 times based on 2024 earnings.

“This major undertaking is in recognition of the significant under-valuation of SM Investments’ share price. In the current market we trade well below our historical valuation multiples, which do not reflect the performance and future growth potential of the group,” SMIC president and CEO Frederic DyBuncio earlier said.

SMIC has investments in retail, banking and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy.