SM Investments shares climb amid buyback

SM INVESTMENTS CORP. was among the most actively traded stocks last week as its share buyback program helped lift trading activity and market capitalization despite a shortened trading period.

Data from the Philippine Stock Exchange (PSE) showed 601,460 shares worth P423.72 million changed hands from Dec. 29 to Jan. 2. Trading was limited to two days as markets were closed for the New Year holiday.

SM Investments ended the week at P719.50 per share, up 2.8% from the previous week. The stock lagged the holding firm index, which rose 3.4%, but outperformed the benchmark PSE index ( PSEi), which slipped 1.1%.

Year to date, SM Investments has gained 2.9%, exceeding the holding index’s 2.3% increase and the PSEi’s 1.4% rise.

“Last week, the market had thin volume due to the shortened trading week brought about by the holiday season,” Jash Matthew M. Baylon, an analyst at First Resources Management and Securities, said in a Viber message. “Despite that, SM Investments became active as the company continued its buyback program, which added to the stock’s trading volume.”

He added that SM Investments remains one of the biggest companies by market capitalization on the local bourse, making it a key stock for investors adjusting portfolios toward the end of the year. He said such rebalancing activity could have contributed to price movements and volatility.

On Dec. 29, SM Investments executed buyback transactions with a settlement date of Jan. 5, 2026. The company’s board had approved a share buyback program involving as much as P60 billion worth of common shares, which it said is in the best interest of the company.

As of Jan. 2, SM Investments’ market capitalization stood at P855 billion, according to PSE data.

Beyond the buyback, investor attention has also been drawn to the group’s property developments.

SM Investments and SM Prime Holdings, Inc., its listed property arm, are set to oversee the development of the 284-hectare Susana Heights estate in Muntinlupa City. The project will anchor SM Prime’s entry into the premium residential segment under its Signature Series brand.

“The recent news regarding the planned development on 284-hectare Susana Heights estate in Muntinlupa is expected to generate robust revenue for the conglomerate, as the project caters to rising demand for ultra-luxury residences,” Mr. Baylon said.

He added that the site’s strategic location could attract further investor interest and support higher land valuations over time.

Susana Heights is valued at about P25 billion and will feature residential lots starting at 750 square meters, with prices at P15 million to more than P65 million. Entry-level lots alone are projected to generate about P100 million in sales, according to a company statement.

For the third quarter of 2025, SM Investments reported an attributable net income of P21.83 billion, up 5.5% from a year earlier. Consolidated revenue rose 1.3% to P163.08 billion.

For the first nine months, attributable net income increased 5.8% to P64.39 billion, while revenue grew 4.3% to P482.28 billion.

Mr. Baylon placed technical support at P700 per share and resistance at P740 to P750. — Lourdes O. Pilar