EXECUTIVE SUMMARY

Company Background
GT Capital Holdings is the holding company of tycoon George S.K. Ty. The Filipino-Chinese businessman
started building his empire in his 20s when he opened Metropolitan Bank & Trust in 1962. The
conglomerate went public in 2012, and its initial public offering raised nearly 22 billion pesos ($520
million), making it the biggest equity transaction in the Philippines that year.

As well as its crown jewel, Metrobank, the group is also into property development through Federal
Land; power generation (Global Business Power); automotive (Toyota Motor Philippines); life insurance
(Philippine AXA Life Insurance); and nonlife insurance (Charter Ping An Insurance).

Recently, GT Capital, ran by Ty's son Alfred, has focused on power generation amid a looming power
shortage in the Philippines. At the same time, the company had been beefing up its property
development as demand grows in the residential and office sectors.

Business Summary

GT Capital Holdings, Inc. engages in banking, real estate development, power generation, automotive
and life insurance business. It operates through the following segments: Real Estate, Financial
Institutions, Automotive Operations, Infrastructure, and Others. The Real Estate segment is involved in
real estate and leasing, development and selling of properties of every kind and description, as well as
ancillary trading of goods such as petroleum, non-fuel products on wholesale or retail basis,
maintenance of a petroleum service station, engaging in food and restaurant service and acting as a
marketing agent for and in behalf of any real estate development company or companies. The Financial
Institutions segment relates to the banking and insurance industry and financing institution. The
Automotive Operations segment is the assembly, manufacture, importation, sale and distribution of all
kinds of automobiles including automobile parts, accessories, and instruments. The Infrastructure
segment includes water distribution, toll operation, power sector, hospitals, and rail. The Others
segment is responsible for the other corporate activities of the Group such as capital raising activities,
acquisitions, and investments. The company was founded by George Siao Kian Ty on July 26, 2007 and is
headquartered in Makati, Philippines.

FINANCIAL HIGHLIGHTS
DEC 2017 PHPUSD
Revenue 230,704M
Gross Profit 32,306M
Operating income 17,056M
Income before tax 25,775M
Net income 14,182M
EBITDA 22,371M
Diluted EPS 70.22
Dividends Per Share 2.89
Total Assets 308,942M
Total liabilities 135,251M
Total equity 146,012M
Operating cash flow 14,297M

KEY EXECUTIVES

President & Executive Director:Carmelo Maria Luza Bautista

Chief Financial Officer & Executive Vice President: Francisco H. Suarez

VP & Head-Legal & Compliance:Renee Lynn Miciano-Atienza

VP, Head-Accounting & Financial Control:Reyna Rose P. Manon-og

VP, Head-Human Resources & Administration:Susan E. Cornelio

SHAREHOLDERS

 TY FAMILY (55.9%)
 Matthews International Capital Management LLC (2.4%)
 The Vanguard Group, Inc. (1.5%)
 Norges Bank Investment Management (1.5%)
 T. Rowe Price International Ltd. (1.3%)
 Lazard Asset Management LLC (1.3%)
 Capital Research & Management Co. (World Investors) (0.9%)
 BlackRock Fund Advisors (0.8%)
 FIL Investment Management (Hong Kong) Ltd. (0.4%)
 Dimensional Fund Advisors LP (0.3%)

CONTACT DETAILS

Website:http://www.gtcapital.com.ph

Address:GT Tower International, 6813 Ayala Avenue Corner, Makati, 1227,

Philippines

Phone:+63.2.836.4500
RELATED COMPANIES

 GBH Power Resources, Inc.

 Property Co. of Friends, Inc.
 Toyota Motor Philippines Corp.
 Toyota Manila Bay Corp.
 Toyota Cubao, Inc.
 Federal Land, Inc.
 Global Business Power Corp.

COMPETITORS

 Empire East Land Holdings Inc.

 SM Investments Corporation
 San Miguel Corp.
 Top Frontier Investment Holdings, Inc.

https://asia.nikkei.com/Companies/GT-Capital-Holdings-Inc

https://www.marketwatch.com/investing/stock/gtcap/profile?countrycode=ph

Valuation
P/E Current
12.10
P/E Ratio (with extraordinary items)
12.56
P/E Ratio (without extraordinary items)
17.78
Price to Sales Ratio
1.05
Price to Book Ratio
1.72
Price to Cash Flow Ratio
16.90
Enterprise Value to EBITDA
12.76
Enterprise Value to Sales
1.09
Total Debt to Enterprise Value
0.27
Efficiency
Revenue/Employee
9,376,687.00
Income Per Employee
576,410.00
Receivables Turnover
7.15
Total Asset Turnover
0.80

Profitability
Gross Margin
14.00
Operating Margin
7.39
Pretax Margin
11.17
Net Margin
6.15
Return on Assets
4.93
Return on Equity
10.88
Return on Total Capital
6.44
Return on Invested Capital
6.70

Capital Structure
Total Debt to Total Equity
62.94
Total Debt to Total Capital
38.43
Total Debt to Total Assets
29.50
Long-Term Debt to Equity
56.67
Long-Term Debt to Total Capital
34.60
Key People GT Capital Holdings Inc.

Board of Directors
Name/Title Current Board Membership

Arthur Vy Ty, 50Chairman GT Capital Holdings, Inc.

Carmelo Maria Luza Bautista, 60President & Executive

GT Capital Holdings, Inc.
Director

Pascual M. Garcia, 64Director GT Capital Holdings, Inc.

David T. Go, 63Non-Executive Director GT Capital Holdings, Inc.

George Siao Kian Ty, 85Chairman-Emeritus GT Capital Holdings, Inc.

Francisco C. Sebastian, 63Vice Chairman GT Capital Holdings, Inc.

Alfred Vy Ty, 49Vice Chairman GT Capital Holdings, Inc.

Rene J. Buenaventura,Independent Director GT Capital Holdings, Inc.

Renato C. Valencia, 76Lead Independent Director GT Capital Holdings, Inc.

All Executives
Arthur Vy TyChairman
Carmelo Maria Luza BautistaPresident & Executive Director

Francisco H. SuarezChief Financial Officer & Executive Vice President

Renee Lynn Miciano-AtienzaVP & Head-Legal & Compliance

Winston Andrew L. PecksonChief Risk Officer & First Vice President

Elsie D. ParasVice President & Deputy Chief Financial Officer

Regis V. PunoDirector
Pascual M. GarciaDirector

David T. GoNon-Executive Director

George Siao Kian TyChairman-Emeritus

Francisco C. SebastianVice Chairman

Alfred Vy TyVice Chairman

Jose B. CrisolFirst VP, Head-IR & Corporate Communications

Rene J. BuenaventuraIndependent Director

Renato C. ValenciaLead Independent Director