The country’s largest home builder Vista Land and Lifescapes Inc. (VLL) has allocated P1.5B for its share buyback program that founder and chairman Manuel B. Villar claims that should not be a missed opportunity for the property firm.
It has so far spent about P900M – the last buyback was made only yesterday.
Villar said at a conference in Solaire Resort and Casino that VLL will continue to buyback stocks while it is still cheap, even stressing that the “people who do not buy at those prices will, of course, I believe, will regret not having done so.”
“We also do not want our investors to think that we are not concerned about them,” he added.
According to a report submitted by Regina Capital Development Corporation, VLL is currently priced at P5.45 per share as of Wednesday, which is well below the supposed P8.55 stock market value.
Regina Capital previously placed a ‘long-term buy’ tag on the property developer with the recommendation value of P8.55 per share since July 2014.
“The stock gained as much as 44% when it peaked eight months later. The stock is back to levels before our buy recommendation. We reiterate our long-term buy tag on VLL,” Regina Capital said.
Despite the 19.7% decrease in shares, Vista Land remains consistent in sales and profit, declaring 2014 as the company’s “banner year” in which it garnered a P5.7 net income and P22.23B in revenue.
It has also experienced steady growth boosted recently by the opening of the Daang Hari-SLEX Link Road, in which some portion of the area is occupied by Vista City.