MAYBANK Investments Securities Group adjusted its target price (TP) for the Sy family-led SM Investments Corp. (SMIC) after adjusting SM Retail's same-store sales growth (SSSG) forecast.

"We slightly lower our TP for SM due to a lower DCF (discounted cash flow) valuation for SM Retail (-3.6 percent) while reflecting a rise in our TP for BDO (plus 3 percent) as well as continuing to apply a 10 percent discount to SM's valuation to derive our SOTP (sum-of-the-parts)-based TP," Maybank said in a report dated Sept. 2, 2024.

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