Insider Spotlight
During a media briefing, president and CEO Anna Ma. Margarita B. “Meean” Dy acknowledged the difficult property cycle, but believes near-term problems, including those beyond its control, are masking the company’s longer-term prospects.
“The war in the Middle East has made us very vulnerable. We are in an industry that is vulnerable in a country that is vulnerable,” Dy said after the company disclosed quarterly results on Tuesday.
“So, in a way, that would have an effect on how the sentiment of the stock would be, particularly if you’re looking at just having a short-term perspective,” she added.
Ayala Land saw net income in the first six months of 2026 slump by 19 percent to P11.5 billion while revenue dropped nearly 10 percent to P75 billion.
Long-term fundamentals intact
“But where we sit as management, we really look at this with a long-term view. We feel that the long-term value and the fundamentals of the company have actually not changed,” Dy said.
"Ayala Land has gone through so many cycles," she added.
Their refreshed strategy also putsss greater weight on recurring income from leasing assets such as malls and hotels, which is being led by senior vice president Mariana Zobel de Ayala.
“It’s really because we do want a more balanced portfolio so that when the cycle hits, the company has a more resilient revenue base to come from,” Dy said.
Dy added that Ayala Land remains closely associated with property development, making its stock particularly sensitive to industry sentiment and broader economic conditions.
Signs of stabilization
But there are also signs of stabilization, with residential sales holding at about P26 billion in the second quarter from P27 billion in the first quarter despite no new project launches.
The property developer nevertheless saw an improvement in the second quarter, with net income rising 13 percent from the first quarter to P6.1 billion.
The company highlighted the sequential comparison to show how performance improved from the challenging start of the year when the US-Iran war erupted.
The disconnect vs expectations
“So there is a disconnect maybe with what the short term is versus what the long term is, but as management, we focus on the long term for the levels,” Dy said.
For now, investors are waiting for that long-term value to show through.
Shares of the real estate giant slipped 1.6 percent to P16 on Tuesday. The stock has recovered from recent lows, helped by buying support from parent Ayala Corp., but remains about 29 percent lower since the start of 2026.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
