SM Investments

What SM Investments does

SM Investments Corporation is a Philippine-listed holding company (founded 1958, headquartered in Metro Manila) that owns market-leading positions across banking, property, and retail. Its core operating subsidiaries include BDO Unibank and China Banking Corporation (banking), SM Prime Holdings (the country's largest mall operator and integrated property developer), SM Retail (supermarkets, department stores, and specialty retail), transportation and logistics arm 2Go Group Inc., and Philippine Geothermal Production Company (PGPC), which operates 400 MW of geothermal capacity at the Mak-Ban and Tiwi steam fields with six additional sites in development.

The group earns approximately 49% of net income from banking, 27% from property, 18% from retail, and 6% from portfolio investments, with around 90% of earnings derived from recurring sources. Underlying operations run on an integrated logistics stack — centralized distribution centers with warehouse automation, RFID tracking, and transportation management systems — paired with self-generated renewable energy (200,000+ solar panels across 69 SM Prime properties and PGPC geothermal) supporting cost control and ESG positioning.

SM Investments distributes its products and services through an extensive Philippines-only network of retail stores, SM Supermalls, property developments, and the branch systems of BDO and China Bank. It also runs MSME support programs (including a sustainability e-learning course with the Global Reporting Initiative) reaching over 100,000 small businesses in its network. Recent strategic posture has been one of disciplined capital allocation: increased dividends by 31% for the fifth consecutive year of growth, divested non-core Atlas Mining and YCO Global Cloud Centers stakes for strategic misalignment, and continued organic capacity buildout in renewable energy.

Name

SM Investments

Legal name

SM Investments Corporation

Website

https://sminvestments.com

Company type

Public

Founded year

1958

Operating status

Operating

Headcount range

501–1,000 employees

Short description

SM Investments Corporation is a Philippine-listed holding company with market-leading positions in banking (BDO Unibank, China Bank), property (SM Prime Holdings, the country's largest mall operator), and retail (SM Retail), plus logistics (2Go) and geothermal energy (PGPC) subsidiaries.

Ownership category

akta.pro rank

Product category

Diversified Conglomerate

NAICS

Management of Companies and Enterprises (551), Offices of Other Holding Companies (551112), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

SME Relationship Management & Advisory (Credit, Growth, Succession) (FSABABAJ)

akta.pro secondary industries

SME Equipment & Asset Finance (Leasing, Fleet, Capex) (FSABABAH), SME Term Loans & Growth Capital (FSAKAGAB)

Keywords

• Diversified conglomerate
• Commercial banking services
• Retail operations
• Mall operations
• Property development

Headquarters

HQ city

Pasay City

HQ country

Philippines

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Revenue model

1. Banking: Banking segment contributed 49% of net income, driven by BDO Unibank (PHP 87.2 billion net income) and China Banking Corporation (PHP 28 billion net income). Recurring, stable revenue from lending, deposits, and financial services.
2. Property: Property segment contributed 27% of net income through SM Prime Holdings, including mall operations, residential, and commercial development. Recurring rental income from mall portfolio plus development sales.
3. Retail: Retail segment contributed 18% of net income (PHP 4.1 billion Q1 2026, up 13% YoY) through SM Retail operations including supermarkets, department stores, and specialty retail. Transaction-based retail sales.
4. Portfolio Investments: Portfolio investments contributed 8% of net income. The company holds stakes in various companies and is divesting non-core assets including mining (Atlas Mining) and data center (YCO Global Cloud Centers).

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

SM Investments Corporation is a Philippine holding company that invests in and manages a diversified portfolio of businesses across banking, retail, property, logistics, and energy. Its major holdings include BDO Unibank (the Philippines' largest bank by assets), China Banking Corporation, SM Prime Holdings (shopping malls, residential and commercial developments), SM Retail (department stores, supermarkets, and specialty retail), 2Go Group (shipping and logistics), and Philippine Geothermal Production Company (renewable energy).

Product overview

SM Investments Corporation is a Philippine conglomerate operating through four core business segments: Banking (BDO Unibank and China Banking Corporation), Property (SM Prime Holdings), Retail (SM Retail, SM Supermalls), and Portfolio Investments (including logistics subsidiary 2Go Group and energy subsidiary PGPC). The company functions as a holding company with market-leading positions in retail, banking, and property development sectors.

Differentiator

Problem solved

Functional benefit

Brands

• SM Group: The conglomerate umbrella brand encompassing SM Investments and its subsidiaries including SM Retail, SM Prime, BDO Unibank, and China Banking Corporation

Products and services

• BDO Unibank

Quantifiable outcome

• 10% increase in net income to PHP 90.5 billion in FY 2025
• +3 more outcomes

Named customers1 record

Segments4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Global Reporting Initiative (GRI)coreStrategic or Co-development Partner · 23 December 2025SM Investments partnered with GRI to launch a free e-learning bridge course on sustainability reporting for MSMEs in the Philippines. The course was unveiled at a training workshop at SMX Aura in Taguig, aiming to help MSMEs understand GRI Standards and emerging ISSB disclosure expectations. SM Investments sponsors the self-paced online course shared across its network of over 100,000 MSMEs.
• 2Go Group Inc.coreStrategic or Co-development PartnerSM Investments completed acquisition of controlling 52.85% stake in transportation and logistics firm 2Go Group Inc. for PHP 4.68 billion, increasing ownership from 30.53% to make it a subsidiary. Part of SMIC's expansion strategy in logistics. Chelsea Logistics sold its remaining 23% stake, losing affiliate status with 2Go.
• Atlas Consolidated Mining & Development CorporationminorStrategic or Co-development PartnerSM Investments divesting its 30.4% stake in Atlas Consolidated Mining & Development Corporation citing strategic misalignment with core banking, property, and retail ecosystem. The stake contributed only 6% (PHP 5.4 billion) to annual profit despite Atlas generating PHP 16.5 billion in revenue. Management views current market conditions with strong demand for copper as favorable for divestment.
• YCO Global Cloud CentersminorStrategic or Co-development PartnerSM Investments divesting its 18% stake in YCO Global Cloud Centers data center venture. Cited the Philippines' high electricity costs as second highest in Southeast Asia and limited progress in the data center venture as reasons for divestment. Strategic misalignment with core conglomerate ecosystem.

Scale indicators12 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Ayala Corporation: Ayala Corporation is a major Philippine conglomerate with diversified holdings in banking (Bank of the Philippine Islands/BPI), real estate (Ayala Land), telecommunications (Globe Telecom), and water infrastructure. Direct comparison to SM Investments as the other dominant Philippine holding company spanning financial services, property, and consumer-facing businesses.
• JG Summit Holdings: JG Summit Holdings is a Philippine conglomerate with major operations in food manufacturing (Universal Robina Corporation), petrochemicals, air transportation (Cebu Pacific), real estate, and banking. Comparable to SM Investments as a diversified Philippine conglomerate with significant consumer retail exposure and banking interests.
• San Miguel Corporation: San Miguel Corporation is a major Philippine conglomerate with leading positions in food and beverage, energy (Petron Corporation), infrastructure, and fuel retailing. Comparable to SM Investments as one of the Philippines' largest diversified conglomerates with consumer-facing businesses and infrastructure exposure.
• Aboitiz Equity Ventures: Aboitiz Equity Ventures is a Philippine conglomerate with significant operations in power generation and distribution (Aboitiz Power), banking (UnionBank), food manufacturing (Pilmico), and infrastructure. Comparable to SM Investments as a diversified Philippine holding company with banking, infrastructure, and consumer business exposure.
• Metro Pacific Investments Corporation: Metro Pacific Investments Corporation is a Philippine infrastructure-focused holding company with major stakes in water utilities (Manila Water, Maynilad), toll roads, hospitals, and power. While more infrastructure-focused, comparable to SM Investments as a major Philippine investment holding company with diversified subsidiaries.
• LT Group, Inc. LT Group is a Philippine conglomerate controlled by the Lucio Tan family with diversified operations in tobacco (Philippine National Bank), distilled spirits, banking, real estate, and infrastructure. Comparable to SM Investments as a family-controlled Philippine conglomerate with banking, property, and consumer-facing operations.
• Filinvest Development Corporation: Filinvest Development Corporation is a Philippine conglomerate with operations spanning real estate development (Filinvest Land), banking (EastWest Bank), hospitality, and sugar production. Comparable to SM Investments as a Philippine holding company with banking, real estate, and diversified consumer operations.

Regional players

• Charoen Pokphand Group (CP Group): CP Group is a Thai conglomerate with diversified operations across food and agriculture, retail (CP Axtra/7-Eleven Thailand), telecommunications (True Corporation), and finance. Comparable to SM Investments as a major Southeast Asian family-controlled conglomerate with diversified consumer and financial services exposure.
• Sinar Mas Group: Sinar Mas Group is a major Indonesian conglomerate with operations spanning pulp and paper (Asia Pulp & Paper/APP), financial services (Sinar Mas Financial Services), real estate (Sinar Mas Land), and agribusiness. Comparable to SM Investments as a major Southeast Asian conglomerate with diversified banking, property, and consumer operations.
• Kuok Group (PPB Group/Kerry Properties): Kuok Group is a Malaysian-controlled diversified conglomerate with operations in hospitality (Shangri-La Hotels), real estate (Kerry Properties), agribusiness (PPB Group/Wilmar), and shipping. Comparable to SM Investments as a Southeast Asian family-controlled diversified conglomerate spanning property and consumer operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SM_INVESTMENTS

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SM Investments