Inmobiliaria Manquehue S.A

What it is

Inmobiliaria Manquehue develops homes and apartments in Chile’s Metropolitan Region and the Sixth Region (O’Higgins). Its work divides into two distinct businesses: building and selling residential properties, and selling large land parcels (macrolotes) to other developers.

The company’s signature asset is its land holding in the Piedra Roja area north of Santiago — described as the largest single real estate development in Chile. Piedra Roja spans a total of 1,000 hectares, with shopping centres, schools, golf courses, a nautical club, and an equestrian centre built into the plan.

The company has been operating for more than 45 years. It was formerly known as Inmobiliaria y Urbanizadora, taking its current name in 2007.

It listed on the Santiago stock exchange in 2019.

Who owns it

The company is linked to the Rabat family (the “hermanos Rabat”), who are the controlling shareholders. Insiders collectively hold 62.5% of the shares, with institutions owning a further 24.2%, leaving a free float of roughly 13.3% (our calculation from EODHD ownership data).

The exact breakdown of individual Rabat family members’ stakes is not disclosed in available sources, but the insider concentration means fewer than one share in seven trades freely on the market — a thin float that can make the stock volatile on limited volume.

Who runs it

Juan Eduardo Bauzá Ramsay is the Chief Executive Officer. He was previously the company’s head of real estate and was appointed CEO after the resignation of long-serving predecessor Fabián Wulf, taking up the role on 1 January following that transition.

The CFO and full board composition are not individually disclosed in available sources; the company’s corporate governance page is registered with Chile’s securities regulator, the CMF.

The money, in plain words

Revenue has fallen materially from its recent peak: sales in 2024 were CLP 56.5 billion (~USD 62.3 million), down roughly 13.5% from CLP 65.3 billion (~USD 72.0 million) in 2022 (our calculation). The gross profit margin — what is left after direct building costs — compressed from 39% in 2022 to 28% in 2024 (our calculation), reflecting a tougher Chilean housing market.

The company kept about 6.2 cents of net profit from every peso of 2024 revenue — a net annual profit margin of 6.2% (our calculation) — but the trailing-twelve-month figure tracked by EODHD is just 0.48%, signalling a very weak recent run. For every peso of equity that owners have put in, the business currently earns back about 1 cent a year — a return on equity of 1.04%, low for any industry.

The balance sheet has no disclosed debt, and the company holds CLP 20.4 billion (~USD 22.5 million) in cash — a net cash position equal to roughly 36% of its market value (our calculation). That cushion matters: housing developers routinely need cash to fund construction before homes are sold.

At a price-to-earnings multiple of 26.4×, the market is paying a growth premium for a business currently generating very thin returns; the entire market value of USD 62 million is barely larger than one year’s cash on the balance sheet.

What it is doing now

The company is actively advancing a portfolio of 22 projects in Manquehue at various stages of development and execution. Management has indicated that the remaining land at Piedra Roja could sustain approximately 15 more years of planned development.

The company’s investor-relations page lists results and presentations filed through at least September 2025, confirming it remains an active listed company, but no material deal or leadership announcement has emerged in available sources in 2025 beyond ongoing project activity at Piedra Roja.

What to watch

• Margin recovery. Gross profit fell from 39% to 28% in two years; whether pricing power returns as Chile’s rate environment eases will be the clearest test of the business.
• Macrolotes sales pace. Selling large land parcels to other developers generates lump-sum revenue — timing those sales moves the annual numbers sharply and explains much of the year-to-year volatility.
• Free-float liquidity. With only ~13% of shares in open hands, the stock can gap on small orders; investors should treat the market price as a signal, not a certainty.
• Piedra Roja runway. The land bank is estimated to last roughly 15 more years — its valuation on the balance sheet is the largest single asset; any rezoning or infrastructure change in the Chicureo corridor would directly affect that value.

This is news, not investment advice.