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Robinsons Land’s (RLC) funding access earns it full faith of customers

For the year 2020 rental income of Robinsons Land (RLC) was down 4.8 billion Pesos as compared to 2019. Understandably rental income is down during the year because the government imposed mobility restrictions on the population to counter the pandemic. While rental income is down, RLC grew its real estate sales. Real estate sales wereContinue reading “Robinsons Land’s (RLC) funding access earns it full faith of customers”

HOUSE facing 23.2B debt repayment hires new external auditor

8990 Holdings (HOUSE) disclosed on 26 February 2021 that it has appointed Ramon F. Garcia & Company as its new independent external auditor for the fiscal year 2020. Ramon F. Garcia & Company replaced Punongbayan & Araullo as HOUSE’s independent external auditor. HOUSE said that the change in external auditor was made in pursuance toContinue reading “HOUSE facing 23.2B debt repayment hires new external auditor”

CLI yields 4.18% as cash dwindles and debts balloon

Cebu Landmasters (CLI) ended the year with a cash balance of 0.8 Billion Pesos down from last year’s 0.92 Billion. Cash is dwindling because operating activities and capital expenditures are eating cash coming in from revenues and net borrowings. As of the end of the year CLI booked 6 Billion as current receivables an increaseContinue reading “CLI yields 4.18% as cash dwindles and debts balloon”

Suntrust Home is now a casino start-up; to open just-in time for recovery

Suntrust Home Developers (SUN), the former BW Resources, is now a casino start-up. SUN entered into a Co-Development Agreement (CDA) for the construction and operation of a 5-star hotel and casino in Parañaque City. Under the CDA, SUN would lease the project site from Westside and Travellers International Hotel Group, Inc. (Travellers) and Westside wouldContinue reading “Suntrust Home is now a casino start-up; to open just-in time for recovery”

Traders betting on LAND and CDC benefiting from low interest rate regime

Shares of home developers City & Land Developers (LAND) and Cityland Development (CDC) jumped 22.79% and 17.95% respectively on 30 March 2021. LAND is a subsidiary of CDC. Both companies are mostly into residential development. Trading of LAND and CDC registered volumes far above 65-day averages. The sudden interest on LAND and CDC by investorsContinue reading “Traders betting on LAND and CDC benefiting from low interest rate regime”

DM Consunji (DMC) sustains dividend distribution, yields 8.5%

DMCHI Holdings (DMC) declared a cash dividend of 0.48 Pesos a share on 29 March 2021. The dividend declared per share is the same amount of dividend declared last year. With DMC closing at 5.65, the dividend declared would indicate a yield of 8.5%. DMC’s total dividend payout would amount to 6.37 Billion Pesos. SomeContinue reading “DM Consunji (DMC) sustains dividend distribution, yields 8.5%”

After AREIT deal release, ALI trades 2.47 times 65 Day Average Volume

ALI traded at 2.47 times 65-day average trading volume, a day after AREIT made a press release that it is boosting dividends and eyeing a 15 Billion Peso property for share swap with ALI. The elevated trading volume could be attributed to investors positioning for an eventual rebound in ALI taking advantage of the weakenedContinue reading “After AREIT deal release, ALI trades 2.47 times 65 Day Average Volume”

ALI liquifying real assets through AREIT, pioneering move to strengthen ALI

ALI is a highly leverage real estate company. As of 30 September 2021, total liabilities are 1.8 times total equity. With the pandemic slowing down real estate sales and rental revenues, leverage real estate developers like ALI must be creative in raising the necessary funds to pay off debts and fund developments. Investment properties ofContinue reading “ALI liquifying real assets through AREIT, pioneering move to strengthen ALI”

DDMPR offering price, a 14% premium over per share equity at fair value

DDMP REIT (DDMPR) like its sponsor and parent company Double Dragon (DD) has been recognizing as income the unrealized gains from changes in fair values of investment property. At the end of the day the unrealized gains from the increase in fair value of investment properties, although “not yet realized,” are added to the capitalContinue reading “DDMPR offering price, a 14% premium over per share equity at fair value”

ALI to survive pandemic through financing activities

ALI burned cash of 12.5 Billion Pesos on operating activities throughout 2020. The cash burned on operations was offset by the proceeds from the AREIT IPO sponsorship. The IPO of AREIT was timely, giving ALI the necessary cash during the year. It looks like that in 2021, ALI may yet again rely on financing activities.Continue reading “ALI to survive pandemic through financing activities”

FLI (Filinvest Land) poised for take-off

On November 23, 2020 trading Filinvest Land, Inc. (FLI) jumped 5.83% to close at 1.09 a share.  Volume for FLI on that day reached 73.2 Million shares.  That would be 4.7X FLI’s 65-day average volume.  That event could be a prelude to the recovery of the share price of FLI. Real estate stocks have beenContinue reading “FLI (Filinvest Land) poised for take-off”

A successful DD REIT will unlock value in DoubleDragon (DD)

In the nine-month period ending September 30, 2020 DoubleDragon Properties Corp. (DD) reported a net income of 5 Billion Pesos.  However, of the net income of 5 Billion Pesos, 5.5 Billion Pesos came from revenues consisting of “paper profits” from unrealized gain from changes in fair value of investments properties. Right now, DD’s balance sheetContinue reading “A successful DD REIT will unlock value in DoubleDragon (DD)”

ALI (Ayala Land) survives through financing activities as it burns cash on operations

With all the right pedigree, relationships, and resources it has been a breeze for Ayala Land, Inc. (ALI) to weather the COVID-19 pandemic through financing activities. At the onset of the pandemic, ALI quickly organized the first ever Real Estate Investment Trusts (REIT) in the country to raise funds. The AREIT public offering raised roughlyContinue reading “ALI (Ayala Land) survives through financing activities as it burns cash on operations”

Material slowdown in cash generation had SMPH unable to service debts using its own cash

In the nine-month period ending September 30, 2020, SM Prime Holdings (SMPH) generated cash from operations of 18.7 Billion Pesos down 57% from last year of the same period. Despite the material slowdown in cash flow from operations, SMPH proceeded with its expansion spending 36.4 Billion Pesos to add investment properties and other assets. TheContinue reading “Material slowdown in cash generation had SMPH unable to service debts using its own cash”

ALI (Ayala Land) unloads Ortigas mall to AREIT for 5.1 Billion Pesos, transaction may bode well for ALI holders but not so for AREIT

AREIT just announced that it is buying The 30th from its sponsor, Ayala Land (ALI) for 5.1 Billion Pesos.  The 30th is a shopping mall built and managed by Ayala Malls. It is the first Ayala Mall in Ortigas Center as well as in Pasig City. The mall was named “The 30th” as it isContinue reading “ALI (Ayala Land) unloads Ortigas mall to AREIT for 5.1 Billion Pesos, transaction may bode well for ALI holders but not so for AREIT”

SM Prime Holdings should present fund raising initiatives as it faces 43.8 Billion current debts

SM Prime Holdings, Inc. (SMPH) generates cash from operations of 9.4 Billion Pesos during the first half of 2020 down 67% compared to the cash flow generated from operations of the same period a year ago.  In the first half of 2019 it generated cash from operations of 28.8 Billion Pesos. Despite the slowdown inContinue reading “SM Prime Holdings should present fund raising initiatives as it faces 43.8 Billion current debts”

DoubleDragon’s (DD) $75 Millon proceeds from bond offering may not be enough to address short-term debts

DoubleDragon Properties Corp. (DD) just recently successfully concluded last July 21, 2020 its maiden US$75,000,000 5-year dollar bond issuance which is now listed in the Singapore Exchange Securities Trading Limited (SGX). According to DD’s disclosure the bond is trading above par or on a premium. As of end of the first half of 2020, DDContinue reading “DoubleDragon’s (DD) $75 Millon proceeds from bond offering may not be enough to address short-term debts”

DoubleDragon (DD)cash dividends may take a while as retained earnings propped up with unrealized valuation gains

It has been five years since DoubleDragon Properties Corp. (DD) common shareholders tasted dividend. In the near term, it is most likely that DD holders might not taste dividend still. On April 2016, DoubleDragon Properties Corp. issued a cumulative, non-voting, non-participating, redeemable at the option of DoubleDragon Properties Corp., convertible at the ratio of 1Continue reading “DoubleDragon (DD)cash dividends may take a while as retained earnings propped up with unrealized valuation gains”

AREIT might just go high-yield, was it oversubscribed?

Prior to the AREIT listing date, AREIT sponsor – Ayala Land, Inc. (ALI) disclosed to the Philippine Stock Exchanged that the AREIT IPO was oversubscribed by twice the base offer, with “high-quality” domestic and international institutional investors participating in the book-building notwithstanding the continuing coronavirus (COVID19) pandemic. The “oversubscription” was widely reported in various newsContinue reading “AREIT might just go high-yield, was it oversubscribed?”

No News, AREIT officially acquires Teleperformance Cebu

Pursuant to the REIT Plan dated 24 July 2020, the AREIT entered into a Deed of Absolute Sale with ALO Prime Realty Corporation (“APRC”), a wholly-owned Subsidiary of its Sponsor, Ayala Land, Inc. (“ALI”), for the acquistion of Teleperformance Cebu for purchase price of PhP 1,450,000,000.00, exclusive of value-added taxes. Teleperformance Cebu is a PEZA-registeredContinue reading “No News, AREIT officially acquires Teleperformance Cebu”