Aequitas Research - Ayala Land Inc. (ALI) AREIT IPO

Report

Aequitas Research

Sumeet Singh

EUR 91.22 For Business Accounts Only

AREIT IPO

AREIT, a subsidiary of Ayala Land, aims to raise up to US$270 in its Philippines listing.

AREIT will be the first REIT listing for the Philippines. AREITâ€™s investment strategy is to invest in income-generating real estate located in either Metro Manila, key provinces in the Philippines, or other attractive locations. It aims to acquire properties with a primary focus on commercial properties, but may be related to other types of real estate as well like retail, residential, hospitality, industrial etc.

It will have an initial portfolio of three commercial buildings located in Metro Manila, Philippines. In addition, it will use the proceeds from the IPO to buy another asset from the sponsor, taking its total asset count to four. The four assets together will have a gross leasable area (GLA) of 170,703.8 sqm. As of Mar 2020, the portfolio had an occupancy of 99.4% and weighted average lease expiry for the office leases of 5.84 years.

Iâ€™ve covered the details of the company in my previous note, AREIT Pre-IPO - First Philippines REIT listing comes with its peculiarities.

In this note, Iâ€™ll run the deal through our ECM framework and talk about valuations.

16/07/2020 4 EN

Underlying

Ayala Land Inc.

Ayala Land is a real estate development group in the Philippines that owns several residential and commercial developments. Co. is engaged in the masterplanning and development of mixed-use communities with residential, retail, office, hotel, and leisure components. Co. offers a full line of end-to-end real estate products, ranging from residential, retail and office developments, as well as hotels and island resorts, to construction and property management services. Co.'s operations are organized along four business segments: Property Development; Commercial Leasing; Hotels and Resorts; and Services.

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PHY0488F1004 Philippine Stock Exchange Philippines

Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

See profile

Analysts

Sumeet Singh

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AREIT IPO

Ayala Land Inc: 1 director

With a more favourable environment, AYALA LAND improves to Slightly Positive

Synergy Grid & Development re-IPO

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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