Aequitas Research - Ayala Land Inc. (ALI) ... Filinvest REIT IPO

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Aequitas Research

Sumeet Singh

EUR 91.22 For Business Accounts Only

Filinvest REIT IPO

Filinvest REIT (FREIT), a subsidiary of Filinvest, aims to raise up to US$240m in its Philippines listing.

FREIT’s initial property portfolio consists of 16 office towers located in Northgate Cyberzone, Alabang, and one office tower in Cebu City with an aggregate office space GLA of 299,158 sqm and 2,204 sqm of retail GLA. The portfolio will have a weighted average lease expiry (WALE) of 3.8 years with an occupancy of 89.7% as of Mar 2021. The Properties were valued at PHP48,547.4m (US$965m).

Given the recent restructuring of the REITs assets, its past financials aren’t of much use. However, looking at the operational data of its existing portfolio, FREIT doesn’t appear to have had a very good FY20 and even FY21 doesn’t appear to be shaping up well.

Having said that, the REIT does have a strong sponsor with a rich pipeline of ROFR assets.

We looked at the background of the REIT in our earlier note, Filinvest REIT IPO - Almost like a single asset REIT, COVID hasn’t been kind.

In this note, we will comment on valuation and run the deal through our ECM framework.

15/07/2021 7 EN

Underlyings

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

DDMP REIT

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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.

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Analysts

Sumeet Singh

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Filinvest REIT 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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