Aequitas Research - Ayala Land Inc. (ALI) ... RL Commercial REIT and MREIT peer comparison

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Aequitas Research

Sumeet Singh

EUR 91.22 For Business Accounts Only

RL Commercial REIT and MREIT peer comparison

RL Commercial REIT (RREIT), sponsored by Robinsons Land Corporation (RLC), aims to raise up to US$491m in its Philippines listing. In addition, MREIT, sponsored by Megaworld, aims to raise up to US$540m in its Philippines listing. Both will be a 100% secondary shares offering.

We have looked at both the REITs individually in our earlier notes:

RL Commercial REIT Pre-IPO - Motley crew of assets has weathered COVID well

MREIT Pre-IPO - Mediocre performance, convoluted lease, low asset yield

Apart from these two REITs we have also covered prior listings of the three currently listed REITs in the Philippines:
Filinvest REIT IPO - Almost like a single asset REIT, COVID hasn’t been kind

DDMP REIT Pre-IPO - Brand new assets but not with the best of outlooks

AREIT Pre-IPO - First REIT listing comes with its peculiarities

In this note we will undertake a peer comparison across for the two listing candidates and the three currently listed REITs.

18/08/2021 6 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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MREIT

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RL COMMERCIAL REIT INC

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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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RL Commercial REIT and MREIT peer comparison

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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