Aequitas Research - Ayala Land Inc. (ALI) ... RL Commercial REIT Pre-IPO

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Aequitas Research

Sumeet Singh

EUR 91.22 For Business Accounts Only

RL Commercial REIT Pre-IPO

RL Commercial REIT (RREIT), sponsored by Robinsons Land Corporation (RLC), aims to raise up to US$491m in its Philippines listing. It will be a 100% secondary shares offering, where the Sponsor will be selling part of its stake.

RREIT is a commercial REIT and its initial portfolio will consist of 14 PEZA-accredited commercial real estate properties located in CBDs across Metro Manila and key cities outside Metro Manila, namely, Naga, Tarlac, Cebu and Davao.

The properties will have a total GLA of 425,315 sqm, and are valued at PHP73.9bn as of Jun 21. They are majority Grade A commercial assets, leased primarily for office purposes. The portfolio had an occupancy of 99% and WALE of 4.3 years as of Jun 21.

RREIT has weathered the COVID-19 pandemic well. Despite some assets posting weaker occupancies in FY20, the overall occupancy has received to near full occupancy. Although, not all assets have been doing well.

11/08/2021 11 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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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 Pre-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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