Report
EUR 88.49
For Business Accounts Only
Citicore Energy REIT is a Philippine REIT with a focus on sustainable infrastructure projects. The initial portfolio will consist of the Clark Solar Power Plant, Armenia Property, Toledo Property, Silay Property, and the Dalayap Property, which had a total appraised valuation of PHP10.9bn (US$214.3m)
The REIT will be the first of its kind, and the first non-office REIT listing in the Philippines. Its rental income consists of two components, fixed and variable, where the latter is expected to remain a smaller contributor as seen from its forecasted financials. Its existing tenants stem from a high quality customer base as well, with long term expiries.
We expect dividend yield to be stable post-listing, with growth driven primarily from acquisitions, which the REIT should be able to undertake, given its healthy balance sheet. While the guaranteed rental base does provide stability, escalation is minimal.
In this note, we discuss the REIT’s assets and lease structures.
Citicore Energy REIT IPO
Citicore Energy REIT is looking to raise around US$170m in its Philippines IPO.Citicore Energy REIT is a Philippine REIT with a focus on sustainable infrastructure projects. The initial portfolio will consist of the Clark Solar Power Plant, Armenia Property, Toledo Property, Silay Property, and the Dalayap Property, which had a total appraised valuation of PHP10.9bn (US$214.3m)
The REIT will be the first of its kind, and the first non-office REIT listing in the Philippines. Its rental income consists of two components, fixed and variable, where the latter is expected to remain a smaller contributor as seen from its forecasted financials. Its existing tenants stem from a high quality customer base as well, with long term expiries.
We expect dividend yield to be stable post-listing, with growth driven primarily from acquisitions, which the REIT should be able to undertake, given its healthy balance sheet. While the guaranteed rental base does provide stability, escalation is minimal.
In this note, we discuss the REIT’s assets and lease structures.
Underlying
Citicore Energy REIT
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.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Clarence Chu
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