Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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Equity Bottom-Up

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  <li>
<a href="https://smartkarma.com/entities/ddmp-reit">DDMP REIT</a> owns a portfolio of Grade A office buildings with a retail component, concentrated in a single location, DD Meridian Park in the Bay Area, Pasay City.</li>
  <li>The company exhibits a very high dividend yield and attractive valuation multiples (P/E, P/B) compared to its peers, but has shown a poor growth track record with declining net income and earnings per share over the past three years.</li>
  <li>The outlook for the Philippine office market is cautiously optimistic, driven by the resilient BPO sector. However, DDMPR faces risks from its geographic and tenant concentration, as well as rising interest rates which could pressure valuations.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
DDMP REIT owns a portfolio of Grade A office buildings with a retail component, concentrated in a single location, DD Meridian Park in the Bay Area, Pasay City.
  The company exhibits a very high dividend yield and attractive valuation multiples (P/E, P/B) compared to its peers, but has shown a poor growth track record with declining net income and earnings per share over the past three years.
  The outlook for the Philippine office market is cautiously optimistic, driven by the resilient BPO sector. However, DDMPR faces risks from its geographic and tenant concentration, as well as rising interest rates which could pressure valuations.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3>Private home prices climb 0.9% QoQ in 3Q21; Rising for 6th straight quarter</h3><p>Private home prices rose 0.9% QoQ and 7.3% YoY in 3Q21, marking an increase for the sixth consecutive quarter, according to URA. The price increase in 3Q21 was largely driven by non-landed homes in the Rest of Central Region (RCR), which rose by 2.2% QoQ. In the Core Central Region (CCR), prices fell 0.6%, while prices in the Outside Central Region (OCR) fell by 0.2%. Meanwhile, prices for landed properties rose 2.5% QoQ, compared to a 0.3% decline in the preceding quarter. It is expected that resale homes will continue seeing strong demand. For the full year, CBRE Research expects private home prices to rise by 6–8%, given the current market trajectory.</p>

SingaporePrivate home prices climb 0.9% QoQ in 3Q21; Rising for 6th straight quarterPrivate home prices rose 0.9% QoQ and 7.3% YoY in 3Q21, marking an increase for the sixth consecutive quarter, according to URA. The price increase in 3Q21 was largely driven by non-landed homes in the Rest of Central Region (RCR), which rose by 2.2% QoQ. In the Core Central Region (CCR), prices fell 0.6%, while prices in the Outside Central Region (OCR) fell by 0.2%. Meanwhile, prices for landed properties rose 2.5% QoQ, compared to a 0.3% decline in the preceding quarter. It is expected that resale homes will continue seeing strong demand. For the full year, CBRE Research expects private home prices to rise by 6–8%, given the current market trajectory.

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> to provide more tenant support amid stricter Covid-19 measures</h3><p>MCT said it is committed to providing the necessary rental and operating assistance to its retail tenants as Singapore tightens its Covid-19 measures till 13Jun. Since the start of the pandemic, MCT has implemented support packages comprising more than S$70m of rental rebates to help eligible retail tenants offset, on average, more than four months of fixed rent. This includes the passing on of property tax rebates, cash grants from the government and other mandated grants to qualifying tenants. MCT's properties have implemented health and safety protocols.</p><p>Comments: Rental rebates are likely returning as F&amp;B tenants grapple with no-dining-in restrictions for ~1mo. We understand few tenants at Paragon have already requested for assistance but SPHREIT is still reviewing. We will keep track for every landlord’s decision and report accordingly.</p>

SingaporeMapletree Commercial Trust (MCT SP) to provide more tenant support amid stricter Covid-19 measuresMCT said it is committed to providing the necessary rental and operating assistance to its retail tenants as Singapore tightens its Covid-19 measures till 13Jun. Since the start of the pandemic, MCT has implemented support packages comprising more than S$70m of rental rebates to help eligible retail tenants offset, on average, more than four months of fixed rent. This includes the passing on of property tax rebates, cash grants from the government and other mandated grants to qualifying tenants. MCT's properties have implemented health and safety protocols.Comments: Rental rebates are likely returning as F&amp;B tenants grapple with no-dining-in restrictions for ~1mo. We understand few tenants at Paragon have already requested for assistance but SPHREIT is still reviewing. We will keep track for every landlord’s decision and report accordingly.

ASEAN Builder's Scoop (17May21) - MCT to provide more tenant supports

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/ayala-land-inc" target="_blank" data-smartkarma-citation="entities:131:1" rel="noopener">Ayala Land Inc (ALI PM)</a> aims to raise around US$121m via selling around 11% of <a href="https://www.smartkarma.com/entities/areit-ayalaland-reit" target="_blank" data-smartkarma-citation="entities:28856:1" rel="noopener">Areit (AyalaLand REIT) (AREIT PM)</a>.</li>
<li>Ayala Land and AREIT have been moving towards concluding an asset for shares swap that had been in the works for a while. This placement appears to stem from that.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Ayala Land Inc (ALI PM) aims to raise around US$121m via selling around 11% of Areit (AyalaLand REIT) (AREIT PM).
Ayala Land and AREIT have been moving towards concluding an asset for shares swap that had been in the works for a while. This placement appears to stem from that.
In this note, we will talk about the placement and run the deal through our ECM framework.


AREIT Placement - Parent Is Buying High and Selling Low

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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<a href="https://www.smartkarma.com/entities/vista-reit" target="_blank" data-smartkarma-citation="entities:35951:1" rel="noopener">Vista REIT (VR PM)</a> is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors. </li>
<li>VREIT's larger assets have seen their occupancies dwindle since FY19. A bulk of its office tenants are up for expiry in FY22 and sector momentum hasn’t been the greatest.</li>
<li>VREIT would also hold the smallest portfolio in terms of appraised valuation and would be the smallest REIT, as per mcap.</li>
</ul>



Vista REIT (VR PM) is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors. 
VREIT's larger assets have seen their occupancies dwindle since FY19. A bulk of its office tenants are up for expiry in FY22 and sector momentum hasn’t been the greatest.
VREIT would also hold the smallest portfolio in terms of appraised valuation and would be the smallest REIT, as per mcap.


Vista REIT IPO - Smallest of the Lot, Sector Has Been Under Pressure

Philippines

DDMP REIT Inc. operates as a real estate investment trust company in the Philippines. Its property portfolio primarily consists of six office towers with retail components located in DD Meridian Park, a flagship mixed-use development in Metro Manila. The company was incorporated on October 27, 2014, and is headquartered in Pasay, Philippines.

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DDMP REIT (DDMPR PM)

Primer: DDMP REIT (DDMPR PM) - Aug 2026

DDMP REIT owns a portfolio of Grade A office buildings with a retail component, concentrated in a single location, DD Meridian Park in the Bay...

αSK Primers

ASEAN Builder's Scoop (4Oct21)

Private home prices rose for 6th straight quarters; HDB resale prices hit new record; MEG to infuse uptown assets to MREIT; DDMPR large POGO...

SCCM Asia Research

ASEAN Builder's Scoop (17May21) - MCT to provide more tenant supports

MCT to provide more tenant supports; ARA increases stake in Kenedix; Provence Residence healthy 53% take-up rate; AREIT 1Q21 driven by inorganic...

SCCM Asia Research

AREIT Placement - Parent Is Buying High and Selling Low

Ayala Land Inc (ALI PM) aims to raise around US$121m via selling around 11% of Areit (AyalaLand REIT) (AREIT PM). In this note, we run the deal...

Sumeet Singh

Vista REIT IPO - Smallest of the Lot, Sector Has Been Under Pressure

Vista REIT (VR PM) is looking to raise about US$158m in its Philippines IPO. Sector momentum hasn’t been the greatest and VREIT would be the...

Clarence Chu

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