IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/megaworld-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:33806:1" rel="noopener">Megaworld Real Estate Investment Trust (MREIT PM)</a>/MREIT is the flagship REIT platform of <a href="https://www.smartkarma.com/entities/megaworld-corp" target="_blank" data-smartkarma-citation="entities:8746:1" rel="noopener">Megaworld Corp (MEG PM)</a>, one of the leading property developers in the Philippines. MREIT has won approval for an IPO in the Philippines to raise PHP23.7 billion ($471 million) through a secondary offering of 1,078.0 million units at a maximum price of PHP22.00 per unit. Pricing is set for 18 August and the offer period will run from 23 to 27 August. </p><div class="content-highlight"><p>MREIT currently owns 10 Grade A offices, hotels, retail and other buildings with an aggregate appraised value of PHP49,316.0 million ($1,017.5 million). The properties are in three major townships developed by Megaworld (the sponsor), which are Eastwood City, McKinley Hill and Iloilo Business Park. The properties have a large exposure to the business process outsourcing (BPO) sector - BPOs and traditional offices sector accounts for 89.9% of total GLA as of 31 March 2021. On balance, we believe that MREIT has attractive characteristics. We will discuss valuation in our next note.</p></div>

Megaworld Real Estate Investment Trust (MREIT PM)/MREIT is the flagship REIT platform of Megaworld Corp (MEG PM), one of the leading property developers in the Philippines. MREIT has won approval for an IPO in the Philippines to raise PHP23.7 billion ($471 million) through a secondary offering of 1,078.0 million units at a maximum price of PHP22.00 per unit. Pricing is set for 18 August and the offer period will run from 23 to 27 August. MREIT currently owns 10 Grade A offices, hotels, retail and other buildings with an aggregate appraised value of PHP49,316.0 million ($1,017.5 million). The properties are in three major townships developed by Megaworld (the sponsor), which are Eastwood City, McKinley Hill and Iloilo Business Park. The properties have a large exposure to the business process outsourcing (BPO) sector - BPOs and traditional offices sector accounts for 89.9% of total GLA as of 31 March 2021. On balance, we believe that MREIT has attractive characteristics. We will discuss valuation in our next note.

Megaworld REIT (MREIT) IPO: At the Front of the Back Office

Philippines

MREIT is a Philippines-based real estate investment trust (REIT) that owns and invests in income-producing commercial portfolios, primarily consisting of office, retail, and hotel properties. It focuses on leasing spaces to corporate tenants and managing its property portfolio, passing much of the rental income to shareholders. MREIT was incorporated in 2020 and is headquartered in Taguig City, Philippines.

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MREIT (MREIT PM)

Megaworld REIT (MREIT) IPO: At the Front of the Back Office

MREIT has won approval for a PSE IPO to raise PHP23.7 billion ($471 million). On balance, we believe that MREIT has attractive characteristics.

Arun George

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