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DECENT EARNINGS Report, up slightly. DD Stock higher DD / Double Dragon. 3yr: 1yr: Ytd; 10d/ Last: 7.64 +0.31, DoubleDragon first nine months 2023 financial highlights - 1 FIRST NINE MONTHS 2023 FINANCIAL HIGHLIGHTS - Revenues grew +3.01% year-on-year to P6.15 Billion - Net Income grew +0.68% year-on-year to P2.47 Billion - Total Cash Position stands at P5.72 Billion - Net Debt-to-Equity ratio at 0.71x, Total Equity now stands at P82.10 Billion (one of the lowest net D/E ratios among Philippine listed companies) - DoubleDragon's nationwide Philippine portfolio of titled hard assets strategically located in Luzon, Visayas and Mindanao is expected to fully mature by 2025 and expected to exceed over P250 Billion in Hard Real Estate Asset Value by 2030 (excluding DoubleDragon's overseas asset portfolio) DoubleDragon Corporation (the "Company" or "DoubleDragon") reports Consolidated Net Income +0.68% to P2.47 Billion for the first nine months ending September 30, 2023 as compared to the same period the prior year. Consolidated Revenues +3.01% at P6.15 Billion for the first nine months ending September 30, 2023 as compared to the same period the prior year. Total Assets increased to P163.99 Billion in the first nine months ending September 30, 2023. Total Equity increased to P82.10 Billion in the first nine months ending September 30, 2023. DoubleDragon's net Debt-to-Equity ratio continued to stay at a healthy 0.71x as of September 30, 2023. The Company's unutilized Debt Capacity stood at P127.28 Billion as of September 30, 2023. - 2 DoubleDragon's Focus: Strengthening the Base, Positioning Globally. The DoubleDragon team has currently two specific and straightforward goals. Firstly for DoubleDragon's Philippine portfolio to fully mature and reach its optimal revenue generation level by 2025. And secondly, for DoubleDragon's Offshore Hotel101 Global portfolio to gain significant market grip overseas by 2025. "Given that the world economy is getting more and more fragile and volatile, we deemed it imperative, that the only way to future-proof itself is to passionately pursue the target of DoubleDragon's revenues to be derived from geographically diversified sources, that eventually over the longterm, we aim that no single country will contribute over 10% of DD's revenue and income," said DoubleDragon Chairman Edgar Injap Sia II. "But of course, your company DoubleDragon Corporation, will remain to be a deep rooted Filipino company at its core forever. And your DD team will never stop at any point, doing its unconditional responsibility, to continually be a significant contributor in Nation- Building, with our common goal towards a first world Philippines," added Mr. Sia.

"Record quarterly income for APX. First time they reached PHP 1 billion in a quarter" ===== : 2021 : 2022 : 9mo’22 : 9mo’23 : Q4.est: 2023.E Revs. : 7.41B: 10.31B: 7.5 B : 8.7 B : x pct. : 10.8%: 32.4% 32.4% 33.0%E Net Inc.: 803M: 3.34B: 2.43Be 2.87Be : 1056M: 3.93B X pct. : 89.5%: 89.5% x 89.5%: x89.5% : x89.5% Earns.? : 719.M: 2.99B: 2.17Be 2.57Be : 945M: E.P.S. : 0.1154: 0.48 : 0.349 : 0.412e : 0.152 : 0.564e Divs. : 0.00 : .0106 : .0106 : 0.053 : % EPS : n/a : 2.0% : 3.1% : 12.9% : Policy=10%* Sh. OS : 6.23B: 6.23B: Last: P2.62 / PER-4.68= P0.56. Div 0.053= 2.02% *Apex Mining Co. Inc. announced a new dividend policy entailing a cash dividend in an amount equivalent to 10 percent of its net income based on its consolidated audited financial statement for each year. The dividend policy comes with a proviso that there is sufficient unrestricted retained earnings to cover the cash dividends. Update: UGL (2x Gold) was us about 1.7% yesterday on the positive CPI news. That would be 2.58 for APX (2.54 x1.0168,+0.04) would be a reflection of earnings news. APX-PX : 2.54 - 2.80= (0.26): 90.7%. UGL-blue: / 57.69= 4.40% Previous (8.14.23) C06339: Apex Mining press release - "Better by 19% versus 1H 2022" APEX MINING 1H 2023 GROSS REVENUES HIT P5.7B The consolidated gross revenues of Apex Mining Co., Inc. and its subsidiaries in the first half of 2023 reached P5.7 billion — 19% higher than the P4.8 billion it reported for the same period in 2022. Meanwhile, the consolidated net income in 1H 2023 was P1.4 billion (P168 million lower versus 1H of 2022). For 1H 2023, Apex Mining's Maco Mine operations milled a total of 378,564 tonnes — 3.0% lower than the same period in 2022. Quarter on quarter, the tonnes milled in the second quarter of 2023 is 7% higher. The second quarter's ounces of gold produced is also 11% higher than the first quarter. Moreover, 2Q Au and Ag ounces sold are 17% and 19% higher, respectively, versus Q1. In Q1 2023, the company encountered many challenges, including an earthquake swarm as well as prolonged and heavy rainfall and landslides, that led to intermittent work stoppages fo (Updated, Nov. 14, 2023) "APEX MINING REPORTS 17% HIGHER NINE-MONTH REVENUES" The consolidated gross revenues for the nine months of 2023 (ending September 30) of Apex Mining Co., Inc. and its subsidiaries reached P8.7 billion — 17% higher than the P7.5 billion it reported for the same period in 2022. The consolidated net income, however, was lower by 6% at P2.3 billion compared to P2.5 billion as of 30 September 2022. Its Q3 2023 net income earned grew higher by P129.6 million or 14% versus the third quarter net income in 2022. Still as of 30 September, the combined operations of Apex Mining's Maco mine in Davao de Oro and the Sangilo mine in Benguet (operated by its subsidiary Itogon-Suyoc Resources) milled a total of 701,713 tonnes —2% higher than the same period in 2022. The consolidated gold ounces sold by these two operating mines for the three quarters of this year reached 77,652 (6% higher than the same period in 2022 at 73,219 ounces). The Maco mine, despite encountering many challenges in Q1 2023, maintained an 87% gold recovery rate in its Maco ore processing plant — practically the same as 2022's. The higher average realized gold price of $1,913/oz during the year (versus $1,817/oz in 2022) and favorable Philippine Peso to US Dollar exchange rate also helped push the revenues up in 2023. ISRI's Sangilo mine milled 104,270 tonnes in the first three quarters of 2023, 15% higher than the tonnes milled in the same period in 2022, at a grade of 3.51 grams per tonne of gold. Gold recovery rate was 86%. Based on the Mine Reserves and Resource Certifications of 2021, Apex Mining's Maco Mine has enough reserves and resources to continue at the targeted production rate of 3,000 tonnes per day until 2032. The ongoing exploration program for MPSA 225 and the acquisition of the Asia-Alliance Mining Resources Corp. shores up Apex Mining's future gold resources as the extensions of existing mining veins in Maco Mine spill over to the tenements of AAMRC.

MAXS-JFC-etc : updated, from 11/15: 3.80 >3.30, -13.2%; 217.0 >252.8, +16.5%; r:1.75% > 1.31% MAXS broke back down below P4.00 MAXS ... P3.30. v 3.86 @11/14 With a div. of 0.1928, Yield is just below 6.0%, at 5.84%. PER: 5.16. BV: 4.97 ==> at p0.1928 Div., 6.0% Yield would be P3.21, And there may be some good support there BV rising again as Borrowings Fall : ye’2019 : ye’21 : ye’22 : chg. : YEval.: 12.40 : 6.48 : 4.88 : BV/sh.: 5.47 : 4.34 : 4.97 : Sh.Eq.: 5.95B : 4.51B : 5.16B : T.Borr.: 7.04B : 6.11 B : 5.82B : Net.Dt: 6.15B : 5.03B : 4.13B : ND/SE: 103% : 111.2% : 80.0%: Revs. : 14.40B : 8.51B : 10.96B : Ebitda: 2.70B : 1.81 B : 2.14B : E.P.S. : 0.66 : 0.43 : 0.60 > Div/sh.: .1452 : .0000 : .1928 : %payo: 22.0%: N/A : 32.1% : 1st Half : : 1H’22 : 1H’23 : Revs. 4.9 B : 5.9 B : +17% NOP 1.35B : 1.9 B : Margin 27.7% : 33.0% =======

MORE - Q&A for Grantham Where should investors consider putting their money now? Grantham sees the biggest value right now in stock markets outside of the US. They have underperformed the US stock market for a good while (and certainly now). Japan and the U.K./Europe look very affordable right now. ... He sees more risk and volatility in developing markets though those, too, look “investable” to him at current prices. If you had to hold one of these assets — gold, bitcoin or cash— for the next 10 years, which would you choose? Gold.

SPX vs. IWM (169.11)/4415.=3.83%. UKX (7,361), Psei (6,162 139.6%) RATIO: PSEI (6,162) / SPX (4,415)= 139.6% Jeremy GRANTHAM : Doesn’t expect the bottom to be in until there is a major price capitulation and stocks become a toxic asset in most investors’ minds. Once that happens, when truly bargain prices abound but no one wants to jump back into stocks, THAT will be the time to hold your nose & buy. ... Crediting the work of John Hussman, Grantham calculates the stock market is at nosebleed levels of over-valuation. He can easily make the case why the market should correct by 50% or more from here, though that isn’t his base case prediction. But he’s waiting for the S&P to drop below 3,000 before he starts getting interesting in buying anything. If it falls below 2,000, he’ll be buying aggressively. ( US ) Housing is a dead man walking at this point. It’s all about math. Prices will come down with these higher rates, and we can see that already happening in countries with shorter duration mortgages than the US (e.g., Scandinavia, the UK). Grantham calculates this housing market bubble reached higher extremes than the 2007 one…and is concurrent with a vastly higher stock market bubble than ever before in history. He sees the Russell 2000 (IWM) as the most vulnerable part of the US stock market. It has a high density of “zombie” companies, 40% of the stocks in the index don’t have positive earnings, the debt/equity ratio of this index is far worse than the S&P or the NASDAQ, and the total debt levels are at record highs. Its performance has been pretty disappointing over the past 5 years, showing it is already in trouble — it’s down 18% over its high from a year and a half ago, despite inflation being a lot higher. > https://adamtaggart.substack.com/p/waitwhat-adam-left-wealthion?utm_source=profile&utm_medium=reader2

CPG vs. TLT: from 2016: 2019: 0.305 / 87.99 = 0.34% == chart == Earns : 2021 : 2022 : 2023 : chg. 12 mo. 0.95B 0.90B: > > - 5.3% shares 11.6b 11.6b E.P.S. : 0.065 0.060 0.112 ? Yr.End : 0.400 0.390 0.305 PEratio 6.19x 6.38x 4.3x? 9 mos. ==== 1.1 b: 1.3 b: + 13.% Per sh. .095: 0.112 : Divs. 0.01 : 0.00: .0101 : % EPS 15.4% N/A : "Century Properties Group's 9M 2023 revenue rises to P9.7 B" First-Home business segment buoys 10% revenue growth Century Properties Group Inc. (PSE: CPG) maintained a solid performance in the first nine months of 2023 (9M 2023) as it recorded consolidated revenues at P9.7 billion, up 10% from P8.7 billion in the same period last year (9M 2022). The higher revenues for 9M 2023 were anchored on the steady rise in the contribution of CPG's First-Home Residential Developments (First-Home) segment amounting to P5.3 billion or 55% of total revenues, an increase of 28% from P4.2 billion in 9M 2022. CPG's In- City Vertical Developments and Commercial Leasing segments contributed 30% or P2.9 billion and 10% or P1 billion, respectively. The remainder came from its Property Management segment which contributed P376 million. "The economic recovery of the country fully supports the growing demand of Filipinos for quality and affordable first homes. This translated into a strong sales take-up for our First-Home products and has put CPG on track to surpass its pre-pandemic performance despite the persisting headwinds," explained Ponciano S. Carreon, Jr., Chief Finance Officer of CPG. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for 9M 2023 surged by 30% to P2.5 billion from P1.9 billion in the same period last year as a result of the higher contribution from the high-margin First-Home segment and improved operating efficiencies of the other business segments. The company also posted a healthy gross profit margin for 9M 2023 of 45%, higher than 41% in 9M 2022. CPG's net income after tax for 9M 2023 reached P1.3 billion, a 13% growth from P1.1 billion in 9M 2022. P 1.3B / 11.6B sh. = 0.112 per sh. "We remain resolutely dedicated to our role in nation-building, diligently addressing the aspirations of Filipinos for high-quality, affordable, and strategically positioned homes. As we forge ahead, we will intensify our business efforts to meet the soaring demand in this sector, driven by the unmet housing backlog in our nation," stated Marco R. Antonio, President and CEO of CPG. CPG previously announced its board approval to acquire Mitsubishi Corporation's stake in PHirst Park Homes, Inc., paving the way for the company to gain full ownership. The planned acquisition has already received the green light from the Philippine Competition Commission in August.

US Interest Rate uptrend - BROKEN? > yes! testing next support at 4.0-4.2% TNX / US 10 year Treasuries, Last: 4.121%; 11/10th: 4.628% 11/10th: 4.628% TLT vs. 3-REITs / 92.63, 4.45%; vs. 3R: 7.88%, 4R.ave: 8.46%, 4.01% premium Areit: 29.85, 7.37%, Mreit: 12.50, 7.87%, RCR: 4.65, 8.41%; Filrt: 2.79, 10.18%; 4R: 8.46% at 11.30 I had expected upturn when I made this chart at 11.10.23:

RentToOwn Summaries, Avida (Per Agent. Indicative ONLY, may not be available now) ( Note*: Following prices should be compared with "normal" installment purchase.) Southpoint 23.3sq. Jr.1BR, #29th Fl 9.081M= 389.7k: 50,454 R: 2,165psm 7,265M (80%) +20k x36 = 1,816.3k Verge , 22.6sq. Jr.1BR, #25th Fl 6.368M= 281.8k: 34,824 R: 1,541psm 5,094M (80%) +20k x36 = 1,253.7k Vireo, 23.4sq. Studio, #15th Fl 6.276M= 268.2k: 34,314 R: 1,466psm 5,021M (80%) +20k x36 = 1,235.3k ==> Notes: Calculate Cost above Market Value. If 500 per sq extra x23= P11,500 x36= P414k If Option premium: 414k/ 5M= 8.3% Strike RENT PerAnnum /Yield: VCondo List: Pct. 50.5k x12= 606k / 7.3%= P8.3M P9.1M 91% 35.0k x12= 420k / 7.3%= P5.7M P6.3M 90% Alternative: Fund the 80% Balloon, with VCP 7.265M: x7.3%= 530k /12= 44,195 is 88% of 50,454 5,050M: x7.3%= 369k /12= 30,720 is 89% of 34,500 (The Fund will help make nearly all the Monthly payments, and provide a war chest to pay the Balloon at 3 years, if needed. Or give the bank collateral, so they will be more comfortable to LEND money to a foreign buyer.) *NOTE: In assessing whether these deals make sense, you need to compare with standard instalment plan purchase terms. I don't have those figures, but I would want to see monthlies, and the size of the balloon after three years.) CAUTION: an agent friend told me that RTO prices are inflated.

BUILDER Stocks, Note #2, late Oct. STRONG SHANG, beat weak Bonds. HOW?? UPDATE: Low PERs suggest room for big DIV. rises in many Builder stocks Strong SHNG rise came from Div. increases, ahead of rising long term rates. === YE’2018: Low’22: late Oct: ‘22>chg. SHNG: 3.12 : 2.45 : 3.59 : +46.5% div. / .200 : .124 : .289 : +133.% yield 6.41% : 5.06% : 8.06% ROCK 2.01 : 1.20 : 1.43 : +19.2% div. / .070 : .035 : .075 : +114.% yield 3.48% : 2.92% : 5.26% MEG : 4.75 : 2.00 : 2.00 : +00.0% div. / .060 : .042 : .066 : +57.1% yield 1.26% : 2.10% : 3.30% : 10yr : 2.69% : 4.35% : 4.63% : TLT : 121.50 : 92.00 : $87.50 : -4.90% =========== MEG-etc: Ytd: 10d: 2.02-P1.59:/SHNG:3.61: 56.0%; ROCK 1.35=37.4% CPG 0.30=8.31% @ 11-24-23 2.02-SHNG:3.61:-P1.59, 56.0% ROCK 1.00=70.0% CPG 0.34=9.42% MEG @ 11-10-23 ROCK-etc: 1.50,-VLL: 1.60: (P0.10), 93.8% FLI 0.65=40.6% VLL Future PRICE TARGETS, based on Peak Comparisons ================= : Possible Rise + % Book : 25.6% > 60-66%, = +134 -158% + PE Ratio: 3.96x > 5.8-9.1x. = + 46 - 130% (+ any earnings rise) + Div.Yield: 4.72%> 3.6-3.2%= + 31 - 48% (+ any divs. rise ) Quant Measures in late October Stock : Last: Bk.V.: %BV: PER: E.Yld : D.Yld : Div%: LastD: ex-Div MEG. : 2.01 : 6.64: 30.3% 4.06: 24.6% 3.28% 13.3%: .0660: 10.26 SHNG: 3.58: 8.43: 42.5% 3.77: 26.5% 8.08% 30.5%: .1344 : 09.07 CPG. : .315 : 1.85: 17.0%: 4.75: 21.1% 3.84% 18.2%: .0061: 09.28 ROCK: 1.37 : 4.16: 32.9% 3.28: 30.5% 5.49% 18.0%: .0752: 08.17 VLL. : 1.65 : 9.07: 18.2%: 2.70: 37.0% 3.76%: 10.2%: .0620: 10.16 FLI. : .610 : 3.69: 12.1%: 4.63: 20.8% 5.90%: 28.3%. .0360: 05.09 ALCO: .445 : 1.90 : 26.1%: 4.56: 21.6% 2.70%: 12.5%. .0120: 07.12 == Average of 7 : 25.6% 3.96=25.3% 4.72%: 18.7% ===== == Old.Ave. of 7 : 27.0% 4.20=23.8% 4.19%: 17.6% ===== Compare Big 3: ALI. : 28.65 17.30 166.% 19.44 5.14% 0.99% 19.3%. ? SMPH 30.70 12.58 242% 25.00 4.00% 0.77% 19.3%. ? DMCI: 10.26 7.79: 132.% 5.11 : 19.6% 14.0%. 71.4%. ? == Average of 3 : 180.% 16.5 =9.58% 5.25%: 54.8% =====

BUILDER Stocks, Note #1, late Oct. + The Return on Builder stocks is 25%. This is based on a very simple metric, PE Ratios, This the average of a portfolio of Seven selected Property stocks that I will be discussing in a breakout group. IMHO, this area of investment has been mostly neglected in our Saturday meetings, and I want to address that neglect, by having a small group with a stronger focus on stocks. we will probably meet in a different location + It is interesting to see now the that currently reported PER ratio of that Group of 7 stocks is: 3.96x which means an Earnings Yield of 25.3%. The average Dividend Yield of the same group is 4.72%. That is below the average REIT yield of about 8%. I now think there is potential for strong rises in dividends, since Earnings are rising post-Covid and the average payout is only 19% of Earnnings. This group also trades at only 26% of Book value. And book value is growing thanks to the low payout ratio. + Here are my estimates of expected returns over the next 2-3 years, based on some quant measures: PRICE TARGETS, BUILDER STOCKS, based on PEAK Comparisons ========================== + % Book : 25.6% > 60-66%, = +134% -158% + PE Ratio: 3.96x > 5.8-9.1x. = +46% - 130% (+earnings rise) + Div.Yield: 4.72%> 3.6-3.2%= +31% - 48% (+divs. rise ) + My opinion overall is AVERAGE of these stocks could rise 50-100% over the next 2-3 years, as the US TBond market stabilises and undervalued builder shares return to more normal Discounts to Book Value, PE Ratios, and historical dividend yields. RISES will be accelerated if they raise dividends faster than Earnings rise

MODEL Portfolio, 11.10.23, Nov. 10th APX. 2.55. 86,957: 221,740 200.0k 2.30 MEG. 1.99. 99,502: 198,009 200.0k 2.01 RCR. 4.74. 42,373: 200,848 200.0k 4.72 ==== ====: 620,579 600.0k Cash ==== ==== 400.0K 400.0k ===: Profits. +40,954: 40.9K < Net + Model ==== ==== 1061.5K 1000.k +6.15% WATCH Portfolio, 11.10.23 APX. 2.55 40,816: 104,081 100.0k 2.45 BEL. 1.22 86,957: 106,088 100.0k 1.15 FILRT 2.97 33,557: 99,664 100.0k 2.98 LTG 9.05 11,123: 100,663 100.0k 8.99 MAXS 3.89 25,062: 97,491 100.0k 3.99 Mreit 12.20 8,210: 100,162 100.0k 12.18 RCI .490 196.08k 96,079 100.0k 0.51 ROCK 1.43 71,429: 102,143 100.0k 1.40 VLL. 1.62 59,880: 97,006 100.0k 1.67 ====. ====. 903.4K 900.0k Cash* ==== ==== 100.0K 100.0k ===: Watch ==== ==== 1003.4k 1000.k +0.34% + Model ======= 1,061.5k 1000.k +6.15% Combined, M+W: 2064.9k 2000.k +3.25% Vs. PSEI. 6,162. 6,321 : - 2.52% Outperformance : +5.77% Vs, End Oct. Watch ==== ==== 987.6K 1000.k -1.24% + Model ======= 1,063.1 1000.k +6.31% Combined, M+W: 2050.7k 2000.k +2.53% Vs. PSEI. 5,974. 6,321 : -5.49% Outperformance : +8.02% Just over 1 Month, NAV is 5.8% ahead of PSEI Since End Oct. PSEI is up 3.1%, as Bonds rose in recent days. And inflation slowed. The two portfolios rose only P 14.2k, that's 0.7%. An underperformer was APX which was in both portolios, and was down -1.2% since end Oct, as Gold prices slid this past week.

DD may be set for another good rally soon. (last: 6.83). 35.7% of Book Value (19.15) . 3.76% Yield DD-ddmpr: Especially, if PSEI (6,191, +0.6%) and TLT (89.56 +1.50) are rising. ddmpr: 1.23, 18.0% DD

SIGNAL? Lower Rates ahead, 2-Yr.TBills may tell us. Watch 4.90-92% Break of 4.90% could be important signal for 2yr-TBill

MEG vs.TLT: 1.98/94.61= 2.09% : w/Mreit: at 12.03.23 > Bonds rising, but not MEG (yet) 1.98/83.58= 2.37% (Oct'23). : w/Mreit: at 11.05.23 MEG vs. its holdings of MReit, GERI and ELI Valuation Type Php.Bn : PerSh. (% NAV) Net Asset Value 209.2B : P6.64 : 100.% Mkt.Cap, 31.5B sh. 63.0B : P2.00 : 30.0% Mreit 12.20 x1.41 B= 17.2B : P0.55 (55.6% of 2.53B sh) GERI 0.76 x8.25B= 6.27B : P0.20 (75.0% of 11.0B sh ) ELI 0.145 x12.0B= 1.74B : P0.06 (81.7% of 14.7B sh ) Mreit +GERI +ELI = 25.2B : P0.81 : 40.5% MEG MktCp : E.P.S.: Div. : %EPS MEG Earnings,2021: 13.4B : P0.42: .0425: 10.1% MEG Earnings,2022: 13.5B : P0.43: .0615: 14.3% MEG Earnings, ‘23E: 17.0Be: P0.54: .0660: 12.2% *assumes 25% increase in '23: MEG EPS, 1st H.’23 : 8.8 B: P0.28: rose +31% (’22: 6.7B) MEG EPS, 2nd H.’23 : 8.2 B: P0.26: rose +21% (’22: 6.8B) MEG, MReit etc: MEG (1.98), 16.5% MReit (12.00): is 6.06x MEG at 12/06/23 MEG (1.99), 16.3% MReit (12.20): is 6.13x MEG at 11/09/23 ELI, MEG, etc ... updated to 12/07/23

MREIT press release - Nov. 7, 2023 Ex-Date: Nov 17, 2023 > Payment Date: Dec 14, 2023 Regular Amount of Cash Dividend Per Share: Php0.2460 ( - 0.65%, was. 0.2476) "MREIT'S 9M DISTRIBUTABLE INCOME GROWS BY 13% TO P2.1B" MREIT, Inc., the REIT company of the country's largest office landlord Megaworld Corporation, posted a distributable income growth of P2.1 -billion during the first nine months of 2023, up by 13% from the P1.9 -billion recorded in the same period last year. This was primarily due to the income contribution beginning this year of the four (4) newly- acquired Grade-A office towers worth P5.3-billion. Revenues, on the other hand, grew by 15% to P3.1-billion from the P1.8-billion recorded last year. Aside from the new assets which drove majority of the revenue growth, continued rental escalations of existing tenants also supported MREIT's revenue growth. MREIT's high quality portfolio allowed it to maintain an impressive average occupancy rate of 95% as of end-September 2023. This is above the broader office industry's average occupancy rate of around 81-82% in Metro Manila, based on figures released by various property consultants. Of MREIT's occupied space, 94% is composed of reputable BPO and traditional office tenants with long-term commitment to their leases and operations. "The consistent outperformance of MREIT compared to industry benchmarks while delivering solid results underscore the quality of our assets and their prime locations. We remain committed on sustaining our earnings growth and distributions by ensuring high occupancy and implementing escalations when possible. We are also actively seeking opportunities for growth through strategic acquisitions, so long as the valuations remain beneficial for our shareholders," says Kevin L. Tan, president and chief executive officer, MREIT, Inc. In June 2023, MREIT and Megaworld (MEG) signed a memorandum of understanding (MOU) for the potential acquisition of seven (7) grade A office assets with a total gross leasable area (GLA) of around 150,500 square meters. These include buildings located in Megaworld townships McKinley Hill, McKinley West, Iloilo Business Park, and Davao Park District. Once the acquisition is completed, this will increase MREIT's total portfolio GLA by 46% to 475,500 sqm. MREIT remains committed to its target portfolio of 500,000 sqm of GLA by end-2024. "While our recent MOU with Megaworld is focused on office spaces, we are also keenly observing the impressive growth of Megaworld's retail assets. Average daily tenant sales of Megaworld's malls have surpassed 2019 levels by a large margin, underscoring the strength of consumer spending despite macroeconomic headwinds," adds Tan. Meanwhile, MREIT has declared cash dividends of P0.2460 per share to its shareholders. The dividends will be payable on December 14, 2023 to shareholders on record as of November 20, 2023. Total dividends for the first nine months of the year stands at P0.7412 per share. / 3= 0.2471. P0.7412 = Annualized, this brings MREIT's dividend yield to 8.1%, as of the closing share price of P12.20 per share on November 6, 2023.

Switch Lanes? To PSEI? PSEI is now "too cheap" relative to SPX it seems. So switch from SPX to PSEI maybe/ Also BSP has done a good job of protecting the PHP SPY vs PSEI PSEC/ SPX ratio: 11/06: 6,078/4,366 =1.39x- UKX (7,418) 10/03: 6,306/4,229 =1.49x-vs 1.37 Low above Edited

Update: Gold: $1,965 / GLD: 181.50 = Ratio 10.82 (2000/ 10.82= $184.84)

Update: Gold: $1,965 / GLD: 181.50 = Ratio 10.82 (2000/ 10.82= $184.84)

MARC Ventures rose to 882d / 3.5 year MA MARC: Ytd: 10d / Last: P1.13, O:1.06. H: 1.15, L:1.06, vol. 5.75 M, Range: 0.66 to 1.45

ARIS.t: 3yr: Nov.2020: Ytd: Last: C$4.90 Breaking Out above C$5? Predicted the breakout at C$3.5... ==

Using VCP as a tool to gain control & ownership of a Target Condo unit, at 30%+ Discount (Divs=RENT: 732k pa = 61k/ mo. = 55k ave. AT) Rent desired Condo Build V-Condo portfolio, targeting Div. Income Target: Enough A-Tax Div. income to pay rent Buying now is buying near bottom REIT pricesV V-Condo should be at least 30% < Condo Falling interest rates will push up REIT prices* If REIT prices jump 30-50%, VCP => Condo price WATCH for: Opportunity to Sell VCP, Buy Condo 9. If interest rates come down enough, Investor might take bank loan to buy Condo; Keep VC 10. V-Condo is a more flexible way to hold wealth ========== Choice A: BUY : Choice B: RENT 1 BR, at 13M : Portfolio, 9M P 55,000 /mo. : P 55,000 ave. "use value"/rent Net Divs. received ========== : ============= Furnish, 300K : 2+1mo +P70k=235K Inflation Risk? : Div pmts. up or down? Transaction Costs: 10 - 12% in/out : 2%? in/out Search Delays : Flexible, easy out Liquidity issues : Fast sale: few days ONE SIZE- 1BR : Partial size is easy With the Virtual Condo, you can start out small, at 1%, 10%, 50%, whatever. Build your portfolio as you go, and More and More of your RENT will be covered by incoming Dividends you receive. You can easily change your mind about which Condo, or which property you buy. And even NOT buy, or Buy elsewhere.

Royalty firm Sandstorm boasts record sales and revenue in Q1'23 http://www.kitco.com/ind/Vladimir/images/Vladimir_bio.jpg Vladimir Basov Thursday April 06, 2023 (Kitco News) - On Wednesday, Sandstorm Gold (NYSE: SAND) (TSX: SSL) reported that the company sold approximately 28,400 attributable gold equivalent ounces and realized preliminary revenue of $44.0 million in Q1 2023, both representing a record for the company. In a press release, Sandstorm said it had preliminary total sales, royalties, and income from other interests of $54.0 million for the three month period, also a record for the company. The company’s preliminary cost of sales, excluding depletion for the three month period was $6.5 million resulting in cash operating margins of approximately $1,650 per attributable gold equivalent ounce. Sandstorm is a gold royalty company that provides upfront financing to gold mining companies that are looking for capital and in return, receives the right to a percentage of the gold produced from a mine, for the life of the mine. Sandstorm holds a portfolio of 250 royalties, of which 39 of the underlying mines are producing. Sandstorm said it plans to grow and diversify its low cost production profile through the acquisition of additional gold royalties.

(CRAZY STUFF... in the Crazy commodities market): Singapore freezes two firms' bank accounts after alleged nickel fraud Reuters | Feb 22 HANOI/SINGAPORE, Feb 22 (Reuters) - Singaporean authoritieshave frozen the local bank accounts of commodity trader EnvyGlobal Trading Pte and Envy Asset Management Pte following aninvestigation into their nickel trading, Envy Global Tradingsaid on Monday.

Haha. Seems crazy that it would take so long to change a LOGO< eh? Actually, DrBubb missed the expiry date on the Domain name, and then it took some time to get it renewed. I expect at least two years of smooth sailing now, so long as PC censors don;t find a way to shut this down

One friend, has what he says is a Better idea: PLTR / Plantir > see chart HUGE VOL, on this stock, so how to trade it? Original idea, when the stock was $32 "Maybe sell PUTS, if you can stomach the risk, & are willing to own some... The $2.94 you get paid for Feb call, can be used to pay part of the price of a March call. Look for one which has a $2.94 or so, Time Value. maybe you can find one Then think about how that position will play out, and the flexibility it gives you." PLTR at $31.91, so $32 is ATM Strike: Feb.19== > Mid > Pct. / Mar.19 == > Mid > Pct. PUTS $35P: 4.80-5.25: 5.03, 00.0% $32P: 2.83-3.05: 2.94, 9.21% $30P: 1.80-1.87: 1.84, 00.0% $25P: 0.32-0.34: 0.33, 00.0% ==== maybe use the premium from PUT sale to subsidize the cost of Calls, covering the TV CALLS $35C: 0.00-0.00: 0.00, 00.0%/ 4.10-4.20: 4.15, $32C: 0.00-0.00: 0.00, 00.0%/ 5.10-5.20: 5.15, 16.1% $30C: 0.00-0.00: 0.00, 00.0%/ 5.80-6.15: 5.98, $25C: 0.00-0.00: 0.00, 00.0%/ 8.25-8.90: 8.58, ====