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FLI - Filinvest Land and related Co's


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FILRT-etc. / from Jul'23: 2023: 10d

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FILRT vs. FLI, TLT : Mar'20: Aug'22:

FILrt-etc

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FILrt-FDC-etc: ALL: Last: P2.84 +0.02/ FIL: 0.65 +0.03= R-4.37x was 6.69x; FDC: 5.45, r-8.38x

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FLI- 0.77 / FILRT- 5.18= 14.9%, /TLT : 106.29 : 0.72%, 4.87%

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FLI/ Filinvest: All: 2008: 2020: +Etc-Mar.'21: Oct.'21: Aug'22: 10d/. Last: 0.84 -0.01. (Range: 0.73 to 1.12 )

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FLI (0.64, 0.66%) / FDG (5.45, 5.66%)= 11.7%, /TLT: 96.29, EW (8.51, 8.84%), FILRT (2.92, 3.03%) at 1.08.24

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UPDATED...  NEW at Jan.8, 2024

Sym.  : Last: ShsOS : MktCp: BkVal: Pr/BV: Divs.: Yield  : DvPd
FLI.      : 0.64  24.25B = 15.5B: P3.69: 17.3%: 0.036: 5.62%: 0.87B (covered by 0.91B divs from FILRT holding)
FILRT  : 2.92. 4.893B = 14.3B:  P1.09: 268.%: 0.284: 9.72%: 1.39B
Public, 34.7% 1.70B = 4.96B:  P7.00: 41.7%: 0.284: 4.05%: 0.77B > P7 is IPO price, Jul.2021
FLI pct 65.3% 3.19B = 9.31B:  P1.09: 268.%: 0.284: 9.72%: .906B
FDC*   : 5.45,  8.65 B = 60.6B: 14.72: 37.0%:  0.065: 1.00%: .562B > owns 64.66% of FLI, gets 0.36B

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FILrt-etc / FilinvestREIT : Last: P 4.95 -0.01.  / FIL: 0.74 +0.02 : R-6.69x

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FILRT:

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C03928: Filinvest REIT press release - 1

"Filinvest REIT Corp. (FILRT) records 17% net income growth QoQ to P304 million"

May 16, 2023 – Filinvest REIT Corp. (FILRT), the flagship commercial REIT of the Filinvest group, recorded a net income of P304 million in the first quarter of 2023 on the back of rental and other revenues of P801 million. On a sequential basis comparing the first quarter results from the fourth quarter of 2022, net income rose by 17 percent as a result of a 5 percent improvement in rental revenues and a 13 percent reduction in operating costs. The successful acquisition of the 2.9 hectares of prime resort property that is being leased to Crimson Resort & Spa Boracay began contributing to FILRT's income starting January 1, 2023. "The infusion of the Boracay property is only a first step towards a more diversified portfolio for FILRT. While it has now broadened FILRT's income profile mix beyond office leasing and into the growing Philippine hospitality and leisure segment, we remain focused on further growing FILRT's portfolio organically and with regular asset infusions. We are guided by a clear investment strategy of increasing occupancy, cost management and asset acquisition to sustain the portfolio expansion and deliver stable and competitive return to our investors," said FILRT president and chief executive officer Maricel Brion-Lirio. Together with its fund management company, FREIT Fund Managers, Inc., FILRT is in the process of completing the due diligence and internal approvals of new asset infusions. The details of the portfolio expansion will be announced in due course. Amidst the expansion plans, FILRT's average occupancy rate in the first quarter of 2023 stood at 85 percent. Occupancy has been able to hold up compared to the estimated office industry's average occupancy rate of 81 percent based on the Colliers Q1 2023 Property Market Report.

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Nevertheless, FILRT continues to finalize new leases and renew expiring contracts. As of the end of the first quarter, almost 10,300 square meters of new leases have signed Letters of Intent and Contracts of Lease. On renewals, almost 17,200 square meters or 42 percent of the lease expiries for 2023 have already been renewed, with another 11,000 square meters or 27 percent awaiting finalization of the renewal contracts. The balance is due for renewal throughout the remainder of the year. FILRT is focused on sustainability and the utilization of eco-efficient assets. Two buildings in FILRT's portfolio are LEED Gold-certified while two other buildings passed the criteria for Level 1 certification on EDGE (Excellence in Design for Greater Efficiencies) developed by the International Finance Corporation. These green building certifications confirm FILRT's commitment to sustainability, particularly on energy, water and resource efficiency. As a sustainability-themed REIT founded on strong ESG principles, FILRT looks forward to growing a resilient and robust real estate investment portfolio.

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xxx

C03928: Filinvest REIT press release - 1

"Filinvest REIT Corp. (FILRT) records 17% net income growth QoQ to P304 million"

May 16, 2023 – Filinvest REIT Corp. (FILRT), the flagship commercial REIT of the Filinvest group, recorded a net income of P304 million in the first quarter of 2023 on the back of rental and other revenues of P801 million. On a sequential basis comparing the first quarter results from the fourth quarter of 2022, net income rose by 17 percent as a result of a 5 percent improvement in rental revenues and a 13 percent reduction in operating costs. The successful acquisition of the 2.9 hectares of prime resort property that is being leased to Crimson Resort & Spa Boracay began contributing to FILRT's income starting January 1, 2023. "The infusion of the Boracay property is only a first step towards a more diversified portfolio for FILRT. While it has now broadened FILRT's income profile mix beyond office leasing and into the growing Philippine hospitality and leisure segment, we remain focused on further growing FILRT's portfolio organically and with regular asset infusions. We are guided by a clear investment strategy of increasing occupancy, cost management and asset acquisition to sustain the portfolio expansion and deliver stable and competitive return to our investors," said FILRT president and chief executive officer Maricel Brion-Lirio. Together with its fund management company, FREIT Fund Managers, Inc., FILRT is in the process of completing the due diligence and internal approvals of new asset infusions. The details of the portfolio expansion will be announced in due course. Amidst the expansion plans, FILRT's average occupancy rate in the first quarter of 2023 stood at 85 percent. Occupancy has been able to hold up compared to the estimated office industry's average occupancy rate of 81 percent based on the Colliers Q1 2023 Property Market Report.

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C04112: Filinvest Land JV : FLI and KMC: "flexible workspace facilities"
 

Date of Approval by Board of Directors: Apr 24, 2023 Date of Approval by Stockholders, if applicable: N/A Description and nature of the transaction including the timetable for implementation, and related regulatory requirements: - A Joint Venture Agreement ("JVA") between FLI and KMC ("Parties") was executed to establish and operate a business for the development, management, operation, and maintenance of flexible workspace facilities offering private serviced office seats and co- working seats in commercial buildings.

Prior to execution of the JVA, FLI already caused the incorporation of the new company, which shall be the entity that will be utilized by the Parties in implementing the JVA. Except for registration with the Bureau of Internal Revenue and in the local government where it will operate, there are no other known regulatory requirements for the joint venture. Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction: - Co-working spaces are a rapidly growing industry that have been experiencing an increase in demand as of late. This growth is being driven by a number of factors, including the rise of remote work, increasing popularity for multiple office venues, and the growing demand for more conducive work environment. Further, due to the incentives allowed by the Philippine Board of Investments and the Philippine Economic Zone Authority to its locators, there is an ongoing shift in the manner that office spaces are used (traditional office) moving forward. By entering into the Joint Venture Agreement, FLI can leverage the expertise and experience of KMC in the flexible co-working space industry. Secondly, by partnering with a company with a strong branding, FLI will be able to increase its brand awareness in the co- working space industry and be able to reach new markets and expand its operations to multiple locations.

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8.15.23: Filinvest Land press release - 1

"Filinvest Land records 15% income growth in 1H2023"

Residential and rental segments drive year-on-year uptick Filinvest Land, Inc. (FLI), one of the country's largest real estate developers, reported an increase of 15% in net income attributable to equity holders of the parent for the first half of 2023, totaling Php1.39 billion. Total consolidated revenues and other income increased by 8% year-on-year from Php9.15 billion in 2022 to Php9.92 billion in 2023 as the full-range property developer's residential and rental business segments posted growth.

"Filinvest Land continued to achieve growth in its residential and rental business segments during the first six months of the year. We are pleased that our efforts led to satisfactory results as we continued to sustain our sales and marketing activities. We remain focused on meeting our customers' needs as we target to further grow our business this year, with further residential launches planned in the second half," said Tristan Las Marias, FLI President and Chief Executive Officer. Residential revenues grew 4% to Php6.06 billion due to accelerated construction progress and strong performance of FLI's housing projects and medium-rise condominium projects. Reservation sales also grew by 21% to Php 11 billion.

In the first half of 2023, FLI launched P4.56 billion worth of residential projects in Rizal, Laguna, Davao, Pangasinan, South Cotabato, and Zamboanga. The mall business grew 64% to Php1.15 billion due to the increase in mall occupancy and rise in shopper traffic brought about by improving consumer activity as well as normalized rental rates. Filinvest Lifemalls, which include Festival Mall in Alabang, Main Square in Bacoor City, Fora in Tagaytay City, and IL Corso in City di Mare (the Lifestyle Capital of Cebu), together redefined a lifestyle of safety, comfort, and ease to the communities where they are located. In July, the company welcomed St. Battalion, an Australian manufacturer of electric vehicle (EV) batteries as the Filinvest Innovation Park New Clark City's first locator. This is part of the new initiative of FLI to grow a new asset class in ready-built factories (RBFs) for its innovation parks in Clark and Calamba City, Laguna.

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Office revenues increased by 1% to P2.29 billion due to newly signed leases in office buildings such as in Axis 1 and 2 in Northgate Cyberzone, Filinvest City and FLI EDSA Wack Wack in Mandaluyong City. In May this year, FLI signed a joint venture agreement with KMC Community, Inc. for the development, management, operation, and maintenance of flexible workspaces offering private serviced office seats and co-working seats in commercial buildings. This new business is expected to further enhance the company's revenue potential.

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C07140: Filinvest REIT press release - 1,  on 9.27.23
 

"Path to EDGE Champion: Filinvest REIT marks achieving global green certification for 6 buildings"

Six (6) properties under Filinvest REIT Corp. (FILRT), the real estate investment trust (REIT) of the Filinvest Group were formally recognized for their outstanding commitment to sustainability through the Excellence in Design for Greater Efficiencies (EDGE), putting FILRT on track toward becoming an EDGE Champion. EDGE is the green building standard and certification developed by the International Finance Corporation (IFC), a member of the World Bank Group. These certifications were awarded last Sept. 22, in Northgate Cyberzone, Filinvest City in Muntinlupa City.

With six certified buildings under its belt, FILRT has the distinction of having the highest number of EDGE-certified office buildings among the REITs in the Philippines, bolstering its commitment as the country's first sustainability-themed REIT. These Grade A, Philippine Economic Zone Authority (PEZA)-accredited buildings representing 33% of FILRT's nationwide office portfolio in terms of leasable area are Vector One, Vector Two, Filinvest Two, Filinvest Three, Plaza A and Plaza D. "Through our commitment to outstanding design and sustainability, FILRT proudly celebrates the recognition of our six EDGE-certified properties. These buildings, comprising a significant portion of our nationwide portfolio, showcase our vision to grow a trusted portfolio of sustainable commercial properties that enriches the lives and well- being of our community," said Maricel Brion-Lirio, FILRT President and Chief Executive Officer. Filinvest has identified a pipeline of projects that will be EDGE- certified, towards becoming an EDGE Champion by accelerating the adoption of green building practices through the promotion of voluntary green building certification programs based on the EDGE software, standard, and certification system.

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(BPI Report, Oct.11, 2023): price then: 3.00 (TLT:88.47: 3.39%), last: 2.80 (89.62: 3.16%)

FILRT at Inflection Point

Assume coverage with BUY:

We assume coverage on FILRT with a BUY rating and DDM-based end-2024 target price of Php3.80/shr, implying potential upside of 26.7%. We believe rental income and occupancy rates are at an inflection point going into 2024. We expect avg. vacancy rates to peak this year and stabilize at the 16% level. We then expect rates to gradually improve to 15%/14% in FY24/25F on the back of the firm’s aggressive origination efforts and our view that the cheaper rents in Alabang (where rental rates are 20-50% below those in other major Manila CBDs) will help stoke demand. Furthermore, our forecasts assume: 1) expiring leases will renew at lower rates (~8% lower on avg vs previously contracted rates), and 2) a 95% AFFO payout ratio (vs historical avg of 110%, based on our computation). We believe concerns about FILRT’s lower-than-peer occupancy rates (84% as of 1H23 vs peer avg of 95%) have been more than priced in following the stock’s steep 45.5% YTD sell-off (vs PCOMP’s 4.6% decline). At current levels, we find the stock’s FY24F dividend yield of 9.5% attractive against the current 10- year BVAL of 6.6% amid a potential backdrop of falling interest rates in the next 12 months. DPU growth to resume next year, occupancy rates have room to ramp up.

From our projected 24% decline in dividends per share (DPU) this year, we expect DPU to grow ~4%/9% in FY24/25F to Php0.29/0.31 underpinned by: 1) steady improvement in occupancy rates (85%/86% in FY24/25F), and 2) healthy core earnings growth (5%/12% in FY24/25F) supported by the implementation of the 5% annual escalation rate of existing lease contracts and forecasted margin improvement (+20bps YoY to 59.7% FY24F NOI margin) as costs remain in-check. Management noted that around 17%/9% of total GLA will expire in FY24/25F. For now, we assume expiring leases will be renewed at lower rates considering the current office supply glut in the industry (18.4% 1H23 NCR office vacancy rate from Colliers, with 2.5M sqm of vacant office space). Any positive rental reversion poses an upside risk to our estimates...

DPU... Dividends per Unit, "Con.sus" below is consensus opinion

Year: Con.sus: BPI : Quarterly, Actual
2021A    0.45             0.1125
2022A   0.36             0.0900
2023E  P0.30  : 0.28 0.0700: 0.071, exD. 11/28/23 (announced 11/09)
2024E  P0.32  : 0.29 0.0725:
2025E  P0.33  : 0.31 0.0825

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Is the Yield high enough, or are there Hidden Risks?

VLL-vs-VReit etc.: 1.76 +0.06 vs 1.71= 102.9%, FLI (0.65 +0.03) / FILrt (2.84)= 22.9%, TLT (96.29)

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VREIT seems to be the "Good Buy", and FILRT maybe still a "Good-Bye"

VREIT and FILRT REVIEW and ANALYSIS / Highest Dividend REITs INVESTING Philippines : Should You Buy?

Moneywise Metrics. Nov. 10th, & Later

Reit -   :  LAST: P/BV: Q-div: Yield: P’Out: BUY@: SIZE, as of :  O.R. , BPO%
Nov.10th
FILRT  :  P2.97:   ??? : .0710: 9.56% 134%:  N /A :  330.4K, 12’22, 89%, 80. %
VREIT  :  P1.68: 0.26: .0396: 9.36% 29.%: P1.80:  256. K, 2023?, 91%, Malls
Dec.13th
RCR      :  P4.70: 0.89: .0979: 8.10%  85.%: P4.88: 480.5K, 12’22, 98%, 77.1%
MREIT  :  12.10:  0.61: .2460: 7.97%  80.%: 12.20: 324.7K, 03’23, 95%, 77. %
DDMPR:  P1.19:  0.41: .0255: 7.87% 156%: P1.28: 4.76 Hectares
=====

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FLI (0.64, 0.66%) / FDG (5.45, 5.66%)= 11.7%, /TLT: 96.29, EW (8.51, 8.84%), FILRT (2.92, 3.03%) at 1.08.24

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UPDATED ...  NEW at Jan.8, 2024

Sym.  : Last: ShsOS : MktCp: BkVal: Pr/BV: Divs.: Yield  : DvPd
FLI.      : 0.64  24.25B = 15.5B: P3.69: 17.3%: 0.036: 5.62%: 0.87B (covered by 0.91B divs from FILRT holding)
FILRT  : 2.92. 4.893B = 14.3B:  P1.09: 268.%: 0.284: 9.72%: 1.39B
Public, 34.7% 1.70B = 4.96B:  P7.00: 41.7%: 0.284: 4.05%: 0.77B > P7 is IPO price, Jul.2021
FLI pct 65.3% 3.19B = 9.31B:  P1.09: 268.%: 0.284: 9.72%: .906B
FDC*   : 5.45,  8.65 B = 60.6B: 14.72: 37.0%:  0.065: 1.00%: .562B > owns 64.66% of FLI, gets 0.36B

ORIGINAL, see first panel, pg.1

Sym.  : Last: ShsOS : MktCp: BkVal: Pr/BV : Divs. : Yield  : DvPd
FLI.      : 0.91  24.25B = 22.1B: P3.62: 25.1%:  0.047: 5.16%:  1.14B (covered by 1.33B divs from FILRT holding)
FILRT  : 6.39. 4.893B = 31.3B: P1.22: 524.%: 0.430: 6.70%: 2.10B
Public, 36.8%  1.80B  = 11.5B: P1.22: 524.%: 0.430: 6.70%: 0.77B
FLI pct 63.2%  3.09B = 19.7B: P1.22: 524.%: 0.430: 6.70%: 1.33B
FDC*   :  7.00,  8.65 B = 60.6B: 14.29: 49.0%: 0.070: 1.00%: 0.61B > owns 64.66% of FLI
=========

*Gotianum family co's own 87.7% of FDC.

In 2021, FLI sold 36.7% of its ownership in FILRT (formerly CPI) to the public which includes 16 buildings in Northgate
Cyberzone and 1 builiding in Cyberzone Cebu. The balance of existing offices and those under construction remain to
be 100% owned by FLI.

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  • 1 month later...

hmm.  Market seems to not like FLI's Income

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"Filinvest Land, Inc. Posts Record 30% Growth in Net Income for 2023"

Filinvest Land, Inc. (FLI), one of the leading real estate developers in the Philippines, reported a net income attributable to equity holders of the parent totaling P3.77 billion based on its audited financial statements, posting a record 30% increase compared to the previous year.

FLI's total consolidated revenues and other income increased by 13%, reaching Php22.55 billion in 2023, compared to Php19.94 billion in 2022. This remarkable growth can be attributed to the solid contributions of FLI's residential and leasing business segments. "We are very pleased to report Filinvest Land's financial results in 2023 which were driven by the consistent and robust performance of our residential business segment. This was driven by increasing sales to our overseas Filipino workers (OFWs), alongside the strategic expansion and regionalization of our sales network," said Tristan Las Marias, President and Chief Executive Officer of FLI. Las Marias added, "We are also excited about the strong performance of our leasing businesses, including malls, offices, industrial spaces, co-living, and co-working spaces. We anticipate further expansion opportunities for FLI in the coming year. Our stellar performance in the mall business was driven by the increase in occupancy and tenant sales and reduced direct operating expenses led to a record growth in EBITDA of 47%." Key highlights of FLI's performance in 2023 include: Residential Segment: Revenue growth of 13% to Php14.49 billion, driven by accelerated construction progress and the success of housing projects and medium-rise condominiums across strategic locations nationwide. Notably, FLI launched P8.7 billion worth of residential projects in key areas such as Rizal, Laguna, Pangasinan, Cebu, Davao, South Cotabato, Zamboanga, and Iloilo Centrale, an 11.4-hectare mixed-use development in Leganes, Iloilo.

Mall Business: Revenue increased by 32% to Php2.21 billion, fueled by higher mall occupancy, increased shopper traffic, and normalized rental rates across FLI's prominent malls, including Festival Mall in Alabang, Main Square in Bacoor City, Fora in Tagaytay City, and IL Corso in City Di Mare, Cebu City.

Office Segment: Revenue rose by 2% to Php4.66 billion, driven by improved occupancy rates and rate escalations. Timely adjustments to manage operating expenses of our office properties helped maintain its net income contribution of 33%. FLI also entered a joint venture with KMC Community, Inc., which has enabled the company to reach new markets with a new venture in co-working spaces to increase revenues and occupancy its office properties.

New Ventures: FLI recognized revenues from its new ventures, including coliving in Filinvest Mimosa+ Leisure City and its industrial park in New Clark City, showcasing its diversified portfolio and strategic expansion efforts. The co-living or dormitel business segment also contributed strongly on its maiden year with a 1% share in revenues and 4% share in net income. Filinvest Land likewise received multiple Highly Commended citations at The Outlook Philippine Real Estate Awards by Lamudi. The company's Executive Leadership Team, led by Tristan Las Marias, was also honored as the Philippines Team of the Year – Real Estate category at the Asian Management Excellence Awards, highlighting FLI's outstanding achievements in the real estate sector. "This success highlights our dedication to providing high-quality homes within vibrant communities tailored to meet the needs of our discerning homebuyers. Our unwavering commitment to building the Filipino dream remains steadfast," said Las Marias. As FLI continues to chart its path of growth and innovation, the company remains committed to delivering exceptional value to its stakeholders while contributing to developing vibrant, sustainable communities across the Philippines.

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  • 2 weeks later...

FILRT Down against TLT, because Tenants were lost during Covid (and since then)

BPI thinks: "FILRT’s lower-than-peer occupancy rates (84% as of 1H23 vs peer avg of 95%) have been more than priced in"

FvF: 0.70 / 3.05= 22.95%/TLT-94.42= 0.74%, 3.32%

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Stock Feature: FILRT  (BPI Report)

We have a BUY rating on FILRT with a DDM-based end-2024 price target of Php3.80/shr, implying potential upside of c.+22%. We believe rental income and occupancy rates were at an inflection point going into 2024. We believe average vacancy rates peaked in 2023 and expect it to stabilize at the 16% level. We also see vacancy rates for FILRT falling to 15%/14% in FY24/25F on the back of the firm’s aggressive origination efforts and our view that the cheaper rents in Alabang will help stoke demand. We believe concerns about FILRT’s lowerthan-peer occupancy rates (84% as of 1H23 vs peer avg of 95%) have been more than priced in following the stock’s steep 45% YoY sell-off (vs. PCOMP’s 8.2% decline). At current levels, we find the stock’s FY24F dividend yield of 9.2% attractive against the current 10-year BVAL of 6.25% amid a potential backdrop of falling interest rates in the next 12 months.

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