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DD - Double Dragon, and DDPR


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DD - Double Dragon, and DDPR

DD / Double Dragon ... All: YTD: 10d / Last: P 7.77, ATH, about P80

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DDMPR /

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DDMPR- etc... update: 10d /

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Big Fund Raise!

DDMPR / xx

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TLT / US LT Bonds vs Phl REITS ... update:  TLT: 113.62 / FLI: xx

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DOUBLE DRAGON MERIDIAN PARK REIT IPO

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DD, DDMPR DIV History

Year:  Aug : later :  -DD-: x2.37b/ may.:jun: aug: nov.=Ddmpr x17.83b x44.3%
2022: 0.000: ????=.0000 0.00b/ .028: .028: .027 .027E= .110e: 1.96b, 0.87bEst
2021: .2002:.0000=.2002 0.47b/ .021: .020: .028: .028.=.0970: 1.73b, 0.77b

2021 DD, BkV: 17.31, DDMPR, BkV: 2.30

MB BOTTOM-LINE

 It’s probably not that big of a deal that DD’s shares are an exciting lockup, since the company doesn’t appear to need short-term capital, and it just recently had an opportunity to sell as much DDMPR as it wanted to just 6 months ago when it sponsored DDMPR’s IPO. I could be wrong, but I think it’s safe to consider DD’s 44.33% to be “settled” and inactive (for now).

The real question for DDMPR investors is what will happen with the shares held by the Yujuicos; will they continue to hold the shares, or will they look to sell for personal reasons that we might not know or understand? The Yujuicos is a deeply connected family with considerable resources, but that doesn’t exempt them from perhaps wanting to pull some money off the table and sell some shares.

Will they do it? We can’t know for sure, but it’s important to consider their 2.3 billion shares as “potentially active”. DDMPR has a daily average volume of about 10 million shares, so their holdings represent about 230 trading days’ worth of volume.

That’s nearly an entire year’s worth of stock. I’d bet the family is too savvy to fire-sale DDMPR stock in such a way so as to crater the price. They’re clearly not going to exit quickly, as they were likely also presented with the opportunity to sell shares into the IPO during the offer period 6 months ago, but the point of this section is just that these are significant shareholders with huge positions and investors need to pay a little bit of attention to that. 

FILRT’s property portfolio consists of 17 Grade A office buildings totaling over 300,000 square meters
of gross leasable area (GLA) valued by an independent appraisal company at 48.5 billion (P161.6k psm)

Appraisal: ₱48.5 Bn (P161.6k per sqm., mid-2021)

Appraisal: ₱48.5 Bn/300k (P161.6k psm x7.50%= 12.13k, P1,011 psm/ mo.
MktCap. : 4.89B x 6.30= P30.8B MktCap. vs ipo at 7.0= 34.2B
Revenues: 300k sqm x 12.13psm      = P3.64B, 2021
Earnings : 20.4 PER: 30.8MCp/ 20.4 = P1.51B (41.5%)
Dividends: 6.79% yield: x 30.8B = P2.09Billion p.a.
MktCap. ₱30.8B +9.8debt= P40.6B/300k (P135.3k per sqm), *ipo: P147k psm

Of these,16 of the 17 buildings are in Northgate Cyberzone in Filinvest City in Alabang

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Earnings Yield, Est. Div. : DD, DDMPR

Symbol:  Last : PER: E.Yld:  Div.Est: Yield%
DD.       :  7.62 : 3.52: 28.4%: 0.20? :  2.62?
DDPMR : 1.48 : 4.36: 22.9%: 0.11E  :  7.43%

DDPMR : update / Last: 1.48... 7.43% Est. Yield

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DIV History

Year:  Aug : later :  -DD-: x2.37b/ may.:jun: aug: nov.=Ddmpr x17.83b x44.3%
2022: 0.000: ????=.0000 0.00b/ .028: .028: .027 .027E= .110e: 1.96b, 0.87bEst
2021: .2002:.0000=.2002 0.47b/ .021: .020: .028: .028.=.0970: 1.73b, 0.77b

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Compare with TLT/ Bonds > Target for DD

DD & DDPRM. update:   DD: 7.40 (T. is 7.00-7.10) , DDPRM: 1.49

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