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

DDMPR /

DDMPR- etc... update: 10d /

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Big Fund Raise!

DDMPR / xx

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

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

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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GOOD NEWS? DD raised its credit rating:

. On November 4, 2022 - Philippine Rating Services Corporation (PhilRatings) announced that it has upgraded its Corporate Credit Rating to PRS Aaa for DoubleDragon Corporation. DoubleDragon has completed over a portfolio of over 1.2 million leasable recurring income generating GFA positioned strategically in various parts of Luzon, Visayas and Mindanao and only in select sunrise real estate sectors of provincial retail leasing with its string of CityMall community centers, its office buildings In DD Meridian Park complex in Bay Area Pasay and the 42-storey Jollibee Tower in Ortigas CBD, its string of CentralHub warehouse complexes, and its string of Hotel101 hotels in the Philippines as well as the most recently completed purchase of a 9,000 square meter prime land in Hokkaido Japan. DoubleDragon Corporation as of June 30,2022 had Total Assets of P145.78 Billion and Total Equity of P71.83 Billion. DoubleDragon's net Debt-to-Equity ratio stood healthily at a low 0.64x far below its D/E ceiling of 2.33x. Cash position stood at P7.88 Billion. DoubleDragon Corporation for many years has been building its business fundamentals brick by brick since it started in 2012 as a joint venture partnership between Honeystar Holdings Corp led by Jollibee Founder Mr. Tony Tan Caktiong and Injap Investments Inc led by Mang Inasal Founder Edgar Injap Sia II.

> Nov.4th PR

DD vs. DDMPR... Ytd: 10d / DD: P6.28, DDMPR: P1.24 = ratio: 5.06x