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DD - Double Dragon, and DDPR


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DD - Double Dragon, and DDPR

DDMPR etc.: 1.28 updated...

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DDMPR at 1.30, could be in a Buy Window, with est. 8.1% Yield ... 10d: 5d:
+Ddmpr: 1.30, .105, 8.08%

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Ratio to DD ( /6.80). from 1/21: Mar'22: 10d: Psei- /6620 (1.03%), DDMPR- 1.38 (20.3%), MM- 1.22 (17.9%)

FE'22: 6.72: Psei- /6566 (1.02%), DDMPR- 1.29 (19.2%), MM- 1.21 (18.0%)
FE'21 : 7.26: Psei- /7123  (1.02%), DDMPR- 1.79 (24.7%), MM-2.51 (34.6%)

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Sym.: Price: BkVl: PER : Yield: ’17BV: >’2021: nD/Eq.
ALI. : 28.50: 15.83 22.6: 1.00%  11.32 : +39.8%: 0.98
MEG  P2.07 P6.24 4.85: 2.97% P4.38: +42.5%: 0.25

DD.    : 6.80: 17.31  3.11 : 3.42% P6.35: + 173.%: 1.09
ddmpr 1.38 P2.30 4.14 : 0.?? % =N/A : + 00.0% 0 debt
MM.   : 1.21  P0.26 269.: 0.00% =N/A : + 00.0%: 0.89

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% > est.div: 2.73 x4= 0.1092

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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  • 1 month later...

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

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  • 4 months later...

Ratio to DD ( /6.80). from Mar'22: 10d: Psei- /6620 (1.03%), DDMPR- 1.38 (20.3%), MM- 1.22 (17.9%)

FE'22: 6.72: Psei- /6566 (1.02%), DDMPR- 1.29 (19.2%), MM- 1.21 (18.0%)
FE'21 : 7.26: Psei- /7123  (1.02%), DDMPR- 1.79 (24.7%), MM-2.51 (34.6%)

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Sym.: Price: BkVl: PER : Yield: ’17BV: >’2021: nD/Eq.
ALI. : 28.50: 15.83 22.6: 1.00%  11.32 : +39.8%: 0.98
MEG  P2.07 P6.24 4.85: 2.97% P4.38: +42.5%: 0.25

DD.    : 6.80: 17.31  3.11 : 3.42% P6.35: + 173.%: 1.09
ddmpr 1.38 P2.30 4.14 : 0.?? % =N/A : + 00.0% 0 debt
MM.   : 1.21  P0.26 269.: 0.00% =N/A : + 00.0%: 0.89
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  • 1 month later...

DDMPR at 1.30, could be in a Buy Window, with est. 8% Yield

4Aver.=6.53%6Aver.=6.98%
Phl10yr 6.00%, 5yr: 5.84%
+VREIT  : 1.54, .117 , 7.58%
+Ddmpr: 1.30, .105, 8.08%

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  • 1 month later...

MM / MerryMart at P1.12 looks a Buy now. But is big premium to 0.30 B.V.

DDmpr Reit at 1.27 (8.27% yield) vs. DD at 7.20, 3.64% ... update:

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BIZ BUZZ: DoubleDragon within striking distance

Philippine Daily Inquirer / 02:43 AM August 01, 2023
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Last week’s big news was that DoubleDragon Corp. of billionaires Edgar “Injap” Sia II and Tony Tancaktiong had become the country’s fourth largest shopping mall developer and landlord with the opening of its 45th property, the latest CityMall in Surigao City.

What the firm didn’t say is that it is actually within close striking distance of the country’s top three mall developers.

In fact, Biz Buzz learned that DoubleDragon will—barring any last minute hitches— probably overtake its closest competitor and become the Philippines’ third largest shopping mall developer as soon as next year.

The Sia-Tancaktiong venture is set to open seven more community malls across the country between now and next year.

After last week’s opening of CityMall-Surigao, three more CityMalls are slated to be completed in the fourth quarter of 2023, namely CityMall-Bay Laguna, CityMall-Palo Leyte, and CityMall-Antique.

For 2024, four more CityMalls are set to open, namely CityMall-General Trias Cavite, CityMall-Guiwan Zamboanga, CityMall-Ormoc and CityMall-Ozamiz.

As such, by the end of next year, the firm will almost certainly overtake Ayala Land in terms of number of shopping malls, and will only be one mall short of current second-placer Robinsons Land (the leader SM Prime remains far ahead).

Once this milestone is achieved, DoubleDragon will have a gross leasable area across its entire portfolio of properties of 1.29 million square meters (sqm) fully built and completed, substantially exceeding its stated goal of topping 1 million sq m of leasable space set in 2020.

What’s more impressive is that DoubleDragon is achieving all this within 10 years of this plan being set into motion when the company listed on the Philippine Stock Exchange in April 2014. Not bad. Not everyone can claim to deliver on their promises like this firm can.

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