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    RLC   PHY731961264

ROBINSONS LAND CORPORATION

(RLC)
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Robinsons Land : Philippines' RL Commercial REIT completes $471 million IPO

09/14/2021 | 02:42am EDT
People protest to demand repayment of loans and financial products at the Evergrande's headquarters, in Shenzhen

MANILA (Reuters) - Shares in Philippine company RL Commercial REIT Inc closed flat on Tuesday, debuting on the stock exchange as the country's largest share sale of the real estate investment trust (REIT) asset class.

RL Commercial sold 3.6 billion shares, including an overallotment option, at 6.45 pesos each, with the initial public offering raising 23.5 billion pesos ($470.9 million). Its shares hit an intra-day high of 6.55 pesos at the opening, before ending at 6.46 pesos.

REITs manage real estate assets like office buildings and commercial centres that generate profits, and are attractive to investors seeking regular dividends.

The country's fourth REIT IPO received strong interest from institutional investors, showing the potential of the Philippines as a vibrant REIT market, RL Commercial Chairman Frederick Go said at the listing ceremony.

The firm's portfolio is composed of office buildings spanning 425,315 square metres (105.1 acres), equivalent to 60 soccer pitches.

Parent firm Robinsons Land Corp is looking to add one to two assets per year into RL Commercial, with firm plans to add 40,000 to 100,000 square metres of gross leasable area in the next 18 months, Go said.

The government last year relaxed rules https://www.reuters.com/article/philippines-property-idUSL4N29P1V2 in the creation of REITs, allowing issuers to maintain management control and enjoy tax breaks. It prompted Philippine property firms to generate fresh capital by selling income-generating assets through REITs.

Many outsourcing firms, the main clients of RL Commercial, have remained open during COVID-19 lockdowns.

($1 = 49.90 Philippine pesos)

(Reporting by Neil Jerome Morales; Additional Reporting by Anshuman Daga; Editing by Ed Davies)

By Neil Jerome Morales


ę Reuters 2021
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Financials
Sales 2021 37 490 M 746 M 746 M
Net income 2021 7 989 M 159 M 159 M
Net Debt 2021 35 192 M 701 M 701 M
P/E ratio 2021 10,1x
Yield 2021 2,97%
Capitalization 80 193 M 1 597 M 1 596 M
EV / Sales 2021 3,08x
EV / Sales 2022 3,08x
Nbr of Employees 2 132
Free-Float 38,5%
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Technical analysis trends ROBINSONS LAND CORPORATION
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 10
Last Close Price 15,44 PHP
Average target price 23,28 PHP
Spread / Average Target 50,7%
EPS Revisions
Managers and Directors
Frederick D. Go President, Chief Executive Officer & Director
Kerwin Max S. Tan CFO, Chief Risk & Compliance Officer
Lance Yu. Gokongwei Chairman
Arlene Sta. Rosa-Denzon Chief Compliance Officer
Roberto F. de Ocampo Independent Director