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Stock Commentary

Quick takes from around the market

Merkado Barkada
Quick takes from around the market

REITs [link] have been absolutely hammered recently, and most (except for AREIT [AREIT 40.50 8.00%], which is still above, and DDMP [DDMPR 1.63], which is still below) are trading very near their IPO prices after long periods of significant over-performance. Is this a response to the government’s signal that it will be stepping up with another round of interest rate increases in short order? I know some that have speculated that the REIT “tide” is low because people are drawing out of existing REITs to get into VREIT, but I’m not so sure the on-the-street temperature reads that I’m taking support that analysis. REIT investors aren’t normally so flighty, but this is our first time going through a period of instability like this with REITs on the exchange, so it’s new for everyone.
 

Century Peak Holdings [CPM 2.78 0.36%] [link] FY21 profit was up 196% to P255 million. Looks like the extra time it took to prepare the report might have been worth it? I haven't taken a closer look to see what's what, though.
 

Leisure & Resorts World [LR 1.28 3.03%] [link] FY21 profit was up 36% to a smaller net loss of P828 million. At least it wasn’t a billion this time? So, maybe that wait was also worth it? Ok, so maybe that thesis doesn’t always apply.

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Merkado Barkada is a free daily newsletter on the PSE, investing and business in the Philippines. You can subscribe to the newsletter or follow on Twitter to receive the full daily updates.
Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.

AREIT

CENTURY PEAK METALS HOLDINGS CORP.

LEISURE & RESORTS WORLD CORP.

PHILIPPINE STOCK EXCHANGE

REIT

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