DoubleDragon’s real estate investment trust debuts on Philippine Stock Exchange
DoubleDragon chairman Edgar “Injap” Sia II speaks at the DDMP listing ceremony on the Philippine Stock Exchange. Handout
MANILA – DoubleDragon Properties Corp’s DDMP Real Estate Investment Trust (REITs) was listed on the Philippine Stock Exchange on Wednesday and has gained positive sentiment from the investing public despite the ongoing COVID-19 pandemic.
The shares traded early this morning for P2.40 apiece, compared to the original price quotation of P2.25.
“Listing during a pandemic is definitely not a walk in the park, but we believe this is our part in promoting a more inclusive economy and we can now achieve that together in these challenging, never-chartered areas through this pandemic,” DoubleDragon said. Chairman Edgar “Injap” Sia II.
“Despite these challenges, your DDMPR team will continue to work hard to take the company to a higher level and solidify its foundation year after year,” he added.
The upward forecast of the dividend yield of over 5 percent and the property company’s historically recurring income growth are driving positive investor sentiment, Japhet Tantiangco, senior analyst at Philstocks Financials, told ANC.
“As a result, this is whipping investors’ appetites,” he added.
The “milestone” listing also gave the Philippine capital market a boost during the COVID-19 pandemic and has also expanded the place for financial inclusion, Treasury Secretary Carlos Dominguez III said during the opening ceremony.
“I recommend DoubleDragon’s remarkable business acumen and resilience in these challenging times. As with previous IPOs during the pandemic, DoubleDragon’s REIT listing reflects the strong confidence our investors have in our economic recovery, ”said Dominguez.
However, Tantiangco said the only downside is that DoubleDragon is involved in Filipino Offshore Gaming (POGO) operations that are weighed down by the COVID-19 pandemic and “regulatory uncertainties”.
DoubleDragons DDMP is the second REIT to be listed on the stock exchange. Ayala Lands AREIT was the first to debut this instrument.
DoubleDragon’s DDMP expects an increase of 14.71 billion pesetas.
Real estate investment trusts gave the investing public more channels to get involved and earn dividends from the real estate sector.
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