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Manila Bulletin devider Business devider DDMP REIT closes flat on listing day at PSE

DDMP REIT closes flat on listing day at PSE

Published Mar 24, 2021 05:30 pm

DDMP REIT Inc., the real estate investment trust subsidiary of DoubleDragon Properties Corporation, successfully listed its shares at the Philippine Stock Exchange but its performance was not as hot as many anticipated.

The firm’s shares closed flat at its initial public offering price of P2.25 per share after initially reaching a high of P2.40 per share. It found strong buying support at P2.24 a share.

“It started slightly higher but then returned and closed at its IPO price. It may have been affected by the current risk off sentiment of investors due to market conditions,” said AAA Equities Head of Research Chris Mangun.

Photo credit: http://www.ddmeridianpark.com/

Philstocks Financial Research Associate Claire Alviar said the stock was volatile on its first trading day, particularly in the first 30 minutes.

“We think that its performance was still good and allows long-term investors to have a slice of REIT in their portfolio at its IPO price but with a few charges this time. REITs are good for dividend play with a long term holding period,” she added.

DoubleDragon Chairman Edgar Sia II said “Your DDMP REIT Basket is what I call the ‘Pamana Stock’ (inheritance stock) being a stock that owns the prime freehold titled land and the grade A buildings that sit on it.”

“While ‘pamana’ (inheritance) is for the succeeding generations, you still get to enjoy the quarterly cash dividend benefits of your DDMPR investment as you temporarily hold it in behalf of your next generation,” he explained.

Sia said that, “Based on DDMPR's regular cash dividend cycle, the next cash dividend is up for declaration in the next 3 weeks.”

DDMP REIT raised P14.7 billion from its IPO where it offered 5.94 billion common shares with an over-allotment option of up to 594.25 million shares at P2.25 per share.

Related Tags

Chris Mangun AAA Equities Philstocks Financial Claire Alviar DDMP REIT Inc. DoubleDragon Properties Corporation Edgar Sia II
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