MANILA - DoubleDragon Properties Corp's DDMP real estate investment trust (REITs) listed Wednesday on the Philippine Stock Exchange, gaining positive sentiment from the investing public despite the ongoing COVID-19 pandemic.
Stocks traded for P2.40 per piece in the early morning, up from its initial price offer of P2.25.
"Listing during a pandemic is definitely not a walk in the park, but we believe this is our share of also promoting a more inclusive economy, and that's what we can achieve together now during these challenging, never-been-chartered territories, brought about by this pandemic," DoubleDragon chairman Edgar “Injap” Sia II said.
"Despite those challenges, your DDMPR team will still continue to work hard to lift the company to greater heights while further solidifying its foundation year on year," he added.
Upward projection of its dividend yield at above 5 percent and historical recurring income growth of the real estate company drive positive investor sentiment, Philstocks Financials senior analyst Japhet Tantiangco told ANC.
"Because of this, this is what’s stimulating the appetite on the part of the investors," he added.
The "milestone" listing also gave the Philippine capital market a boost during the COVID-19 pandemic and has also broadened the venue for financial inclusion, Finance Secretary Carlos Dominguez III said during the opening ceremony.
“I commend DoubleDragon’s remarkable business acumen and resilience amid these challenging times. As with the previous initial public offerings (IPOs) made during the pandemic, DoubleDragon’s REIT listing reflects the strong confidence of our investors in our economic recovery,” Dominguez said.
Tantiangco, however, said the only downside is that DoubleDragon has exposure to Philippine Offshore Gaming Operations (POGO) which is weighed down by the COVID-19 pandemic and "regulatory uncertainties."
DoubleDragon's DDMP is the second REIT to list in the stock exchange. Ayala Land's AREIT was the first to debut the said instrument.
DoubleDragon’s DDMP is expecting to raise as much as P14.71 billion.
Real estate investment trusts gave the investing public more channels to engage and earn dividends from the property sector.