Buy Or Sell Opportunity • Jun 16
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.8% to ₱36.40. The fair value is estimated to be ₱46.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 8.7%. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: ₱0.69 (vs ₱0.64 in 1Q 2025) First quarter 2026 results: EPS: ₱0.69 (up from ₱0.64 in 1Q 2025). Revenue: ₱3.54b (up 21% from 1Q 2025). Net income: ₱2.56b (up 25% from 1Q 2025). Profit margin: 72% (up from 70% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 4% per year. Declared Dividend • May 15
Fourth quarter dividend of ₱0.62 announced Shareholders will receive a dividend of ₱0.62. Ex-date: 26th May 2026 Payment date: 11th June 2026 Dividend yield will be 6.4%, which is lower than the industry average of 7.5%. Announcement • May 14
AREIT, Inc. announces Quarterly dividend, payable on June 11, 2026 AREIT, Inc. announced Quarterly dividend of PHP 0.6200 per share payable on June 11, 2026, ex-date on May 26, 2026 and record date on May 27, 2026. Reported Earnings • Feb 25
Full year 2025 earnings released: EPS: ₱2.57 (vs ₱2.62 in FY 2024) Full year 2025 results: EPS: ₱2.57. Revenue: ₱13.0b (up 26% from FY 2024). Net income: ₱9.54b (up 30% from FY 2024). Profit margin: 74% (up from 71% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Office REITs industry in Asia. Declared Dividend • Feb 23
Third quarter dividend of ₱0.62 announced Shareholders will receive a dividend of ₱0.62. Ex-date: 4th March 2026 Payment date: 20th March 2026 Dividend yield will be 5.5%, which is lower than the industry average of 7.5%. Announcement • Feb 21
AREIT, Inc. announces Quarterly dividend, payable on March 20, 2026 AREIT, Inc. announced Quarterly dividend of PHP 0.6200 per share payable on March 20, 2026, ex-date on March 04, 2026 and record date on March 05, 2026. Recent Insider Transactions • Feb 03
Independent Director recently sold ₱4.5m worth of stock On the 28th of January, Enrico Cruz sold around 100k shares on-market at roughly ₱44.50 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱8.9m more than they bought in the last 12 months. Reported Earnings • Nov 16
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: ₱0.70 (up from ₱0.61 in 3Q 2024). Revenue: ₱3.59b (up 24% from 3Q 2024). Net income: ₱2.61b (up 33% from 3Q 2024). Profit margin: 73% (up from 68% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 3.4%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 8% per year. Declared Dividend • Nov 15
Second quarter dividend of ₱0.62 announced Shareholders will receive a dividend of ₱0.62. Ex-date: 25th November 2025 Payment date: 12th December 2025 Dividend yield will be 5.7%, which is lower than the industry average of 7.5%. Announcement • Nov 14
AREIT, Inc. announces Quarterly dividend, payable on December 12, 2025 AREIT, Inc. announced Quarterly dividend of PHP 0.6200 per share payable on December 12, 2025, ex-date on November 25, 2025 and record date on November 26, 2025. Announcement • Nov 13
AREIT, Inc., Annual General Meeting, Apr 23, 2026 AREIT, Inc., Annual General Meeting, Apr 23, 2026, at 15:00 W. Australia Standard Time. Location: to be announced, Philippines New Risk • Oct 15
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 100% Dividend yield: 5.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (100% cash payout ratio). Shareholders have been diluted in the past year (16% increase in shares outstanding). Recent Insider Transactions • Sep 17
Independent Director recently sold ₱2.2m worth of stock On the 11th of September, Enrico Cruz sold around 50k shares on-market at roughly ₱44.83 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱5.5m more than they bought in the last 12 months. Recent Insider Transactions • Sep 04
Independent Director recently sold ₱1.3m worth of stock On the 1st of September, Enrico Cruz sold around 30k shares on-market at roughly ₱44.76 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱2.3m more than they bought in the last 12 months. Upcoming Dividend • Aug 21
Upcoming dividend of ₱0.59 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 12 September 2025. Trailing yield: 5.4%. Lower than top quartile of Filipino dividend payers (6.0%). In line with average of industry peers (5.8%). Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: ₱0.65 (up from ₱0.60 in 2Q 2024). Revenue: ₱3.00b (up 42% from 2Q 2024). Net income: ₱2.08b (up 46% from 2Q 2024). Profit margin: 69% (up from 67% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 6.5%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Aug 14
AREIT, Inc. announces Quarterly dividend, payable on September 12, 2025 AREIT, Inc. announced Quarterly dividend of PHP 0.5900 per share payable on September 12, 2025, ex-date on August 28, 2025 and record date on August 29, 2025. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ₱0.64 (vs ₱0.61 in 1Q 2024) First quarter 2025 results: EPS: ₱0.64 (up from ₱0.61 in 1Q 2024). Revenue: ₱2.92b (up 38% from 1Q 2024). Net income: ₱2.05b (up 42% from 1Q 2024). Profit margin: 70% (up from 68% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • May 14
AREIT, Inc. announces Quarterly dividend, payable on June 11, 2025 AREIT, Inc. announced Quarterly dividend of PHP 0.5800 per share payable on June 11, 2025, ex-date on May 26, 2025 and record date on May 27, 2025. Reported Earnings • Mar 27
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: ₱2.62 (up from ₱2.60 in FY 2023). Revenue: ₱10.3b (up 44% from FY 2023). Net income: ₱7.32b (up 46% from FY 2023). Profit margin: 71% (in line with FY 2023). Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 22
Third quarter dividend of ₱0.58 announced Shareholders will receive a dividend of ₱0.58. Ex-date: 4th March 2025 Payment date: 21st March 2025 Dividend yield will be 5.8%, which is lower than the industry average of 7.5%. Announcement • Feb 21
AREIT, Inc. announces Quarterly dividend, payable on March 21, 2025 AREIT, Inc. announced Quarterly dividend of PHP 0.5800 per share payable on March 21, 2025, ex-date on March 04, 2025 and record date on March 05, 2025. Recent Insider Transactions • Feb 05
Independent Director recently sold ₱1.0m worth of stock On the 3rd of February, Enrico Cruz sold around 25k shares on-market at roughly ₱40.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Buy Or Sell Opportunity • Feb 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.1% to ₱40.00. The fair value is estimated to be ₱50.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 40% in 2 years. Earnings are forecast to grow by 40% in the next 2 years. Price Target Changed • Jan 23
Price target increased by 9.0% to ₱43.90 Up from ₱40.28, the current price target is an average from 3 analysts. New target price is 9.6% above last closing price of ₱40.05. Stock is up 20% over the past year. The company is forecast to post earnings per share of ₱2.61 for next year compared to ₱2.60 last year. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: ₱0.61 (vs ₱0.52 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.61 (up from ₱0.52 in 3Q 2023). Revenue: ₱2.89b (up 42% from 3Q 2023). Net income: ₱1.96b (up 59% from 3Q 2023). Profit margin: 68% (up from 61% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 16
Second quarter dividend of ₱0.58 announced Shareholders will receive a dividend of ₱0.58. Ex-date: 26th November 2024 Payment date: 13th December 2024 Dividend yield will be 5.8%, which is lower than the industry average of 7.5%. Announcement • Nov 15
AREIT, Inc., Annual General Meeting, Apr 24, 2025 AREIT, Inc., Annual General Meeting, Apr 24, 2025, at 15:00 W. Australia Standard Time. Location: to be announced, Philippines Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₱0.60 (vs ₱0.58 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.60 (up from ₱0.58 in 2Q 2023). Revenue: ₱2.12b (up 42% from 2Q 2023). Net income: ₱1.42b (up 38% from 2Q 2023). Profit margin: 67% (down from 69% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 18
Upcoming dividend of ₱0.56 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 11 August 2024. Trailing yield: 6.0%. Lower than top quartile of Filipino dividend payers (6.3%). Lower than average of industry peers (6.9%). Price Target Changed • Jun 13
Price target decreased by 10% to ₱42.48 Down from ₱47.25, the current price target is an average from 4 analysts. New target price is 23% above last closing price of ₱34.50. Stock is up 1.2% over the past year. The company is forecast to post earnings per share of ₱2.54 for next year compared to ₱2.60 last year. Declared Dividend • May 17
First quarter dividend of ₱0.56 announced Shareholders will receive a dividend of ₱0.56. Ex-date: 27th May 2024 Payment date: 13th June 2024 Dividend yield will be 6.4%, which is lower than the industry average of 7.5%. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ₱0.61 (vs ₱0.57 in 1Q 2023) First quarter 2024 results: EPS: ₱0.61 (up from ₱0.57 in 1Q 2023). Revenue: ₱2.11b (up 43% from 1Q 2023). Net income: ₱1.44b (up 43% from 1Q 2023). Profit margin: 68% (in line with 1Q 2023). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • May 16
AREIT, Inc. Approves Cash Dividends for the First Quarter of 2024, Payable on June 13, 2024 On May 14, 2024, AREIT, Inc.'s BOD approved the declaration of cash dividends for the first quarter of 2024, amounting to PHP 0.56 per outstanding common share to stockholders on record as of May 28, 2024, amounting to PHP 1,326.42 million. The cash dividend will be payable on June 13, 2024, to stockholders. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: ₱2.60 (vs ₱1.91 in FY 2022) Full year 2023 results: EPS: ₱2.60 (up from ₱1.91 in FY 2022). Revenue: ₱7.14b (up 41% from FY 2022). Net income: ₱5.03b (up 74% from FY 2022). Profit margin: 71% (up from 57% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Mar 13
AREIT, Inc. Appoints Maria Franchette M. Acosta as Corporate Secretary, Effective March 13, 2024 AREIT, Inc. at its special meeting held March 13, 2024, approved the election of Ms. Maria Franchette M. Acosta as Corporate Secretary to serve the unexpired term of Mr. Solomon M. Hermosura, who has resigned and transitioned to government service as disclosed on February 26, 2024 Maria Franchette M. Acosta, Filipino, 51, is the Corporate Governance Group Head and Chief Legal Officer of Ayala Corporation. She is a practicing lawyer for 24 years, with 18 years in Villaraza & Angangco Law Firm where she was a Senior Partner, Co-Managing Partner and Head of its Corporate and Commercial Department. Ms. Acosta was an Assistant Secretary at the Office of the Chief Presidential Legal Counsel of the Republic of the Philippines where she served from 2001 to 2003. She is recognized as an expert counsel in leading legal journals and publications such as Chambers Global, Chambers Asia Pacific and Legal 500. She is a consistent Asia Business Law Journal's top 100 lawyers of the Philippines. Ms. Acosta graduated from New York University with a Master of Laws in 2003. She ranked 3rd in the Philippine Bar Examination and earned her Bachelor of Laws from the University of the Philippines College of Law in 1998 where she graduated Class Valedictorian and Cum Laude. She holds a Bachelor of Science in Business Economics from the University of the Philippines School of Economics in 1994 where she graduated Magna Cum Laude. Effective March 13, 2024. Announcement • Feb 27
AREIT, Inc. Announces Resignation of Solomon M. Hermosura as Corporate Secretary, Effective 29 February 2024 AREIT, Inc. informed that Mr. Solomon M. Hermosura tendered his resignation as Corporate Secretary effective 29 February 2024. Mr. Hermosura will be transitioning to government service. His replacement will be appointed by the Board in due course. Upcoming Dividend • Feb 23
Upcoming dividend of ₱0.55 per share Eligible shareholders must have bought the stock before 01 March 2024. Payment date: 20 March 2024. Trailing yield: 6.3%. Within top quartile of Filipino dividend payers (5.5%). Lower than average of industry peers (7.3%). Declared Dividend • Feb 22
Third quarter dividend of ₱0.55 announced Shareholders will receive a dividend of ₱0.55. Ex-date: 1st March 2024 Payment date: 20th March 2024 Dividend yield will be 6.1%, which is lower than the industry average of 7.5%. Price Target Changed • Jan 27
Price target increased by 8.8% to ₱48.13 Up from ₱44.25, the current price target is an average from 3 analysts. New target price is 50% above last closing price of ₱32.00. Stock is down 11% over the past year. The company is forecast to post earnings per share of ₱2.16 for next year compared to ₱1.91 last year. Major Estimate Revision • Dec 02
Consensus revenue estimates increase by 10%, EPS downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ₱5.98b to ₱6.59b. EPS estimate fell from ₱2.39 to ₱2.14. Net income forecast to grow 33% next year vs 5.3% growth forecast for Office REITs industry in Philippines. Consensus price target broadly unchanged at ₱44.25. Share price rose 4.3% to ₱30.45 over the past week. Upcoming Dividend • Nov 23
Upcoming dividend of ₱0.55 per share at 7.3% yield Eligible shareholders must have bought the stock before 30 November 2023. Payment date: 15 December 2023. Trailing yield: 7.3%. Within top quartile of Filipino dividend payers (5.7%). Lower than average of industry peers (8.2%). Announcement • Nov 17
AREIT, Inc., Annual General Meeting, Apr 24, 2024 AREIT, Inc., Annual General Meeting, Apr 24, 2024, at 11:00 Singapore Standard Time. Reported Earnings • Nov 17
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: ₱0.52. Revenue: ₱2.03b (up 71% from 3Q 2022). Net income: ₱1.23b (up 51% from 3Q 2022). Profit margin: 61% (down from 68% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 55%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Office REITs industry in Asia. New Risk • Sep 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 57% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (57% increase in shares outstanding). Minor Risk Dividend is not well covered by cash flows (108% cash payout ratio). Upcoming Dividend • Aug 22
Upcoming dividend of ₱0.53 per share at 6.3% yield Eligible shareholders must have bought the stock before 29 August 2023. Payment date: 13 September 2023. Trailing yield: 6.3%. Within top quartile of Filipino dividend payers (5.5%). Lower than average of industry peers (7.4%). Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: ₱0.58 (vs ₱0.54 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.58 (up from ₱0.54 in 2Q 2022). Revenue: ₱1.49b (up 27% from 2Q 2022). Net income: ₱1.03b (up 26% from 2Q 2022). Profit margin: 69% (in line with 2Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ₱0.57 (vs ₱0.54 in 1Q 2022) First quarter 2023 results: EPS: ₱0.57 (up from ₱0.54 in 1Q 2022). Revenue: ₱1.48b (up 25% from 1Q 2022). Net income: ₱1.01b (up 25% from 1Q 2022). Profit margin: 68% (in line with 1Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Office REITs industry in Asia. Recent Insider Transactions • Apr 12
President recently bought ₱783k worth of stock On the 4th of April, Carol Mills bought around 24k shares on-market at roughly ₱32.60 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Carol has been a buyer over the last 12 months, purchasing a net total of ₱1.4m worth in shares. Reported Earnings • Mar 29
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ₱1.91 (up from ₱1.65 in FY 2021). Revenue: ₱5.07b (up 53% from FY 2021). Net income: ₱2.89b (up 19% from FY 2021). Profit margin: 57% (down from 73% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Office REITs industry in Asia. Board Change • Mar 28
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Jessie Cabaluna was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Feb 01
Insider recently sold ₱179k worth of stock On the 30th of January, June Vee Monteclaro-Navarro sold around 5k shares on-market at roughly ₱35.85 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₱1.0m more than they sold in the last 12 months. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Jessie Cabaluna was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Oct 06
Price target decreased to ₱44.67 Down from ₱48.57, the current price target is an average from 6 analysts. New target price is 29% above last closing price of ₱34.55. Stock is down 13% over the past year. The company is forecast to post earnings per share of ₱2.25 for next year compared to ₱1.64 last year. Major Estimate Revision • Sep 06
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ₱4.77b to ₱4.95b. EPS estimate increased from ₱1.99 to ₱2.19 per share. Net income forecast to grow 42% next year vs 4.1% growth forecast for REITs industry in Philippines. Consensus price target of ₱47.45 unchanged from last update. Share price was steady at ₱38.50 over the past week. Reported Earnings • Aug 18
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: ₱0.54. Revenue: ₱1.18b (up 60% from 2Q 2021). Net income: ₱815.2m (up 32% from 2Q 2021). Profit margin: 69% (down from 84% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Over the next year, revenue is forecast to grow 23%, compared to a 28% growth forecast for the REITs industry in Philippines. Upcoming Dividend • Aug 16
Upcoming dividend of ₱0.49 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 09 September 2022. Trailing yield: 5.0%. Within top quartile of Filipino dividend payers (5.0%). In line with average of industry peers (5.1%). Announcement • Aug 15
AREIT, Inc. Approves Cash Dividend for the Second Quarter of 2022 AREIT, Inc. announced that at its regular board meeting, the Board of Directors approved the declaration of PHP 0.49 per share in cash dividends from operations in the second quarter of 2022, higher than PHP 0.48 per share in the first quarter of the year. This declaration brings the total dividends to PHP 0.97 per share for the first half of 2022, 10% higher year-on-year. Recent Insider Transactions • Jul 01
Treasurer recently bought ₱346k worth of stock On the 29th of June, Ma. Teresa Famy bought around 10k shares on-market at roughly ₱34.60 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₱572k. Ma. Teresa has been a buyer over the last 12 months, purchasing a net total of ₱776k worth in shares. Upcoming Dividend • May 24
Upcoming dividend of ₱0.48 per share Eligible shareholders must have bought the stock before 31 May 2022. Payment date: 17 June 2022. Trailing yield: 4.9%. Within top quartile of Filipino dividend payers (4.7%). In line with average of industry peers (4.8%). Reported Earnings • May 11
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ₱0.54. Revenue: ₱1.18b (up 73% from 1Q 2021). Net income: ₱810.3m (up 17% from 1Q 2021). Profit margin: 68% (down from 102% in 1Q 2021). The decrease in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 29%, compared to a 86% growth forecast for the industry in Philippines. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Jessie Cabaluna was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 28
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ₱1.64 (up from ₱1.23 in FY 2020). Revenue: ₱3.32b (up 70% from FY 2020). Net income: ₱2.43b (up 98% from FY 2020). Profit margin: 73% (up from 63% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 40%, compared to a 12% growth forecast for the reits industry in Philippines. Announcement • Mar 01
AREIT, Inc. Approves Dividend for the Fourth Quarter of 2021, Payable on March 25, 2022 AREIT, Inc. approved the declaration of dividends of PHP 0.47 per share for the fourth quarter of 2021 to be distributed on March 25, 2022, to stockholders on record as of March 11, 2022. The company's full-year dividends from its 2021 income totaled P1.77 per share, a 34% increase from 2020 and 12% higher than its REIT plan projection during the IPO due to asset acquisitions last year. Upcoming Dividend • Mar 01
Upcoming dividend of ₱0.47 per share Eligible shareholders must have bought the stock before 08 March 2022. Payment date: 25 March 2022. Trailing yield: 3.6%. Lower than top quartile of Filipino dividend payers (3.9%). Lower than average of industry peers (4.5%). Recent Insider Transactions • Jan 06
Assistant Corporate Secretary recently sold ₱492k worth of stock On the 5th of January, June Vee Monteclaro-Navarro sold around 10k shares on-market at roughly ₱49.15 per share. In the last 3 months, there was an even bigger sale from another insider worth ₱1.7m. Insiders have been net sellers, collectively disposing of ₱7.4m more than they bought in the last 12 months. Recent Insider Transactions • Nov 27
Independent Director recently sold ₱1.7m worth of stock On the 19th of November, Enrico Cruz sold around 36k shares on-market at roughly ₱47.63 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱3.3m more than they bought in the last 12 months. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ₱0.47 (vs ₱4.41 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₱694.4m (up 45% from 3Q 2020). Net income: ₱481.3m (down 89% from 3Q 2020). Profit margin: 69% (down from 945% in 3Q 2020). Upcoming Dividend • Aug 16
Upcoming dividend of ₱0.44 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 10 September 2021. Trailing yield: 4.8%. Within top quartile of Filipino dividend payers (4.1%). Higher than average of industry peers (4.0%). Recent Insider Transactions • Jul 29
CFO & Chief Compliance Officer recently bought ₱429k worth of stock On the 28th of July, Ma. Teresa Famy bought around 12k shares on-market at roughly ₱35.76 per share. This was the largest purchase by an insider in the last 3 months. This was Ma. Teresa's only on-market trade for the last 12 months. Executive Departure • Jul 04
CFO & Chief Compliance Officer Elaine Marie Alzona has left the company During their tenure, earnings grew by 32% annually compared to the industry average, which went down by 4.3%. As of March 2021, Elaine Marie still personally held only 5.00k shares (₱170k worth at the time). Elaine Marie is the only executive to leave the company over the last 12 months. Executive Departure • Jul 04
CFO & Chief Compliance Officer Elaine Marie Alzona has left the company During their tenure, earnings grew by 32% annually compared to the industry average, which went down by 4.3%. As of March 2021, Elaine Marie still personally held only 5.00k shares (₱170k worth at the time). Elaine Marie is the only executive to leave the company over the last 12 months. Executive Departure • Jul 04
CFO & Chief Compliance Officer Elaine Marie Alzona has left the company During their tenure, earnings grew by 32% annually compared to the industry average, which went down by 4.3%. As of March 2021, Elaine Marie still personally held only 5.00k shares (₱170k worth at the time). Elaine Marie is the only executive to leave the company over the last 12 months. Executive Departure • Jul 04
CFO & Chief Compliance Officer Elaine Marie Alzona has left the company During their tenure, earnings grew by 32% annually compared to the industry average, which went down by 4.3%. As of March 2021, Elaine Marie still personally held only 5.00k shares (₱170k worth at the time). Elaine Marie is the only executive to leave the company over the last 12 months. Executive Departure • Jul 04
CFO & Chief Compliance Officer Elaine Marie Alzona has left the company During their tenure, earnings grew by 32% annually compared to the industry average, which went down by 4.3%. As of March 2021, Elaine Marie still personally held only 5.00k shares (₱170k worth at the time). Elaine Marie is the only executive to leave the company over the last 12 months. Executive Departure • Jul 04
CFO & Chief Compliance Officer Elaine Marie Alzona has left the company During their tenure, earnings grew by 32% annually compared to the industry average, which went down by 4.3%. As of March 2021, Elaine Marie still personally held only 5.00k shares (₱170k worth at the time). Elaine Marie is the only executive to leave the company over the last 12 months. Executive Departure • Jul 04
CFO & Chief Compliance Officer Elaine Marie Alzona has left the company During their tenure, earnings grew by 32% annually compared to the industry average, which went down by 4.3%. As of March 2021, Elaine Marie still personally held only 5.00k shares (₱170k worth at the time). Elaine Marie is the only executive to leave the company over the last 12 months. Executive Departure • Jul 04
CFO & Chief Compliance Officer Elaine Marie Alzona has left the company During their tenure, earnings grew by 32% annually compared to the industry average, which went down by 4.3%. As of March 2021, Elaine Marie still personally held only 5.00k shares (₱170k worth at the time). Elaine Marie is the only executive to leave the company over the last 12 months. Executive Departure • Jul 04
CFO & Chief Compliance Officer Elaine Marie Alzona has left the company During their tenure, earnings grew by 32% annually compared to the industry average, which went down by 3.6%. As of March 2021, Elaine Marie still personally held only 5.00k shares (₱170k worth at the time). Elaine Marie is the only executive to leave the company over the last 12 months. Executive Departure • Jul 04
CFO & Chief Compliance Officer Elaine Marie Alzona has left the company During their tenure, earnings grew by 32% annually compared to the industry average, which went down by 3.6%. As of March 2021, Elaine Marie still personally held only 5.00k shares (₱170k worth at the time). Elaine Marie is the only executive to leave the company over the last 12 months. Executive Departure • Jul 04
CFO & Chief Compliance Officer Elaine Marie Alzona has left the company During their tenure, earnings grew by 32% annually compared to the industry average, which went down by 3.6%. As of March 2021, Elaine Marie still personally held only 5.00k shares (₱170k worth at the time). Elaine Marie is the only executive to leave the company over the last 12 months. Executive Departure • Jul 03
CFO & Chief Compliance Officer Elaine Marie Alzona has left the company During their tenure, earnings grew by 32% annually compared to the industry average, which went down by 3.6%. As of March 2021, Elaine Marie still personally held only 5.00k shares (₱170k worth at the time). Elaine Marie is the only executive to leave the company over the last 12 months. Executive Departure • Jul 03
CFO & Chief Compliance Officer Elaine Marie Alzona has left the company During their tenure, earnings grew by 32% annually compared to the industry average, which went down by 3.6%. As of March 2021, Elaine Marie still personally held only 5.00k shares (₱170k worth at the time). Elaine Marie is the only executive to leave the company over the last 12 months. Executive Departure • Jul 03
CFO & Chief Compliance Officer Elaine Marie Alzona has left the company During their tenure, earnings grew by 32% annually compared to the industry average, which went down by 3.6%. As of March 2021, Elaine Marie still personally held only 5.00k shares (₱170k worth at the time). Elaine Marie is the only executive to leave the company over the last 12 months. Upcoming Dividend • Jun 01
Upcoming dividend of ₱0.42 per share Eligible shareholders must have bought the stock before 08 June 2021. Payment date: 25 June 2021. Trailing yield: 4.7%. Within top quartile of Filipino dividend payers (4.1%). Higher than average of industry peers (4.0%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS ₱0.39 (vs ₱0.26 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₱679.7m (up 52% from 1Q 2020). Net income: ₱402.8m (up 60% from 1Q 2020). Profit margin: 59% (up from 56% in 1Q 2020). The increase in margin was driven by higher revenue. Major Estimate Revision • May 08
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ₱2.48b to ₱2.86b. EPS estimate fell from ₱1.55 to ₱1.32. Net income forecast to grow 34% next year vs 32% growth forecast for REITs industry in Philippines. Consensus price target up from ₱33.80 to ₱35.30. Share price fell 4.4% to ₱32.80 over the past week. Reported Earnings • Apr 06
Full year 2020 earnings released: EPS ₱1.23 (vs ₱1.29 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₱1.95b (up 29% from FY 2019). Net income: ₱1.23b (down 2.7% from FY 2019). Profit margin: 63% (down from 83% in FY 2019). The decrease in margin was driven by higher expenses. Recent Insider Transactions • Mar 25
Assistant Corporate Secretary recently bought ₱488k worth of stock On the 22nd of March, June Vee Monteclaro-Navarro bought around 15k shares on-market at roughly ₱32.50 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₱5.0m. Insiders have collectively bought ₱113m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 12
Assistant Corporate Secretary recently bought ₱335k worth of stock On the 9th of March, Nimfa Ambrosia Perez-Paras bought around 10k shares on-market at roughly ₱33.50 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₱5.0m. Insiders have collectively bought ₱113m more in shares than they have sold in the last 12 months. Upcoming Dividend • Mar 03
Upcoming Dividend of ₱0.39 Per Share Will be paid on the 25th of March to those who are registered shareholders by the 10th of March. The trailing yield of 3.8% is below the top quartile of Filipino dividend payers (4.1%), and is lower than industry peers (4.4%). Announcement • Feb 25
AREIT, Inc. Appoints Rowena P. Libunao as Chief Audit Executive AREIT, Inc. at its regular board meeting held on February 24, 2021, has approved the appointment of Ms. Rowena P. Libunao as Chief Audit Executive of the company. Effective date as on February 24, 2021. Rowena P. Libunao, Filipino is currently the audit lead for Ayala Land, Inc.'s (ALI) Corporate, Estate, Offices, Hotels, Resorts and ALI Capital groups. She has been with ALI Internal Audit for almost 10 years. Is New 90 Day High Low • Feb 19
New 90-day high: ₱34.20 The company is up 27% from its price of ₱27.00 on 20 November 2020. The Filipino market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱23.76 per share.