Price Target Changed • Jun 02
Price target decreased by 7.9% to ₱15.17 Down from ₱16.47, the current price target is an average from 3 analysts. New target price is 8.2% above last closing price of ₱14.02. Stock is up 2.3% over the past year. The company is forecast to post earnings per share of ₱1.15 for next year compared to ₱1.18 last year. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: ₱0.27 (vs ₱0.26 in 1Q 2025) First quarter 2026 results: EPS: ₱0.27 (up from ₱0.26 in 1Q 2025). Revenue: ₱1.72b (up 69% from 1Q 2025). Net income: ₱1.28b (up 33% from 1Q 2025). Profit margin: 74% (down from 95% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 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 93% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Declared Dividend • May 02
First quarter dividend of ₱0.26 announced Shareholders will receive a dividend of ₱0.26. Ex-date: 14th May 2026 Payment date: 29th May 2026 Dividend yield will be 7.2%, which is about the same as the industry average. Announcement • Apr 22
MREIT, Inc., Annual General Meeting, May 29, 2026 MREIT, Inc., Annual General Meeting, May 29, 2026, at 14:00 W. Australia Standard Time. Location: ph/asm2026, Philippines New Risk • Apr 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 106% Cash payout ratio: 134% Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding). Declared Dividend • Mar 04
Fourth quarter dividend of ₱0.25 announced Shareholders will receive a dividend of ₱0.25. Ex-date: 13th March 2026 Payment date: 26th March 2026 Dividend yield will be 7.1%, which is lower than the industry average of 7.5%. Reported Earnings • Mar 03
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ₱1.18. Revenue: ₱5.58b (up 61% from FY 2024). Net income: ₱4.40b (up 11% from FY 2024). Profit margin: 79% (down from 115% in FY 2024). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 9.8%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Office REITs industry in Asia. Recent Insider Transactions • Feb 14
Chairman of the Board recently bought ₱7.0m worth of stock On the 10th of February, Kevin Andrew Tan bought around 500k shares on-market at roughly ₱13.97 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Kevin Andrew's only on-market trade for the last 12 months. New Risk • Dec 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Declared Dividend • Nov 15
Third quarter dividend of ₱0.25 announced Shareholders will receive a dividend of ₱0.25. Ex-date: 28th November 2025 Payment date: 19th December 2025 Dividend yield will be 7.2%, which is about the same as the industry average. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ₱0.26 (vs ₱0.26 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.26 (in line with 3Q 2024). Revenue: ₱1.43b (up 86% from 3Q 2024). Net income: ₱959.3m (up 33% from 3Q 2024). Profit margin: 67% (down from 94% in 3Q 2024). Revenue is forecast to grow 7.1% 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 46% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 16
Now 21% undervalued Over the last 90 days, the stock has risen 1.3% to ₱13.96. The fair value is estimated to be ₱17.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 58% in 2 years. Earnings are forecast to grow by 0.3% in the next 2 years. Buy Or Sell Opportunity • Aug 27
Now 20% undervalued Over the last 90 days, the stock has risen 8.5% to ₱14.80. The fair value is estimated to be ₱18.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 58% in 2 years. Earnings are forecast to grow by 0.3% in the next 2 years. Declared Dividend • Aug 14
Second quarter dividend of ₱0.25 announced Shareholders will receive a dividend of ₱0.25. Ex-date: 27th August 2025 Payment date: 11th September 2025 Dividend yield will be 7.0%, which is lower than the industry average of 7.5%. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: ₱0.26 (vs ₱0.26 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.26 (in line with 2Q 2024). Revenue: ₱1.03b (up 29% from 2Q 2024). Net income: ₱965.8m (up 31% from 2Q 2024). Profit margin: 94% (up from 93% in 2Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Aug 12
MREIT, Inc., Annual General Meeting, Sep 29, 2025 MREIT, Inc., Annual General Meeting, Sep 29, 2025, at 14:00 W. Australia Standard Time. Recent Insider Transactions • Jun 26
President recently bought ₱1.4m worth of stock On the 18th of June, Jose Arnulfo Batac bought around 100k shares on-market at roughly ₱13.77 per share. This transaction increased Jose Arnulfo's direct individual holding by 100x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jose Arnulfo's only on-market trade for the last 12 months. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ₱0.26 (vs ₱0.26 in 1Q 2024) First quarter 2025 results: EPS: ₱0.26. Revenue: ₱1.34b (up 60% from 1Q 2024). Net income: ₱963.1m (up 31% from 1Q 2024). Profit margin: 72% (down from 88% in 1Q 2024). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Office REITs industry in Asia. Announcement • Apr 10
MREIT, Inc., Annual General Meeting, May 30, 2025 MREIT, Inc., Annual General Meeting, May 30, 2025, at 14:00 W. Australia Standard Time. Declared Dividend • Mar 08
Fourth quarter dividend of ₱0.25 announced Shareholders will receive a dividend of ₱0.25. Ex-date: 20th March 2025 Payment date: 4th April 2025 Dividend yield will be 7.3%, which is about the same as the industry average. Reported Earnings • Mar 01
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ₱1.37 (up from ₱0.062 in FY 2023). Revenue: ₱4.51b (up 40% from FY 2023). Net income: ₱3.97b (up ₱3.81b from FY 2023). Profit margin: 88% (up from 5.2% in FY 2023). Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) exceeded analyst estimates by 25%. Revenue is forecast to grow 15% 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, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. New Risk • Nov 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 33% This is considered a minor 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 118% Cash payout ratio: 157% Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (33% increase in shares outstanding). Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ₱0.26 (vs ₱0.26 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.26 (in line with 3Q 2023). Revenue: ₱1.00b (up 26% from 3Q 2023). Net income: ₱719.6m (flat on 3Q 2023). Profit margin: 72% (down from 90% in 3Q 2023). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Office REITs industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 120 percentage points per year, which is a significant difference in performance. Declared Dividend • Nov 07
Second quarter dividend of ₱0.25 announced Shareholders will receive a dividend of ₱0.25. Ex-date: 15th November 2024 Payment date: 3rd December 2024 Dividend yield will be 7.3%, which is about the same as the industry average. Buy Or Sell Opportunity • Aug 29
Now 21% undervalued Over the last 90 days, the stock has risen 3.3% to ₱12.98. The fair value is estimated to be ₱16.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 84% in 2 years. Earnings are forecast to grow by 2,358% in the next 2 years. Declared Dividend • Aug 07
First quarter dividend of ₱0.25 announced Shareholders will receive a dividend of ₱0.25. Ex-date: 15th August 2024 Payment date: 30th August 2024 Dividend yield will be 7.5%, which is about the same as the industry average. Announcement • Jul 30
MREIT Ltd Announces the Appointment of Sadie Joanna Malim as Director MREIT Ltd. announced the appointment of Sadie Joanna Malim as director with effect from 1 April 2024. Declared Dividend • May 15
Fourth quarter dividend reduced to ₱0.25 Dividend of ₱0.25 is 0.6% lower than last year. Ex-date: 23rd May 2024 Payment date: 14th June 2024 Dividend yield will be 7.8%, which is about the same as the industry average. Announcement • May 15
MREIT, Inc., Annual General Meeting, Jun 26, 2024 MREIT, Inc., Annual General Meeting, Jun 26, 2024, at 14:00 W. Australia Standard Time. Price Target Changed • Mar 26
Price target decreased by 8.2% to ₱16.03 Down from ₱17.47, the current price target is an average from 3 analysts. New target price is 24% above last closing price of ₱12.98. Stock is down 12% over the past year. The company is forecast to post earnings per share of ₱1.07 for next year compared to ₱0.062 last year. Upcoming Dividend • Mar 08
Upcoming dividend of ₱0.25 per share Eligible shareholders must have bought the stock before 15 March 2024. Payment date: 05 April 2024. Trailing yield: 7.3%. Within top quartile of Filipino dividend payers (5.8%). In line with average of industry peers (7.5%). Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: ₱0.06 (vs ₱0.07 loss in FY 2022) Full year 2023 results: EPS: ₱0.06 (up from ₱0.07 loss in FY 2022). Revenue: ₱4.16b (up 43% from FY 2022). Net income: ₱168.3m (up ₱344.9m from FY 2022). Profit margin: 4.1% (up from net loss in FY 2022). Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Office REITs industry in Asia. Upcoming Dividend • Nov 10
Upcoming dividend of ₱0.25 per share at 8.1% yield Eligible shareholders must have bought the stock before 17 November 2023. Payment date: 14 December 2023. Trailing yield: 8.1%. Within top quartile of Filipino dividend payers (5.4%). In line with average of industry peers (7.8%). Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: ₱0.26 (vs ₱0.25 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.26 (up from ₱0.25 in 3Q 2022). Revenue: ₱1.04b (up 46% from 3Q 2022). Net income: ₱713.1m (up 13% from 3Q 2022). Profit margin: 69% (down from 88% in 3Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Office REITs industry in Asia. Announcement • Oct 01
MREIT, Inc. Announces Executive Changes The Board of Directors of MREIT, Inc. accepted the resignation of Atty. Karren Mae C. de Chavez as Compliance Officer and Data Privacy Officer of the Company effective 30 September 2023, and approved the appointment of Atty. Krizelle Marie Poblacion as Compliance Officer of the Company effective 1 October 2023. Atty. Krizelle Marie Poblacion, 37 years old, Filipino, concurrently serves as a Corporate Compliance Lawyer at Megaworld Corporation, the Company's Parent and Sponsor. Prior to joining the Megaworld Group, she was a Partner at the Poblador Bautista & Reyes Law Offices. Atty. Poblacion graduated from the Ateneo de Manila University with a degree in Economics in 2006, and obtained her Juris Doctor degree from the University of the Philippines in 2010. She was admitted to the Philippine Bar in 2011, and has more than ten years of relevant experience in legal, regulatory and compliance work. Buying Opportunity • Sep 15
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be ₱16.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last year. Meanwhile, the company became loss making. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ₱0.28 (vs ₱0.27 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.28 (up from ₱0.27 in 2Q 2022). Revenue: ₱1.03b (up 39% from 2Q 2022). Net income: ₱734.0m (up 6.8% from 2Q 2022). Profit margin: 71% (down from 93% in 2Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Office REITs industry in Asia. Price Target Changed • Jun 01
Price target decreased by 16% to ₱17.40 Down from ₱20.60, the current price target is an average from 3 analysts. New target price is 26% above last closing price of ₱13.80. Stock is down 17% over the past year. The company is forecast to post earnings per share of ₱0.83 next year compared to a net loss per share of ₱0.07 last year. Upcoming Dividend • May 17
Upcoming dividend of ₱0.25 per share at 6.7% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 19 June 2023. Trailing yield: 6.7%. Within top quartile of Filipino dividend payers (5.8%). In line with average of industry peers (6.7%). 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. 4 non-independent directors. Independent Director Antonio Llantada 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. Upcoming Dividend • Jan 12
Upcoming dividend of ₱0.24 per share Eligible shareholders must have bought the stock before 19 January 2023. Payment date: 15 February 2023. Trailing yield: 6.9%. Within top quartile of Filipino dividend payers (5.4%). In line with average of industry peers (6.9%). Announcement • Jan 10
MREIT, Inc. Declares Dividend for the Fourth Quarter of 2022, Payable on February 15, 2023 MREIT Inc. declared dividends of PHP 0.2428 per share to its shareholders based on its distributable income in the fourth quarter of 2022, payable on February 15, 2023 to stockholders on record as of January 24, 2023. Announcement • Jan 04
MREIT, Inc. Announces Executive Changes MREIT, Inc. informed that at its meeting held on 03 January 2023, the Board of Directors of MREIT, Inc. approved the appointment of Atty. Karren Mae C. De Chavez-Reodica as Compliance Officer and Data Protection Officer of the Company effective 04 January 2023, in view of the resignation of Ms. Cheryll B. Sereno effective 03 January 2023 due to personal reasons. Atty. Reodica is also the In-House Counsel of the Company who has more than five years of relevant experience in regulatory and compliance work. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 17% share price gain to ₱14.48, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the REITs industry in Philippines. Total loss to shareholders of 20% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₱25.90 per share. 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. 4 non-independent directors. Independent Director Antonio Llantada 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. Announcement • Aug 08
Mreit, Inc. Approves the Declaration of Dividends for the Second Quarter of 2022 MREIT's board also approved the declaration of dividends amounting to P 0.2468 per share for the second quarter of 2022, which is 1.6% higher than the previous quarter. This brings the company's annualized dividend yield to 6.2%. for the second quarter of 2022. 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. 4 non-independent directors. Independent Director Antonio Llantada 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. Announcement • Apr 25
MREIT, Inc. Declares Dividends for the First Quarter of 2022, Payable on May 31, 2022 MREIT, Inc. declared dividends of PHP 0.243 per share to its shareholders based on its income for the first quarter of 2022. The cash dividends will be payable on May 31, 2022 to stockholders on record as of May 10, 2022. Board Change • Apr 18
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. 4 non-independent directors. Independent Director Antonio Llantada 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. Announcement • Apr 06
MREIT, Inc. (PSE:MREIT) agreed to acquire Four Prime, Grade A, Office Properties in PEZA-Accredited Zones for PHP 4.9 billion. MREIT, Inc. (PSE:MREIT) agreed to acquire Four Prime, Grade A, Office Properties in PEZA-Accredited Zones for PHP 4.9 billion on April 1, 2022. Under the terms of the acquisition, the properties will be exchanged for 263,700,000 MREIT primary common shares
at a share price of PHP 20 per share. With these acquisitions, MREIT will have 100% ownership of the two Iloilo Business Park properties, and 80% economic interest in the two McKinley West office towers. Announcement • Apr 04
MREIT, Inc., Annual General Meeting, May 27, 2022 MREIT, Inc., Annual General Meeting, May 27, 2022, at 09:00 Singapore Standard Time. Agenda: To consider Call to Order; to Proof of Notice and Determination of Quorum; to Approval of the Minutes of the Previous Stockholders' Meetings; to Annual Report of Management; to Appointment of External Auditors; to Ratification of Acts and Resolutions of the Board of Directors, Board Committees, and Management; to Election of Directors; and to consider other matter. Announcement • Mar 07
MREIT, Inc. Declares Dividend for the Fourth Quarter of 2021, Payable on March 31, 2022 MREIT, Inc.'s Board declared dividends amounting to PHP 0.24 per share for the fourth quarter of 2021 on March 4, 2022. This compares favorably to the dividends declared by the company for the previous quarter of PHP 0.24 per share, which included a bonus dividend equivalent of PHP 0.05 for income generated by the company in June when it started operations. Total dividends paid by MREIT for 2021 now stands at PHP 0.48 per share. As of the close of trading last week, MREIT's total shareholder return since IPO stood at 25%. The dividends shall be payable on March 31, 2022 to shareholders on record as of March 18, 2022.