Philippine Perspective: The Weekly Rewind: A positive start to 3Q

研报英文原文证据摘录

Philippine Perspective: The Weekly Rewind: A positive start to 3Q

yst

We reiterate our Buy rating on RCR with a revised PO of Php8.80 (-1%). While FY25 Merrill Lynch (Hong Kong)

acquisitions have largely been reflected in FY25 results, we continue to see earnings ronald.leung@bofa.com

growth from the full-year contribution of these assets. We forecast 2026/27E revenues Sukriti Bansal >>

Research Analyst

to grow 8/3% on the back of full year of rental income from properties infused in 2025, Merrill Lynch (Singapore)

while distributions remain supported by a portfolio occupancy rate of 96%, a WALE of 4 sukriti.bansal@bofa.com

years, and built-in rental escalations of 3-5%. The increasing contribution from retail

assets also provides greater cashflow diversification and resilience. RCR has almost

tripled its GLA to 1.15mn sqm from its listing in Sept 2021 (425k sqm), with 38 assets Exhibit 1: Ticker and company name

Stocks mentioned this weekvalued at Php144bn. RCR has already announced another round of asset infusions

involving six mall assets valued at Php10.6bn. This will grow AUM +6% to Php187.4bn, Ticker Company name

making it the largest property REIT in terms of AUM. See our RCR report: Strong AUM CNPF Century Pacific Food Inc.

growth, attractive dividend profile; reiterate Buy. RCR RL Commercial REIT

Source: PSE

BofA GLOBAL RESEARCH

Glossary

AUM – Assets under management

Bbl - barrel

BSP - Bangko Sentral ng Pilipinas

BofA Securities participated in the preparation of this report, in part, based on information provided

by Philippine Equity Partners, Inc. (Philippine Equity Partners). ^^Philippine Equity Partners CAGR – Compound annual growth rate

employees are not registered/qualified as research analysts under FINRA rules. FY - Full-year