{"id":321168,"date":"2023-01-29T18:23:44","date_gmt":"2023-01-29T10:23:44","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=321168"},"modified":"2023-01-29T18:23:45","modified_gmt":"2023-01-29T10:23:45","slug":"stock-in-focus-mreit-inc-mreit-29-jan-2023-by-rcbc-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-mreit-inc-mreit-29-jan-2023-by-rcbc-securities\/","title":{"rendered":"Stock in Focus: MREIT, Inc. (MREIT) &#8211; 29 Jan 2023 by RCBC Securities"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Summary of Broker&#8217;s Recommendation<\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Stock Code<\/strong><\/td><td><strong>MREIT<\/strong><\/td><\/tr><tr><td><strong>Company Name<\/strong><\/td><td>MREIT, Inc.<\/td><\/tr><tr><td><strong>Broker<\/strong><\/td><td>RCBC Securities<\/td><\/tr><tr><td><strong>Opinion Issued on<\/strong><\/td><td>29 Jan 2023<\/td><\/tr><tr><td><strong>Recommendation<\/strong><\/td><td>Buy<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>PHP 18.00<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>We recommend a <strong>BUY<\/strong> with a <strong>Target price of P 18.00<\/strong>.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Analysis and Opinion<\/h2>\n\n\n\n<p>MREIT has a diversified tenant base of BPO companies; with each tenant occupying only up to 8% of MREIT\u2019s gross leasable area (GLA). It has an occupancy rate of 95% with a weighted average lease expiry (WALE) of 3.2 years. Because of its low tenant concentration, downside risks from lease pre-termination or non-renewal of lease contracts should be limited, in our view.&nbsp;<\/p>\n\n\n\n<p>MREIT plans to have a rental portfolio of 500,000 sqms in GLA by end-2024 by way of asset infusions from its sponsor Megaworld Corp. (MEG). As of 9-month (9M) 2022, ~85% of MEG\u2019s property portfolio were available for infusion.<\/p>\n\n\n\n<p>We project 2023\/2024 dividend per share (DPS) to grow 15%\/4% to P 1.09\/P 1.13 underpinned by additional income from newly acquired properties (e.g. Festive Walk 1B and Two Global Center in Iloilo Business Park and One West Campus and Five West Campus in McKinley West, Taguig City), stable occupancy rate, and sustained rental escalations.<\/p>\n\n\n\n<p>At last close, we estimate MREIT\u2019s 2023\/2024 dividend yield at 7.5%\/7.8%, 140basis points\/170basis points higher than the 10-year Philippine BVAL of 6.1%.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Check how many brokers recommend this stock<\/h2>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-pinoyinvestor wp-block-embed-pinoyinvestor\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"zpKQaSej9Y\"><a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-rankings-all-stocks\/\">All Stock Rankings<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;All Stock Rankings&#8221; &#8212; PinoyInvestor\" src=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-rankings-all-stocks\/embed\/#?secret=3F12yzCdNA#?secret=zpKQaSej9Y\" data-secret=\"zpKQaSej9Y\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:16px\"><em><em>This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about <a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/our-partner-brokers\/\">our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our recommendation and 1-year Target Price for this stock is<\/p>\n","protected":false},"author":1685,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-321168","post","type-post","status-publish","format-standard","hentry","category-stocks-in-focus","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/321168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/1685"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=321168"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/321168\/revisions"}],"predecessor-version":[{"id":321170,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/321168\/revisions\/321170"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=321168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=321168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=321168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}