Historical Chart, Weekly
Investment Rationale:
1. Assets comprising of 17 fully operational, Grade-A PEZA accredited Office Buildings in Alabang
and 1 prime beach lot property in Boracay leased to Crimson hotels
2. Attractive dividend yield of 10% at current levels
3. "peak rates" outlook in 2023, policy rates projected to fall in 2024 onwards, making $FILRT yield more attractive
4. Strong BPO sector outlook projected to grow more than 10% per year in the next 5 years
5. Vacancy rate of ~20% is putting pressure on rental income but can be viewed as upside potential should office leasing picks up
6. Given point number 4, we think point 5 should be mitigated with almost 80% of tenants being largely multinational BPO companies
