AYAAF - Ayala Land: Hopes Of Recovery
Elevator Pitch
I maintain a Neutral rating on Philippines-listed property developer Ayala Land, Inc. (AYAAF) (AYAAY) [ALI:PM], the largest residential property developer in the Philippines.
Ayala Land's 1Q2020 results were worse than expected, largely due to the Taal volcano eruption in January 2020 and lockdown measures implemented since mid-March 2020. There are hopes of recovery, as Ayala Land's FY2020 outlook has improved with the relaxation of lockdown measures.
Nevertheless, a tightening of such measures going ahead cannot be ruled out, as daily confirmed cases of COVID-19 continues to be on the