Elevator Pitch
I maintain my "Neutral" rating on Philippines-listed property developer Ayala Land, Inc. (OTCPK:AYAAF) (OTC:AYAAY) [ALI:PM], the largest residential property developer in the Philippines. Ayala Land announced that the company has filed its application for a REIT listing on February 7, 2020, paving the way for active capital recycling in the future. There are positive signs of recovery for Ayala Land's residential property segment in 4Q2019 with a +8% QoQ increase in residential revenue and a +12% YoY growth in pre-sales.
On the flip side, Ayala Land is likely to