• RL Commercial REIT [RCR 7.00 1.41%] [link] declared a P0.0965/share Q1 cash dividend, payable on May 31 to shareholders of record as of May 26. This dividend is 4.9% larger than RCR’s Q4/21 dividend, and once annualized, increases RCR’s estimated annualized yield to 5.51% relative to yesterday’s closing price (up from 5.26%). The REIT sector has been hammered, but it’s been producing.
• Monde Nissin [MONDE 13.34 0.45%] [link] Q1 net income was down 13.5% y/y. Gross margin improved q/q, but was down 35% y/y due to higher input costs. EBITDA fell 9.9% y/y. These are not good outcomes, and the headwind caused by increased input costs does not look like it’s going away any time soon.
• IPO Carnage: All 5 of the last IPOs are now trading below their IPO offer prices. Thanks to the downturn, even relatively strong IPOs like Bank of Commerce [BNCOM 11.92 1.53%] and Citicore Energy REIT [CREIT 2.46 1.20%] are marginally lower. CTS Global [CTS 0.95] dipped below the mysteriously-defended P1.00/share level, and stayed there for a day (so far). Haus Talk [HTI 1.04 2.80%] and Figaro [FCG 0.50] are still down considerably, but these circumstances don’t make their plight any easier to handle for bagholders.
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