DoubleDragon Properties Corporation (DD) was formerly known as Injap Land Corporation. It was established in 2009 and was primarily engaged in the business of real estate development and other real-estate related ventures.
Initially, DD was 100 percent owned by Injap Investments, Inc. (IJI), the holding company of the Sia family. In 2012, a joint venture was formed between IJI and Honeystar Holdings Corporation, which is owned by the Tan Ang family.
The company was allowed by the Securities and Exchange Commission to use its current company name.
At present, DD has 54 sites for its community malls, most of which have already started operations. Its significant projects include City Mall, SkySuites Tower, Dragon8 Mall, Jollibee Tower, and W.H. Taft Residences.
Moreover, DD has a lot of project in Injap’s home city in Iloilo including the Injap Tower, Uptown Place, People’s Condominium, First Home Subdivision, and HappyHomes – Manduriao.
Market Cap: PHP 66.3 billion
Sector: Property
Subsector: Property
Earnings Highlights:
- Revenues rose by 78.14 percent to PHP 6.61 billion in 2017 versus PHP 3.71 billion in 2016
- The company booked a net income attributable to parent of PHP 1.65 billion last 2017
On July 13, 2018, DD released a statement regarding the listing of its follow-on offering. A total of 135 million shares were offered with an additional over-allotment option of up to 15 million shares.
The offer was pegged at P30.00 per share, which translates further to an aggregate amount of PHP 4.5 billion.
Majority of the proceeds will be used to roll-out 100,000 square meters of leasable industrial warehouse space. These warehouses will be located across the country and will also aid in the Company’s hospitality arm.
The group aims to have 5,000 hotel rooms by 2020.
Furthermore, DD declared dividends to its preferred shareholders (DDPR) whose instruments are also listed on the Philippine Stock Exchange.
A total of PHP 1.61945 of regular dividends was announced on June 29, 2018, with a record date of July 3, 2018. The payment date is July 16, 2018.
For the first quarter of 2018, DD grew their revenues by 182 percent at PHP 1.83 billion versus PHP 649 million in the same period in 2017. Rental revenues of the company rose by more than triple or 291.90 percent to PHP 409.70 million versus the recorded PHP 104.50 million.
The increase was attributable to additional malls. Additionally, it was aligned with the goal of having a much steady and stable recurring income.
The company hopes to shift to a business model that relies on 90 percent of its business from recurring income.
The net income has also zoomed higher as it grew by 470.50 percent at PHP 1.07 billion, versus only PHP 188.20 million in the same period last year. Consolidated revenue totaled to PHP 744.60 million, 349.40 percent higher than the recorded PHP 165.70 million.
The result was attributed mainly to revenues brought by higher rental and hotel revenue.
DD broke above immediate resistance today. The 15 EMA and 20 SMA acted as support and springboard and are poised for a bullish crossover with the 50 SMA.
The 50 SMA may also act as support after the breakout today. Volume also supported the rally. MACD is bullish.
RSI is also bullish but is nearing overbought levels. Support is estimated at 26.40 followed by 24.95 while resistance is expected at 28.50 followed by 30.06.
Volume
As of August 2, 2018, at 03:30 PM, the volume of DD is 437.80% of the previous trading day.
Remember the correlation between price and volume.
- bullish price + high volume = high sustainability (price)
- bullish price + low volume = low sustainability (price)
- bearish price + high volume = high sustainability (price)
- bearish price + low volume = low sustainability (price)
Risk Level
DD has a LOW-RISK level due to its risk percentage of 28.03%.
Foreign Fund Flow
DD registered a Net Foreign Buying worth P13,130,670.00 as of August 02, 2018.
On a 30-day trading period, DD is on a Net Foreign Buying worth PHP25,860.00.
Top 10 Players’ Sentiment
Trading participants of DD with a 100% Buying and Selling Activity as of Aug-02-2018 at 03:30 PM:
9 out of 50 participants or 18.00% of all participants registered a 100% BUYING activity
17 out of 50 participants or 34.00% of all participants registered a 100% SELLING activity
Top 10 Players’ Buying Average: 27.3193
Top 10 Players’ Selling Average: 27.3168
The psychological average price of the top 10 players as of Aug-02-2018 is from 27.3168 to 27.3168.
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