Daily Brief Financials: Embassy Office Parks REIT, Philippine Stock Exchange, China South City and more

• Blackstone (BX US) is looking to raise around US$834m through a secondary block deal. This will be a clean-up as Blackstone fully exits from Embassy Office Parks REIT (EMBASSY IN).  
• The deal is a large one to digest, at approximately 397.2 days of three month ADV and 20.7% of current mcap.  
• In this note, we will talk about the selldown and run the deal through our ECM framework.

• Q3 2023 results for the Philippine Stock Exchange / (PSE PM) were uneventful. EBITDA margins were rock solid at>60%, and net margins were>40%. Revenues and profits were up 1.3%/51% YoY.
• Cash and Investments at 4.8 bn pesos account for 32% of the market capitalization. The cash will aid in acquiring the remaining 79% stake in PDS.
• Trading at 19x/17x FY23e/24e and a dividend yield of 5.3%/5.9%, there are several catalysts to drive earnings over the next few years (and investors are paid to wait). 

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• China South City