Date of Publication
4-23-2024
Document Type
Master's Thesis
Degree Name
Master of Science in Computational Finance
Subject Categories
Business | Finance and Financial Management
College
Ramon V. Del Rosario College of Business
Department/Unit
Financial Management Department
Thesis Advisor
Niño Datu
Defense Panel Chair
Tomas Tiu
Defense Panel Member
Ahmed Meandahawi
Francis Adrian Viernes
Abstract/Summary
The Real Estate Investment Trust (REIT) is a new asset class introduced in the Philippine securities market in the year 2009. However, the first Philippine REIT was only launched in the year 2020 after its terms were amended. At present, there are eight (8) local REITs in the market. This study provided baseline analysis on the stock performance of Philippine REITs through identification of the internal and external factors affecting its performance with a comparable analysis with its Southeast Asian counterparts. The research applied panel data regression on the REITs' stock return and macroeconomic variables such as GDP growth rate and inflation rate as well as financial ratios such as return on assets, dividend yield, and market capitalization. Results revealed that Philippine REITs performance, represented by stock return, was significantly affected by the changes in GDP and market capitalization while inflation, return on assets, and market capitalization movements had significant effect on the stock return of Southeast Asian REITs. Further, impact of change on the performance of the identified predictors such as GDP growth rate and market capitalization showed the negative effect on Malaysia, Singapore, and Thailand REITs , except for the positive effect on Thailand REITs in the case of market capitalization movement, when compared with the stock performance of Philippine REITs.
Keywords: Real Estate Investment Trust (REIT), stock performance, stock return, macroeconomic determinants, financial ratio, stock performance indicator
Abstract Format
html
Language
English
Format
Electronic
Keywords
Stocks—Philippines; Stocks—Southeast Asia
Recommended Citation
Aranas, J. (2024). Analyzing the determinants of stock performance in the Philippine real estate investment trust market: A comparative study with Southeast Asian REITs. Retrieved from https://animorepository.dlsu.edu.ph/etdm_finman/13
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Embargo Period
4-23-2025
