J.P. 摩根-亚太地区-房地产行业-菲律宾房地产业：下调SMPH和RLC至减持-2020.5.20.pdfVIP

Asia Pacific Equity Research 20 May 2020 Philippine Property Pale shelter, downgrade SMPH and RLC to UW We maintain our negative view on the sector. We expect the COVID-19 Philippines outbreak to tip the sector into a late-cycle phase following a 10-year Property upcycle. However, the extent of the im