Jeremy の投资理财 & 生活点滴: 產業信托

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2015年10月28日星期三

Sunway REIT - Dragged by Putra Mall and offices

Author: kltrader | Publish date: Wed, 28 Oct 2015, 11:52 AM

Upcoming 1QFY16 earnings could fall short, due to slower Putra Mall and office assets’ earnings.
Lowering our FY16/17/18 net profit forecasts by 11%/9%/7%.
Maintain HOLD with a lower MYR1.50 DCF-TP (-5sen).

What’s New

SunREIT’s upcoming 1QFY16 results, to be released by 29 Oct 2015, is expected to come in below our expectation. We expect 1QFY16’s core net profit to be at MYR58-60m (1QFY15: MYR63.4m, 4QFY15: MYR56.7m), accounting for just ≈20% of our 12M estimate. The shortfall in earnings could be attributed to lower-thanexpected earnings contribution from Sunway Putra Mall (SPM) due to its prolonged rent-free period offered since its soft opening on 28 May 2015. SPM has offered a 3.5-month rent-free period (Jun to mid-Sep 2015) to its tenants amid a challenging retail environment (stiff competition, more upcoming malls in the Klang Valley), we understand. We had expected just a 1-month rent-free period in June 2015. Positively, committed tenancy remains above 80%.
Elsewhere, SunREIT’s office segment has remained weak in the current soft and over-supplied office market. Sunway Tower (ST) and Sunway Putra Tower (SPT) were 20-30% occupied in end-Sep 2015, compared to 65% (ST) and 27% (SPT) at end-Jun. We expect these offices’ occupancy rates to remain low in the short-term.

What’s Our View

We lower our FY16/17/18 net profit forecasts by 11%/9%/7% after factoring in: 1) lower contributions from SPM, ST and SPT due to the longer rent-free period (in SPM) and lower occupancy rates (for ST and SPT); 2) Sunway Resort Hotel & Spa, Tower East and Putra Hotel’s FY17-18 occupancy rates remaining at 78%, 81% and 35% respectively, from our initial assumptions of a gradual improvement of +3 ppts to +5 ppts p.a..
Our new DCF-TP is MYR1.50 (-5sen; WACC: 6.6%,terminal yield:7%).
Source: Maybank Research - 28 Oct 2015

2015年1月27日星期二

加码IGBREIT

2014年8月3日星期日

產託股現時值得投資嗎？

陳姓讀者問：

目前的股市似乎是太高了，請問產業投資信托類股前景還好嗎？有哪些產業信托投資股還不錯可投資？

答：分析員認為，國內產業投資信托領域（MREIT）未來6個月的資產併購環境持續淡靜，同時，中短期營運成本走高，將持續對大幅度上調租金的業者帶來潛在威脅。

肯納格研究在最近一項報告中指出，目前市場已經反映美國量化寬鬆貨幣政策退市的影響，惟潛在的歐盟量寬，將是估值重估的利好催化因素。

該行研究的產業投資信托股首季業績表現皆符合預測，除了雙威產業信托（SUNREIT，5176，主板產業投資信托組）超越該行預測，而這主要是該行過於激進成本假設所致。

整體行業而言，按季營業額成長平平無奇，介於負1%至增長3%之間，特別是去年租金上調沒有前期來得強勁。

AXIS產業信托（AXREIT，5106，主板產業投資信托組）及怡保花園產托（IGBREIT，5227，主板產業投資信托組）表現較佳，核心淨利增長4%及9%，因前者脫售Axis大廈取得盈利160萬令吉，後者則受到營運成本走低的推動。

該行指出，KLCC產托（KLCC，5235，主板產業投資信托組），凱德商托（CMMT，5180，主板產業投資信托組）及雙威產業信托的淨利，則下跌1%至6%之間。

KLCC產托在聯號公司持較少股份及稅務成本走高所拖累，凱德商托營運成本增加，雙威產業信托則因評估稅率撥備營運成本走高，且受到較疲弱的休閑款待及辦公室領域的影響。

大多數零售產托按年營業額成長較強勁，包括凱德商托，KLCC產托以及怡保花園產托等，增長率分別為6%,10%以及13%，主要是正面的租金上調及相對穩定的出租率。

怡保花園產托核心淨利成長最強，按年增長17%，因它獲得強勁的租金上調的全面貢獻所推動，比較其他零售產托則增長7%及8%。工業產托如AXIS產業信托營業額成長僅錄得2%，而核心淨利則增長9%（扣除脫售盈利後僅剩1%）。

肯納格研究認為，目前偏低的資本頂限環境，對產業投資信托的資產併購活動變得較為困難。自2013年1月以來，該行業沒有傳來任何的資產收購活動。估計目前的資本頂限率僅介於5%至6%。

AXIS產業信托預期在2014年財政年進行總值3億8千萬令吉的工業資產收購，預料在2014年第三季落實。

KLCC產托最近取得股東大會批准私下配售最多10%股權的新股，使它可籌得11億令吉至12億令吉的資金，管理層表示他們將著重在黃金三角的產業資產。

整體而言，預料大馬產業投資信托公司將著重在內部成長，而一些涉及工業資產的公司如AXIS產業信托將脫售一些成熟或疲弱的資產，特別是目前較低的資本頂限率。

該行對整體大馬產業投資信托領域維持“加碼”評級，給予超越大市評級的股項，包括首選股KLCC產托、雙威產業信托、凱德商托，以及怡保花園產托。

（星洲日報／投資致富‧投資問診‧文：李文龍）

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2014年5月13日星期二

Amfirst 派息3.7仙

Income Distribution

AMFIRST REAL ESTATE INVESTMENT TRUST

EX-date	26/05/2014
Entitlement date	28/05/2014
Entitlement time	05:00:00 PM
Entitlement subject	Income Distribution
Entitlement description	Final income distribution of 3.70 sen per unit (of which 3.69 sen per unit is taxable and 0.01 sen per unit is tax exempt) in respect of six-month financial period ended 31 March 2014.
Period of interest payment	01/10/2013 to 31/03/2014
Financial Year End	31/03/2014
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Symphony Share Registrars Sdn Bhd Level 6, Symphony House Block D13, Pusat Dagangan Dana 1 Jalan PJU 1A/46 47301 Petaling Jaya Selangor Telephone No.: 03 - 7841 8000 Facsimile No.: 03 - 7841 8008
Payment date	12/06/2014
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	28/05/2014
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.037

2014年5月1日星期四

雙威產託第三季賺5848萬,派分利2.1仙

（吉隆坡29日訊）歸功於雙威金字塔購物中心平均租金和淨租賃地區增加，雙威產業信（SUNREIT 5176 ,主板產業投資信托組）截至2014年3月31日止第三季淨利從去年同期的5千522萬令吉增長5.9%至5千848萬令吉，拉動首9個月淨利走揚7.69%至1億7千591萬4千令吉。第三季營業額按年上揚1.54%至1億零808萬2千令吉，令首9個月營業額擴大2.09%至3億1千857萬1千令吉。

派分利2.1仙

該公司董事部建議派發每股2.1仙分利，除權和享有日分別落在5月14和16日。

雙威產業投資信託首席執行員拿督黃中立在文告中表示，儘管受雙威布特拉購物中心蒙虧、雙威布特拉酒店和雙威布特拉大樓因大型裝潢工程造成收入減少，以及營運成本增加和酒店與辦公樓業務營運環境充滿挑戰影響，但在資產強化措施（AEI）完成帶來額外收入緩衝下，對取得另一季正面盈利表現感到欣慰。

“我們現有焦點是確保龐大的AEI計劃（雙威布特拉）按進度良好執行，以在來年強化盈利增長和每股紅利表現。排除任何不可預見情況，我們努力維持2014財政年每股紅利在上財政年水平。”

（星洲日報／財經）

2014年1月25日星期六

Sunreit派息2.23仙

2013年12月17日星期二

Starhill REIT renamed YTL Hospitality REIT

Kuala Lumpur, 11 December 2013

Starhill Real Estate Investment Trust has been renamed “YTL Hospitality REIT”. The name change takes effect from today, following the registration of the REIT’s restated trust deed with the Securities Commission Malaysia.

2013年11月1日星期五

Sunreit Income Distribution (29 October 2013)

Date: 29 October 2013

Income Distribution

EX-date	12/11/2013
Entitlement date	14/11/2013
Entitlement time	05:00:00 PM
Entitlement subject	Income Distribution
Entitlement description	First Income Distribution of 2.00 sen per unit (of which 1.65 sen per unit is taxable and 0.35 sen per unit is non-taxable) for the first quarter ended 30 September 2013
Period of interest payment	to
Financial Year End	30/06/2014
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Sunway Management Sdn Bhd Level 16, Menara Sunway Jalan Lagoon Timur, Bandar Sunway 47500 Subang Jaya, Selangor Darul Ehsan Tel No. 03-5639 8889
Payment date	28/11/2013
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	14/11/2013
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.02

2013年8月3日星期六

Stareits 升禧产托派息3.793仙

Income Distribution

STARHILL REAL ESTATE INVESTMENT TRUST

EX-date	16/08/2013
Entitlement date	20/08/2013
Entitlement time	05:00:00 PM
Entitlement subject	Income Distribution
Entitlement description	Final Income Distribution of 3.7930 sen per unit (of which 3.0775 sen is taxable and 0.7155 sen is non-taxable in the hands of unitholders) in respect of the financial year ended 30 June 2013
Period of interest payment	to
Financial Year End	30/06/2013
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Pintar Projek Sdn Bhd 11th Floor, Yeoh Tiong Lay Plaza 55 Jalan Bukit Bintang 55100 Kuala Lumpur Telephone No.: 03-2142 6633
Payment date	10/09/2013 （吉隆坡5日讯）升禧产托（Stareit，5109，主板产业信托股）宣布在截至6月30日财年下半年，派发每单位3.793仙股息，总值5020万令吉。这使升禧产托全年共派出每单位7.3803仙股息，上财年全年共派出每单位7.6359仙股息（包含共每单位1.99仙的资产脱售和利息收入）。升禧产托发文告表示，今年的每单位股息，较去年已调整每单位股息5.6459仙增加30.7%。这主要来自大马和日本酒店相关产业出租率较佳，以及在去年11月收购澳洲酒店后的盈利贡献。” 升禧产托管理公司———Pintar Prohjek私人有限公司总执行长丹斯里杨肃斌表示，升禧产托成功转型成为纯酒店产托公司后，2013财年表现卓越。(南洋网 - 财经)