CapitaLand Malaysia, No Surprises
CapitaLand Malaysia, No Surprises
Maybank in its analysis of CapitalLand Malaysia Trust said the 1H24 core net profit and 1st interim gross DPU of 2.36sen were in-line, at 51%/53% of The consensus full-year estimates. The higher YoY earnings in 2Q24 were mainly due to positive rental reversions and higher occupancies. No change to earnings forecasts. The house maintains a BUY call with unchanged DDM-TP of MYR0.70 (Ke: 8.6%). FY24E net DPU yield is attractive at 6.7% (sector average: 5.7%).
馬來亞銀行在對CapitalLand Malaysia Trust的分析中表示，24年上半年的核心淨利潤和2.36仙的第一個中期淨利潤總額符合預期，佔全年普遍預期的51％/53％。24年第二季度同比收益的增加主要是由於租金回報率積極和入住率增加。收益預測沒有變化。衆議院維持買入看漲期權，DDM-TP不變，爲0.70馬幣（Ke：8.6％）。FY24E 淨每股收益率極具吸引力，爲6.7％（行業平均水平：5.7％）。
2Q24 core earnings was MYR33.5m (+19% YoY, flat QoQ), taking 1H24 core net profit to MYR67m (+39% YoY). 2Q24's YoY core earnings growth was largely due to: (i) positive retail rental reversion of +8.7% (ex-Klang Valley malls: +10.2%, Klang Valley malls: +1.7%), and (ii) higher portfolio occupancy, rising to 93.1% (2Q23: 88%). Notably, occupancies of the three
key malls (Gurney Plaza, Queensbay Mall and East Coast Mall) were above 99%. Bottom-line earnings, however, were partly offset by higher finance costs (+11.4% YoY) due to the OPR hike in May 2023 and higher refixing rates for certain fixed rate loans (average cost at 4.6% vs 2Q23: 3.96%).
24年第二季度核心收益爲3350萬令吉（同比增長19％，環比持平），使24年上半年的核心淨利潤達到6700萬令吉（同比增長39％）。24年第二季度核心收益同比增長主要是由於：（i）零售租金回升爲+8.7％（前巴生谷購物中心：+10.2％，巴生谷購物中心：+1.7％），以及（ii）投資組合的增加入住率，上升至93.1％（23年第二季度：88％）。值得注意的是，這三人的佔用情況
主要購物中心（格尼廣場、皇后灣購物中心和東海岸購物中心）均超過99％。但是，由於2023年5月OPR上調以及某些固定利率貸款的更高再固定利率（平均成本爲4.6％，而23年第二季度：3.96％），部分抵消了底線收益（同比增長11.4％）。
For 1H24, CLMT's same-store shopper traffic and tenant sales growth were at +6.5% and +6.6% YoY, respectively. Distributable income for 1H24 was MYR66.9m (+38% YoY).
在24年上半年，CLMT的同店購物流量和租戶銷售額分別同比增長6.5％和6.6％。24年上半年的可分配收益爲6690萬馬幣（同比增長38％）。
Exploring yield accretive industrial assets
Elsewhere, management continues to explore yield-accretive industrial/logistics assets as part of its strategic initiatives to enhance portfolio returns. Currently, CLMT owns two logistics assets (Valdor Logistics Hub and Glenmarie Distribution Centre), valued at MYR123.2m (or 2.5% of total AUM). Also pending is the acquisition of three freehold industrial properties located in Nusajaya Tech Park in Iskandar Malaysia, Johor, expect to complete in 4Q24 (purchase price of MYR27m).
FY24E earnings on track
探索增產工業資產
在其他地方，管理層繼續探索可增加收益的工業/物流資產，這是其提高投資組合回報的戰略舉措的一部分。目前，cLMT擁有兩項物流資產（華爾多物流中心和格倫瑪麗配送中心），價值12320萬令吉（佔總資產管理規模的2.5％）。位於柔佛州依斯干達努沙再也科技園的三處永久產權工業地產的收購也在等待中，預計將於24年第四季度完成（收購價格爲2700萬馬幣）。
FY24E 收益步入正軌
The FY24-26E earnings forecasts are unchanged whereby Maybank expects +22.4% EPU growth in FY24E, mainly from full year contribution of QBM.
FY24-26E 的收益預測保持不變，馬來亞銀行預計 FY24E 的歐洲貨幣單位將增長22.4％，這主要來自qbM的全年貢獻。
譯文內容由第三人軟體翻譯。