CapitaLand Malaysia's Perfomance To Remain Subdued
CapitaLand Malaysia's Perfomance To Remain Subdued
CapitaLand Malaysia Trust (CLMT) reported that its first half of Fiscal Year 2024 (1HFY24) core net profit and distribution per unit (DPU) met expectations, buoyed by strong performance from Queensbay Mall (QBM) and Gurney Plaza. The group's revenue grew 23% year-on-year (YoY), largely due to the full income recognition from QBM, while occupancy rates improved to 93.1% from 88.0% the previous year. The retail assets in Penang continue to drive portfolio income, mitigating weaker performance from Klang Valley assets.
凱德置地馬來西亞信託（CLMT）報告稱，受皇后灣購物中心（QBM）和格尼廣場強勁表現的推動，其2024財年上半年（1HFY24）核心淨利潤和單位分配（DPU）均達到預期。該集團的收入同比增長23％，這主要是由於qbM的全部收入確認，而入住率從去年的88.0％提高到93.1％。檳城的零售資產繼續推動投資組合收益，緩解巴生谷資產表現疲軟。
Kenanga Investment Bank (Kenanga) has maintained an UNDERPERFORM rating on CLMT, with a target price of RM0.58. The report highlights that while Penang malls are performing well, the company faces challenges in the Klang Valley due to competition from newer, more upscale malls. CLMT's 1HFY24 results reflected a core net profit of RM67.0 million, meeting 55% of the full-year forecast, with a net distribution of 1.05 sen. Despite a 2% quarter-on-quarter (QoQ) revenue increase, net profit remained flat due to traffic disruptions from asset enhancement efforts.
肯南加投資銀行（Kenanga）維持對clMT的表現不佳的評級，目標價爲0.58令吉。該報告強調，儘管檳城購物中心表現良好，但由於來自更新、更高檔購物中心的競爭，該公司在巴生谷面臨挑戰。CLMT的 1HFY24 業績反映了6700萬令吉的核心淨利潤，符合全年預期的55％，淨分配爲1.05仙。儘管收入環比（QoQ）增長了2％，但由於資產增強措施導致交通中斷，淨利潤保持平穩。
The outlook for CLMT indicates potential for continued rental growth in Penang, with increases up to 10% anticipated. However, the competitive landscape with new malls set to open in 2025, coupled with cautious consumer spending, poses risks. Kenanga's target price reflects a target yield of 7.5%, accounting for the group's low-yielding assets in Klang Valley. Given the higher yield spread applied compared to sector peers, CLMT's performance is expected to remain subdued in the near term.
clMT的前景表明，檳城租金有持續增長的潛力，預計將增長10％。但是，新購物中心定於2025年開業的競爭格局，加上謹慎的消費者支出，構成了風險。Kenanga的目標價格反映了7.5％的目標收益率，這是該集團在巴生谷的低收益資產所致。鑑於與行業同行相比，收益率利差更高，預計CLMT的表現將在短期內保持低迷。
譯文內容由第三人軟體翻譯。