Sime Darby Property Maintains AA+IS Rating For Its RM4.5 Billion Sukuk
Sime Darby Property Maintains AA+IS Rating For Its RM4.5 Billion Sukuk
MARC Ratings also assessed the progress on the Battersea Power Station development, in which Sime Darby Property holds a 40% stake. By September 2024, Phase 3B's residential component reached a 61% sales rate, while the commercial building, 50 Electric Boulevard, achieved 45% occupancy, with negotiations for additional leases ongoing.
Sime Darby Property Berhad has maintained the AA+IS rating with a stable outlook for its RM4.5 billion Islamic Medium-Term Notes ("IMTN") Programme ("Sukuk Musharakah"). This investment-grade rating was reaffirmed by MARC Ratings Berhad ("MARC Ratings") for the fourth consecutive year.
Sime Darby Property Berhad的RM45億伊斯蘭中期票據（「IMTN」）計劃（「Sukuk Musharakah」）保持了AA+IS評級，前景穩定。該投資級別評級已被MARC Ratings Berhad（「MARC Ratings」）連續第四年重新確認。
The outstanding under the rated programme stood at RM1.4 billion as of 30 November 2024. This rating reflects Sime Darby Property's robust sales performance across its well- established townships and its strong balance sheet, supported by low leverage. MARC Ratings noted the Group's RM2.8 billion in gross development value launches for the first nine months of FY2024, with a strong overall take-up rate of 76% for its diversified product mix of residential high-rise, residential landed, and industrial offerings located within populous townships with well-established connectivity. Unbilled sales of RM3.7 billion provide the Group with earnings visibility over the next three years. Completed inventory remained modest relative to the size of the Group's projects, stood at RM185.5 million as of September 2024, reflecting efficient management of project rollouts.
截至2024年11月30日，評級計劃的未償債務爲RM14億。此評級反映了Sime Darby Property在其成熟城鎮中的強勁銷售表現及其強大的資產負債表，得益於低槓桿。MARC Ratings指出，該集團在2024財年頭九個月的總開發值推出爲RM28億，其多樣化產品組合的整體吸納率高達76%，其中包括位於人口稠密、連接良好的城鎮內的住宅高層、住宅獨棟和工業產品。未計入銷售的RM37億爲集團提供了未來三年的盈利可見性。截至2024年9月，已完成的庫存相較於集團項目規模仍然適中，達到了RM18550萬，反映了項目推廣的高效管理。
The rating agency highlighted the Group's ongoing diversification into industrial and logistics property development, including built-to-lease projects aimed at generating recurring income. Sime Darby Property's developable landbank of approximately 12,900 acres (excluding non- core lands), continues to provide development opportunities for industrial and township projects.
評級機構強調了集團在工業和物流物業開發方面的持續多樣化，包括旨在產生 recurring income的建造租賃項目。Sime Darby Property的可開發土地儲備約爲12,900英畝（不包括非核心土地），繼續爲工業和城鎮項目提供開發機會。
MARC Ratings also assessed the progress on the Battersea Power Station development, in which Sime Darby Property holds a 40% stake. By September 2024, Phase 3B's residential component reached a 61% sales rate, while the commercial building, 50 Electric Boulevard, achieved 45% occupancy, with negotiations for additional leases ongoing.
MARC Ratings還評估了Battersea發電站開發的進展，Sime Darby Property在其中持有40%的股份。截至2024年9月，Phase 3B的住宅部分達到61%的銷售率，而商業建築50 Electric Boulevard的租賃率達到45%，並且正在進行額外租賃的磋商。
The Group's 9M FY2024 revenue grew by 35% year-on-year to RM3.3 billion, driven by higher sales and progress across projects primarily in its Klang Valley townships. The period's pre- tax profit stood at RM636.8 million, supported by higher revenue and non-core land parcel sales, offsetting provisions for rental guarantees related to Battersea Power Station's 50
Electric Boulevard Grade A office building.
集團的2024財年營業收入達900萬，年同比增長35%，達到RM33億，受益於Klang Valley城鎮項目的銷售增長和進展。該期的稅前利潤爲RM63680萬，得益於營業收入和非核心土地銷售，抵消了與Battersea發電站的租賃擔保相關的撥備。
電氣大道A級辦公樓。
Gearing level remained low, with borrowings reduced slightly to RM2.8 billion as compared to the previous year (end-2023: RM2.9 billion), and a gross debt-to-equity ratio of 0.27x. Cash balances of RM790.7 million reflect a healthy liquidity position.
槓桿水平保持在較低水平，借款較上一年略微減少至RM28億（2023年末：RM29億），毛債務與股本比例爲0.27x。現金餘額爲RM79070萬，反映出健康的流動性狀況。
Sime Darby Property's Group Managing Director, Dato' Seri Azmir Merican, said, "The reaffirmation of our AA+IS rating reflects our commitment to financial stability, which is key to delivering consistent results. This stability, indicating a strategic balance between managing debt effectively and leveraging it for future growth opportunities, enables us to responsibly advance our growth plans and diversify our income streams. As we continue to evolve as a sustainable real estate player, the Sukuk Musharakah Programme remains a key enabler of our strategic growth initiatives."
Sime Darby 房地產業的集團董事，Dato' Seri Azmir Merican表示："我們AA+IS評級的重申反映了我們對財務穩定性的承諾，這對實現持續的業績至關重要。這種穩定性表明在有效管理債務和利用債務推動未來增長機會之間的戰略平衡，使我們能夠負責任地推進我們的增長計劃並多樣化收入來源。隨着我們繼續發展成爲可持續的房地產業參與者，Sukuk Musharakah計劃仍然是我們戰略增長舉措的關鍵推動力。"
譯文內容由第三人軟體翻譯。