RHB Raises SDP FY24 Sales Target To RM3.5 Billion After Solid Q2 Showing
RHB Raises SDP FY24 Sales Target To RM3.5 Billion After Solid Q2 Showing
Despite the sale of non-core land, Sime Darby Property in its 2Q earnings presentation showed that its operating performance was fairly strong, mainly driven by high property sales and billings. This has helped to offset the Malaysian Financial Reporting Standard 17 (MFRS 17)impact related to a 5-year guarantee due to a disposal of a London office tower. The recent sell-down represents a good buying opportunity. Apart from its strong property sales, further news flows on data centre-related real estate deals are expected to buoy sentiment on the stock.
儘管出售了非核心土地，但森達比地產在其第二季度業績中顯示，其經營業績相當強勁，這主要是由高額房地產銷售和賬單推動的。這有助於抵消馬來西亞財務報告準則第17號（MFRS 17）對因出售倫敦辦公大樓而產生的5年期擔保的影響。最近的拋售代表了一個很好的買入機會。除了強勁的房地產銷售外，預計與數據中心相關的房地產交易的更多新聞將提振該股的情緒。
High property sales and billings, as well as the disposal of noncore land in Elmina and Lembah Acob in Selangor, were the key revenue drivers during the quarter. Despite the impact of land sales that may worth c.MYR100m – based on estimate by RHB – 1H24 EBIT margin expanded to 25% (1H23: 17%), well reflecting the strong performance at core operating level. Bandar Bukit Raja, Serenia City, Elmina, KLGCC Resort, and Ara Damansara were the key contributors to sales and billings. Meanwhile, unsold completed inventory inched up slightly to MYR330m (1Q24: MYR313m). Net gearing stayed healthy at 0.22x vs 0.24x in the previous quarter. A 1.5 sen first interim dividend was declared vs 1 sen in 1H23.
高額房地產銷售和賬單，以及出售雪蘭莪州埃爾米納和倫巴·阿科布的非核心土地，是本季度收入的主要推動力。儘管根據盧旺達央行的估計，可能價值約10000萬左右的土地銷售產生了影響，但24年上半年的息稅前利潤率仍擴大至25％（23年上半年：17％），這很好地反映了核心運營水平的強勁表現。Bandar Bukit Raja、Serenia City、Elmina、KLGCC度假村和阿拉白沙羅是銷售和賬單的主要貢獻者。同時，未售出的已完成庫存小幅上升至33000萬令吉（24年第一季度：3.13億馬幣）。淨資產負債率保持穩定，爲0.22倍，上一季度爲0.24倍。宣佈了1.5仙的首次中期股息，而23年上半年宣佈了1仙的中期股息。
MFRS 17 impact. SDPR incurred a MYR87.9m share of JV losses in 2Q24. This was mainly caused by the negative accounting impact from MFRS 17 "Insurance Contract" related to a 5-year rental guarantee (with potential price adjustments) on the disposal of an office tower in London by the Battersea Power Station or BPS consortium, as well as higher finance costs
incurred. While management is likely to elaborate more during tomorrow's analysts briefing, S P Setai management team indicated that the accounting impact was already based on fairly conservative assumptions. Hence, RHB said it believes future losses (if any) related to the rental yield guarantee could be minimal.
MFRS 17 的影響。24年第二季度，SDPR在合資企業中蒙受了8790萬令吉的虧損。這主要是由MFRS 17的 「保險合同」 的負面會計影響造成的，該合同涉及巴特西發電站或BPS財團出售倫敦辦公大樓的5年租金擔保（可能進行價格調整），以及更高的融資成本
產生的。儘管管理層可能會在明天的分析師簡報會上詳細說明，但S P Setai管理團隊表示，會計影響已經基於相當保守的假設。因此，RhB表示，它認爲與租金收益率保障相關的未來損失（如果有的話）可能微乎其微。
The house has raised FY24 sales target to MYR3.5bn from MYR3bn. 2Q24 property sales achieved MYR1.14bn (1Q24: MYR956m). The industrial segment contributed 35% to total sales of MYR2.1bn in 1H24, followed by high-rise and landed residentials at 25% and 21%. As at 11 Aug, SDPR has total bookings worth MYR2.2bn to be converted into contractual sales.
該公司已將24財年的銷售目標從30億馬幣上調至35億馬幣。24年第二季度的房地產銷售額達到11.4億馬幣（24年第一季度：9.56億馬幣）。工業板塊在24年上半年對21億馬幣的總銷售額貢獻了35％，其次是高層和有地住宅，分別爲25％和21％。截至8月11日，SDPR的總預訂量爲22億馬幣，將轉換爲合同銷售。
Maintain TP. Our TP (with 4% ESG premium) is based on a 25% discount to RNAV
保持 TP。我們的目標收益（含4％的ESG溢價）基於RNAV的25％折扣
譯文內容由第三人軟體翻譯。