Al-'Aqar's Earnings Dragged, Maintain Neutral – MIDF
Al-'Aqar's Earnings Dragged, Maintain Neutral – MIDF
Despite these challenges, the REIT benefited from a reduction in Islamic financing costs, which decreased by 3.9% year-on-year following the redemption of RM100 million in Revolving Credit-i in April 2023. This reduction helped to partially cushion the decline in earnings.Al-'Aqar Healthcare REIT reported a mixed performance in its first half of FY24, with core net income reaching RM31.7 million, slightly below expectations as it accounted for only 44% of the full-year forecast. The shortfall was primarily due to higher-than-expected trust expenses in the second quarter. Al-'Aqar also announced a second interim distribution per unit (DPU) of 1.9 sen, bringing the total DPU to 3.8 sen for the first half of the year.
Al-'Aqar Healthcare REIT報告稱，其24財年上半年的表現喜憂參半，核心淨收入達到3170萬令吉，略低於預期，因爲它僅佔全年預測的44％。短缺主要是由於第二季度的信託支出高於預期。Al-'Aqar還宣佈第二次臨時單位分配（DPU）爲1.9先令，使上半年的每單位分配總額達到3.8仙。
Analysts from MIDF Stock Broking House have maintained a NEUTRAL rating on Al-`Aqar Healthcare REIT, though the target price (TP) has been slightly revised downwards to RM1.29 from RM1.31. The adjustment reflects concerns over increased expenses, particularly higher professional fees and maintenance costs, which have weighed on the REIT's earnings. Despite this, the REIT's stable performance, bolstered by its resilient healthcare assets in Malaysia, provides some support to the current valuation.
MIDF股票經紀公司的分析師對Al-'Aqar醫療房地產投資信託基金維持中性評級，儘管目標價格（TP）已從1.31令吉略微下調至1.29令吉。調整反映了對支出增加的擔憂，尤其是專業費用和維護成本的上漲，這打壓了房地產投資信託基金的收益。儘管如此，房地產投資信託基金的穩定表現得益於其在馬來西亞的彈性醫療資產，爲當前的估值提供了一些支撐。
In the second quarter of FY24, Al-`Aqar's core net income fell by 6.6% quarter-on-quarter to RM15.3 million due to a 6% increase in trust expenses. Year-on-year, the core net income for the second quarter remained relatively flat, resulting in a cumulative decline of 2.5% for the first half of FY24. This decline was in line with a 0.6% drop in topline revenue, attributed to lower rental income from the Australia division, while contributions from Malaysian healthcare assets remained steady.
在24財年第二季度，由於信託支出增加了6％，Al-`Aqar的核心淨收入同比下降6.6％，至1530萬令吉。同比而言，第二季度的核心淨收入保持相對平穩，導致24財年上半年累計下降2.5％。這一下降與收入下降0.6％一致，這歸因於澳大利亞分部的租金收入減少，而馬來西亞醫療資產的捐款保持穩定。
Despite these challenges, the REIT benefited from a reduction in Islamic financing costs, which decreased by 3.9% year-on-year following the redemption of RM100 million in Revolving Credit-i in April 2023. This reduction helped to partially cushion the decline in earnings.
儘管面臨這些挑戰，但房地產投資信託基金還是受益於伊斯蘭融資成本的降低，繼2023年4月贖回1萬令吉的循環信貸-i之後，該成本同比下降了3.9％。這種減少在一定程度上緩衝了收益的下降。
Looking forward, the earnings forecast for FY24F/25F/26F has been revised downwards by 9.5%, 9.4%, and 8%, respectively, to account for the higher trust expenditures. Nonetheless, the earnings growth for Al-`Aqar is expected to remain stable, supported by lease renewals of its healthcare assets with an annual growth rate of approximately 2%. The REIT is currently in the process of renewing leases for five existing KPJ properties, which is expected to be finalised by year-end. Given the defensive nature of the healthcare industry, rental income from these assets is anticipated to remain stable.
展望未來，由於信託支出的增加，24F/25F/26F財年的收益預測已分別下調9.5％、9.4％和8％。儘管如此，Al-'Aqar的收益增長預計將保持穩定，這得益於其醫療保健資產續約的租約，年增長率約爲2％。房地產投資信託基金目前正在續訂KPJ現有五處房產的租約，預計將在年底前完成。鑑於醫療保健行業的防禦性質，這些資產的租金收入預計將保持穩定。
Source: MIDF
Title: Earnings Dragged by Higher Expenses
資料來源：MIDF
標題：支出增加拖累了收入
譯文內容由第三人軟體翻譯。
