REITs Boosted To Overweight As Yields Decline – Kenanga
REITs Boosted To Overweight As Yields Decline – Kenanga
In the office space segment, despite an oversupply in many areas, locations such as the KL Fringe and Petaling Jaya are seeing resilient demand due to their affordability compared to KL city centre. Sentral REIT is benefiting from high occupancy rates in its office buildings outside of the city centre.The positive outlook for Real Estate Investment Trusts (REITs) is driven by optimistic projections for retail, hospitality, and industrial assets in prime locations. This comes despite a flat Overnight Policy Rate (OPR), as Malaysian Government Securities (MGS) yields are expected to decrease further. The current spread between sector yields and MGS yields is now considered attractive, prompting a reassessment of target yields and valuations. In light of this, PAVREIT and SUNREIT have emerged as top picks, with target prices set at RM1.66 and RM1.77 respectively, replacing KLCC which has been impacted by recent share price movements. Analysts have upgraded their sector call on REITs from Neutral to OVERWEIGHT.
房地產投資信託基金（REIT）的前景樂觀是由對黃金地段零售、酒店和工業資產的樂觀預測推動的。儘管隔夜政策利率（OPR）持平，但還是出現了這種情況，因爲馬來西亞政府證券（MGS）收益率預計將進一步下降。目前行業收益率和MGS收益率之間的利差現在被認爲具有吸引力，這促使人們重新評估目標收益率和估值。有鑑於此，Pavreit和SunReit已成爲首選，目標價格分別定爲1.66令吉和1.77令吉，取代了受近期股價走勢影響的吉隆坡城中城。分析師已將房地產投資信託基金的行業看漲期從中性上調至增持。
The retail sector remains vibrant, bolstered by a surge in tourist arrivals and robust rental reversions. The Malaysian government anticipates welcoming 27 million tourists in 2024, a significant increase from 20 million in 2023. High-profile assets in prime locations, such as Suria KLCC and Pavilion KL, are benefiting from this influx. Retail spaces in Klang Valley and Penang are thriving, with malls like Sunway Pyramid and Gurney Plaza reporting strong rental revenue growth. However, REITs focused on retail are keeping a cautious eye on potential market headwinds, including proposed government policies and the luxury tax.
在遊客激增和租金強勁回升的推動下，零售業仍然充滿活力。馬來西亞政府預計，2024年將迎來2700萬遊客，較2023年的2000萬遊客大幅增加。位於黃金地段的備受矚目的資產，例如吉隆坡蘇里亞城中城和吉隆坡展館，正從這種湧入中受益。巴生谷和檳城的零售空間蓬勃發展，雙威金字塔和格尼廣場等購物中心報告了強勁的租金收入增長。但是，專注於零售業的房地產投資信託基金正在謹慎關注潛在的市場不利因素，包括擬議的政府政策和奢侈稅。
The industrial sector is showing strong performance, particularly in Johor, driven by data centre investments and substantial foreign direct investment (FDI) inflows. AXREIT, a key player in this sector, is nearing full occupancy for its industrial assets, with significant rental reversions in Johor. Meanwhile, CLMT is expanding into the industrial sector as part of its growth strategy.
在數據中心投資和大量外國直接投資（FDI）流入的推動下，工業部門表現強勁，尤其是在柔佛。該行業的關鍵參與者AxREIT的工業資產已接近滿員，柔佛州的租金大幅回調。同時，作爲其增長戰略的一部分，cLMT正在向工業領域擴張。
In the office space segment, despite an oversupply in many areas, locations such as the KL Fringe and Petaling Jaya are seeing resilient demand due to their affordability compared to KL city centre. Sentral REIT is benefiting from high occupancy rates in its office buildings outside of the city centre.
在辦公空間領域，儘管許多地區供過於求，但吉隆坡藝穗會和八打靈再也等地由於與吉隆坡市中心相比實惠而出現了彈性的需求。中央房地產投資信託基金受益於其位於市中心以外的辦公樓的高入住率。
As MGS yields decline, from a peak of 4.57% in October 2022 to a current 3.75%, analysts have recalibrated target yields for REITs. CLMT and IGBREIT are highlighted for better valuations due to lower earnings risk and higher stability in mid-range malls. The MGS yield is expected to decrease further to around 3.6%, aligning with historical averages. This recalibration reflects a more favourable outlook for certain REITs, reinforcing the sector's attractiveness for yield-seeking investors.
隨着MGS收益率從2022年10月的峯值4.57％下降至目前的3.75％，分析師重新調整了房地產投資信託基金的目標收益率。由於中檔購物中心的盈利風險較低和穩定性較高，clMT和igBreit的估值有所提高。預計MGS收益率將進一步下降至3.6％左右，與歷史平均水平一致。這種調整反映了某些房地產投資信託基金的前景更加樂觀，增強了該行業對尋求收益的投資者的吸引力。
譯文內容由第三人軟體翻譯。
