Sentral REIT Poised For Promising 2025 Driven By Stable Earnings Outlook
Sentral REIT Poised For Promising 2025 Driven By Stable Earnings Outlook
RHB Investment Bank Bhd (RHB Research) has maintained its BUY call on Sentral REIT with a target price of 91 sen, projecting a potential upside of 14% and an attractive dividend yield of 8% for the financial year of 2025 (FY25).
RHB投資銀行(RHB研究)維持對Sentral REIT的買入(BUY)看漲(Call),目標價爲91仙,預計有14%的潛在上行空間和2025財年(FY25)8%的吸引人股息收益率。
The research house highlighted the REIT's stable earnings outlook, underpinned by the recent acquisition of Menara CelcomDigi and improving prospects for lease renewals in FY25.
研究機構強調了該REIT穩定的盈利前景,此前收購了Menara CelcomDigi,且在2025財年(FY25)租約續簽的前景也在改善。
According to RHB Research, Sentral REIT's FY24 results aligned with expectations, delivering a core profit of RM79.8 million, an 8% year-on-year growth.
根據RHB研究,Sentral REIT的2024財年(FY24)業績符合預期,核心利潤爲RM7980萬,同比增長8%。
Driven by the acquisition of Menara CelcomDigi and higher rental rates from its Cyberjaya properties, Sentral REIT's revenue increased by 19%. However, the REIT's occupancy rate fell to 84% from 89% in FY23 due to a tenancy expiration at Menara Shell in mid-2024. Consequently, the distribution per unit (DPU) for FY24 dropped 5% to 6.36 sen, reflecting a larger share base and lower occupancy rates.
由於收購了Menara CelcomDigi以及Cyberjaya物業的租金上漲,Sentral REIT的營業收入(revenue)增加了19%。然而,由於Menara Shell的租約在2024年中期到期,該REIT的入住率從2023財年的89%降至84%。因此,2024財年(FY24)的每單位分配(DPU)下降了5%,降至6.36仙,反映了更大的股份基礎和較低的入住率。
Nevertheless, the research house is optimistic about Sentral REIT's ability to secure lease renewals in FY25, particularly for Menara Shell, which accounts for 5% of its portfolio net lettable area (NLA). The REIT's 18% NLA up for renewal in FY25 primarily comprises long-term tenants from Cyberjaya, Menara Shell and Platinum Sentral, which are expected to stabilise occupancy rates.
儘管如此,研究機構對Sentral REIT在2025財年(FY25)成功續簽租約的能力持樂觀態度,特別是Menara Shell,它佔其可出租淨面積(NLA)的5%。該REIT在2025財年(FY25)面臨續簽的18% NLA主要由Cyberjaya、Menara Shell和鉑金(Platinum Sentral)等長期租戶組成,預計將穩定入住率。
Sentral REIT has also taken steps to strengthen its funding strategy by entering an interest rate swap arrangement, converting RM317 million of its floating-rate debt to fixed rates. This adjustment raises the proportion of fixed-rate borrowings to 51%, ensuring a more stable funding structure. While this move could result in missed short-term interest cost savings, it reflects management's focus on long-term financial stability.
Sentral REIT還通過進入利率掉期安排加強其融資策略,將RM31700萬的浮動利率債務轉換爲固定利率。這一調整將固定利率借款的比例提高到51%,確保了更穩定的融資結構。儘管這一舉措可能導致短期內錯失利息成本節省,但這反映出管理層對長期財務穩定的關注。
Following the FY24 results, RHB Research has slightly lowered its FY25 earnings forecast by 2%, adjusting rental assumptions.
在2024財年業績發佈後,RHB研究稍微下調了其2025財年盈利預測2%,調整了租金假設。
Despite that, the research house thinks Sentral REIT is poised for a better year ahead, supported by its proactive lease management and robust dividend yields, making it an appealing choice for income-focused investors.
儘管如此,該研究機構認爲Sentral REIT在未來一年有望表現更好,得益於其積極的租賃管理和穩健的股息收益,使其成爲收入導向投資者的吸引選擇。
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