Higher Expectations From CapitaLand
Higher Expectations From CapitaLand
CapitaLand Malaysia Trust's FY24 core net profit came within expectation as the group continued to be underpinned by strong growth from all its key ex- Klang Valley assets, namely Gurney Plaza and Queensbay Mall (QBM) and East Coast Mall. Kenanga IB is remaining positive on the group's strategy in diversifying into the industrial segment, which albeit will remain a small contributor in the medium term. The house keeps an OUTPERFORM call with a higher TP of RM0.75 (from RM0.70).
CapitaLand Malaysia Trust的24財年核心凈利潤在預期之內,因爲該集團繼續受到其巴生谷以外所有主要資產,即格尼廣場和皇后灣購物中心(QBM)以及東海岸購物中心的強勁增長的支撐。Kenanga IB對該集團向工業領域進行多元化發展的戰略仍然持樂觀態度,儘管從中期來看,該領域的貢獻仍然很小。衆議院維持跑贏大盤的看漲期權,目標價爲0.75令吉(從0.70令吉起)。
The FY24 core net profit achieved 102% and 100% of our full-year forecast and consensus estimates, respectively. Meanwhile, it declared an estimated after-tax income distribution of 1.1 sen, bringing YTD net distribution to 4.2 sen, which is in line with our full-year forecast of 4.3 sen net. YoY, its FY24 revenue grew 15% mainly due to: (i) full income recognition from QBM during the period (of which acquisition was completed in Mar 2023), (ii) positive rental reversions up to 12% on a portfolio basis. Its core net profit surged 24% as its operating expenses (including those of QBM) increased at a slower pace of 7% which also translated to a higher NPI margin of 58.0% (+3.0 ppts).
24財年的核心凈利潤分別達到我們全年預測和共識預期的102%和100%。同時,它宣佈預計稅後收入分配爲1.1仙,使年初至今的淨分配達到4.2仙,符合我們全年預測的4.3仙淨分配。其24財年收入同比增長15%,主要原因是:(i)QBM在此期間確認了全部收入(其中收購於2023年3月完成),(ii)按投資組合計算,租金回報率高達12%。其核心凈利潤激增了24%,原因是其運營費用(包括QBM的運營費用)增長了7%,這也意味着NPI利潤率提高了58.0%(+3.0個百分點)。
QoQ, its 4QFY24 revenue rose by 11%, likely attributable to year-end festive seasons and the recognition of RM5.6m unbilled lease income receivable. Net profit was increased by 9% as partially offset by deferred tax in the quarter.
QoQ,其 4QFY24 收入增長了11%,這可能歸因於年底的節日季節以及確認了560萬令吉未開票的應收租賃收入。本季度的遞延稅部分抵消了凈利潤增長了9%。
Given the promising developments in Penang, Kenanga said it foresees the positive trajectory to continue into FY25 and FY26. The group reaffirms its direction to acquiring and expanding its industrial segment, with a focus on logistics assets as part of its strategy to diversify its portfolio income streams. Currently, industrial assets make up less than 3% of the group's NPI which is predominantly made up by income from Gurney Plaza (42%) and QBM (33%).
鑑於檳城的發展令人鼓舞,Kenanga表示,預計這一積極發展趨勢將持續到25財年和26財年。該集團重申了收購和擴大其工業板塊的方向,重點是物流資產,這是其實現投資組合收入來源多元化戰略的一部分。目前,工業資產佔該集團NPI的不到3%,主要由格尼廣場(42%)和QBM(33%)的收入構成。
The house said it gathered from the previous quarter, CapitaLand's Glenmarie distribution centre has secured a tenant which will contribute NPIs of up to RM3m/year from FY25 while its Logistic Hub in Valdor also saw a high rental reversion in previous quarter. Besides that, the house is pleased with the yield-accretive industrial asset recently acquired by the group, i.e. Elmina Business Park land, which will commence rental income from FY26.
該公司表示,從上一季度開始,凱德置地的Glenmarie配送中心已經獲得了一名租戶,該租戶將從25財年起每年繳納高達300萬令吉的NPI,而其位於瓦爾多的物流中心在上一季度也出現了高額的租金回調。除此之外,該集團對該集團最近收購的具有收益率的工業資產,即埃爾米納商業園土地感到滿意,該土地將從26財年開始獲得租金收入。
The house fine-tuning its earnings forecast by 4% for FY25 as it incorporates FY24 numbers, mainly accounting for slightly higher rentals from QBM. Valuations. It is also raising its TP to RM0.75 from RM0.70.
衆議院將25財年的收益預測微調了4%,其中納入了24財年的數字,這主要是QBM租金略有上漲的原因。估值。它還將目標價從0.70令吉上調至0.75令吉。
譯文內容由第三人軟體翻譯。
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