Analysts: Axis REIT's New Acquisitions Expected To Drive FY25 Growth
Analysts: Axis REIT's New Acquisitions Expected To Drive FY25 Growth
Both MIDF Amanah Investment Bank Bhd (MIDF Research) and RHB Investment Bank Bhd (RHB Research) have maintained their BUY calls on Axis REIT, with revised target prices of RM2.02 and RM2.08, respectively.
MIDF Amanah Investment Bank Bhd(MIDF Research)和印度興業銀行有限公司(RHB Research)都維持了對安訊士REITS的買入看漲期權,修訂後的目標價格分別爲2.02令吉和2.08令吉。
Both houses cited the trust's robust earnings performance in the financial year of 2024 (FY24), bolstered by new acquisitions and positive rental reversions, as key factors supporting their recommendations.
兩家公司都將該信託基金在2024財年(FY24)的強勁收益表現列爲支持其建議的關鍵因素,這得益於新收購和積極的租金回調。
MIDF Research highlighted that Axis REIT's FY24 core net income of RM162.7 million was within expectations, accounting for 105% of its own projections and 100% of consensus estimates. The trust ended the year with a distribution per unit (DPU) of 9.27 sen, translating to a gross distribution yield of 5.3%.
MIDF Research強調,安訊士REITS24財年的核心淨收入爲16270萬令吉,符合預期,佔其自身預測的105%和共識估計的100%。該信託基金在年底的每單位分配(DPU)爲9.27先令,總分配收益率爲5.3%。
According to MIDF Research, AXIS REIT's earnings were driven by contributions from assets like Bukit Raja Distribution Centre 2 and newly acquired properties, despite higher Islamic financing costs due to increased borrowing for acquisitions and the Overnight Policy Rate hike in May 2023.
根據MIDF Research的數據,儘管由於收購借款增加和2023年5月隔夜政策利率上調,伊斯蘭融資成本上漲,但AXIS REIT的收益是由武吉拉賈配送中心2號配送中心和新收購的房產等資產的出資推動的。
Similarly, RHB Research noted that Axis REIT's FY24 core profit of RM163 million, reflecting an 11% year-on-year growth, was in line with market expectations. The house emphasised the trust's ability to maintain high net property income (NPI) margins of 86.4% while growing its revenue by 12%, thanks to seven new acquisitions valued at RM719 million and positive rental reversions.
同樣,興業銀行研究指出,安訊士REITS24財年的核心利潤爲16300萬令吉,同比增長11%,符合市場預期。衆議院強調,該信託有能力保持86.4%的高淨房地產收入(NPI)利潤率,同時收入增長12%,這要歸功於七項價值71900萬令吉的新收購以及積極的租金回調。
The full-year contribution from major properties, such as Axis Mega Distribution Centre 2 (AMDC2), further strengthened its financial performance.
安訊士超級配送中心2(AMDC2)等主要物業的全年出資進一步增強了其財務業績。
Looking ahead, both research houses remain optimistic about Axis REIT's prospects. MIDF Research has revised its FY25 and FY26 earnings forecasts upward by 3.5% and 2.8%, respectively, anticipating continued stable rental contributions from its industrial properties amid healthy demand for industrial space in Malaysia.
展望未來,兩家研究機構都對安訊士REITS的前景保持樂觀。MIDF Research已將其25財年和26財年的收益預測分別上調了3.5%和2.8%,預計在馬來西亞工業空間需求旺盛的情況下,其工業地產的租金將繼續保持穩定。
RHB Research projects sustained earnings momentum in FY25, driven by the full-year contributions from acquisitions completed in the second half of FY24 and the full occupancy of AMDC2. The trust's gearing ratio, which has fallen to 33% post-private placement, provides it with RM1.7 billion in debt headroom for further acquisitions.
RHB Research預計,在24財年下半年完成的收購所產生的全年貢獻以及 AMDC2 的全部入住率的推動下,25財年的盈利勢頭將保持不變。該信託基金的資產負債率在私募發行後已降至33%,這爲其進一步收購提供了17英鎊的債務餘量。
Both research houses acknowledged potential risks, including the non-renewal of expiring leases and lower-than-expected rental reversions. However, Axis REIT's active asset management and stable industrial property market outlook are expected to support its growth trajectory.
兩家研究機構都承認了潛在風險,包括不續簽即將到期的租約和低於預期的租金回報率。但是,安訊士REITS的積極資產管理和穩定的工業地產市場前景預計將支撐其增長軌跡。
With expected total returns of 20.6% and 19.5% from MIDF Research and RHB Research, respectively, Axis REIT remains a compelling choice for investors seeking exposure to Malaysia's thriving industrial property sector.
安訊士REITS的預期總回報率分別爲20.6%和19.5%,對於尋求接觸馬來西亞蓬勃發展的工業產權行業的投資者來說,安訊士REITS仍然是一個引人注目的選擇。
譯文內容由第三人軟體翻譯。
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