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Acquisitions To Drive Axis REIT's Earnings Momentum

Acquisitions To Drive Axis REIT's Earnings Momentum

收購將推動Axis REIT的收益勢頭
Business Today ·  01/24 02:10

Axis REIT saw its core net profit rose 13% YoY due to contribution from multiple acquisitions that were completed in the year. Kenanga IB in its assessment said it fine-tuned its FY25F earnings by +3%, uplift TP to RM1.86 (from RM1.79). Upgrade to OUTPERFORM as value emerges following share price action.

Axis REIT的核心凈利潤同比增長13%,主要由於今年完成的多筆收購貢獻所致。Kenanga IB在評估中表示,已經將2025財年的盈利預期上調了3%,目標價提升至1.86令吉(之前爲1.79令吉)。由於價值在股價表現中顯現,上調評級至看漲。

AXREIT's FY24 core net profit met expectations, coming in at 97% of both forecast and the consensus estimate. It declared an estimated net distribution of 2.1 sen per unit (YTD: 8.3 sen), in line with our full- year net dividend forecast of 8.7 sen.

AXREIT的2024財年核心凈利潤符合預期,達到預測和共識估計的97%。宣佈每單位估計淨分配爲2.1仙(年初至今:8.3仙),與我們全年淨分紅預測8.7仙一致。

YoY, FY24 revenue and net profit rose by 12% and 13%, respectively, mainly attributed to the completion of the following new acquisitions.

與去年相比,2024財年的營業收入和凈利潤分別增長12%和13%,主要歸因於以下新收購的完成。

QoQ, its revenue was higher by 9%, mainly driven by contribution from newly acquired properties, new tenancies from AMDC (Phase 2). Net profit, however, declined slightly by 4% largely due to higher financing cost and a deferred taxation.

與上一季度相比,其營業收入增長了9%,主要受到新收購的物業和AMDC(第二階段)新租賃的驅動。然而,凈利潤略微下降4%,主要由於融資成本上升和遞延稅款。

The ongoing proposed acquisitions that have been progressively completed in FY24, will continue to support its FY25
earnings growth prospect. In FY24, AXREIT acquired more than RM500m worth of assets, which is higher than its average historical acquisition record. Having said that, given the fact that industrial assets are now experiencing yield compression due to landlords raising asset prices at a pace faster than the rate of rental reversions, we do not foresee AXREIT continue acquiring assets in FY25 as aggressive as it did in FY24.

在2024財年逐步完成的持續提議收購將繼續支持其2025年的盈利增長前景。
在2024財年,AXREIT收購了超過50000萬令吉的資產,超過其平均歷史收購記錄。儘管如此,考慮到工業資產現在正經歷收益壓縮,因爲房東以快於租金回歸的速度抬高資產價格,我們預計AXREIT在2025年的資產收購不會像2024年那樣激進。

The house fine-tuned its FY25F earnings by +3% post model updates as it incorporates FY24 numbers. Kenanga also introduced its FY26F numbers. The house raised its TP to RM1.86 from (RM1.79) as it rolled over its valuation base year to FY26F at a net distribution of 9.8 sen against an unchanged target yield of 5.25% (derived from a 1.5% yield spread above our 10-year MGS assumption of 3.75%). There is no adjustment to TP based on ESG given a 3-star rating as appraised by us.

該機構在更新模型後,將其2025財年的盈利預期上調了3%,以納入2024年的數據。Kenanga還引入了其2026財年的數據。該機構將目標價從1.79令吉提高至1.86令吉,因爲其基準估值年滾動至2026財年,淨分配爲9.8仙,目標收益率保持在5.25%不變(得自於高於我們10年期馬來西亞國債3.75%的1.5%收益差)。基於ESG評級3星,目標價沒有進行調整。

Kenanga said it continues to like AXREIT as a proxy to industrial assets on the growing SME sector and the sustained inflows of foreign direct investment to Malaysia. Upgrade to OUTPERFORM from MARKET PERFORM as value emerges following share price action. Risks to our call include: (i) a higher-than-expected risk-free rate, and (ii) default on rental payments by tenants.

Kenanga表示,它繼續看好AXREIT作爲工業資產的代表,尤其是在不斷增長的中小板領域和外國直接投資持續流入馬來西亞的背景下。由於價值在股價表現中顯現,上調評級至看漲,從市場表現上調。風險包括:(i) 高於預期的無風險利率和 (ii) 租戶的租金支付違約。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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