Month: August 2011
August 2011
Results Announcement
- 9 Aug 11 : Al-Hadharah – DPU 4 sen
- 10 Aug 11 : AmFirst – No DPU as Semi-Annual DPU Payout Policy
- 11 Aug 11 : Sunway – DPU 1.62 sen
- 17 Aug 11 : Hektar – DPU 2.5 sen
- 23 Aug 11 : AmanahRaya – DPU 1.81 sen
- 23 Aug 11 : Al Aqar – No DPU Announced
Average Yield = 7.410%
|
REIT |
Period |
DPU (sen) |
Price (RM) |
Yield (%) |
NAV (RM) |
Assets Type |
|
AmFirst |
2H – Mar11 |
4.94 |
1.140 |
8.667 |
1.4125 |
Office |
|
Tower |
1H – Jun11 |
5.15 |
1.190 |
8.655 |
1.6808 |
Office |
|
AmanahRaya |
Q2 – Jun11 |
1.81 |
0.890 |
8.135 |
0.9753 |
Retail |
|
Atrium |
Q2 – Jun11 |
2.15 |
1.060 |
8.113 |
1.0499 |
Industrial |
|
Hektar |
FY10 – Dec |
10.3 |
1.300 |
7.923 |
1.3200 |
Retail |
|
Quill Capita |
1H – Jun11 |
4.00 |
1.020 |
7.843 |
1.2801 |
Office |
|
UOA |
Q2 – Jun11 |
2.43 |
1.320 |
7.364 |
1.4256 |
Office |
|
Axis |
Q2 – Jun11 |
4.50 |
2.450 |
7.347 |
2.0020 |
Office |
|
StarHill |
2H – Jun11 |
3.199 |
0.875 |
7.312 |
1.1580 |
Diversified |
|
Al-Hadharah |
1H – Jun11 |
4.00 |
1.470 |
6.939 |
1.4288 |
Diversified |
|
CMMT |
1H – Jun11 |
3.90 |
1.270 |
6.142 |
1.0640 |
Malls |
|
Sunway |
Q4 – Jun11 |
1.62 |
1.080 |
6.000 |
1.0313 |
Diversified |
|
Al-AQAR KPJ |
2H – Dec10 |
3.30 |
1.120 |
5.893 |
1.0800 |
Plantation |
Last Updated : 30-Aug-11
Notes
- Al-Hadharah : Yield Uses 2H10 DPU = 6.2 sen + 1H11 DPU = 4 sen as it is Observed that 2H DPU > 1H DPU
- Hektar : Yield Table Uses Full Year DPU 10.3 sen to Compute Yield as Hektar Pays DPU = 2.5 sen for Q1,Q2,Q3 and the Balance in Q4
Withholding tax
- Resident Individual = 10%
- Non Resident Individual = 10%
- Resident Institutional Investors = 10%
- Non-Resident Institutional Investors = 10%
- Resident Companies = 0% ; Subject to Corporate Tax at Prevailing Rate
- Non-Resident Companies = 25% for Year of Assessment 2009
Al-Aqar KPJ – BT
Al-‘Aqar KPJ REIT improves Q2 profit
Al-‘Aqar KPJ REIT’s pre-tax profit for the second quarter ended June 30, 2011 rose to RM11.12 million from RM10.95 million in the same period last year.
Revenue rose to RM19.819 million from RM17.214 million previously.
In a filing to Bursa Malaysia today, the company said the increase was mainly due to new rental income contributed by KPJ Tawakkal Specialist Hospital and additional building of Johor Specialist Hospital, which was acquired in July and December 2010, respectively.
“Both properties had contributed approximately RM2.8 million, or 15 per cent, of rental income recorded during the quarter,” it said. — Bernama
AmanahRaya – thestar
S&P retracts its ratings for AmanahRaya REIT
Standard & Poor’s (S&P) has withdrawn all ratings for AmanahRaya Real Estate Investment Trust (AR-REIT) at the company’s request after the rating agency gave it a “negative” outlook.
The Singapore-based S&P affirmed its BBB- long-term corporate credit rating and axBBB+ Asean scale rating on the company but said the “negative” outlook reflected its assessment that the extraordinary support from the Government could weaken if a proposed transaction between AR-REIT and Perbadanan Kemajuan Negeri Selangor proceeded as planned.
AR-REIT could not be reached for comment. A Singapore-based S&P analyst said he could not disclose the reasons for AR-REIT’s request to withdraw all ratings.
The analyst said the BBB- rating comprised two components its stand-alone credit profile and the “moderate” likelihood of extraordinary Government support, based on S&P’s criteria on government-related entities.
Although AR-REIT enjoys stable and resilient cashflows, high tenant security deposits and an improving market position in the Malaysian real estate investment sector, its credit profile shows a high exposure to the office property segment and increasing leverage.
AR-REIT is majority-owned by state pension fund Kumpulan Wang Bersama (KWB). The trust owns properties including Holiday Villa hotels in Langkawi and Alor Setar as well as Segi College branches in Kota Damansara and Subang Jaya.
The Selangor State Development Corp (PKNS) plans to inject three properties into AR-REIT in exchange for RM165mil cash and a 20% stake in the trust.
If this goes through, KWB’s stake in AR-REIT will be diluted to 43% from 54%. One of S&P’s rating criteria for government-related entities is the support of Government, measured by the latter’s stake in a company.
“The proposed transaction with PKNS may result in the diminishing and perhaps eventual disappearance of Government support for AR-REIT,” the analyst said.
S&P also said in a statement that it could have revised the outlook to “stable” if the transaction with PKNS did not proceed, which would have resulted in KWB maintaining its majority shareholding in AR-REIT.
AmFirst – BT
AmFirst REIT falls on lower Q1 earnings
AmFirst Real Estate Investment Trust, a Malaysian property trust, fell to a four-month low in Kuala Lumpur trading after announcing lower first-quarter earnings and plans for a rights offer.
The stock dropped 2.6 per cent to RM1.14 at 9:22 a.m. local time, set for its lowest close since March 28. — Bloomberg
Sunway – BT
Sunway REIT achieves IPO forecast payout
Sunway Real Estate Investment Trust (REIT) managed to achieve the initial public offering (IPO) forecast distribution per unit of 6.7 sen per unit on an annualised basis.
Total comprehensive income was RM553.7 million comprising net realised income of RM167.3 million and unrealised income of RM386.4 million mainly arising from fair value gain on portfolio of assets.
“Such achievement was due to the strong performance of the initial portfolio of eight assets which generated net realised income of RM172.1 million ahead of forecast by 3.2 per cent,” said chief executive officer of Sunway REIT Management Sdn Bhd, Datuk Jeffrey Ng, in a statement.
Ng said the Sunway REIT’s portfolio also managed to achieve double digit rental reversion over the next three years, driven mainly by Sunway Pyramid Shopping Mall with rental reversion of 16.3 per cent, with 1.11 million square foot of Net Lettable Area renewed.
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Sunway REIT is currently the largest Real Estate Investment Trust in Malaysia. It was listed on the Main Market of Bursa Malaysia Securities Bhd on July 8, 2010.
Sunway REIT has a market capitalisation of RM2.98 billion and its total assets stood at RM4.45 billion as at June 30, 2011.
According to Sunway REIT, institutional investors who purchased the units at the IPO price of 90 sen would have gained a total return of 29.3 per cent of which 6.0 per cent would come from dividend yield and the balance from capital appreciation of the unit price.
Investors of Sunway REIT can expect to receive their fourth quarterly payment of 1.62 sen per unit on Sept 21, 2011, said the company.
The Manager of Sunway REIT also said it will continue its policy of paying out 100 per cent of its distributable income on quarterly basis for financial year 2012.
On prospects ahead, the company expects the market to be volatile in the short term due to global uncertainties but believed the Malaysian Government’s Economic Transformation Plan will help drive domestic consumption.
Sunway REIT closed the session today at RM1.07. — Bernama
Al-Hadharah – thestar
Al-Hadharah REIT earnings rise
Al-Hadharah Boustead REIT achieved a 50% increase in net profit for the second quarter ended June 30 attributable to a hike in fixed rental income and the doubling of performance-based profit sharing.
Net profit for the quarter came in at RM24mil compared with RM16mil in the same period a year ago.
The Islamic plantation real estate investment trust (REIT) recorded a net profit of RM44mil in the six-month period ended June 30 on the back of a revenue of RM50mil.
In the corresponding period last year, it posted RM33mil net profit on the back of RM37mil revenue.
The fund will make an income distribution of 4 sen to unitholders next month. Al-Hadharah REIT’s net asset value as at June 30 stood at RM1.43 per unit.
AmFirst – BT
AmFirst REIT has small fall in Q1 profit
AmFirst Real Estate Investment Trust posted a slight decline in its pre-tax profit for the first quarter ended June 30, 2011, at RM9.438 million compared with RM9.941 million in the corresponding quarter of 2010.
Its revenue declined to RM22.748 million from RM25.114 million.
Despite the challenging office market, the proactive efforts taken to actively market spaces in the past months have seen increased occupancies at particularly two of its office buildings outside the city centre, said Am ARA REIT Managers Sdn Bhd (Am ARA), the Manager of AmFirst.
The occupancies at Menara Merais and Kelana Brem Towers had improved significantly during the period reviewed to 71 per cent and 77 per cent respectively from 53 per cent and 60 per cent the previous quarter, it said in a statement.
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YP Lim, Chief executive officer of Am ARA, said the company was confident of filling up more vacant spaces for both these properties.
The improved occupancy will invariably boost gross revenue as well as net income of the AmFirst, he added.
Recently, the company had also announced the proposed acquisition of Prime 9 & 10 for RM133 million with the due completion of acquisition in September this year.
Am ARA also announced that AmFirst was proposing to undertake a renounceable rights issue on the basis of three rights units for every five existing units in AmFirst.
This will increase the existing approved fund size of 429.001 million units to 686.402 million units.
The proceeds from the proposed rights issue shall be used to pare down borrowings, it said.
AmFirst is currently one of the larger commercial space REITs in Malaysia with six properties worth RM1.024 billion under its portfolio namely Bangunan AmBank Group, Menara AmBank, AmBank Group Leadership Centre, Menara Merais, Kelana Brem Towers and The Summit Subang USJ. — Bernama