The Malaysian REIT sector demonstrates resilience and growth potential, supported by a positive performance across various REITs. According to MIDF Amanah Investment Bank (MIDF) in their report today (July 17, Wednesday), the sector has seen an encouraging earnings recovery, particularly in retail and hotel segments, driven by higher tourist arrivals and economic reopening.
MIDF maintains a POSITIVE outlook on the REIT sector, citing stable earnings expectations and optimistic prospects. Sunway REIT and Pavilion REIT are highlighted as top picks with BUY ratings and revised target prices.
Notabaly, several REITs have recorded significant share price increases year-to-date, including YTL Hospitality REIT (+21.6%), Capitaland Malaysia Trust (+21.1%), Pavilion REIT (+20.7%), and IGB REIT (+15.8%). These gains reflect robust earnings recovery and investor confidence amidst sector-wide improvements.
Occupancy rates in shopping complexes have rebounded, reaching 77.6% in 1QCY24, driven by increased shopper footfall and tenant sales. However, office occupancy rates remain subdued at 72%, reflecting ongoing challenges in the office segment due to surplus office space and evolving work environments.
The sector is set for further expansion, with upcoming REIT listings anticipated from property companies seeking to unlock asset values. This initiative is expected to enhance market vibrancy and provide additional investment opportunities in Malaysia's REIT sector.
Sunway REIT anticipates normalised earnings from FY25 onwards following strategic reconfigurations at Sunway Pyramid, while Pavilion REIT has reported strong growth in First Quarter Fiscal Year of 2024 (1QFY24) (+18.7% year-on-year) driven by Pavilion Bukit Jalil and positive rental reversions at Pavilion KL Mall.
The earnings outlook for 2QCY24 remains positive, with retail-focused REITs poised to benefit from sustained high shopper footfall and favourable rental trends. Axis REIT also maintains a stable earnings trajectory, supported by robust demand for industrial spaces.
在各种房地产投资信托基金良好表现的支持下，马来西亚房地产投资信托基金行业展现出了韧性和增长潜力。根据MIDF Amanah投资银行（MIDF）在今天（7月17日星期三）的报告中，受游客人数增加和经济重新开放的推动，该行业的收益复苏令人鼓舞，尤其是在零售和酒店领域。
MIDF以稳定的收益预期和乐观的前景为由，对房地产投资信托基金行业保持乐观的前景。Sunway REIT和Pavilion REIT被列为首选，其评级为买入评级和修订后的目标价格。
值得注意的是，今年迄今为止，一些房地产投资信托基金的股价大幅上涨，包括YTL Hospitality REIT（+21.6％）、Capitaland Malaysia Trust（+21.1％）、Pavilion REIT（+20.7％）和IGB REIT（+15.8％）。这些收益反映了在全行业改善的情况下强劲的盈利复苏和投资者的信心。
受购物者客流量和租户销售增加的推动，购物中心的入住率有所回升，1QCY24 达到77.6％。但是，办公室占用率仍低至72％，这反映了办公空间过剩和工作环境不断变化导致办公领域持续面临的挑战。
该行业将进一步扩张，预计寻求解锁资产价值的房地产公司即将上市房地产投资信托基金。该计划预计将增强市场活力，并为马来西亚房地产投资信托基金行业提供额外的投资机会。
在Sunway Pyramid进行战略调整之后，Sunway REIT预计，从25财年起收益将恢复正常，而Pavilion REIT则报告称，在武吉加里尔展馆和吉隆坡展馆租金回调的推动下，2024财年第一季度（1QFY24）（同比增长18.7％）将实现强劲增长。
2QCY24 的收益前景仍然乐观，以零售为重点的房地产投资信托基金有望受益于持续的高购物客流量和有利的租金趋势。在对工业空间的强劲需求的支持下，Axis REIT还保持了稳定的收益轨迹。
