Pavilion Bukit Jalil Next Growth Catalysts
Pavilion Bukit Jalil Next Growth Catalysts
Maybank IB notes that Pavilion REIT's 2Q24 net profit and 1st interim gross DPU of 4.53sen were within its estimates, where 1H24 net profit was at 49%/44% of its/consensus' fullyear forecasts. YoY earnings growth was mainly driven by new asset – Pavilion Bukit Jalil. The house keeps the earnings forecasts and DDM-TP of MYR1.55 (Ke: 8.3%) and maintains a BUY call.
马来亚银行Ib指出，柏威年房地产信托2Q24净利润和第一次临时毛分配单位（DPU）为4.53sen，均在其预估范围内，1H24净利润占该行今年全年预测的49％/44％。 YoY盈利增长主要是由新的资产-柏威年武吉加里尔驱动的。该机构维持买入建议，将预测每股净资产和目标价格维持在MYR1.55（Ke：8.3％）。
Mainly lifted by Pavilion Bukit Jalil
主要由柏威年武吉加里尔推动
The second quarter results growth was mainly attributed to new property, Pavilion Bukit Jalil, that was acquired on 1 June 2023, and Pavilion KL due to improved occupancy rates to 96.4% (+2.5ppts). This however was partially offset by loss of advertising income from Elite Pavilion Mall (-20% NPI) due to upgrading of the LED screen (will re-commission in 3Q24), higher operating expenses (+38%) incurred for the new property and higher utilities cost due to subscription of green electricity tariff from Tenaga Nasional. 2Q24's NPI growth was 19% YoY to MYR120m, but at a lower NPI margin of 59.6% (-3.5ppts). For 1H24, distributable income was MYR165.8m (+19% YoY).
第二季度业绩增长主要归因于于2023年6月1日收购的新物业-柏威年武吉加里尔，以及柏威年广场由于占用率提高至96.4％（+2.5ppt）。然而，精英柏威年广场失去广告收入（-20％NPI）是由于升级LED屏幕（将于第三季度重新投入使用），新物业的营业费用增加（+ 38％）以及从Tenaga Nasional订购绿色电力费率导致的较高的公共事业成本，这在一定程度上抵消了收益的增长。2Q24的NPI增长了19％的YoY，达到了MYR12000万，但NPI毛利润率为59.6％（-3.5ppt）。对于1H24，可分配收入为MYR16580万（+ 19％YoY）。
PBJ is next growth catalyst
Management targets for Pavilion Bukit Jalil's occupancy to achieve 92% by end-2024 (from current 87.8%). About 54% of the tenancies are due for renewal in 4Q24, where ~70% of the existing tenants intend to renew. Indicative rental reversion is between 5%-10%. To recap, PBJ is targeted to achieve an annual NPI of MYR146m by Jun 2025 (1H24: MYR52.4m).
柏威年武吉加里尔是下一个增长催化剂
管理层目标是使柏威年武吉加里尔的占用率在2024年底达到92％（目前为87.8％）。约54％的租约将在4Q24到期，当前租户中有约70％的租户有意续签租约。租金上涨幅度在5％-10％之间。回顾一下，柏威年武吉加里尔计划在2025年6月实现年度NPI MYR14600万（1H24：MYR52.4m）。
The house maintains its earnings forecasts. The near-term earnings growth forecast comes from both Pavilion KL, due to its prime location, and PBJ. However, Maybank is also cautious on Da Men Mall which could continue to face stiff competition from surrounding malls. PREIT's gross gearing was decent at 0.38x as at end-Jun 2024.
该机构维持其盈利预测。短期内的盈利增长预计来自于柏威年广场和由于其Prime位置而受益的PBJ。然而，马来亚银行对Da Men Mall持谨慎态度，因为其可能继续面对周边商场的激烈竞争。PREIT的毛设负债率在2024年6月底达到0.38倍。