CapitaLand Malaysia, No Surprises
CapitaLand Malaysia, No Surprises
Maybank in its analysis of CapitalLand Malaysia Trust said the 1H24 core net profit and 1st interim gross DPU of 2.36sen were in-line, at 51%/53% of The consensus full-year estimates. The higher YoY earnings in 2Q24 were mainly due to positive rental reversions and higher occupancies. No change to earnings forecasts. The house maintains a BUY call with unchanged DDM-TP of MYR0.70 (Ke: 8.6%). FY24E net DPU yield is attractive at 6.7% (sector average: 5.7%).
马来亚银行在其对CapitalLand马来西亚信托的分析中表示，1H24核心净利润和第一次间隔毛收益率为2.36仙，符合预期，占共识全年估计的51% / 53%。2Q24年同比盈利增长主要是由于租金上涨和占用率提高。没有对收益预测做出更改。该机构维持BUY（看涨）评级，DDm-TP为MYR0.70（Ke：8.6%），没有变化。FY24E净DPU收益率为6.7%，非常吸引人（板块平均值：5.7%）。
2Q24 core earnings was MYR33.5m (+19% YoY, flat QoQ), taking 1H24 core net profit to MYR67m (+39% YoY). 2Q24's YoY core earnings growth was largely due to: (i) positive retail rental reversion of +8.7% (ex-Klang Valley malls: +10.2%, Klang Valley malls: +1.7%), and (ii) higher portfolio occupancy, rising to 93.1% (2Q23: 88%). Notably, occupancies of the three
key malls (Gurney Plaza, Queensbay Mall and East Coast Mall) were above 99%. Bottom-line earnings, however, were partly offset by higher finance costs (+11.4% YoY) due to the OPR hike in May 2023 and higher refixing rates for certain fixed rate loans (average cost at 4.6% vs 2Q23: 3.96%).
2Q24核心收益为MYR3350万（+19% YoY，QoQ持平），使1H24核心净利润达到MYR6700万（+39% YoY）。2Q24年同比核心收益增长主要是由于：（i）零售租金上涨+8.7%（除了Klang Valley购物中心除外：+10.2%，Klang Valley购物中心：+1.7%），以及（ii）更高的组合占用率，达到了93.1%（2Q23：88%）。值得注意的是，三个主要购物中心（Gurney Plaza，Queensbay Mall和East Coast Mall）的占用率均超过了99%。然而，底线利润部分被较高的财务成本抵消（+11.4% YoY），这是由于2023年5月OPR上调和某些固定利率贷款的再定价率（平均成本为4.6%，相对于2Q23的3.96%）。
对于1H24，CLMT的同店销售量和租户销售额增长分别为+6.5%和+6.6% YoY。1H24可分配收入为MYR6690万（+38% YoY）。
For 1H24, CLMT's same-store shopper traffic and tenant sales growth were at +6.5% and +6.6% YoY, respectively. Distributable income for 1H24 was MYR66.9m (+38% YoY).
探索增加收益的工业资产
Exploring yield accretive industrial assets
Elsewhere, management continues to explore yield-accretive industrial/logistics assets as part of its strategic initiatives to enhance portfolio returns. Currently, CLMT owns two logistics assets (Valdor Logistics Hub and Glenmarie Distribution Centre), valued at MYR123.2m (or 2.5% of total AUM). Also pending is the acquisition of three freehold industrial properties located in Nusajaya Tech Park in Iskandar Malaysia, Johor, expect to complete in 4Q24 (purchase price of MYR27m).
FY24E earnings on track
此外，管理层继续探索增加收益的工业/物流资产，作为提高投资组合回报的战略举措之一。目前，CLMt拥有两个物流资产（Valdor Logistics Hub和Glenmarie Distribution Centre），价值MYR12320万（占总资产净值的2.5%）。还有待完成对马来西亚伊斯干达的Nusajaya Tech Park中三个永久产权工业物业的收购，预计将在4Q24（购买价格为MYR27m）完成。
FY24E的收益符合预期
FY24-26E的收益预测没有变化，马来亚银行预计FY24E的EPU增长率为+22.4%，主要来自QBm全年贡献。
The FY24-26E earnings forecasts are unchanged whereby Maybank expects +22.4% EPU growth in FY24E, mainly from full year contribution of QBM.
FY24-26E收益预测不变，马来银行预计FY24E EPU增长22.4％，主要来自QBm的全年贡献。