Solid 1H Delivery From Suria KLCC, However Need To Watch Elevated Cost
Solid 1H Delivery From Suria KLCC, However Need To Watch Elevated Cost
KLCCP Stapled Group (KLCCP) has demonstrated a resilient performance in the first half of the financial year 2024 (1HFY24), with a core net profit of RM379.1 million, reflecting a 5% year-on-year increase. The results align with market expectations, as the earnings accounted for 46% of the company's full-year estimates and 37% of consensus forecasts. Analysts have issued various ratings, maintaining calls such as HOLD and MARKET PERFORM, with price targets set at RM7.50 and RM8.00, respectively.
KLCCP Stapled Group（KLCCP）在2024财务年度上半年（1HFY24）展现出了强劲的业绩，核心净利润达到了RM3,791万，同比增长了5%。这个结果符合市场预期，盈利占到了公司全年预期的46%，占共识预测的37%。分析师们给出了各种评级的意见，包括保持持有（HOLD）和市场表现（MARKET PERFORM），并设定了分别为RM7.50和RM8.00的目标价格。
The group declared a second interim gross distribution per unit (DPU) of 9.2 sen for the second quarter of FY24, bringing the total DPU for the first half to 18.2 sen. This marks a slight increase from the 17.3 sen declared in the same period last year. The revenue for 1HFY24 increased by 6%, primarily driven by the performance of Suria KLCC and improved occupancy at the Mandarin Oriental hotel, which reported a significant recovery following a challenging previous year.
该集团宣布了2024财务年度第二季度每单位总二次中间纯发展值（DPU）为9.2仙，将上半年份度的总DPU增加到了18.2仙。这与去年同期的17.3仙相比略有增加。 1HFY24的收入增长了6%，主要得益于Suria KLCC的表现和文华东方酒店入住率的提高，后者在经历了一个具有挑战性的前一年之后，实现了显著的复苏。
In the second quarter of FY24, KLCCP recorded a net profit of RM191.1 million, representing a 6% increase compared to the previous year. This growth was bolstered by the office segment's stability, underpinned by long-term leases and a Triple Net Lease (TNL) arrangement, alongside higher occupancy rates at Suria KLCC, which improved to 98% from 96% a year earlier. Notably, the retail segment's revenue also rose by 8%, contributing RM138.8 million, and reflected a 3% increase in tenant sales.
在2024财务年度第二季度，KLCCP的净利润为RM1,911万，比去年同期增长了6%。这种增长得到了办公室部门稳定的支撑，主要是基于长期租约和三方净租赁（TNL）协议，并且Suria KLCC的入住率提高到了98%，比一年前的96%增加了2%。值得注意的是，零售部门的收入也增加了8%，贡献了RM1,388万，并反映了租户销售额增长了3%。
Despite the encouraging performance, the company's bottom line was partially impacted by a 64% year-on-year increase in finance costs, primarily due to higher borrowings for the acquisition of a 40% equity interest in Suria KLCC completed in April 2024. The average cost of debt decreased to 4.16% in 2Q24, down from 4.55% in FY23.
尽管业绩表现令人鼓舞，但公司的底线受到了贷款成本的年比增长64%的部分影响，这主要是因为2024年4月完成了对Suria KLCC 40%股权的收购而导致的。负债成本平均为4.16%，较财务年度23年的4.55%下降。
Looking ahead, KLCCP's management is optimistic about the future, expecting stable earnings growth supported by the steady performance of its prime office properties and improved conditions in its retail and hotel sectors. The group is also exploring new acquisition opportunities to enhance its portfolio further.
展望未来，KLCCP的管理层对未来持乐观态度，预计稳定的盈利增长将得到其主要办公物业的稳定表现以及零售和酒店行业状况的改善的支持。该集团还在探索新的收购机会，以进一步完善其投资组合。