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.
在各種房地產投資信託基金良好表現的支持下，馬來西亞房地產投資信託基金行業展現出了韌性和增長潛力。根據MIDF Amanah投資銀行（MIDF）在今天（7月17日星期三）的報告中，受遊客人數增加和經濟重新開放的推動，該行業的收益復甦令人鼓舞，尤其是在零售和酒店領域。
MIDF以穩定的收益預期和樂觀的前景爲由，對房地產投資信託基金行業保持樂觀的前景。Sunway REIT和Pavilion REIT被列爲首選，其評級爲買入評級和修訂後的目標價格。
值得注意的是，今年迄今爲止，一些房地產投資信託基金的股價大幅上漲，包括YTL Hospitality REIT（+21.6％）、Capitaland Malaysia Trust（+21.1％）、Pavilion REIT（+20.7％）和IGB REIT（+15.8％）。這些收益反映了在全行業改善的情況下強勁的盈利復甦和投資者的信心。
受購物者客流量和租戶銷售增加的推動，購物中心的入住率有所回升，1QCY24 達到77.6％。但是，辦公室佔用率仍低至72％，這反映了辦公空間過剩和工作環境不斷變化導致辦公領域持續面臨的挑戰。
該行業將進一步擴張，預計尋求解鎖資產價值的房地產公司即將上市房地產投資信託基金。該計劃預計將增強市場活力，併爲馬來西亞房地產投資信託基金行業提供額外的投資機會。
在Sunway Pyramid進行戰略調整之後，Sunway REIT預計，從25財年起收益將恢復正常，而Pavilion REIT則報告稱，在武吉加里爾展館和吉隆坡展館租金回調的推動下，2024財年第一季度（1QFY24）（同比增長18.7％）將實現強勁增長。
2QCY24 的收益前景仍然樂觀，以零售爲重點的房地產投資信託基金有望受益於持續的高購物客流量和有利的租金趨勢。在對工業空間的強勁需求的支持下，Axis REIT還保持了穩定的收益軌跡。
