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%).
馬來亞銀行在其對CapitalLand馬來西亞信託的分析中表示，1H24核心淨利潤和第一次間隔毛收益率爲2.36仙，符合預期，佔共識全年估計的51% / 53%。2Q24年同比盈利增長主要是由於租金上漲和佔用率提高。沒有對收益預測做出更改。該機構維持BUY（看漲）評級，DDm-TP爲MYR0.70（Ke：8.6%），沒有變化。FY24E淨DPU收益率爲6.7%，非常吸引人（板塊平均值：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核心收益爲MYR3350萬（+19% YoY，QoQ持平），使1H24核心淨利潤達到MYR6700萬（+39% YoY）。2Q24年同比核心收益增長主要是由於：（i）零售租金上漲+8.7%（除了Klang Valley購物中心除外：+10.2%，Klang Valley購物中心：+1.7%），以及（ii）更高的組合佔用率，達到了93.1%（2Q23：88%）。值得注意的是，三個主要購物中心（Gurney Plaza，Queensbay Mall和East Coast Mall）的佔用率均超過了99%。然而，底線利潤部分被較高的財務成本抵消（+11.4% YoY），這是由於2023年5月OPR上調和某些固定利率貸款的再定價率（平均成本爲4.6%，相對於2Q23的3.96%）。
對於1H24，CLMT的同店銷售量和租戶銷售額增長分別爲+6.5%和+6.6% YoY。1H24可分配收入爲MYR6690萬（+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).
探索增加收益的工業資產
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，管理層繼續探索增加收益的工業/物流資產，作爲提高投資組合回報的戰略舉措之一。目前，CLMt擁有兩個物流資產（Valdor Logistics Hub和Glenmarie Distribution Centre），價值MYR12320萬（佔總資產淨值的2.5%）。還有待完成對馬來西亞伊斯干達的Nusajaya Tech Park中三個永久產權工業物業的收購，預計將在4Q24（購買價格爲MYR27m）完成。
FY24E的收益符合預期
FY24-26E的收益預測沒有變化，馬來亞銀行預計FY24E的EPU增長率爲+22.4%，主要來自QBm全年貢獻。
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收益預測不變，馬來銀行預計FY24E EPU增長22.4％，主要來自QBm的全年貢獻。