RHB Raises SDP FY24 Sales Target To RM3.5 Billion After Solid Q2 Showing
RHB Raises SDP FY24 Sales Target To RM3.5 Billion After Solid Q2 Showing
Despite the sale of non-core land, Sime Darby Property in its 2Q earnings presentation showed that its operating performance was fairly strong, mainly driven by high property sales and billings. This has helped to offset the Malaysian Financial Reporting Standard 17 (MFRS 17)impact related to a 5-year guarantee due to a disposal of a London office tower. The recent sell-down represents a good buying opportunity. Apart from its strong property sales, further news flows on data centre-related real estate deals are expected to buoy sentiment on the stock.
儘管銷售了非核心土地，第二季度Sime Darby Property的業績報告顯示，其運營業績相當強勁，主要受到高額的房地產銷售和賬單的推動。這有助於抵消馬來西亞金融報告準則17（MFRS 17）對5年擔保的影響，因爲出售了倫敦辦公樓塔架。最近的賣出代表了一個良好的買入機會。除了強勁的房地產銷售外，預計數據中心相關的房地產交易的進一步資訊將提振股票的情緒。
High property sales and billings, as well as the disposal of noncore land in Elmina and Lembah Acob in Selangor, were the key revenue drivers during the quarter. Despite the impact of land sales that may worth c.MYR100m – based on estimate by RHB – 1H24 EBIT margin expanded to 25% (1H23: 17%), well reflecting the strong performance at core operating level. Bandar Bukit Raja, Serenia City, Elmina, KLGCC Resort, and Ara Damansara were the key contributors to sales and billings. Meanwhile, unsold completed inventory inched up slightly to MYR330m (1Q24: MYR313m). Net gearing stayed healthy at 0.22x vs 0.24x in the previous quarter. A 1.5 sen first interim dividend was declared vs 1 sen in 1H23.
高額的房地產銷售和賬單，以及在雪蘭莪州的Elmina和Lembah Acob出售非核心土地，都成爲本季度的主要營業收入驅動力。儘管土地銷售的影響可能價值約1億馬幣，根據RHb的估計，1H24的EBIT利潤率擴大至25%（1H23: 17%），充分反映了核心運營水平的強勁表現。Bandar Bukit Raja、Serenia City、Elmina、KLGCC度假村和Ara Damansara都是銷售和賬單的主要貢獻者。與此同時，未售出的成品庫存略微上升至3.3億馬幣（1Q24: 3.13億馬幣）。淨裝備保持在0.22倍，而上一季度爲0.24倍。首次中期股息宣佈爲1.5仙，較1H23年的1仙。
MFRS 17 impact. SDPR incurred a MYR87.9m share of JV losses in 2Q24. This was mainly caused by the negative accounting impact from MFRS 17 "Insurance Contract" related to a 5-year rental guarantee (with potential price adjustments) on the disposal of an office tower in London by the Battersea Power Station or BPS consortium, as well as higher finance costs
incurred. While management is likely to elaborate more during tomorrow's analysts briefing, S P Setai management team indicated that the accounting impact was already based on fairly conservative assumptions. Hence, RHB said it believes future losses (if any) related to the rental yield guarantee could be minimal.
MFRS 17的影響。SDPR在2Q24遭受了8790萬馬幣的JV損失。主要是由於MFRS 17「保險合同」的負面會計影響，與Battersea Power Station或BPS聯營企業出售倫敦辦公樓塔架的5年租金擔保（可能會有價格調整）有關，以及較高的財務成本。
在明天分析師說明會期間，管理層可能會詳細說明，S P Setai管理團隊表示，會計影響已基於相當保守的假設。因此，RHb稱他們相信未來與租金收益擔保相關的任何損失可能是很小的。
The house has raised FY24 sales target to MYR3.5bn from MYR3bn. 2Q24 property sales achieved MYR1.14bn (1Q24: MYR956m). The industrial segment contributed 35% to total sales of MYR2.1bn in 1H24, followed by high-rise and landed residentials at 25% and 21%. As at 11 Aug, SDPR has total bookings worth MYR2.2bn to be converted into contractual sales.
該公司將FY24年的銷售目標從30億馬幣提高至35億馬幣。2Q24的房地產銷售額達到11.4億馬幣（1Q24: 9.56億馬幣）。工業領域貢獻了1H24總銷售額的35%，高層和住宅佔25%，21%。截至8月11日，SDPR共有價值22億馬幣的預訂待轉化爲合同銷售。
Maintain TP. Our TP (with 4% ESG premium) is based on a 25% discount to RNAV
保持目標價。我們的目標價（含4% esg 保費）基於對RNAV的25%折扣