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財務年度上半年（1HFY24）展現出了強勁的業績，核心淨利潤達到了RM3,791萬，同比增長了5%。這個結果符合市場預期，盈利佔到了公司全年預期的46%，佔共識預測的37%。分析師們給出了各種評級的意見，包括保持持有（HOLD）和市場表現（MARKET PERFORM），並設定了分別爲RM7.50和RM8.00的目標價格。
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.
該集團宣佈了2024財務年度第二季度每單位總二次中間純發展值（DPU）爲9.2仙，將上半年份度的總DPU增加到了18.2仙。這與去年同期的17.3仙相比略有增加。 1HFY24的收入增長了6%，主要得益於Suria KLCC的表現和文華東方酒店入住率的提高，後者在經歷了一個具有挑戰性的前一年之後，實現了顯著的復甦。
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財務年度第二季度，KLCCP的淨利潤爲RM1,911萬，比去年同期增長了6%。這種增長得到了辦公室部門穩定的支撐，主要是基於長期租約和三方淨租賃（TNL）協議，並且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，零售部門的收入也增加了8%，貢獻了RM1,388萬，並反映了租戶銷售額增長了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.
儘管業績表現令人鼓舞，但公司的底線受到了貸款成本的年比增長64%的部分影響，這主要是因爲2024年4月完成了對Suria KLCC 40%股權的收購而導致的。負債成本平均爲4.16%，較財務年度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.
展望未來，KLCCP的管理層對未來持樂觀態度，預計穩定的盈利增長將得到其主要辦公物業的穩定表現以及零售和酒店行業狀況的改善的支持。該集團還在探索新的收購機會，以進一步完善其投資組合。