UOA REIT registered a 3Q24 core PAT of RM10.5m (+29.4% QoQ, -25.4% YoY), bringing the 9M24 core PAT to RM30.2m (-28.2% YoY). The results M Securities said they were within expectation, accounting for 77.3% and 66.3% and of consensus
estimates, respectively.
The core PAT dropped 25.4% YoY, mainly due to a significant decline in rental income from Menara UOA Bangsar as the anchor tenant exited in 3Q24. The departure of the tenant has led to a drop in the occupancy to 58% from 98% in 3Q23, and gross rental income fell 48%, from RM5.8m in 3Q23 to RM3.0m in 3Q24.
Gross rental income rose marginally by 0.6% to RM27.8m, while core PAT increased significantly by 29.4% QoQ to RM10.5m. The growth was driven primarily by higher overall rental income (excluding Menara UOA Bangsar), and 18% reduction in direct operating expenses, from RM11.1m in 2Q24 to RM9.1m in 3Q24. However, no income distribution declared for the quarter under review.
Occupancy rate across all the properties have improved QoQ, except for Menara UOA Damansara II and Menara UOA Bangsar, which saw declines of 1% and 15%, respectively.
Weighted average lease expiry as compared to 1.52 and 1.08 in FY23 and FY22, respectively. Overall tenancy expiry profile is 10.3% to 43.3% over 2024-2027. While gearing ratio rose slightly by 1.5% to 40.9% as at 3Q24 versus 39.4% in FY23. Should BNM raise the OPR, borrowing costs are expected to rise gradually.
M Securities said challenges in the office space market, including rising business costs, inflation, and new supply, are expected to create a more competitive environment. While the house foresees a gradual improvement in sentiment, rental rates are likely to remain flat. Despite a decline in the portfolio occupancy rate from 79% in 2Q24 to 77.3% in 3Q24, the house anticipates gradual tenant replacement at Menara UOA Bangsar in 2025, with smaller units leased to multiple tenants.
As the share price has declined after the downgrade, the house has upgraded to HOLD from SELL on UOAREIT, with a target price of RM0.93, reflecting a downside of 6.1%.
UOA REIT在24年第三季度的核心資產收益率爲1050萬令吉（環比增長29.4％，同比下降25.4％），使9M24的核心資產收益率達到3020萬令吉（同比下降28.2％）。 m Securities表示業績在預期之內，分別佔77.3％和66.3％，佔市場共識
分別估計。
核心租戶同比下降25.4％，主要原因是隨着主要租戶在24年第三季度退出，Menara UOA Bangsar的租金收入大幅下降。租戶的離職導致入住率從23年第三季度的98％下降至58％，總租金收入下降了48％，從23年第三季度的580萬令吉降至24年第三季度的300萬令吉。
總租金收入小幅增長0.6％，至2780萬令吉，而核心租金收入環比大幅增長29.4％，至1050萬令吉。增長的主要推動力是整體租金收入的增加（不包括孟沙Menara UOA），以及直接運營支出減少了18％，從24年第二季度的1110萬令吉降至24年第三季度的910萬令吉。但是，沒有公佈本報告所述季度的收入分配。
除Menara UOA Damansara II和Menara UOA Bangsara，分別下降了1％和15％外，所有物業的入住率均有所改善。
與23財年和22財年的1.52和1.08相比，加權平均租賃到期日分別爲1.52和1.08。2024-2027年，總體租約到期率爲10.3％至43.3％。而截至24年第三季度，資產負債率小幅增長了1.5％，至40.9％，而23財年爲39.4％。如果BnM提高OPR，借貸成本預計將逐漸上升。
m Securities表示，辦公空間市場的挑戰，包括不斷上漲的業務成本、通貨膨脹和新的供應，預計將創造一個更具競爭力的環境。儘管衆議院預計市場情緒將逐漸改善，但租金可能會保持不變。儘管投資組合入住率從24年第二季度的79％下降到24年第三季度的77.3％，但該公司預計，2025年孟沙Menara UOA將逐步更換租戶，將較小的單元出租給多個租戶。
由於股價在下調後下跌，該房屋已從UOareit的賣出上調至持有，目標價爲0.93令吉，下跌幅度爲6.1％。
