AmBank IB: Hektar REIT's 2025 Yield Projection At 8.9%
AmBank IB: Hektar REIT's 2025 Yield Projection At 8.9%
As at 2:59pm Nov 27, Hektar REITs traded at RM0.515. (Stock updates from Bursa Malaysia)
Hektar Real Estate Investment Trust (REIT) is expected to receive higher distributable income in 2025 with yield rising to 8.9% from 6.5% in the previous year, as new tenants have been secured for existing shopping malls, coupled with rent contribution from the newly-acquired Kolej Yayasan Saad, according to AmInvestment Bank Bhd (AmBank IB).
Hektar股權房地產投資信託（REIT）預計2025年獲得更高可分配收入，收益率從上一年的6.5%上升至8.9%，因爲已經爲現有購物中心確保了新租戶，並且從新收購的Kolej Yayasan Saad獲得租金貢獻，根據AmInvestment Bank Bhd（Ambank IB）的說法。
The 8.9% yield projection has taken into consideration the expected improvement in the average occupancy rate of its malls and the rental from the 30-year net lease agreement with a 2.5% escalation in rent per annum from Kolej Yayasan Saad. The acquisition of Kolej Yayasan Saad has raised the total asset under the management of Hektar REIT to RM1.38 billion from RM1.23 billion.
8.9%的收益預測已經考慮到了其購物中心的平均佔用率預計改善以及從Kolej Yayasan Saad獲得的每年租金2.5%遞增的30年淨租賃協議的租金。Kolej Yayasan Saad的收購使Hektar REIt管理的總資產從12.3億令吉增加到13.8億令吉。
AmBank IB has maintained its BUY call for Hektar REIT and has kept the target price at RM0.86 unchanged. The target price of RM0.86 represents a premium of 34.5 sen over the prevailing market valuation.
AmBank Ib認爲Hektar REIt值得買入，並將目標價維持在0.86令吉不變。0.86令吉的目標價相當於比當前市場估值高出34.5仙。
As at 2:59pm Nov 27, Hektar REITs traded at RM0.515. (Stock updates from Bursa Malaysia)
截至11月27日下午2:59，Hektar REIT的交易價格爲0.515令吉。（來自馬來西亞交易所的股票更新）
Hektar REIT's year-to-date (YTD, up to September) distributatble income contracted by 16% year-on-year (YoY) to RM19.3 million due to higher finance cost, one-off acquisition fees for Kolej Yayasan Saad and professional fees related to the acquisition that was completed in July this year.
Hektar REIT截至9月的年度（截至9月）可分配收入同比下降16%，達到1930萬令吉，原因是較高的融資成本，Kolej Yayasan Saad的一次性收購費用以及與今年7月完成的收購相關的專業費用。
Meanwhile, third quarter distributable income decreased nearly 37.0% YoY to RM4.3 million.
與此同時，第三季度可分配收入較去年同期減少近37.0%，達到430萬令吉。
Average occupancy rate of malls dipped slightly to 85.6% in the third quarter of 2024 from 87.2% recorded in the second quarter, largely due to the decrease in occupancy rate of Central Square and Segamat Central. Nevertheless, the occupancy rate is expected to improve in the fourth quarter with new tenants secured for Central Square and Segamat Central, as well as Subang Parade and Mahkota Parade. These new tenants are expected to increase the overall average occupancy rate of Hektar REIT's malls to 92% by the end of 2024.
2024年第三季度，購物中心的平均入駐率從第二季度的87.2%微降至85.6%，主要是由於中央廣場和Segamat Central的入駐率下降。然而，隨着中央廣場、Segamat Central、Subang Parade和Mahkota Parade已經安排了新租戶，預計第四季度的入駐率將有所改善。這些新租戶預計將把Hektar REIT的購物中心整體平均入駐率提高到2024年底的92%。
More than 70% (73.3%) of tenancy contracts due in 2024 covering 592,757 square feet of net lettable area (NLA) have been renewed with the remaining anchor tenants under the final stage of negotiation.
2024年到期的租賃合同中超過70%（73.3%）的面積爲592,757平方英尺的淨租賃面積已經續簽，其餘的主力租戶正處於最後的談判階段。
Nevertheless, any slowdown in consumption spending from a slower economic growth and subsidy rationalisation could lower the malls' rental reversion rates and occupancy rates.
然而，如果因經濟增長放緩和補貼調整而導致消費支出減少，可能會降低購物中心的租金調整率和入駐率。
Hektar REIT is Malaysia's first retail-focused REIT with a portfolio seven (7) assets including six (6) shopping malls, Subang Parade, Mahkota Parade, Wetex Parade, Kulim Central, Segamat Central and Central Square, plus one (1) education asset, Kolej Yayasan Saad.
Hektar REIT是馬來西亞第一個以零售爲重點的REIT，擁有七（7）項資產，包括六（6）個購物中心，Subang Parade、Mahkota Parade、Wetex Parade、Kulim Central、Segamat Central和中央廣場，以及一（1）項教育資產，Kolej Yayasan Saad。
