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.
尽管进行了非核心土地的出售，Sime Darby Property在其第二季度的业绩报告中显示，其运营业绩相当强劲，主要受到高额物业销售和账单的推动。这有助于抵消与London办公塔的处置有关的马来西亚财务报告准则17号（MFRS 17）对5年担保的影响。最近的卖压代表着一个很好的购买机会。除了强劲的物业销售外，预计将有进一步的数据中心相关房地产交易资讯，将提振该股的情绪。
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.
高额物业销售和账单，以及Selangor的Elmina和Lembah Acob的非核心土地出售，是本季度的主要营业收入推动因素。尽管土地销售可能价值约1亿令吉 - 根据RHb的估算 - 1H24 EBIt利润率扩大至25%（1H23：17%），这很好地反映了核心运营的强劲表现。Bandar Bukit Raja、Serenia City、Elmina、KLGCC Resort和Ara Damansara是销售和账单的主要贡献者。与此同时，未售完结存货略微增加至3,300万令吉（1Q24：3,130万令吉）。净负债率在上个季度为0.24倍的基础上保持健康的0.22倍。第一阶段分红为1.5仙，而1H23为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对SDPR产生了8790万令吉的合资公司亏损份额。这主要是由Battersea Power Station或BPS联盟对伦敦一座办公楼的处置，以及更高的财务成本所引起的MFRS 17《保险合同》的负面会计影响所致，该合同涉及5年的租金保证（可能有价格调整）。
遭受。虽然管理层可能会在明天的分析师说明会上详细解释，S P Setai管理团队表示，会计影响已经基于相当保守的假设进行。因此，RHb表示相信与租金收益保证有关的未来损失（如果有的话）可能很小。
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.
这家公司将FY24的销售目标从30亿令吉提升至35亿令吉。第二季度的物业销售达到了11.4亿令吉（1Q24：9.56亿令吉）。工业部门在1H24总销售额21亿令吉中占35%，其次是高层和独立住宅分别占总销售额的25%和21%。截至8月11日，SDPR总共有价值22亿令吉的预订待转换为合同销售。
Maintain TP. Our TP (with 4% ESG premium) is based on a 25% discount to RNAV
保持TP。我们的TP（包含4%的ESG溢价）是基于RNAV的25%折扣