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年第三季度的核心资产收益率为1050万令吉（环比增长29.4％，同比下降25.4％），使9M24的核心资产收益率达到3020万令吉（同比下降28.2％）。 m Securities表示业绩在预期之内，分别占77.3％和66.3％，占市场共识
分别估计。
核心租户同比下降25.4％，主要原因是随着主要租户在24年第三季度退出，Menara UOA Bangsar的租金收入大幅下降。租户的离职导致入住率从23年第三季度的98％下降至58％，总租金收入下降了48％，从23年第三季度的580万令吉降至24年第三季度的300万令吉。
总租金收入小幅增长0.6％，至2780万令吉，而核心租金收入环比大幅增长29.4％，至1050万令吉。增长的主要推动力是整体租金收入的增加（不包括孟沙Menara UOA），以及直接运营支出减少了18％，从24年第二季度的1110万令吉降至24年第三季度的910万令吉。但是，没有公布本报告所述季度的收入分配。
除Menara UOA Damansara II和Menara UOA Bangsara，分别下降了1％和15％外，所有物业的入住率均有所改善。
与23财年和22财年的1.52和1.08相比，加权平均租赁到期日分别为1.52和1.08。2024-2027年，总体租约到期率为10.3％至43.3％。而截至24年第三季度，资产负债率小幅增长了1.5％，至40.9％，而23财年为39.4％。如果BnM提高OPR，借贷成本预计将逐渐上升。
m Securities表示，办公空间市场的挑战，包括不断上涨的业务成本、通货膨胀和新的供应，预计将创造一个更具竞争力的环境。尽管众议院预计市场情绪将逐渐改善，但租金可能会保持不变。尽管投资组合入住率从24年第二季度的79％下降到24年第三季度的77.3％，但该公司预计，2025年孟沙Menara UOA将逐步更换租户，将较小的单元出租给多个租户。
由于股价在下调后下跌，该房屋已从UOareit的卖出上调至持有，目标价为0.93令吉，下跌幅度为6.1％。
