Cautious Outlook For IOI Properties Despite Improved Sales Prospect
Cautious Outlook For IOI Properties Despite Improved Sales Prospect
However, on an annual basis, MIDF Research said its core net income plunged 57.3% despite a 6.1% increase in revenue, attributing this decline to a sharp rise in interest costs which soared to RM109 million in 1Q25 compared to RM356,000 in 1Q24. This surge is linked to the completion of Central Boulevard in Singapore in July 2024, which means interest expenses are no longer capitalised.MIDF Amanah Investment Bank Bhd (MIDF Research) has maintained a NEUTRAL call for IOI Properties Group Bhd highlighting a cautious outlook for the property developer despite the group's improved sales prospects.
MIDF Amanah投資銀行有限公司（MIDF Research）對IOI Properties Group Bhd保持中立的看法，強調儘管該集團的銷售前景有所改善，但該房地產開發商的前景仍持謹慎態度。
The house noted that IOI Properties' 1QFY25 core net income of RM74.7 million is within expectations despite it made up 15% of MIDF Research's full-year forecast as it expects stronger earnings from the property investment division going forward following the commencement of the lease of Central Boulevard in Singapore.
該公司指出，IOI Properties的 1QFY25 核心淨收入爲7470萬令吉，儘管佔MIDF Research全年預測的15％，但仍符合預期。該公司預計，在新加坡中央大道租約開始後，房地產投資部門未來的收益將增加。
IOI Properties' earnings for the quarter showed a sequential increase of 216% to RM74.7 million, recovering from higher depreciation and amortisation charges in the previous quarter.
IOI Properties本季度的收益連續增長216％，至7470萬令吉，這從上一季度較高的折舊和攤銷費用中恢復過來。
However, on an annual basis, MIDF Research said its core net income plunged 57.3% despite a 6.1% increase in revenue, attributing this decline to a sharp rise in interest costs which soared to RM109 million in 1Q25 compared to RM356,000 in 1Q24. This surge is linked to the completion of Central Boulevard in Singapore in July 2024, which means interest expenses are no longer capitalised.
但是，MIDF Research表示，儘管收入增長了6.1％，但其核心淨收入卻下降了57.3％，這歸因於利息成本的急劇上升，從24年第一季度的35.6萬令吉飆升至25年第一季度的10900萬令吉。這種激增與新加坡中央大道於2024年7月竣工有關，這意味着利息支出不再資本化。
Meanwhile, MIDF Research noted that the group's property development division saw weaker contributions from domestic projects and developments in China. However, better performance from the property investment division, particularly IOI City Mall, cushioned the earnings decline. The research house believed this division will play a crucial role in driving future growth as it begins leasing space at Central Boulevard.
同時，MIDF Research指出，該集團的房地產開發部門認爲，中國國內項目和開發的貢獻較弱。但是，房地產投資部門的更好表現，尤其是IOI City Mall，緩解了收益的下降。該研究機構認爲，隨着該部門開始在中央大道租賃空間，該部門將在推動未來增長方面發揮至關重要的作用。
As for its new property sales in 1Q25, the research house said IOI Properties recorded a significant drop from RM550 million in 4Q24 to RM332 million.
至於其在25年第一季度的新房地產銷售，該研究機構表示，IOI Properties的銷售額從24年第四季度的55000萬令吉大幅下降至33200萬令吉。
However, MIDF Research said moving forward, IOI Properties' new sales momentum is expected to be supported by upcoming project launches in Malaysia, including the next phase of IOI Industrial Park @ Banting. Longer-term prospects appear brighter with the planned launch of Marina View Residences in Singapore, which is anticipated to bolster future sales.
但是，MIDF Research表示，展望未來，IOI Properties的新銷售勢頭預計將得到即將在馬來西亞啓動的項目的支持，包括IOI工業園的下一階段 @ Banting。隨着計劃在新加坡推出Marina View Residences，長期前景似乎更加光明，預計這將促進未來的銷售。
Given these mixed factors, MIDF Research has maintained its earnings forecast for FY25/FY26/FY27F for IOI Properties with an unchanged target price of RM2.04.
鑑於這些喜憂參半的因素，MIDF Research維持了IOI Properties對25財年/26財年/27財年的收益預測，目標價格保持不變，爲2.04令吉。
