Date: 21/07/2022
Axis REIT’s (AXREIT) 2QFY22 realised net profit came in at RM42.7m (+38.4% YoY, +10.2% QoQ) which was within our and consensus expectations. 1HFY22 net profit of RM81.5m (+29.3% YoY) constituted c.52% of our and consensus full year estimates. Net property income (NPI) improved 18.3% YoY to RM63.2m mainly due to rental from newly-acquired properties, commencement of new tenancies at Axis Industrial Facility @ Rawang and D8 Logistics Warehouse, in addition to positive rental reversion and sale of recycled materials arising from the demolition work at Bukit Raja Distribution Centre 2. In 2QFY22, the Group completed the acquisition of DW1 Logistics Warehouse which increased its portfolio size to 61 properties. It also announced distribution per unit (DPU) of 2.55sen in 2QFY22, bringing YTD DPU to 4.97sen. All told, no change to our earnings estimates as Neutral call is also maintained with DDM-derived TP unchanged at RM1.96.
Source: PublicInvest Research - 21 Jul 2022 Labels: AXREIT More articles on PublicInvest Research >>
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