Date: 20/10/2022
Axis REIT (AXREIT) delivered 3QFY22 realised net profit of RM39.6m (+6.0% YoY, -7.3% QoQ) which came in within our and consensus expectations. YTD, Group 9MFY22 net profit of RM121.1m (+92.1% YoY) constituted c.77% of our and consensus full year estimates. The Group’s net property income (NPI) improved 12.5% YoY in 3QFY22 to RM61.5m, again attributed to rental from newly-acquired properties, commencement of new tenancies at Axis Industrial Facility @ Rawang and D8 Logistics Warehouse. Earnings growth was also driven by positive rental reversion and sale of recycled materials arising from demolition works at Bukit Raja Distribution Centre 2. This year, the Group’s portfolio size has increased by 3 to a total of 61 properties valued at RM4.08bn. Distribution per unit (DPU) of 2.45sen was declared in 3QFY22, bringing YTD DPU to 7.42sen. All told, no change to our earnings estimates with Neutral call maintained and DDM-derived TP unchanged at RM1.96.
Source: PublicInvest Research - 20 Oct 2022 Labels: AXREIT More articles on PublicInvest Research >>
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