Highlights
KLSE: KIPREIT (5280)       KIP REAL ESTATE INVESTMENT TRUST MAIN : REITS
Last Price Today's Change   Day's Range   Trading Volume
0.87   0.00 (0.00%)  0.865 - 0.875  206,900
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Financials


Market Cap: 440 Million

Market Cap 440 Million
NOSH 505 Million

Latest Audited Result:  30-Jun-2017

Latest Audited Result: 30-Jun-2017
Announcement Date 30-Aug-2017
Next Audited Result: 30-Jun-2018
Est. Ann. Date: 30-Aug-2018
Est. Ann. Due Date: 27-Dec-2018

Latest Quarter:  31-Dec-2018 [#2]

Latest Quarter: 31-Dec-2018 [#2]
Announcement Date 15-Jan-2019
Next Quarter: 31-Mar-2019
Est. Ann. Date: 23-Apr-2019
Est. Ann. Due Date: 30-May-2019
QoQ | YoY   8.76%  |    -9.79%

Annual (Unaudited) ( EPS: 7.44, P/E: 11.69 )

Revenue | NP to SH 62,773  |  37,610
RPS | P/RPS 12.42 Cent  |  7.00
EPS | P/E | EY 7.44 Cent  |  11.69  |  8.56%
DPS | DY | Payout % 0.00 Cent  |  0.00%  |  - %
NAPS | P/NAPS 1.00  |  0.87
YoY   156.55%
NP Margin | ROE 59.91%  |  7.42%
F.Y. | Ann. Date 30-Jun-2018  |  26-Jul-2018

T4Q Result ( EPS: 7.20, P/E: 12.08 )

Revenue | NP to SH 63,014  |  36,402
RPS | P/RPS 12.47 Cent  |  6.98
EPS | P/E | EY 7.20 Cent  |  12.08  |  8.28%
DPS | DY | Payout % 0.00 Cent  |  0.00%  |  - %
NAPS | P/NAPS 1.00  |  0.87
QoQ | YoY   -2.30%  |    17.34%
NP Margin | ROE 57.77%  |  7.20%
F.Y. | Ann. Date 31-Dec-2018  |  15-Jan-2019

Annualized Result ( EPS: 6.00, P/E: 14.50 )

Revenue | NP to SH 62,434  |  30,312
RPS | P/RPS 12.36 Cent  |  7.04
EPS | P/E | EY 6.00 Cent  |  14.50  |  6.90%
DPS | DY | Payout % -
NAPS | P/NAPS -
QoQ | YoY   4.38%  |    -7.38%
NP Margin | ROE 48.55%  |  5.99%
F.Y. | Ann. Date 31-Dec-2018  |  15-Jan-2019


Hints :
Click the QoQ or YoY on table to view the QoQ or YoY Financial Result page.

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Date Financial Result Financial Ratio Per Share Item Performance Valuation (End of Quarter) Valuation (Ann. Date)
F.Y. Ann. Date Quarter # Revenue PBT NP NP to SH Div Net Worth Div Payout % NP Margin ROE NOSH RPS Adj. RPS EPS Adj. EPS DPS Adj. DPS NAPS Adj. NAPS QoQ YoY EOQ Date EOQ Price EOQ P/RPS EOQ P/EPS EOQ P/NAPS EOQ EY EOQ DY ANN Date ANN Price ANN P/RPS ANN P/EPS ANN P/NAPS ANN EY ANN DY
30-Jun-2019 15-Jan-2019 31-Dec-2018 2 15,625 7,896 7,896 7,896 - 505,704 - % 50.53% 1.56% 505,300 3.09 3.09 1.56 1.56 0.00 0.00 1.0008 1.00   8.76%   -9.79% 31-Dec-2018 0.75 24.25 48.00 0.75 2.08% 0.00% 15-Jan-2019 0.805 26.03 51.52 0.80 1.94% 0.00%
30-Jun-2019 15-Oct-2018 30-Sep-2018 1 15,592 7,260 7,260 7,260 - 505,097 - % 46.56% 1.44% 505,300 3.09 3.09 1.44 1.44 0.00 0.00 0.9996 1.00   -41.45%   -4.61% 28-Sep-2018 0.835 27.06 58.12 0.84 1.72% 0.00% 15-Oct-2018 0.825 26.74 57.42 0.83 1.74% 0.00%
30-Jun-2018 26-Jul-2018 30-Jun-2018 4 16,127 12,399 12,399 12,399 - 506,967 - % 76.88% 2.45% 505,300 3.19 3.19 2.45 2.45 0.00 0.00 1.0033 1.00   40.15%   35.78% 29-Jun-2018 0.80 25.07 32.60 0.80 3.07% 0.00% 26-Jul-2018 0.82 25.69 33.42 0.82 2.99% 0.00%
30-Jun-2018 23-Apr-2018 31-Mar-2018 3 15,670 8,847 8,847 8,847 - 503,531 - % 56.46% 1.76% 505,300 3.10 3.10 1.75 1.75 0.00 0.00 0.9965 1.00   1.07%   60.10% 30-Mar-2018 0.78 25.15 44.55 0.78 2.24% 0.00% 23-Apr-2018 0.735 23.70 41.98 0.74 2.38% 0.00%
30-Jun-2018 25-Jan-2018 31-Dec-2017 2 15,675 8,753 8,753 8,753 - 503,531 - % 55.84% 1.74% 505,300 3.10 3.10 1.73 1.73 0.00 0.00 0.9965 1.00   15.00%   6.59% 29-Dec-2017 0.865 27.88 49.94 0.87 2.00% 0.00% 25-Jan-2018 0.84 27.08 48.49 0.84 2.06% 0.00%
30-Jun-2018 02-Nov-2017 30-Sep-2017 1 15,301 7,611 7,611 7,611 - 502,369 - % 49.74% 1.52% 505,300 3.03 3.03 1.51 1.51 0.00 0.00 0.9942 0.99   -16.66%   - % 29-Sep-2017 0.94 31.04 62.41 0.95 1.60% 0.00% 02-Nov-2017 0.925 30.55 61.41 0.93 1.63% 0.00%
30-Jun-2017 25-Jul-2017 30-Jun-2017 4 16,042 9,132 9,132 9,132 - 504,390 - % 56.93% 1.81% 505,300 3.17 3.17 1.81 1.81 0.00 0.00 0.9982 1.00   65.26%   - % 30-Jun-2017 0.92 28.98 50.91 0.92 1.96% 0.00% 25-Jul-2017 0.92 28.98 50.91 0.92 1.96% 0.00%
30-Jun-2017 27-Apr-2017 31-Mar-2017 3 10,308 5,526 5,526 5,526 - 500,196 - % 53.61% 1.10% 505,300 2.04 2.04 1.09 1.09 0.00 0.00 0.9899 0.99   -32.71%   - % 31-Mar-2017 0.955 46.81 87.33 0.96 1.15% 0.00% 27-Apr-2017 0.97 47.55 88.70 0.98 1.13% 0.00%
30-Jun-2017 08-Mar-2017 31-Dec-2016 2 15,801 8,212 8,212 8,212 8,236 510,352 100.30% 51.97% 1.61% 505,300 3.13 3.13 1.63 1.63 1.63 1.63 1.0100 1.01   - %   - % 0.00 0.00 0.00 0.00 0.00% 0.00% 08-Mar-2017 0.97 0.00 0.00 0.97 0.00% 0.00%
30-Jun-2017 30-Sep-2016 1 0 0 0 0 - - - % - % - % - - - 0.00 0.00 0.00 0.00 - -   - %   - % 0.00 0.00 0.00 0.00 0.00% 0.00% 0.00 0.00 0.00 0.00 0.00% 0.00%
30-Jun-2016 30-Jun-2016 4 0 0 0 0 - - - % - % - % - - - 0.00 0.00 0.00 0.00 0.0000 0.00   - %   - % 0.00 0.00 0.00 0.00 0.00% 0.00% 0.00 0.00 0.00 0.00 0.00% 0.00%
30-Jun-2016 31-Mar-2016 3 0 0 0 0 - - - % - % - % - - - 0.00 0.00 0.00 0.00 - -   - %   - % 0.00 0.00 0.00 0.00 0.00% 0.00% 0.00 0.00 0.00 0.00 0.00% 0.00%
30-Jun-2016 31-Dec-2015 2 0 0 0 0 - - - % - % - % - - - 0.00 0.00 0.00 0.00 - -   - %   - % 0.00 0.00 0.00 0.00 0.00% 0.00% 0.00 0.00 0.00 0.00 0.00% 0.00%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.


NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ Δ & YoY Δ figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.


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  Patrick13 likes this.
 
CFTrader 9share published an article of KIPREIT.

KIPREIT planned to acquire AEON MALL KINTA Shopping Mall for 280 milllion Ringgit Malaysia.
Previous owner had performed AEI (Asset Enhanced Initiative) for 32 million Ringgit Malaysia.

(Valuation CH Williams Talhar & Wong Sdn Bhd valued the 21-year old structure at a price of 220 million Ringgit Malaysia)

The rental agreement last for 10 years which start from 2015 to 2025, with the yearly rental rate of 16.31 million Ringgit Malaysia.

Sincerely
CFTrader
29/08/2018 1:13 PM
Jackiee kip use 208m to buy not 280m
29/08/2018 1:31 PM
shortinvestor77 Right but the market price is 230 million. This seen is a good business on top of rental rate.
30/08/2018 11:20 AM
cong5895 More asset more dividend.
30/08/2018 11:25 AM
Lim Tek Wai Never regret for buying this stock, profit is real
30/08/2018 11:28 AM
CFTrader sorry, the earliest news 9share informed me that the price is 280m.
It is actually 208m with 7.8% gross rental yield.
Should be additive effect.

Sincerely
CFTrader
30/08/2018 11:44 AM
sg999 why keep dropping??????????
14/09/2018 7:00 PM
XOX_ Who buy who die haha.
16/09/2018 9:49 AM
XOX_ Buy Aeon Mall is suicidal with oversupply malls. RI coming?
16/09/2018 9:51 AM
nuke How is KIP (we) paying for this mall?
16/09/2018 4:19 PM
Jasper Coo Never regret for buying this stock, profit is real
18/09/2018 11:12 AM
nuke KIP down sharply. GE still disposing?
20/09/2018 4:04 PM
shortinvestor77 https://klse.i3investor.com/servlets/ptres/47360.jsp
26/09/2018 9:58 PM
naruko anyone attend agm that can share some happenings?
27/09/2018 3:59 PM
RonanOng Ready to be goreng by Kenanga/Rakuten :)
02/10/2018 1:23 AM
LearningToInvest anybody looked at note 10 of their 2018 audited accounts? They have RM87mil in borrowings which will be repaid in 1 bullet payment 5 years from date of 1st drawdown. I cant find any disclosure on when it was drawndown. It is sitting there in their books for 2017 and 2018. So I can only assumethat they would need to pay it back between now and 2021. They have ~20mil in cash, makes about 40m FCF every year and i do not see any disclosure of how much cash is cordon of to pay for the RM87m. Anybody has any information on how they plan to pay back this RM87mil? Thanks.
10/10/2018 4:41 PM
LearningToInvest simply put sometime between now and 2021... they will have to:
1. do an equity fund raising
2. refinance
3. reduce distributions
option 1: dilution means reducing the yields assuming all else equals
option 2: refinancing to defer the bullet payment is probably their best choice.... if via a normal term loan... it means yields goes down. if via the same terms then it would probably be the same yield as now.
option 3: Right now there is about 3 years left to pay the 87m bullet payment, roughly about 29m a year. Their distribution in 2018 ~37m... so they will have to cut distributions per year to about 8m.

That means the 8%+ yield that we are seeing is not sustainable.... my 2 cents.
Feel free to comment.... i am here to learn.
11/10/2018 5:23 PM
shortinvestor77 BoD is trying their very best to generate increasing profit. Any deal that cannot give a recent yield will not be purchased. The existing business they have been improving and increasing its profit while reducing cost be installing solar panels onto the assets. Reits always carry suitable debts with a max gearing ratio of 0.5.
12/10/2018 8:34 AM
Gen2 @LearningToInvest, they have 300m cash ( published in sinchew : http://www.sinchew.com.my/node/1797937 )
12/10/2018 10:05 AM
LearningToInvest Gen2: thanks for the link.
12/10/2018 12:04 PM
Gen2 Weird thing is, their BS don’t have the 300m cash ??!!
12/10/2018 12:31 PM
kinuxian That's the model of most REIT player by leveraging where SC limit the gearing ratio below 50% as hard cap. Most of them will tap into gearing where confident their purchase is making higher return then loan interest. They'll issuing new commercial paper when time due.

I guess many reporter failed their math. :) Their current asset is about 30MM instead of 300MM in their final report.
12/10/2018 5:57 PM
Gen2 @kinuxian
The news even stating after the cash call existing 300m cash will be increased to 400m.
May be who attended their AGM can enlighten us further ?
12/10/2018 9:59 PM
LearningToInvest their cash call is only ~100m shares... assuming they can place out at 0.80... only get 80m cash. Their Aeon purchase... from circular looks to be 100% funded by debt... but assuming 80% financing at 5% interest rate for 20 years..maybe NPI additional RM4m a year. if they manage to place out the 100m shares (which they will have to) their yield will no longer be 8%... proforma ~5% only. If only going to get 5% yield IGB or PAV reit safer
15/10/2018 2:14 PM
shortinvestor77 They know what to do for the benefit of shareholders..
15/10/2018 9:57 PM
CFTrader (1) According to what i had read in the AR2018 , they DO NOT have 300m cash .

Cash and Bank Balance = 8.9M
Deposit with License Bank = 10.9M

Generally speaking it's 20M for cash, and 28M for short term asset.


(2) REITS usually will refinance their debt with the asset as backing. As long REITS can generate income more than
(i) the existing rate - eg. if average rate is 7.0% , and the latest acquisition give 7.5%, that is addictive effect AND (ii) higher rate compared to the cost of fund - which is the loan.

They will be off good with the dividend declaration.

(3) They cannot simply cut the dividend yield, it is MANDATORY for REITS to declare a minimum of 90% NPI to enjoy the taxation benefit. REITS are differerent compared to normal share.


Sincerely
CFTrader
16/10/2018 12:16 AM
CFTrader I lazy to recalculate, but base on last AR2018 , they still have 218.977 M loan amount to reach the ceiling level of 50% gearing ratio.

The acquisition of the "mall" is 208M, which they have maximize the loan amount already.

Sincerely
CFTrader
16/10/2018 12:19 AM
shortinvestor77 https://klse.i3investor.com/blogs/nomoneylahreitinvesting/178957.jsp
20/10/2018 3:31 PM
shortinvestor77 No more kacau from Great Estern and OCBC.
https://klse.i3investor.com/insider/substantialShareholderNoticeOfCeasing/5280/23-Oct-2018/11939_618477176.jsp
23/10/2018 2:15 PM
shortinvestor77 http://www.klsescreener.com/v2/news/view/455910
13/11/2018 8:41 AM
naruko halt again for this kinta acquisition, what the...
30/11/2018 2:47 PM
naruko 2billion asset, what a high target, but I like it
06/12/2018 8:49 AM
Kalaihselvan Krishnan Why big drop in price
31/12/2018 9:51 PM
kinuxian I guess GE & OCBC. Selling their remaining shares although ceasing as substantial shareholders back in Oct.
31/12/2018 10:05 PM
alam Rafik KIP already touch to 0.80 almost so why it slip...?
31/12/2018 10:12 PM
RickyCJC Many REIT drop, don't know why?
31/12/2018 10:45 PM
Kalaihselvan Krishnan Price down a lot
01/01/2019 1:20 AM
Yi Heng fair price how much?
01/01/2019 6:17 PM
RickyCJC What's going on? My other shares are up, only this share is falling
08/01/2019 1:08 PM
nkk53 Q at 0.78
09/01/2019 10:32 AM
Yapyapty Tp0. 70
13/01/2019 12:55 PM
Tan Yeang Cong Still consider good, need time to grow.
16/01/2019 9:13 AM
antonb RED ALERT - 2 main directors are selling, millions of shares after buying in Oct and Nov last year.. time for small holders to also sell??
28/01/2019 4:12 PM
mbge7clt Green Alert the 2 main guys are buying back... i guess all these actions are normal.
30/01/2019 9:52 PM
Kensington KIP REIT had since yesterday breached the 200 day exp moving average and is now moving on an upward trend. Keep it up, KIP!
26/02/2019 2:49 PM
Yapyapty KIPREIT will drop to 0.72 soon
04/03/2019 10:56 AM
Value Investor Coo1eo @Yapyapty....that's great!! but please be more clear on why 0.72 and not 0.68?
05/03/2019 5:17 PM
Yapyapty 因为现在是散户吃着上而已,买在0.800以上
06/03/2019 11:16 PM
Yapyapty 如果现在不会卖,就死得很难看
06/03/2019 11:17 PM
Lyo82 @Yapyapty: I would love to see that, and I think you are looking for that opportunities too..
10/03/2019 7:46 PM