Sunway REIT’s (SREIT) 2QFY21 came in weaker than expected with realised net profit of RM33.5m (-56.6% YoY, -2.6% QoQ) which was again dragged by the pandemic-induced slowdown which affected most of its assets especially retail and hospitality. YTD, Group realised net profit of RM67.8m (-56.5% YoY) just constituted 39% of our full year estimates. During the quarter, the recovery of the retail and hotel segments was again adversely impacted by the reinstatement of conditional movement control order (CMCO) in various states in the country amidst the resurgence of COVID-19 cases. As such, gross revenue for the retail segment in 2QFY21 dropped 47% to RM56.8m attributable to the implementation of CMCO in October which has stalled the footfall and sales recovery. With the change of its financial year end to December from June, we now expect 18-month FY21 net profit of RM267.5m from RM173.3m previously. Maintain Neutral call but cut our TP to RM1.55 (from RM1.65 previously) as we impute a higher adjusted risk premium.
Source: PublicInvest Research - 10 Feb 2021
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SUNREITCreated by PublicInvest | Aug 12, 2024
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2021-02-19 17:42