Axis REIT’s (AXREIT) 1QFY21 realised net profit came in at RM32.2m (+6.5% YoY, -0.5% QoQ) which was within our expectations but below consensus. Group realized net profit constituted 24.3% and 21.6% of our and consensus full year estimates. For 1QFY21, AXREIT’s property income was RM57.7m, rising 0.2% YoY, mainly due to contributions from newly-acquired properties, which partly offset by rental loss from the expiry of tenancy of D8 Logistics Warehouse since end-October 2020. The Group also completed the acquisition of Indahpura Facility 2, Johor for RM8.5m, Indahpura Facility 3, Johor for RM6.7m, Beyonics i Park Campus Block F, Johor for RM13.0m and Bukit Raja Distribution Centre 2, Shah Alam for RM120.0m. Separately, It has signed the sale and purchase agreement to acquire a warehouse located in Pasir Gudang, Johor Bahru for RM75.0m. All in, it has 57 assets comprising 10.9msf and 152 tenants with average occupancy of 91%. No change to our earnings estimates for now. Maintain our Neutral call and DDM-derived TP to RM1.91. Key catalyst for the Group is Phase 2 of the Axis Mega Distribution Center.
Source: PublicInvest Research - 22 Apr 2021
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Created by PublicInvest | Aug 12, 2024
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2021-05-11 14:53