Axis REIT’s (AXREIT) 4QFY23 realised net profit came in at RM42.3m (+14.2% YoY, +15.0% QoQ) which is largely within our and consensus expectations. In FY23, the Group’s realized net profit of RM146.2m (-7.6% YoY) constitutes 101% of our and consensus full year estimates. The Group’s weaker profits for the year were attributed to a weak 1HFY23 due to lower occupancy for Axis Shah Alam Distribution Centre 3 (one of the tenancies expired in December 2022), termination of lease agreement with Yongnam Engineering Sdn Bhd (the lessee of Axis Steel Centre @ SiLC) and higher costs incurred due to on-going development projects and major enhancements implemented. All told, we keep our earnings estimates unchanged and maintain our Neutral call with DDMderived TP unchanged at RM1.96.
Source: PublicInvest Research - 24 Jan 2024
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AXREITCreated by PublicInvest | Apr 26, 2024