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James Ng

Total last 3 quarters gross income distribution was RM0.1176, with a share price of RM1.55, dividend yield is 7.6%. For this quarter, gross revenue was RM136.8m, up 2.3% against last year of RM133.7m. This was due to higher rental income. Margin of distributable income was 67%, compared with last year of 64%, YoY+5.5%. Interest income was RM2.2m, compared with last year RM2m, YoY+9.4%. Property operating expenses dropped from RM38m to RM34m, YoY-8.8%. Finance costs dropped from RM13.9m to RM13.1m, YoY-5.9%.

Prospects:
The Malaysian retail industry reported a modest growth rate of 3.1% in the fourth quarter of 2017 compared with the same period in 2016. For the fourth quarter of 2017, the Consumer Sentiment Index improved to 82.6. For the whole of 2017, retail sales rose 2.0% (or RM99.8 billion) compared with the same period in 2016. Members of the MRA had estimated an average growth rate of 5.4% during the first quarter of 2018, due to the Chinese New Year celebrations. For 2018, RGM had estimated a 4.7% growth in retail sales (or RM104.4 billion). The Manager would continue to strengthen IGB REIT’s performance in 2018 by improving customers and shoppers experience in both Mid Valley Megamall and The Gardens Mall. The Manager would proactively explore asset enhancement initiatives and ensure that the tenancy mix is able to meet the evolving demands and preferences of customers, shoppers and retailers. These may translate into a better financial performance that would enable IGB REIT to maintain a stable flow of distributable income and create long-term value for its unitholders.

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James Ng