9MFY14 core net profit of RM176.4m (+14.63% yoy) came in within our expectation but above consensus, accounting for 77.2% and 79.7% of HLIB and consensus full year estimates, respectively.
Declared distri bution inc ome per unit (DPU) of 2.01 sen per share (3QFY13: 1.83 sen). Included in the DPU are normalised profit of RM60.1m and non-cash item arising from Manager fee payable in unit of RM7.8m bringing the YTD DPU to 5.9 sen.
Cumulative total revenue increased +8.14% yoy mainly due to higher than expected rental reversion in 2Q14.
NPI for the current quarter increased +8.78% yoy due to lower total opeRating cost as a res ult of reduction in other expenses. QoQ comparis on, utilities expenses reduced by -3.36% while quit rent and assessment reduced by -49.79%. We believe the significant drop in quit rent and assessment is due higher than expected quit rent and assessment in the previous quarter as DBKL increased the property value of the port folio.
HOLD, TP: RM1.23
Positives –
Negatives –
Source: Hong Leong Investment Bank Research - 30 Oct 2014
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