vitamin cash - all about REITs
the link 2014-2015 annual report分析
investfuture
Publish date: Mon, 29 Jun 2015, 09:30 AM
view in original site malaysiareit.com
The link REIT(00823,HKREIT) 2014-2015年annual report出炉，先看看业绩：
| 2015 | 2014 | difference% | |
| revenue(HKD) | 7,723,000,000 | 7,155,000,000 | 7.93% |
| change in fair value of investment property(HKD) | 22,699,000,000 | 13,445,000,000 | 68.82% |
| profit of the year, before transactions with Unitholders | 27,230,000,000 | 17,305,000000 | 57.35% |
| earning per share(HKD cent) | 1188.16 | 748.84 | 58.66% |
| dividend(HKD cent) | 182.84 | 165.81 | 10.27% |
| nav per unit(HKD) | 51.53 | 41.69 | 23.6% |
| gearing % | 11.9% | 11% | 8.1% |
在产业估值强劲带动下，the reit REIT的profit劲升了57.35%，其实the link REIT的表现并不是那么的变态，从Revenue就能发现，year to year只是成长了7.93%。然而，dividend却增长了双位数，10.27%，主要贡献与，the link REITs花了HKD956mil，回购了20.88mil units 的股票，并将它们cancel，最终total unit issue下滑了1%，每股盈利(Eps)自然更高了。
贵为亚洲最大的产托，the link在年报中透露，目前正在转型，虽然公司仍注重在assets management(产业管理), assets enhancement(产业增值), 以及 assets acquisition(产业收购)。可是为了更长远的发展，公司制定了其他的商业模式，目前正在进行的是assets disposal(产业出售)，property development(产业发展)。而未来公司将进行property re-development(产业再发展)
asset disposal
公司今年以比市价高32.8%的售价，出售了9间非核心产业，回收了HKD2.9bil，出售的产业为：the Hing Tin Commercial Centre，the Kwai Hing Shopping Centre，the Retail and Car Park within Tung Hei Court，the Wah Kwai Shopping Centre，the Retail and Car Park within Choi Fai Estate，the Retail and Car Park within Choi Ha Estate，the Siu Lun Shopping Centre，the Tin Ping Shopping Centre，the Tsui Lam Shopping Centre。
property development
香港证交所在本财政年放宽REITs code，准许REITs以不超过总资产10%发展产业后，the link REIT联合Nan Fung group(the link占60%拥有权)以HKD5.8bil投的东九龙的一片商业地段，计划发展grade A office，结合retail portion，预计2020年完工。值得一提的是，这是首次the link接触office产业。
asset acquisition
本财政年，公司以HKD1.38bil购入Lions Rise Mall，该商场位于wong tai sin district。此外，公司也把触角伸向中国，首次购入位于北京的EC mall，此项收购案耗资USD300mil，并且已经于1april2015完成收购。公司表示，首次收购香港以外的产业主要是为了分散风险，参与其他地区快速发展的产业市场
asset echancement
公司总共花了HKD667mil，完成了4项assets enhancement，分别是Hoi Fu Shopping Centre, Mei Lam Commercial Centre, Un Chau Shopping Centre and H.A.N.D.S (which includes a shopping centre and a fresh market).值得注意的是，公司还预备了HKD2.4bil，在未来5年，为16间产业翻新。
property redevelopment
property redevelopment主要是针对目前持有的产业，通过不只是翻新，而是结构上的变化，为它创造更高的价值。目前公司正寻找合适的产业进行property redevelopment。
property management
property management就不多说了，反正，the link的property management当然是好，本财政年，所有类型的产业营收增加，shop +6.9%，market +10.4%， education +5.8%， mall merchandising +3.2%， car park10.5%
无论从哪一点来看，the link reit都是非常值得购入的REIT，唯一的缺点就是，价格很高，DY太低。可是目前正积极转型的它，未来更值得期待，收购国外产业，以及产业发展都会是未来的亮点，就uncle jim本身而言，非常看好the link REITs未来发展。而我本身也曾经到过the link旗下lok fu plaza shopping，好喜欢他们的概念。
最恐怖的是，鲸鱼级的the link reit的gearing ratio仅仅11.9%，未来贷款空间极大。
想更了解the link REITs? click here to read more.
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