Posted by apalalu > 2016-03-01 10:36 | Report Abuse

what type of tax is that?
other stock's dividend don't have such tax ya?

Posted by gforce2 > 2016-03-01 11:34 | Report Abuse

apalalu > Other stocks deduct 25% corporate tax (2015), before dividend is distributed.

REITs are structured differently, to be more tax efficient, as long as they distribute at least 90% of net income/profit to shareholders, with 10% as a withholding tax.

Posted by gforce2 > 2016-03-04 10:43 | Report Abuse

The following information is taken from ALSREIT 2015 Annual Report (page 47/48):
http://klse.i3investor.com/servlets/staticfile/278371.jsp

Net property income was RM15.7 million against the Estimate Period 2015 of RM19.9 million,
difference by 21.3% or RM4.2 million.

The lesser gross revenue and net property income as compared to Estimate Period 2015 was
primarily due to the fact that the Estimate Period 2015 was prepared on the assumption that the
completion of Phase 2 Acquisition will be on 1 September 2015, but the actual completion of Phase
2 Acquisition was on 29 September 2015 and 30 September 2015 instead.

As such, the variance on the actual performance of fund as well as the properties against the
Estimate Period 2015 is mainly due to the timing differences as FP2015 incorporates 3 months
financial results of Phase 2 Acquisition whilst the Estimate Period 2015 had assumed 4 months
financial results.

In addition, the late opening of outlets by certain tenants for the period under review, also
contributed to the slightly lesser revenue for KOMTAR JBCC as against the Estimate Period 2015.
The slight delay in the opening of the outlets by the tenants reflects the cautiously optimistic
approach of the retailers in view of the challenging economy ahead.

Save for the timing difference due to Phase 2 Acquisition, income for the 22 KFC and/or Pizza
Hut Outlets as well as the 5 industrial properties are in line with the financial forecast under the
Estimate Period 2015.

===

Note: Phase 2 Acquisition refers to Komtar JBCC, @Mart Kempas, Menara Komtar, KFCH College.

If we factor in the missing 1 month's NPI for these properties, that's an additional RM2.6m, bringing the total NPI to RM18.3m, still missing the estimated mark by about 8%.
With this in mind, I would project a full year DY to be about 5.7% (5.13% nett), based on the IPO price of RM1.00.


Other important data points:
There are very few tenancy leases expiring in 2016.
Therefore, Komtar JBCC looks to be the main determining factor as to how well this REIT does in 2016. Occupancy is currently at 89%, so there's some room for growth.

Islamic financing: (Page 141)
For the financial period 30 March 2015 (date of establishment) to 31 December 2015, the average effective profit rate for the CMTF-i is 5.11%.

I would estimate that this is about 0.5% more than conventional bank borrowings. But as an Islamic REIT, its choices are limited when it comes to borrowings. It should be noted that a full year borrowing costs work out to about RM18m for ALSREIT, or about RM1.5m/month.

Posted by yuanlong57 > 2016-03-08 20:27 | Report Abuse

Gforce2, appreciate your analysis.

Posted by ampabella > 2016-03-22 23:30 | Report Abuse

still rugi 2 cent, haiyah very very slow lah this counter

Posted by ampabella > 2016-03-24 22:46 | Report Abuse

niamah, this is the worst Reits, kasi saya rugi saja

Posted by pewuf > 2016-03-29 09:50 | Report Abuse

you enter IPO price ?

Posted by pewuf > 2016-03-31 16:51 | Report Abuse

there, back to your entry price

Posted by ampabella > 2016-04-01 21:56 | Report Abuse

saya sudah sangut since ipo, if hamtam masuk Chin Hin or Bison sudah untung banyak,
ketawa sampai mulut tak boleh tutup

Posted by Amit Khindriya > 2016-05-02 16:04 | Report Abuse

In trouble.

Posted by gforce2 > 2016-05-21 12:33 | Report Abuse

The latest quarterly results don't look too exciting. EPS at 1.25 sen for the last quarter. If this is maintained, we're looking at an annualized EPS of only 5 sen.

Posted by Amit Khindriya > 2016-06-28 20:42 | Report Abuse

Will We get 5.5cents this year?

Posted by gforce2 > 2016-08-22 22:28 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5182605

Interim income distribution of 2.60 sen per unit for the financial year ended 31 December 2016 (of which 2.37 sen is taxable and 0.23 sen per unit is non-taxable in the hands of unit holders) in respect of the period from 01 January 2016 to 30 June 2016.

===
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5182561

There was an increase of 10% in net income before tax recorded in the current quarter as compared with the immediate preceding quarter. The increase was due to increase in rental and promotional income of KOMTAR JBCC.

===
1Q: 1.25 sen EPS
2Q: 1.38 sen EPS
If they maintain 1.38 sen EPS for the next 2 Quarters, that'll be 5.39 sen EPS for the year.

This share has lagged significantly behind the other retail REITs (low trading volume, capital appreciation of only 3 sen above IPO in Sept 2015). Perhaps, a future injection of properties will boost the earning prospects of this REIT.

It is also worthwhile to consider that quite a few Johor malls are expected to be completed in the next 2-3 years: Paradigm JB, MidValley SouthKey, Aeon, etc. Competition for tenants will definitely affect future rental reversions at Komtar JBCC.

Posted by shortinvestor77 > 2017-01-28 18:07 | Report Abuse

Final income distribution of 3.40 sen per unit for the financial year ended 31 December 2016 (of which 2.91 sen is taxable and 0.49 sen per unit is non-taxable in the hands of unit holders) in respect of the period from 01 July 2016 to 31 December 2016. Withholding tax will be deducted for distribution made to the following types of unit holders :- - Tax Resident Companies (no withholding tax) - Resident and Non-Resident Individuals (withholding tax rate at 10%) - Resident Institutional Investors (withholding tax rate at 10%) - Non-Resident Institutional Investors (withholding tax rate at 10%) - Non-Resident Companies (withholding tax rate at 24%) - Nominees (withholding tax rates applicable to respective beneficial owners of the units)

Posted by shortinvestor77 > 2017-01-28 18:08 | Report Abuse

Very good new.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5327637

Posted by yesyesyes > 2017-02-12 13:51 | Report Abuse

The div payout increase .. worth to buy in ?

Posted by calvintaneng > 2017-02-12 13:54 | Report Abuse

Posted by yesyesyes > Feb 12, 2017 01:51 PM | Report Abuse

The div payout increase .. worth to buy in ?


Looking for dividend or high yield for next 5 years?

Just buy this & HOLD TIGHT TIGHT

See

THIS IS IT!

OPCOM


Optimal

Coming

Value!


Already secured Rm300 Million projects. Expect 30 cts (dividend or Cash payout)

Since stock price is 63.5 cts - Total available for Cash distribution is a nice 47%

If just 9% year - it could last for more than 5 years


5 years?

Yes!

2017
2018
2019
2020
2021

Can any banks in Malaysia beat this?


HIP HIP HOORAY!!

Posted by yesyesyes > 2017-02-12 21:53 | Report Abuse

Thanks Calvin .. I try to avoid the counter you recommend.. hope you can understand me ..

Posted by shortinvestor77 > 2017-02-13 11:37 | Report Abuse

http://klse.i3investor.com/blogs/sinchew_company_story/115673.jsp

Posted by shortinvestor77 > 2017-02-13 11:37 | Report Abuse

Calvin has never run a big fund.

Posted by Amit Khindriya > 2017-02-17 23:08 | Report Abuse

Should be up to RM1.2.....son inject more into this.

Posted by Beza > 2017-02-22 15:43 | Report Abuse

Agree, it is undervalued.

Posted by shortinvestor77 > 2017-03-06 16:48 | Report Abuse

http://klse.i3investor.com/blogs/sinchew_company_story/117661.jsp

Posted by limayseng > 2017-03-21 15:00 | Report Abuse

Fomer Dana Johor . So I can guess the future.

Posted by shortinvestor77 > 2017-03-21 18:29 | Report Abuse

Not the same anymore. So many companies such as Kulim belong to Johor Corp.

Posted by shortinvestor77 > 2017-04-06 19:37 | Report Abuse

http://www.klsescreener.com/v2/news/view/217099

Posted by shortinvestor77 > 2017-05-17 20:27 | Report Abuse

http://www.klsescreener.com/v2/news/view/232277

Posted by shortinvestor77 > 2017-05-17 20:30 | Report Abuse

On Persada Annexe, JCorp said it will have a 83,000 sq ft retail centre and will be connected to the Johor Bahru Customs, Immigration and Quarantine (CIQ) Complex, via KOMTAR JBCC and City Square Mall, Persada Johor International Convention Centre and, eventually, the Coronation Square and Galleria.

Posted by shortinvestor77 > 2017-07-14 22:09 | Report Abuse

Malaysia's May wholesale, retail trade growth accelerates
TheEdgeFri, Jul 14, 2017 - 5 hours ago

KUALA LUMPUR (July 14): Malaysia's wholesale and retail trade grew 10.7% to RM96.9 billion in May, from a year earlier, led by retail transaction growth.

According to the Statistics Department's statement today, retail trade rose 13.1% while wholesale and motor vehicle transactions climbed 9% and 10.2% respectively.

"The sales value consists of wholesale trade (RM46.9 billion), retail trade (RM37.2 billion) and motor vehicles (RM12.8 billion) businesses. The positive growth was contributed by retail trade (13.1%)," the department said.

May's wholesale and retail trade's on-year 10.7% growth compares with April's 9.6% expansion, according to the department.

FXTM vice president of corporate development and market research Jameel Ahmad wrote in a note today that Malaysia's above-forecast 10.7% wholesale and retail trade growth in May, added clarity to the notion the country's economy was performing above expectations.

“Optimism is continuously increasing that the GDP reading for Q2 will follow the same trend as the first quarter of the year, in terms of surpassing expectations, following a hat-trick of economic data announcements over the past week.

“If the Malaysian economy continues to pull out these numbers consistently above expectations, it won’t be long until think tanks begin upgrading their overall forecasts for growth this year,” Jameel said.

Posted by shortinvestor77 > 2017-07-14 22:13 | Report Abuse

2nd Q could be 1.58 cents net profit (from latest NTA calculation). So Q1 + Q2 is 3.18 cents net profits. S projected about 3.15 cents div for 20171H financial year. 3.15 plus last year 20162H div 3.4 is totaled as 6.55 cents div per annum approximately.

Posted by Amit Khindriya > 2017-08-09 22:42 | Report Abuse

shorty....ur here too...

Posted by shortinvestor77 > 2017-08-12 11:48 | Report Abuse

WILL yields of Malaysian real estate investment trusts (REITS) come under pressure because of lower rents and rising interest rates? That depends on how the data is interpreted. There is some evidence that rentals of properties ranging from offices to factories are being renewed at lower rates as leases end although at the beginning of the year, the expectation was for an average 6.3% yield for the year.

REITS experts say the total returns should be calculated on their unit price gains together with the yield. For July, local REITS had an average yield of 5.801% versus 5.507% in January.

Conventional wisdom says that when interest rates rise, this is usually bad for REITS. This is because REITS pile on debt as they acquire assets, so when interest rates rise, their ability to service debt comes under pressure as they also have to pay 90% of their earnings as dividend.

But if interest rates are rising because of a growing economy, this may not necessarily affect REITS negatively because businesses will expand, offices will be rented out and people will spend their money. There is speculation that Bank Negara may have to raise the overnight policy rate some time next year on demand-pull inflation stemming from rising consumer sentiment.

Detractors, who believe that the economic outlook is still uncertain, say consumer sentiment is still down although the first quarter’s unexpected 5.6% growth spurt was in part supported by private consumption. Economists expect the second quarter’s economic data to show growth above 5% after the surge in exports in recent months.

Most Malaysian REITS, because they own malls and offices, have been affected, to a degree, by the glut in office space or the downcast consumer sentiment. There is still reason to be cautious with local REITS, and this can be seen from their unit price performance, which has been mixed on a year-to-date and one-year basis reflecting the local business conditions and consumer sentiments.

What is keeping select REIT unit prices up and performing better than the benchmark FBM KLCI could be the drop in the yield of benchmark 10-year Malaysian Government Securities, which stood at 3.976 from 4.463% at the end of November. This could have driven some investor interest back to Reits, which offer better yields. Indeed, Kenanga Research actually upgraded Reits to “overweight” from “neutral” in June.

Ultimately, REITS are about their underlying assets, which is property, where these are located and how well they are managed. If a particular REIT’s assets fulfill all three factors, there is no reason that yield cannot sustain even with all the daunting challenges.

Posted by shortinvestor77 > 2017-08-19 23:36 | Report Abuse

Given the continued strong performance in the
second quarter of 2017, the Malaysian economy
recorded a strong growth of 5.7% in fi rst half of 2017.
At this point, compared to the beginning of the year,
there are considerable improvements in the operating
environment of the economy. Looking ahead, it is
likely for the Malaysian economy to expand by more
than 4.8% for the whole year of 2017. Leading
indicators such as the Department of Statistics
Malaysia’s composite leading index, MIER Business
Conditions Index and MIER Consumer Sentiments
Index, suggest continued expansion of the domestic
economy.

Posted by Amit Khindriya > 2017-08-20 07:15 | Report Abuse

Shorty, what is your point?

Posted by shortinvestor77 > 2017-08-21 17:45 | Report Abuse

Consumer will spend more money. Business is better.

Posted by shortinvestor77 > 2017-08-24 18:54 | Report Abuse

Retail business in Malaysia continues to remain challenging in 2017 with the consumer confidence in 2016 yet
to recover due to the sluggish economy. In Johor Bahru, the competition is set to intensify with supply of new
sizeable malls which will change the retail landscape in the city. Given the strategic location of KOMTAR
JBCC in the city centre of Johor Bahru and directly connected to CIQ and the transportation hub, JB Sentral,
the Manager is confident that it will provide the competitive advantage in weathering the incoming
competition.
KOMTAR JBCC is the core asset in Al-Salām’s asset portfolio making up of about 48% of the total portfolio.
The tenancy which was due for renewal mostly in third quarter 2017, have seen significant numbers of
renewal. The numbers of non-renewal of tenancy represent less than 5% of the total net lettable area in
KOMTAR JBCC and the vacancy has been progressively filled up with new tenants. Accordingly, KOMTAR
JBCC has improved its occupancy rate from 93% in FY2016 to 96% as at the end of the current quarter as
well as its revenue for Q2-2017 compared to Q2-2016.
The above reflects the confidence of the retailers on the prospect of KOMTAR JBCC despite the current soft
retail market and incoming competition from the new malls.
@Mart Kempas Community Hypermarket recorded an average occupancy rate of 92% (FY2016:90%) as at
the end of the current quarter. Being a community mart which offers shoppers a good range of necessary
household products, @Mart Kempas will remain resilient in this challenging economic situation.

Posted by shortinvestor77 > 2017-08-24 18:54 | Report Abuse

The occupancy of office building especially in Klang Valley remains sluggish as a result of oversupply in the
past few years. However, Menara KOMTAR which is mostly occupied by the sponsor of Al-Salām REIT,
Johor Corporation Group. This provides long term occupancy reliability for Menara KOMTAR. As at end of
Q2-2017, Menara KOMTAR recorded an occupancy rate of 93% (FY2016: 93%).
The QSR Properties which are on a Triple Net arrangement with 100% occupancy rate and the resiliency of
food and beverages industry provides stability to Al-Salām REIT. KFCH College Building is being 100%
tenanted by the education and hospitality division of KPJ group of companies which provide long term
occupancy steadiness.
The Manager will ensure the existing assets within the portfolio are well maintained to ensure the stability of
rental income, stable income distributions for Al-Salām REIT and create long-term value for its unitholders.
Apart from that, the Manager is actively identifying good assets for new acquisition to continuously improve
the yield and ensure further growth of Al-Salām REIT.

Posted by shortinvestor77 > 2017-08-24 18:55 | Report Abuse

Good prospect. Not afraid of competition.

Posted by Beza > 2017-08-25 15:54 | Report Abuse

Interim income distribution of 2.85 sen per unit for the financial year ending 31 December 2017 (of which 2.58 sen is taxable and 0.27 sen per unit is non-taxable in the hands of unit holders) in respect of the period from 01 January 2017 to 30 June 2017.

Posted by shortinvestor77 > 2017-09-20 22:19 | Report Abuse

http://www.enanyang.my/news/20170920/90净利派息免税br-新措施激励产托购兴/

Posted by Amit Khindriya > 2017-09-21 11:08 | Report Abuse

shorty - what is the above about?

Posted by Beza > 2017-09-25 14:13 | Report Abuse

The new said unlisted/private REITs need to pay 24% tax even though they release 90% net profit as dividend --- New Government Ruling. This favors the present public-listed REITs where they don't be taxed at all as long as they release 90% net profits as dividend to shareholders.

Posted by shortinvestor77 > 2017-10-06 11:32 | Report Abuse

Al-Salam Real Estate Investment Trust
(Oct 5, RM1.00)
Maintain buy recommendation with a target price (TP) of RM1.15: We are mildly positive on Al-Salam Real Estate Investment Trust’s (Al-Salam REIT) proposed acquisition of a hypermarket asset in Terengganu as the leaseback will be based on a triple net lease structure.

Al-Salam REIT has proposed to acquire Mydin Hypermarket Gong Badak building in Kuala Terengganu from its vendor, Mydin Wholesale Cash and Carry Sdn Bhd, for RM155 million in cash (excluding acquisition expenses of RM2.6 million) — 2% below the appraised market value of RM158 million.

The deal also entails a leaseback arrangement of 30 years with rental step-up (5% every two years; monthly/annual rental not disclosed) and a triple net lease structure. The acquisition will be funded by borrowings and is expected to be completed in first quarter of 2018. The vendor is primarily engaged in the operations of a hypermarket, supermarket and emporium, as well as franchising, wholesale business and mall management.

We are mildly positive on the deal as a triple net lease structure would provide stable, recurring rental income to Al-Salam REIT with low occupancy risks. Based on our ballpark calculation, assuming a net property yield of 6% and borrowing cost of 5.2%, the hypermarket asset could raise our earnings per unit and distribution per unit forecasts for FY18/FY19/FY20 by 12%/4%/6% respectively.

The purchase could increase AL-Salam REIT’s gross gearing to 0.44 times and total property value by 17% to RM1.077 billion.

We maintain our earnings forecasts pending further disclosures from Al-Salam REIT. We continue to like Al-Salam REIT for its balanced portfolio consisting of stable assets on long and triple net leases, and the Komtar JBCC mall which provides earnings upside. — MaybankIB Research, Oct 4

Posted by Amit Khindriya > 2017-10-06 11:54 | Report Abuse

shorty - buy or not?

Posted by shortinvestor77 > 2017-10-06 14:15 | Report Abuse

With the injection of Mydin Hypermarket, its total property value will be RM1.077 billion. Funds will then consider to invest. Amit can queue at RM1 and wait for a year or longer if you are interested with low risk reits.

Posted by shortinvestor77 > 2017-10-06 14:27 | Report Abuse

RHB Investment Bank adjusts TP from 1.18 to 1.20.
https://klse.i3investor.com/blogs/nanyang_stock_expert/134404.jsp

Posted by shortinvestor77 > 2017-12-06 10:35 | Report Abuse

目标价：1.10令吉

最新进展：

Al Salam产托（ALSREIT，5269，主板产托股）以1.15亿令吉，向经营知名快餐连锁店的QSR品牌，收购全国22项产业。

根据协议，完成收购后，Al Salam产托将把产业租回给QSR品牌。租约为期3年，并可更新最长至15年。

为完成上述收购，Al Salam产托也建议私下配售最多20%的产托单位予第三方投资者。如最终成功售出约10.89%，公司预计可筹得6000万令吉。

行家建议：

我们正面看待收购计划，因公司将以三重式净租约（即租户承担建筑物所有相关开销）将单位租回给QSR品牌。

租金仍然待定。我们作出基本假设，如净产业回酬率可达6.2%（与QSR品牌2016财年的表现一致），那上述计划将成为潜在可增进收益的资产，而我们预测的加权平均资本成本（WACC）是5.9%（负债对资产比率为40:60）。

在等候有关上述计划的进一步披露之前，我们暂时维持财测。考虑到公司之前以1.55亿令吉收购Mydin超市和配售计划之后，我们预计净负债将由0.35倍，升至0.44倍。

另外，再假设以最新闭市价1.00令吉的5%折价来计算，私下配售计划料最终会售出6320万新产托单位，而这将把公司的总产托单位扩大11%。

http://www.enanyang.my/news/20171206/al-salam产托购qsr产业财测不变/

Posted by shortinvestor77 > 2017-12-13 15:32 | Report Abuse

http://www.klsescreener.com/v2/news/view/318519

Posted by shortinvestor77 > 2018-01-28 13:49 | Report Abuse

https://www.thestar.com.my/business/business-news/2018/01/26/winners-and-losers-from-interest-rate-hike-by-cimb-research/
Furthermore, there should be some uptick in interest cost for borrowings but we believe the impact would be cushioned as most M-REITs have their borrowings on fixed rates with long-term tenures, except for Axis REIT and Pavilion REIT. Our estimation shows that an increase of 25bp in OPR would impact M-REITs earnings by less than c.1.5%.
Read more at https://www.thestar.com.my/business/business-news/2018/01/26/winners-and-losers-from-interest-rate-hike-by-cimb-research/#32IoXSoGhtiE6fl5.99

Posted by pputeh > 2018-02-12 10:18 | Report Abuse

Will The recent statement my Mydin supermarket owner about consumers having less spending power affect this reit as it has interest in Mydin supermat in Trengganu