TOWER REITS

KLSE (MYR): TWRREIT (5111)

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Last Price

0.305

Today's Change

0.00 (0.00%)

Day's Change

0.00 - 0.00

Trading Volume

0

Financial

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Last 10 FY Result
AQR T4Q 30/06/24 30/06/23 30/06/22 30/06/21 30/06/20 30/06/19 30/06/18 31/12/17 31/12/16 31/12/15 CAGR
Revenue 40,232 38,041 37,036 33,871 32,608 31,848 21,604 44,054 0 32,644 36,591 37,297 -0.08%
PBT 7,916 5,017 3,319 -19,753 5,895 -6,184 7,790 23,901 0 19,945 21,162 38,666 -25.07%
Tax 0 2,412 2,412 2,153 -18 1,239 -30 -10,073 0 -150 0 -12,873 -
NP 7,916 7,429 5,731 -17,600 5,877 -4,945 7,760 13,828 0 19,795 21,162 25,793 -16.21%
-
NP to SH 7,916 7,429 5,731 -17,600 5,877 -4,945 7,760 13,828 0 19,795 21,162 25,793 -16.21%
-
Tax Rate 0.00% -48.08% -72.67% - 0.31% - 0.39% 42.14% - 0.75% 0.00% 33.29% -
Total Cost 32,316 30,612 31,305 51,471 26,731 36,793 13,844 30,226 0 12,849 15,429 11,504 12.49%
-
Net Worth 568,285 568,285 570,102 501,057 521,365 522,094 533,314 540,074 545,600 545,600 545,235 543,251 0.56%
Dividend
AQR T4Q 30/06/24 30/06/23 30/06/22 30/06/21 30/06/20 30/06/19 30/06/18 31/12/17 31/12/16 31/12/15 CAGR
Div - 4,424 4,908 1,626 5,189 6,199 14,529 19,354 - 16,830 19,438 19,428 -14.93%
Div Payout % - 59.56% 85.65% 0.00% 88.30% 0.00% 187.24% 139.97% - 85.02% 91.86% 75.33% -
Equity
AQR T4Q 30/06/24 30/06/23 30/06/22 30/06/21 30/06/20 30/06/19 30/06/18 31/12/17 31/12/16 31/12/15 CAGR
Net Worth 568,285 568,285 570,102 501,057 521,365 522,094 533,314 540,074 545,600 545,600 545,235 543,251 0.56%
NOSH 490,875 490,875 490,875 280,500 280,500 280,500 280,500 280,500 280,500 280,500 280,500 280,358 6.80%
Ratio Analysis
AQR T4Q 30/06/24 30/06/23 30/06/22 30/06/21 30/06/20 30/06/19 30/06/18 31/12/17 31/12/16 31/12/15 CAGR
NP Margin 19.68% 19.53% 15.47% -51.96% 18.02% -15.53% 35.92% 31.39% 0.00% 60.64% 57.83% 69.16% -
ROE 1.39% 1.31% 1.01% -3.51% 1.13% -0.95% 1.46% 2.56% 0.00% 3.63% 3.88% 4.75% -
Per Share
AQR T4Q 30/06/24 30/06/23 30/06/22 30/06/21 30/06/20 30/06/19 30/06/18 31/12/17 31/12/16 31/12/15 CAGR
RPS 8.20 7.75 7.54 12.08 11.62 11.35 7.70 15.71 0.00 11.64 13.04 13.30 -6.45%
EPS 1.60 1.51 1.92 -6.28 2.10 -1.76 2.67 4.93 0.00 7.06 7.54 9.20 -16.82%
DPS 0.00 0.90 1.00 0.58 1.85 2.21 5.18 6.90 0.00 6.00 6.93 6.93 -20.35%
NAPS 1.1577 1.1577 1.1614 1.7863 1.8587 1.8613 1.9013 1.9254 1.9451 1.9451 1.9438 1.9377 -5.84%
Adjusted Per Share Value based on latest NOSH - 490,875
AQR T4Q 30/06/24 30/06/23 30/06/22 30/06/21 30/06/20 30/06/19 30/06/18 31/12/17 31/12/16 31/12/15 CAGR
RPS 8.20 7.75 7.54 6.90 6.64 6.49 4.40 8.97 0.00 6.65 7.45 7.60 -0.09%
EPS 1.60 1.51 1.92 -3.59 1.20 -1.01 1.58 2.82 0.00 4.03 4.31 5.25 -11.15%
DPS 0.00 0.90 1.00 0.33 1.06 1.26 2.96 3.94 0.00 3.43 3.96 3.96 -14.94%
NAPS 1.1577 1.1577 1.1614 1.0207 1.0621 1.0636 1.0865 1.1002 1.1115 1.1115 1.1107 1.1067 0.56%
Price Multiplier on Financial Quarter End Date
AQR T4Q 30/06/24 30/06/23 30/06/22 30/06/21 30/06/20 30/06/19 30/06/18 31/12/17 31/12/16 31/12/15 CAGR
Date 30/09/24 30/09/24 28/06/24 30/06/23 30/06/22 30/06/21 30/06/20 28/06/19 29/06/18 29/12/17 30/12/16 31/12/15 -
Price 0.31 0.31 0.325 0.415 0.445 0.585 0.745 0.88 0.98 1.22 1.17 1.23 -
P/RPS 3.78 4.00 4.31 3.44 3.83 5.15 9.67 5.60 0.00 10.48 8.97 9.25 -8.58%
P/EPS 19.22 20.48 27.84 -6.61 21.24 -33.18 26.93 17.85 0.00 17.29 15.51 13.37 9.00%
EY 5.20 4.88 3.59 -15.12 4.71 -3.01 3.71 5.60 0.00 5.78 6.45 7.48 -8.26%
DY 0.00 2.91 3.08 1.40 4.16 3.78 6.95 7.84 0.00 4.92 5.92 5.63 -6.84%
P/NAPS 0.27 0.27 0.28 0.23 0.24 0.31 0.39 0.46 0.50 0.63 0.60 0.63 -9.09%
Price Multiplier on Announcement Date
AQR T4Q 30/06/24 30/06/23 30/06/22 30/06/21 30/06/20 30/06/19 30/06/18 31/12/17 31/12/16 31/12/15 CAGR
Date 30/10/24 30/10/24 05/08/24 31/07/23 29/07/22 06/08/21 23/07/20 25/07/19 - 06/02/18 23/01/17 28/01/16 -
Price 0.32 0.32 0.305 0.415 0.48 0.585 0.755 0.88 0.00 1.19 1.20 1.20 -
P/RPS 3.90 4.13 4.04 3.44 4.13 5.15 9.80 5.60 0.00 10.23 9.20 9.02 -9.01%
P/EPS 19.84 21.14 26.12 -6.61 22.91 -33.18 27.29 17.85 0.00 16.86 15.91 13.04 8.51%
EY 5.04 4.73 3.83 -15.12 4.36 -3.01 3.66 5.60 0.00 5.93 6.29 7.67 -7.84%
DY 0.00 2.82 3.28 1.40 3.85 3.78 6.86 7.84 0.00 5.04 5.77 5.77 -6.42%
P/NAPS 0.28 0.28 0.26 0.23 0.26 0.31 0.40 0.46 0.00 0.61 0.62 0.62 -9.71%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.

NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ ⃤ & YoY ⃤ figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.

Discussions
6 people like this. Showing 50 of 165 comments

dunspace

Anyone know why can TWREIT distribute 88.5% of net income? I thought it is by the rule that a REIT must distribute 90% and above?

2018-08-18 07:23

gforce2

This is an interim dividend, only the 2nd quarter. TWRREIT needs to make sure that it fulfills the 90% requirement for the full year, or else be liable to 24% corporate tax.

2018-08-18 22:08

dunspace

Thanks for clarification~

2018-08-19 09:11

limyok123

Thanks for the elucidation.

2018-08-20 16:13

AntiPondan2

QR getting worse and worse. Will Twr Reit drop to 50-60 sen?

2018-11-17 06:44

Leesk

Anything's can happen. why not hong leong privatised it

2018-12-20 12:49

newbie4444

Loss QR why no drop?

2019-02-13 05:58

ZeaXG

Loss QR is because of deferred tax due to RPGT disposal >5 years tax rate changed. If the REIT does not intend to dispose, then this should be a non-issue. On the flip side, the figure you should be focusing should be the revenue which has actually gone up.

You should be asking... Revenue up why no up?

2019-02-21 17:27

qingqingqing

Why no dividend declare for 2 quatters?

2019-05-06 21:36

ACE9696

hang zheng pai

2019-05-08 23:44

Leesk

REIT without dividend??? How to invest? It is better to sell the property urgently and distribute cash back

2019-05-27 16:18

Airline Bobby

Lousy management

2019-06-04 09:45

ZeaXG

Keep yo-yoing between 0.87 and 0.91

2019-06-20 15:53

bryantfc

Discounted Properties. Chance to own office properties at a discounted price at RM343 psf =rm.090 (current price) X 280,500,000 (number of shares) / 735,017 (Net Lettable Area )

2019-07-17 17:38

Leesk

it is cheap with rm343 psf considering the properties is in kl and good location. Construction cost also cost more than that.

2019-07-19 10:11

newbie4444

Why sales keep drop?
https://klse.i3investor.com/servlets/stk/fin/5111.jsp

2019-07-28 09:17

bryantfc

Drop in rental, Plus point is reductions in rental increases growth rates from excess capacity.
https://themalaysianreserve.com/2019/05/30/office-rental-rates-to-drop-in-next-12-months/

2019-08-04 11:06

bryantfc

https://www.thestar.com.my/business/business-news/2019/06/07/kl-office-rental-most-affordable-in-asiapacific/

2019-08-04 11:33

Leesk

if the office buildings is distribute by specie, 735,000÷280,500, then you would get 2.6 sq ft per 1000 shares

2019-08-06 17:43

kahhoeng

err... meaning 300,000 shares would be entitled to 780 square feet of space at a cost of less than RM 270,000. Would be great if those spaces are distributed then, haha... an apartment for RM 270,000 at prime area.

2019-08-24 12:54

gforce2

https://www.theedgemarkets.com/article/hong-leongs-tower-reit-reinvent-coworking-space

The innovation centre is expected to occupy 250,000 sq ft or about 65% of the total 385,215 sq ft net lettable area in Menara HLA.

Chua is optimistic that 250,000 sq ft of space to be offered by the innovation centre will be fully occupied by tenants after renovation works are completed by end-2020.

Currently, about 100,000 sq ft have been taken up by six tenants including local training academy KCOM Group and a co-working space operator.

2019-10-29 09:33

lcteh88

Keep dropping . Infected by Virus ?

2020-02-21 16:00

gforce2

https://www.theedgemarkets.com/article/guocoland-sell-menara-guoco-tower-reit-rm242m

KUALA LUMPUR (March 2): GuocoLand (Malaysia) Bhd is selling Menara Guoco in Damansara Heights here to Tower Real Estate Investment Trust (Tower REIT) for RM242.1 million cash, in a related party transaction (RPT).

Menara Guoco is a 19-storey office building which forms part of an integrated commercial development known as Damansara City, comprising another office building, a hotel, a retail mall, serviced apartments and car parks.

As at Feb 6, 2020, the building has an occupancy rate of about 97.1% and is expected to increase Tower REIT's pro forma occupancy rate for its portfolio to 59.8% from 48.1%.

Upon completion of the proposed acquisition, Tower REIT's consolidated asset base is expected to increase about 42.3% to RM814.3 million and the average building age of its property portfolio is expected to decrease to 18 years from 23.

The proposed disposal is expected to be completed by the third quarter of 2020.

===

The rental market for commercial office space has been facing a glut for years now. Yield on this property is under 5% p.a.with 97.1% occupancy and they're estimating 100% loan @4.3% p.a.

I don't expect DPU to improve too much in the short-term, but it will probably help to stabilize the dividend as the other two office buildings currently have less than 50% occupancy! If you look at their last quarterly result, yields have possibly fallen below 2.5%! Menara HLA is still under renovation!

Who else wins?
1. Guocoland, as they cash-out a relatively low yield asset and lower their borrowings.
2. Hong Leong Bank, as they will probably issue the RM242m loan themselves @4.3% p.a.
3. GLM REIT Management, the REIT management company, since their earnings depend on the NAV of the properties.

2020-03-03 01:18

Leesk

what is the exact property yield for this acquisition?

2020-03-04 17:23

Leesk

Just disclosed under 5% with 97% occupancy did not give any confort to minority shareholders

2020-03-04 17:25

investfuture

twrreit annual report jun2020 analysis

中文：
https://vitamincash.com.my/zh_CN/2020/09/04/twrreit-jun-2020-annual-report-summary/

english:
https://vitamincash.com.my/en_US/2020/09/04/twrreit-jun-2020-annual-report-summary/

2020-09-04 18:27

reitpulse

Post removed.Why?

2020-09-21 08:17

ZeaXG

Thanks for the summary and analysis @investfuture and @reitpulse. At this point, it feels like it will take a massive economic growth in Malaysia in order to for demand in office space to cover the supply. In that sense, I am not so optimistic about tower reit's immediate prospects. Maybe within another 10 years before the reit shows any improvement in its occupancy rates. Just my 2 cents.

2020-09-22 14:03

investfuture

TWRREIT 1Q2021 analysis

chinese:
https://vitamincash.com.my/zh_CN/2020/10/17/twrreit-1q2021-quater-report/

English:
https://vitamincash.com.my/en_US/2020/10/17/twrreit-1q2021-quater-report/

2020-10-17 12:13

yuhang99

https://investmiles.blogspot.com/2021/03/twrreit-5279.html

2021-03-06 21:43

Leesk

hong leong should privatised this reit. No point stay listed without much public interest.

2021-04-27 17:46

reitpulse

Post removed.Why?

2021-10-24 10:41

Goldenhorse

They recently coved in Guoco tower into Tower REIT, Interesting when Damansara Pavilion completes. Will this place appreciate in value? There is an MRT connected and highways to this place. could this be the next Mid Valley ? I think they should introduce more F&B space for the offices towers. So that staff can easily eat and work. now all back to office

2022-06-20 12:29

Goldenhorse

Carpark business recovering. Work in office is back.

2022-06-20 14:19

speakup

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3324671
horrible results!

2023-01-30 22:50

speakup

best mall reit: igbreit
best office reit: ouareit
best industrial reit: axreit
best hospital reit: alaqar
best diversified reit: sunreit

buy only the best, forget the rest!

2023-01-30 22:53

James Lee

This stock is rubbish

2023-04-20 20:22

James Lee

The whole management and board of directors are like shit

2023-04-20 20:23

speakup

hongleong is smart, it offload all their lousy properties to twrreit. this is good for hongleong but bad for twrreit shareholders

2023-04-20 21:36

speakup

WOW! massive Q loss! 😱 tomorrow sure limit down

2023-07-31 21:23

INV3ST0R

lol most incompetent REIT manager ever. They could've returned some capital to shareholders after the previous divestment but NOOooo... they took on more loan to buy a crap property XD

2023-09-04 22:11

speakup

there are Good Reits and Bad Reits
Good ones: Axis, Sunreit, Pavreit, Kipreit, Alaqar, Igbreit

2023-09-05 07:47

ACE9696

bonus coming soon…

2024-01-05 13:34

curiousq

OMG !!! it is not bonus, hv to paid money to subscribe, it is called right issue !!

2024-03-07 23:44

curiousq

this is the worst REIT?
any hope to turnaround?
any investment opportunity?

2024-03-07 23:48

ronnie2u

now asking for more funds via rights issue

2024-03-08 15:31

ltpklse

What is the use of getting more funds while the profitability has been steadily decreasing for years? Might as well liquidate all assets (NTA RM1.78) and distribute proceeds to unit holders. There is a trust deficit issue in this REIT

2024-05-07 14:01

zildjian

hong leong so low lan kah? ask money from shareholders? later kena con onot?

2024-05-14 00:41

zildjian

what is the difference rights issue / direct buy from open market 305 - 310?

2024-05-14 00:44

James Ng

买店等于把钱丢进大海？房产过剩，case study: TOWER REITS
https://klse.i3investor.com/web/blog/detail/general/2024-09-25-story-h470021574

1 month ago

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