AMFIRST REITS

KLSE (MYR): AMFIRST (5120)

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Last Price

0.32

Today's Change

-0.005 (1.54%)

Day's Change

0.32 - 0.32

Trading Volume

10,300

Financial
Market Cap

Market Cap

220 Million

NOSH

686 Million

Latest Quarter

Latest Quarter

31-Mar-2024 [#4]

Announcement Date

25-Apr-2024

Next Quarter

30-Jun-2024

Est. Ann. Date

22-Aug-2024

Est. Ann. Due Date

29-Aug-2024

QoQ | YoY

1,366.23% | 209.24%

T4Q Result

Revenue | NP to SH

101,428.000 | 25,622.000

RPS | P/RPS

14.78 Cent | 2.17

EPS | P/E | EY

3.73 Cent | 8.57 | 11.66%

DPS | DY | Payout %

2.00 Cent | 6.25% | 53.58%

NAPS | P/NAPS

1.19 | 0.27

QoQ | YoY

90.37% | 80.46%

NP Margin | ROE

25.26% | 3.15%

F.Y. | Ann. Date

31-Mar-2024 | 25-Apr-2024

Latest Audited Result

Latest Audited Result

31-Mar-2023

Announcement Date

31-May-2023

Next Audited Result

31-Mar-2024

Est. Ann. Date

31-May-2024

Est. Ann. Due Date

27-Sep-2024

Annual (Unaudited)

Revenue | NP to SH

101,429.000 | 25,621.000

RPS | P/RPS

14.78 Cent | 2.17

EPS | P/E | EY

3.74 Cent | 8.57 | 11.66%

DPS | DY | Payout %

2.00 Cent | 6.25% | 53.58%

NAPS | P/NAPS

1.19 | 0.27

YoY

80.45%

NP Margin | ROE

25.26% | 3.15%

F.Y. | Ann. Date

31-Mar-2024 | 25-Apr-2024

Annualized Result

Revenue | NP to SH

101,429.000 | 25,621.000

RPS | P/RPS

14.78 Cent | 2.17

EPS | P/E | EY

3.74 Cent | 8.57 | 11.66%

DPS | DY | Payout %

-

NAPS | P/NAPS

-

QoQ | YoY

151.32% | 80.45%

NP Margin | ROE

25.26% | 3.15%

F.Y. | Ann. Date

31-Mar-2024 | 25-Apr-2024

Business Process

Trailing 4 Quarters Trailing 8 Quarters
Available Quarters 4 Quarters 8 Quarters
Continuous Quarters Of Revenue Growth 1 / 4 25.00% 1 / 8 12.50%
Total Positive Profit Years 4 / 4 100.00% 8 / 8 100.00%
Continuous Quarters Of Positive Profit 4 / 4 100.00% 8 / 8 100.00%
Continuous Quarters Of Profit Growth 1 / 4 25.00% 1 / 8 12.50%
Continuous Quarters Of Adjusted EPS Growth 1 / 4 25.00% 1 / 8 12.50%
Total Dividend Years 2 / 4 50.00% 4 / 8 50.00%
Continuous Quarters Of Dividend 1 / 4 25.00% 1 / 8 12.50%
Continuous Quarters Of Dividend Growth 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Adjusted Dps Growth 1 / 4 25.00% 1 / 8 12.50%
Average ROE 0.79% 0.62%
Average Net Profit Margin 25.10% 19.46%

Last 5 Financial Years Last 10 Financial Years
Available Years 5 Years 10 Years
Continuous Quarters Of Revenue Growth 0 / 5 0.00% 0 / 10 0.00%
Total Positive Profit Years 5 / 5 100.00% 10 / 10 100.00%
Continuous Quarters Of Positive Profit 5 / 5 100.00% 10 / 10 100.00%
Continuous Quarters Of Profit Growth 3 / 5 60.00% 3 / 10 30.00%
Continuous Quarters Of Adjusted EPS Growth 3 / 5 60.00% 3 / 10 30.00%
Total Dividend Years 5 / 5 100.00% 10 / 10 100.00%
Continuous Quarters Of Dividend 5 / 5 100.00% 10 / 10 100.00%
Continuous Quarters Of Dividend Growth 0 / 5 0.00% 0 / 10 0.00%
Continuous Quarters Of Adjusted Dps Growth 0 / 5 0.00% 0 / 10 0.00%
Average ROE 1.74% 2.76%
Average Net Profit Margin 13.29% 21.98%
Key Result

T4Q Annualized Annual (Unaudited) Last 10 FY Average Last 5 FY Average
Revenue 101,428 101,429 101,429 108,139 106,497
NP to SH 25,622 25,621 25,621 23,405 14,295
Dividend 13,728 13,728 13,728 25,245 19,068
Adjusted EPS 3.73 3.74 3.74 3.41 2.08
Adjusted DPS 2.00 2.00 2.00 3.68 2.78

NP to SH = Net Profit Attributable to Shareholder, EPS = Earning Per Share, DPS = Dividend Per Share

All figures in '000 unless specified.

EPS & DPS's figures in Cent.

Growth

LQ QoQ LQ YoY CQ YoY LQ vs Average of T4Q LQ vs Average of T8Q
Revenue 1.09% -0.26% -1.93% 0.99% 0.00%
NP to Owner 1,366.23% 209.24% 80.45% 180.63% 261.15%
Dividend 0.00% -24.36% -25.93% 136.00% 100.85%
Adjusted EPS 1,355.56% 211.90% 80.68% 180.21% 261.38%
Adjusted DPS 0.00% -24.36% -25.93% 136.00% 100.85%

LQ = Latest Quarter, CQ = Cumulative Quarter, T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, QoQ = Quarter on Quarter, YoY = Year on Year

T4Q vs LFY T4Q vs AL5FY T4Q vs AL10FY AQR vs LFY AQR vs AL5FY AQR vs AL10FY LFY YoY LFY vs AL5FY LFY vs AL10FY
Revenue 0.00% -4.76% -6.21% 0.00% -4.76% -6.21% -1.93% -4.76% -6.21%
NP to Owner 0.00% 79.23% 9.47% 0.00% 79.23% 9.47% 80.45% 79.23% 9.47%
Dividend 0.00% -28.01% -45.62% 0.00% -28.01% -45.62% -25.93% -28.01% -45.62%
Adjusted EPS -0.27% 78.98% 9.35% 0.00% 79.46% 9.65% 80.68% 79.46% 9.65%
Adjusted DPS 0.00% -28.01% -45.62% 0.00% -28.01% -45.62% -25.93% -28.01% -45.62%

T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, AL5FY = Average of Last 5 Financial Years, AL10FY = Average of Last 10 Financial Years, LFY = Latest Financial Year AQR = Annualized Quarter Result, YoY = Year on Year

Discussions
8 people like this. Showing 50 of 543 comments

pirate99

Public turnaround at shopping complex is also low pre FMCO, MCO, RMCO.
I smell opportunity to collect low (But how much low only God knows). See your self when you go buy groceries next.

2021-06-01 16:32

pirate99

Dividen ? consider as bonus la if u can get.

2021-06-01 17:32

8888_

Who said none? I just received last month haha.

Posted by Goldenhorse > Jun 1, 2021 5:22 PM | Report Abuse
Does any one knows if valuation drop, and book losses, does it mean that no dividend?

2021-06-03 11:43

8888_

Latest "full lockdown" many condemned meaning by weekend many will still flock to shopping malls?

2021-06-03 11:45

8888_

RM50 charge for retail workers to receive Covid-19 vaccination is to defray costs, says association
https://www.thestar.com.my/news/nation/2021/06/02/rm50-charge-for-retail-workers-to-receive-covid-19-vaccination-is-to-defray-costs-says-association

2021-06-03 11:56

fortunefire

today sapu some at 0.395 yumyum

2021-06-03 14:44

8888_

TS Azman Hashim ctr. Why not privatise like Amprop or MMC?

2021-06-04 10:59

Goldenhorse

Guys. resolution 1 let's reject. say No to private placement. it dilutes shareholders dividend!!!

2021-06-25 18:13

Goldenhorse

resolution 2 let's grill the management why you need more money. to pare down loan or pay increment and bonus?

2021-06-25 18:14

reitpulse

Post removed.Why?

2021-07-04 10:40

fortunefire

covid cases has reached 15k a day. better sell your tickets now b4 it's too late.

2021-07-24 11:32

Jnlee

They passed the resolution to issue pp

2021-09-05 14:47

Jnlee

not po.right issues

2021-09-05 15:58

Goldenhorse

I don't think they are desperate. raised in AGM told them to come with circular for our approval before approving themselves. if not directors over power the shareholders

2021-09-08 05:03

Goldenhorse

they want to do new share issuance they need to justify and for our approval not director

2021-09-08 05:03

Goldenhorse

dividend coming, likely better than last year I think. since they give lesser discount

2021-09-08 05:04

Orang_Selangor

Inter-district travel today can start so Shah Alam people can go to Subang Parade?

2021-09-10 16:02

fortunefire

not moving even allowed to travel interstate. This counter gone case.

2021-10-11 16:54

I_like_dividend

1.09 sen dividend ex-date 10th Dec enjoy first. Cheapest Reit must buy more as economy recover from >95% vaccination. Even earlier proposed RI cancel?

2021-11-25 09:10

lingch899

Buy Buy Buy!!

2022-01-28 17:35

The_JQuestion

biar betol REIT can making loss

2022-04-27 20:54

Goldenhorse

It is the cheapest REITS in malaysia to real physical value (cost approach). Cheapest Dividend to Price value. Say Dividend ratio is fair valued to industry average 4% yield. (Average 3.5 sens / 4%) = 87.5 sens (based on industry average)

2022-06-20 14:17

Goldenhorse

Carpark business coming back from people returning to office. Interesting support

2022-06-20 14:18

Goldenhorse

Soon EPF will realised that the dividend yield of Amfirst is the best and margin of safety using the price to book ratio is also the best.

2022-06-27 16:53

gforce2

https://www.theedgemarkets.com/article/amfirst-reit-dispose-menara-amfirst-petaling-jaya-rm62-mil

Following the disposal, the REIT will incur net loss on disposal of RM4.93 million.

It is noted that Menara AmFIRST was first acquired by the REIT in 2006 for an initial cost of RM57.1 million. As at end-March, its audited net book value stood at RM64.6 million.

“The manager opines that considering the age and limited scope for growth of the asset, it is opportune to dispose of this asset to repay existing borrowings to optimize the trust’s gearing level,” the REIT said.

It added that the proceeds will be used to pare down its existing borrowings.

The proposed disposal is expected to be completed by 3Q22, it said.

===

It's an old building, only 60% occupied. Probably only earning enough to cover the loan repayments. Better for them to clean up their balance sheets. Take a small haircut now, NAV will still be way above current market price.

2022-07-05 16:27

Alexrealdeal

Keep for long term

2022-07-06 13:07

Alexrealdeal

Gotchance for 050

2022-07-08 09:54

pkchong

With the dividend payout of 1.93 sen last May and estimate to have another 1 sen this December; at current price of $0.38, we will have slightly more than 7% of net dividend for this year.
Also good potential for long term holding with NTA stood at $1.17 which is >3 times the current share price.

2022-08-24 14:24

Justmeme

with one of the highest gearing ratio REITs, you do not think with the increasing interest rates, it will have a very negative impact on the company moving forward ?

2022-10-01 21:16

NatsukoMishima

Dont cheat by dividen , this is hopeless stock never rebound for 10 years , high rates will impact their profits !

2022-10-13 10:56

pkchong

The price has been on downtrend since early 2012, with sign of stabilizing in 2018; but continue to downtrend for couple of year, then on sideways since. At current price, I think the downside is limited. I have been buying since early 2018 and averaging down with current average cost at ~$0.48 excluding dividend and ~$0.415 considering dividend, mean loss of ~11.5% at current price of $0.36.
Malaysia interest rate increase is quite moderate in my opinion. With gearing ratio at 49.5% or slightly more than $820M, the interest impact is not that significant and still tolerable. The occupancy rate on some of the property are worrying though, hope the management will work harder to improve the performance.

2022-10-14 22:09

NatsukoMishima

Never ever invest a long term downtrend stock , u will lose capital eventually ! The dividen is useless if stock price keep downward !

2022-12-15 21:55

KINGV

The performance of AMFIRST REITS is truly disappointing. The NAV per unit is around RM1.17 and yet the last traded price is RM0.345 . The average annual return based on total return per unit since its listing date on 21 December 2006 is practically zero. I have interest in this counter and would like to bring out some options that are floating around that might provide some relief to the minority shareholders.

1) The major shareholder or anybody could privatize AMFIRST REITS by buying out the other shareholders at say
half the NAV per unit of RM1.17 which comes to RM0.585 . Taking a REITS private has been done before. Take the
case of AHP REITS of which I have interest indirectly. It was taken private at RM1.00 per unit when the last traded
was around RM0.80 +- .

2) Sell some more buildings with low occupancy even at a discount to their market prices. This will help to reduce
borrowings which will be useful in an increasing interest rates regime. There is no point keeping so many building
buildings. It is possible Malaysia could have a recession looking at the worldwide economy currently and if that
happens , one might find difficulty in selling.

3)There was talk of having a PP (private placement). Generally this is not in the interest of minority shareholders.
Moreover the amount raised will be minimum at current unit price and does not make a dent in the borrowings.
Let us assume the placement price is at a 10% discount and the placement quantity is 20%. This means that the
amount raised will be 0.9 x 0.345 x 0.20 x 686 = RM42.6006 millions. This amount does not make a dent in the
total borrowings of around RM800 millions. The minority shareholders get a rotten deal since the NAV will be
reduced quite a lot and the earnings per unit could be diluted. One possible solution is for the parties taking up
the PP to push up the unit price of the REITS before the PP is announced.



2022-12-17 18:20

curiousq

Why the parties take up the PP should push up the price? Isn't the lower is better for them to buy?

2022-12-30 08:47

KINGV

It is true the parties taking up the PP would prefer a lower price. That is why I always feel a PP is a rotten deal for minority shareholders since they suffered so much and yet to received salt rubbed on their wounds. My point is this . The price is so low ( I think this reits P/NAV is the lowest among the reits) and as such the PP would not bring in much money. Since a PP is a private deal , why don't the management make a deal with the parties taking up the PP to push up the price by a certain percentage before the PP is announced. This will help to bring in more money and appease the minority shareholders. Anything is possible if the management care for the minority shareholders. If not consider other options . After all the majority shareholders have deep pockets.

2022-12-30 21:01

DividendGuy67

Since 2015, the yearly (taxable) dividend has dropped at nearly 9% per annum, instead of growing.
2015 dividend was 4.59 sen. Subsequent years dropped to 3.65 (2016), then rise a bit to 3.78 (2017), but dropped again to 3.6 (2018), 3.015 (2019), 2.538 (2020). In 2021, tries to go up to 2.718 (2021) but dropped again in 2022 to 2.43. The question is will this dividend keep dropping in future years? This REIT has lost a lot of trust with investors since 2015 and probably since peak at 2013 and before that.

Its 2 Cyberjaya Office properties (Prima 9 and 10) hasn't panned out well. Prima 9 is terrible occupancy. The optimist could say with below 50% occupancy, maybe the only way is up, but that Office property is not attractive. REIT is only as good as its ability to deliver revenue, profits and eventually dividends.

At current price of 0.32 to 0.335, stock is making new all time lows which attracts bargain hunters. I will make my first entries at 33-33.5 sen. At this price, it should have reflected most of the fears. Price is still downtrending - e.g. it still trades below the 200dMA, but the low price requires courage to enter when everyone else is fearful.

2023-04-16 16:52

DividendGuy67

The concern with this REIT is its high interest expense relative to its declining revenues. REIT still needs to make profits to deliver the high dividends to shareholders. At 31/3/23, the interest expense is 31.3m giving only 14.2m PBT. Whereas the year before, interest expense was lower at 26.8m. The weighted average cost of interest is now 4.42% vs 3.18% the year before. If rates keep rising and revenues don't improve, price and dividends will keep reducing. The gearing ratio is not too bad at 49% but other details like average cost of interest, revenues, etc. matters also. At the end of the day, this REIT is still a business and it needs to deliver the profits to shareholders.

With NAV of 1.17, the best way is for management to do its job i.e. consider ways to unlock and sell some of the assets to pay off debts, reduce its interest expense, and pay more profits to shareholders. Either Management is not competent, or the market values of these properties are not real i.e. just what's appearing on paper only and cannot be realized in practice. Management probably needs to change.

2023-04-16 17:00

DividendGuy67

The REIT pays 2x per year dividend. Last 2 dividends is 2.43 sen, giving a Dividend Yield of 7.3% at 33.5 sen.
7.3% is higher than EPF rate, but this dividend is more likely to reduce over the next 5 years than EPF. The reason is because if interest costs keep rising then, the dividend is likely to keep dropping.

So, to compensate shareholders, a price of 33 to 33.5 sen is needed to give 7-8% dividend yield.

2023-04-16 17:05

Jnlee

dividendguy67,so at this price your advice is buy?

2023-07-04 08:38

ykloh

if true, very good news indeed.

2023-07-05 23:38

DividendGuy67

Jnlee, I am not a professional nor qualified advisor, so I don’t give advice. However, I bought for my own account when it was 32.5, 33 and a little at 33.5 Sen.

2023-08-05 03:46

KINGV

I am sorry my earlier posting disappeared . I am not sure what happened. Anyway based on the article in the theedgemalaysia ( June 28,2023 ) there should be a net increase of 64000sf in occupancy at USJ Summit when all the seven tenants moved in. Given the rental rate of RM5 psf the net increase in revenue should RM5 X 64000sf X12 = RM3,840,000 per annum. The increase could be higher as NSK will lead to more customers which means more parking lots will be occupied. I hoped my calculations and inferences are correct.

2023-08-07 10:02

Dehcomic01

AmFirst is a Bursa Malaysia mix-sector REIT that has seen declining occupancy despite a growth in the leasable area.

AmFirst failed in its mission to deliver sustainable long-term income distribution and investment performance:

• The annual dividend had declined from an average of RM 0.09 per unit (2008 to 2010) to an average of RM 0.03 per unit (2020 to 2022).

• The Book Value had grown by a 1.0 % CAGR from 2007 to 2022.

• The average FFO per unit had declined from an average of RM 0.11 per unit (2008 to 2010) to an average of RM 0.08 per unit (2020 to 2022).


From a unitholder’s perspective, from 2011 to 2022, I achieved a gain of 0.9 % CAGR. Not exactly great compared to the returns from keeping the money with the EPF. I would conclude that my investment in AmFirst was a mistake. It may previously have been a good Bursa stock. But I am not sure this is still the case. For an infographics of this stock, refer to https://i.postimg.cc/FzsZ10cW/AmFirst.png

For snapshots of AmFirst or other Bursa companies refer to my blog article “Are these outstanding stocks - what to consider? (Bursa Malaysia)”

2023-09-14 08:18

ahbah

Sell all the properties of Amfirst and return all the moni to all the shareholders, please. Thanks.

2024-01-22 10:37

KINGV

I have been collecting lately at the price range of RM0.315 to RM0.32 due to several favorable factors which I think are
1)There is less pressure on the interest rates to increase as the interest rates in the US has peaked . There is less
inflationary pressure in EU and with unhealthy economic conditions (like in Germany) the interest rates will be
maintained or could be lowered.
2) The NSK grocer has its official opening in SUMMIT on 16/12/2023. Based on my rough estimates the opening
should bring in an extra revenues / earnings of at least half sen per share (with additional parkings) for each
calender year.
3) There is a new CEO for AMFirst and I hope his performance will be much better than the past CEOs.

2024-01-28 21:09

miniminer

Ooh ! 33 cents finish so fast? 0.325 pun tak dapat. Good QR? If yes, buy buy buy ................hehehe........................

2024-02-19 17:56

Thirai Thiraviam

KingV:
> The NSK grocer has its official opening in SUMMIT on 16/12/2023. Based on my rough estimates the opening should bring in an extra revenues / earnings of at least half sen per share (with additional parkings) for each calender year.

I have put together the following table based on publicly available information. The latest estimates are obtained from AmFirst Website.

Real Estate | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024E
Bangunan Ambank | 99.6% | 99.6% | 99.6% | 100.0% | 100.0% | 98.3% | 98.3% | 93.4%
Menara AmBank | 90.5% | 82.4% | 72.7% | 72.5% | 73.3% | 73.9% | 73.9% | 70.1%
Menara AmFirst | 62.0% | 58.7% | 68.5% | 74.6% | 74.4% | 66.4% | 0.0% | 0.0%
Wisma AmFirst | 78.6% | 66.6% | 97.6% | 91.2% | 89.8% | 87.8% | 89.8% | 81.8%
The Summit Office | 64.4% | 72.7% | 82.2% | 85.1% | 81.2% | 65.5% | 73.4% | 88.2%
The Summit Retail | 74.3% | 77.9% | 74.6% | 68.5% | 63.6% | 60.8% | 72.0% | 69.8%
Prima 9 | 0.0% | 100.0% | 100.0% | 100.0% | 41.7% | 43.8% | 46.7% | 46.7%
Prima 10 | 60.1% | 60.1% | 83.8% | 83.9% | 83.8% | 83.9% | 83.8% | 83.8%
Jaya 99 | 100.0% | 93.4% | 89.7% | 83.2% | 79.2% | 74.8% | 73.8% | 79.5%
Mydin Hypermall | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0%

Overall, we could see that there has been hardly any improvement in the occupancy rates over the last eight years. We even see reduction in both BAG and MAB, the original properties of AmFirst.

4 days ago

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